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Got some money..what do I do now?

M

MigAce312

Senior member
I'm expecting about $6000 in financial aid money for college. Thats $6000 I'll be getting since my school is already paid for. I want to make that money work for me. What should I do with it? Invest? CD?....
 
How is school "already paid for?" Other financial aid? LOANS? If you have to repay a school loan, just put the money towards that.

If you don't, invest $5K in a CD and blow the rest on Jim Beam and nice, leggy hooker.
 
Pay off your debts, if any. If you have any left, upgrade a significant part of your computer or something else of importance (stereo system, car, new blender?) and save or invest the rest.
 
Beer and hookers! Duh!

Seriously though, what vi-edit said...
Is this money that has to be repaid(in form of a loan?)
Click to expand...
This will be a great factor in what you should do with the money.
 
Originally posted by: vi_edit
Is this money that has to be repaid(in form of a loan?)
Click to expand...

I don't have to pay anything back. What should i invest it in?...I was thinking about investing in mutual funds.

 
So your getting this all from FAFSA? Or outside scholarships...I could use some of that cash for my schooling, the way I see it I will be in debt for the next 8+ years of my life.
 
If you have any outstanding debts definitely pay those off or at least make a few large payments. It makes no sense to invest this money if you're going to earn 2.75 - 5% yet you're paying 9 - 18% on your credit cards, car loan, personal loans, lines of credit, etc.

If you have no outstanding debts, you don't owe a single penny to a bank or credit card company then I'd first put it into ING Direct which will give you FREE $50, no monthly fees and you earn a decent 2.75% plus your money is FDIC insured.
 
I'm in the Same boat.

My school is costing about 6K

I'm getting 10K in loans. (actually 6K loans, 4K grants)

Saved about 2k from summer jobs.

2k from selling car.

What do I do with all the money :Q😀?

I'm thinking invest some, save some for trip to China (have a chinese friend who is going home for a visit this summer), maybe computer upgrades, and the rest into house rent so I dont' have to work.
 
If you have Student Loans.... DO NOT buy anything.

Pay the loan off.

10 years is a LONG TIME to pay interest. Get out and STAY out of debt.

You will be 30 with kids and a mortgage STILL writing out that freaking check every month.

Trust me.
 
People like you that waste financial aid money make me feel so much less.....damn my middle class standing not letting me get grants, and only loans which I have to pay back.

Be honest, give back the money. Some poor kid might need it in college.

 
Originally posted by: brtspears2
People like you that waste financial aid money make me feel so much less.....damn my middle class standing not letting me get grants, and only loans which I have to pay back.

Be honest, give back the money. Some poor kid might need it in college.
Click to expand...


I couldn't agree more. I got a fairly good package via FAFSA. Around 13K, 9K in grants/scholarships and 3K in loans. However total cost for my school is around 27K due to the damn 11K out of state fee I gotta pay for 4 freaking years. So I am a little bitter that the money could be spent on education for students rather then personal luxuries.
 
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