Saturday, May 27, 2023

I'm already 24 and feel behind. Will student loans make or break me?

I'm already 24 and my younger friends are already college graduates that make double the money I make and I have nothing to my name at all.

INFO:

I have no debt but I only have 3k cash and 1k in a 401k. I do the full employer match.

I work 24-36 hours per week at a hospital and only take home 650-900 per TWO WEEKS.

I also deliver food 5-15 hours per week and take home an extra 100-250 per ONE week.

Per month I'm only taking home 2-2.5k.

I budget for $10 per day for food. Around 3500 per year. For gas I spend $33 per week. About 1800 per year.

I admittedly spent $1,000 on drugs in the first 5 months of 2023, but I stockpiled and will not need to buy for another 12 months.

I live with my parents, no rent.

QUESTIONS:

Should I be afraid to take out 50k of student loans to go to nursing school for the next 3 years while I maintain my work schedule simultaneously?

What should I do to make more money while I am in school?

What would you do in my shoes?

What do you think of this long term plan?: Take out 50k to pay for 3 years nursing school. Work while in school. Use money to 50% save/invest sp500, 50% expenses/student debt. Graduate and upgrade job3 years later. Continue using money to 50% save/invest, 50% expenses/student debt. 3 more years later student debt will be paid. Use savings for down payment on duplex/4plex and employment history for a loan. Live in 1 space, rent the other. Use monthly rent to pay for mortgage and maintenance. Continue working regular job and use all w2 income to save and invest since there's no more student loan and the duplex rental payment pays for the mortgage. Work for 2 more years and get another duplex/4plex and another loan. 1 unit pays for mortgage and maintenance and the other unit is pure profit. Use the profit for living expenses like food and gas. Keep working the regular job and buy nice things and keep diversifying money into things like: more sp500, different real estate,land, gold,silver,bitcoin,watches,solar electric generators, guns/ammo, yearly traveling, plsne tickets, gifts for family, dinners with family, family events, health products, etc. Am I being too optimistic?


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