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I just graduated with my Doctorate of Pharmacy and got one of those $100,000+ jobs that was mentioned earlier. I'm set to be in a comfortable financial situation, but want to manage things properly right from the start to get the most out of my money. A vague idea of my situation is such: Debt: GradPLUS student loan: $12,750 @ 8.5% Stafford loans: $46,500 @ 6.7% No car payments or credit card debt. I do keep a credit card and put all my general purchases on it for the month, but then I pay it off at the end of the month, without exception. Income: -Tough to say so far, since I just started the job. I'm at $1548/week before taxes right now as a graduate intern, but as soon as I pass my licensing exam (probably early July) that will bump to $2322/week. Expenses: -Probably about $650/month in rent and utilities will be coming soon, as I am hunting for an apartment. -I'd like to save all summer and pay cash for a car at the end. Maybe $9,000? -Cell phone is shared with parents and is $38/month -Food/drink/fun runs me about $600/month, but I haven't done any budgeting yet and would like to get a handle on where that goes and what might need to be trimmed/increased now that I'm out on my own. Other points: -Eligible for employer health insurance in about 80 days, and I'm doing without until that time comes. -401k matching doesn't kick in until next summer, so I don't plan to do anything with that until that time. What I'd really like to know is how should I prioritize paying back those loans. I've been conditioned to avoid debt whenever possible. The loans have been a great help in getting through school, but my natural tendency is to use every spare penny I have to pay them down and avoid the interest. I know that savings and investment should probably be mixed in there somehow. I've committed to myself that I will put a minimum of 25% of my gross pay toward investments/debt/savings. How should I balance these things? I feel very fortunate to be in the situation I'm in, but I want to make sure to maximize the use of my money rather than squander it. Any advice would be much appreciated.
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May 28, 2010 02:46
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| # ¿ May 6, 2024 09:25 |
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