[kizzykatlove]

let's say i'll be paying until i'm 100.... i'll be working with a walker ...

[anne_in_maryland]

Originally Posted by kizzykatlove

let's say i'll be paying until i'm 100.... i'll be working with a walker ...

Hee-hee! Nice to see some lightness in this thread!

[Jules A]

For those of you that feel I am "preaching" feel free to skip this but I wanted to clarify how I came to my decision not to quit work and live off my savings when I wanted to start school for those that may be comtemplating how they are going to manage school.

I was in school for 3 years between my pre-reqs, LPN and RN programs. I did cut back to a min of 30 hours a week. I ended up making about $30,000 a year with the reduced hours so if I had quit work and used savings, not even counting the cost of interest and yes I know they are low but they aren't free it would have been $90,000 from lost wages for 3 years plus about $60,000 worth of living expenses so my nursing degree could have cost me $150,000.

FWIW I graduated in the top 5% of my classs so working is possible. Just something to think about if you are considering quitting work to "focus on school".

[tothepointe]

Originally Posted by StayinOnTheGrind

Isn't having a mortgage to pay off still considered debt and "good" debt at that (so long as it's considered an asset not a liability)?

As long as you don't get upside down on your loan and don't take out equity at the rate you gain equity. In general a house will increase in value at a rate greater than inflation.

For example in 1967 my parents bought a house for $6000 on a 30 year mortgage that would come to term in 1997. Obviously by then the house was worth more than $6k and they had paid the mortgage off many moons ago. The key is to find a house you can live in for awhile as if your constantly moving you'll never build up wealth.

I class mortgage as good debt if it helps you achieve more than you could without it in the long run.

[Jules A]

Originally Posted by StayinOnTheGrind

Isn't having a mortgage to pay off still considered debt and "good" debt at that (so long as it's considered an asset not a liability)?

I would say it is a necessary debt but not a good debt and not even a necessary debt when people purchase above their means. There is a difference, imo, if only in the mindset because labeling something as good might not encourage someone to think of alternative ways to accomplish the goal.

[Asherah]

Originally Posted by Jules A

Seems to me that you did:

Seems to me that "a few folks on their high horse, looking down on people" and snobs are pretty synonomous. How would you have liked if I wrote that I was so glad this thread didn't turn into something with a few people that are too *good* to work while in school but would rather load up on debt? Neither way sounds very nice or would be accurate.

Yes, and I believe my statement was that I'm glad it didn't turn out that way...but that statement did indeed precede what has been said by a handful of individuals. Its quite a good thing I didn't wager anything on it staying peaceful.

Oh...and as an aside, as your point seems to be that those of us who are taking on debt while in school aren't working, you may assume that if you choose, but I will certainly be working and have an income. It certainly isn't a black and white issue.

[Asherah]

Originally Posted by Jules A

I would say it is a necessary debt but not a good debt and not even a necessary debt when people purchase above their means. There is a difference, imo, if only in the mindset because labeling something as good might not encourage someone to think of alternative ways to accomplish the goal.

I would argue that both a home and an education are assets, thus both are valuable to many and worth having debt associated with acquiring them.

[tothepointe]

Originally Posted by Jules A

For those of you that feel I am "preaching" feel free to skip this but I wanted to clarify how I came to my decision not to quit work and live off my savings when I wanted to start school for those that may be comtemplating how they are going to manage school.

I was in school for 3 years between my pre-reqs, LPN and RN programs. I did cut back to a min of 30 hours a week. I ended up making about $30,000 a year with the reduced hours so if I had quit work and used savings, not even counting the cost of interest and yes I know they are low but they aren't free it would have been $90,000 from lost wages for 3 years plus about $60,000 worth of living expenses so my nursing degree could have cost me $150,000.

FWIW I graduated in the top 5% of my classs so working is possible. Just something to think about if you are considering quitting work to "focus on school".

See this is what I mean by doing the math. You earnt a good living (depending on area) for your 30hours of work and that allowed you make the best use of your situation. I ran my own business before deciding to become a nurse and the sale of my business will allow me to enter school pay cash and not be a financial burden on hubbie. However I don't regret my former student loans as that gave me the skills necessary to be able to start said business.

We all have to make the best of our own situations. In an ideal world we would never have to take out loans for school but unfortunately things are what they are. I took as much as I could at a community college paying as I went before I had to move on to the school I took a loan out for.

[tothepointe]

Good debt vs necessary debt in my mind is just semantics so I will agree with either term. Maybe a better way to define it as if it does good things for you?

[StayinOnTheGrind]

Originally Posted by manofcare

Do you know why fast food places take credit cards now? Do you think most people have to finance their hamburger? NO.

I pay for my yogurt parfait and my side salad with my credit card because that one quick swipe is convenient for me and I don't have to fumble with filthy money, seeing as though I always forget to bring along my bottle of hand sanitizer with me in the car