espelirS2K

Makes sense the second time around. I think I was fixating too much on the idea of "addict"

trainwreck

vault guides : http://www.vault.com/wps/portal/usa

basically, they give you all the insider information for whichever prospective job you may choose. they give you common/standard interview questions, detail the process and experience, and imho you are at a huge disadvantage if you do not read thru it once. they give you the tips on how to answer questions, how to write your resume, and point you to other resources. when its time for you to recruit, usually, business frats or somebody has a pdf copy circulating around. this is when networking even at the undergrad level can be helpful, otherwise bite the bullet and pay for the guides.

s.hasan546

if you like to challenge your self i doubt a MBA will be challenging at all. MBA school is one of the easiest grads schools out there. Its mostly networking (nothing wrong with that). If you want something challenging go to law school become a patent lawyer (easily done with an engineering degree) and you can easily make $100k+ yourself. Also if your going to get your MBA only get it after you have a good amount of work experience and do it on your employer's dime.

9K-S2K

Great info here. It makes me depressed to know that I still owe some money on my car and student loans...

The thought of being debt free and just enjoying working and not NEEDING to work interests me greatly. I guess if I learn this at my young age (almost 25) it can still make a difference and I can beat the rat race.

Thank you!

ionlylive

Marketing Majors FTW

Supra-holic

I'm a debt free (except mortgage) mechanical engineer, in my late 20's. Here are some things that helped me. Along the lines of Dave Ramsey.

Budget, Budget, Budget. Give your money a purpose before you spend it. This has help me a lot because I have always spent less than I make. But didnt realize how the small stuff adds up when you don't keep track. So this cuts down on some waste. (example, eating out a lot vs cooking at home) I have a monthly budget and also a budget for "projects", this keeps your monthly budget from varying too much when you purchase something big one month. You don't know how much fun this is when your on the flip side and debt free, because you have money for stuff. Example, I never thought I would have a $200 fishing pole. Ask me that 3 years ago I would had said that is stupid, but now its a fraction of 1 percent of my budget.

Have an emergency fund, I have six months.

You want another car, too bad, can't until your debt free. I have 129K miles on my 06. Drive that thing.

Attack that mortgage. I put down 30% on my house on a 15yr fixed. Pay it off early.

Find out what your time is worth. Starting off you will have more time than money. Then that will change. Which is hard for me because I am a DIY person, but now your time is worth much more and it may be cheaper to outsource. Don't confuse this with risk, example, I will always change my own oil regardless of time and cost.

Beware the cheapest option may cost you more. Look for value in things. That 52" HDTV is only $600 bucks for a reason. Now you just paid $600 plus the cost of a replacement.

Good Luck!

SlowTeg

Interesting posts in this thread.. I think cthree has it spot on, and materialism is something EVERYONE has to try and stay away from. Materialism is a BIG problem in the US, and talking with people from other countries, something that seems a larger problem here than over in Europe. The insatiable desire for "stuff" (checkout George Carlin skit, as it's spot on as well), leaves people with an insatiable desire and craving.

Regarding financial advice, I think people have done a good job laying things out already. Always live below your means, and you'll be a-ok. Financing and debt is ALWAYS bad, period. Yes, student loans are bad, as well as mortgage debt. They may be "less bad," but they're still bad. Why? Because there's risk inherent in them, as cthree explained. If you're in a recourse state, lose your job, and end up underwater and foreclosing on your home, the bank can come after you with a deficiency judgement at a later time.

Given the current economic climate and outlook, I think it's more important than ever to avoid debt. I know someone graduating high school that has opted to goto community college for a couple years and then transfer to a state university. Why? Keeping costs/student loans down, and I applaud her for that. Racking up 6 figures in debt for ANY undergraduate degree is completely crazy and doesn't pass the cost/benefit analysis to me. I'm afraid we're going to see hard economic times for a very long time into the future, which means the opportunity to make money and climb out of debt will be that much harder..

Finally, I'm a big proponent of doing your own research and informing yourself of anything/everything. It's always good to be skeptical in anything/everything, as often times someone's advice/information is backed by their own agenda. As cthree said, the financial companies will do their best to make you an indentured servant to them. The simple way to avoid that is by avoiding debt. Best of luck.

Will

cthree, your ethos is so amazing to me it's hard for me to wrap my head around. It's even a little utopian. If you dissect it point by point, it doesn't sound revolutionary or even unreasonable. I, personally, would love to live that way (not chase my tail) but I don't know where to start. Yet, I don't know anyone in my personal life who lives like this. What are the downsides to putting money second, essentially?

QUIKAG

Here's my secret to making money:
1. Be really good at something and know a little about a lot of different stuff (be well-rounded).

2. Be a good bullshitter and once you get your foot in the door really learn what it is you were bullshitted that you already knew to get in the door.

3. It's not as much what you know, but who you know, so network and have rich friends.

That's it. Then once you're making money, find a target lifestyle you are comfortable with and stay there. Period. I can now literally live on about $3k a month comfortably to cover my mortgage, insurance, fixed bills, and credit cards. I currently spend about $4-5k month, but could easily go down to $3k without adversely affecting my lifestyle. INVEST THE REST as you make more and more. Resist the urge to upgrade the house, car, buy a boat, buy a lakehouse, buy the Rolex/Patek/Panerai watches, etc and you'll be in much better shape down the road.

mxt_77

Or, more summarily... live well below your means.
Live well... below your means. And live... well below your means. Don't be a miser, but don't try to keep up with the Joneses. Don't spend money frivolously, and when you do spend money, spend it on things that truly make you happy... not things that you can show off to your friends, family & neighbors.