jackbauer!
Hi all,
I'm 22 y/o, recent college graduate and will be starting dental school august 2007. During my year off I've been teaching at the high school to both save some money and relax.
My living expenses are VERY low (no rent, no food$, etc)...the only thing i'm paying for now is my car insurance, cell phone, and entertainment. I've maxed out my roth for 2006.
Now, my Q: should I max out my IRA for 2007 before starting dental school or should I save this money in a high yield savings account (to lessen my d-school loans)?
I'm (most likely) attending an out of state dental school so loans are inevitable. I have a trust fund containing $50k which will only knock a ding in my loans, but should the money I'm making this year be used for dental school or retirement? I'm glad that I've started my Roth as I feel as if it was a huge step towards financial independence and early retirement.
Basically, have I done myself a favor by contributing to my IRA now vs. after dental school, or should I be saving this money to lessen my loans?
Any thoughts or advice are much appreciated!
jb!:)
I'm 22 y/o, recent college graduate and will be starting dental school august 2007. During my year off I've been teaching at the high school to both save some money and relax.
My living expenses are VERY low (no rent, no food$, etc)...the only thing i'm paying for now is my car insurance, cell phone, and entertainment. I've maxed out my roth for 2006.
Now, my Q: should I max out my IRA for 2007 before starting dental school or should I save this money in a high yield savings account (to lessen my d-school loans)?
I'm (most likely) attending an out of state dental school so loans are inevitable. I have a trust fund containing $50k which will only knock a ding in my loans, but should the money I'm making this year be used for dental school or retirement? I'm glad that I've started my Roth as I feel as if it was a huge step towards financial independence and early retirement.
Basically, have I done myself a favor by contributing to my IRA now vs. after dental school, or should I be saving this money to lessen my loans?
Any thoughts or advice are much appreciated!
jb!:)