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Author Topic: Leveraging my time  (Read 573 times)

Todd

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Leveraging my time
« on: June 05, 2004, 12:24:49 PM »
Ok I have a dilema.  Here are the facts.

I start DePaul law school this fall with a half scholarship each year contingent on maintaining a 3.3 gpa.  However, room, board, books, and living expenses are all mine.

I would like to get some substantial prep done for law school in order to help maintain my scholarship.  I have decided not to work while attending law school for this same reason.

I wait tables which pays about $14/hr (less during the week more on weekends). 
(I must maintain 25hrs/wk in order to keep health ins.)

I have a tax free job working for my dad (he pays the taxes) which pays $12/hr and I can work whenever I like for as long as I like.

I have downloaded 20 pages of scholarships worth thousands (contingent on winning) that I am eligable for.

How should spend my time? (LG)

egfmba

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Re: Leveraging my time
« Reply #1 on: June 05, 2004, 04:07:52 PM »
Apply for the scholarships instead of watching t.v. or on your lunch break.  Work for your dad during the week and wait tables on the weekends. 

Maximize the money you can make during the few hours you have left before school starts by working the job that pays the most $ when it pays the most (like waiting tables on weekends).  Apply for as many of the scholarships as you can because if they pay off later, it'll be a bonus!

Good luck!
We are responsible for actions performed in response to circumstances for which we are not responsible. - Allan Massie

Todd

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Re: Leveraging my time
« Reply #2 on: June 05, 2004, 05:09:17 PM »
Thanks,

I have two more fact to add.

I have saved about $13500 to date.

I own a duplex and once I move out of the side I'm living in it will provide about $200/mth income during school.

jgomez

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Re: Leveraging my time
« Reply #3 on: June 05, 2004, 07:31:43 PM »
i would work my butt off at your dad's place only because you don't pay taxes on that.  i would quit the other. 

i would work on the scholarships at night or when you have free time when you aren't working for your dad.

i would sock away all your money you got and all the money you make by working for your dad into something safe, like a CD or tax free bond or something that will grow with not too much risk.

get a loan for your law school that is interest free until you graduate.  Let your money grow in your CD's and "safe" mutual funds in the meantime.  That's about 2 years or so.

when you graduate, pay off any outstanding loans your scholarships can't cover.  because you never know, you might end up with no loans at all, because you may get merit scholarships on the way. 

then you also saved up all your money building interest.  put that money down on a house while working as a lawyer, marry, have 2 kids, and a dog.  you're all set.   :)