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Is everybody in debt?

115,215 Views | 681 Replies | Last: 3 mo ago by Captain Winky
Dr. Doctor
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AG
I am PhD CHEN. I did get paid for PhD, but I had to pay my way for my MSc.

Undergrad was 5 years for me. But I'm also a year older than everyone due to starting kindergarten a year later. I was 27 when I finished my degrees. Then i started to work at A&M as a lecturer. That was double grad life, but grad life was $24k.

But when I started making more, I had to start paying back loans. So wasn't until I started in a "real" engineering job that I made money that I could save.

And this is someone who has a paid off car, minimal car insurance and loved with a roomie behind Northgate.

But i knew a few grad students in different scenarios that had a wife and/or kids, getting paid $1000/month PRE tax or less, while dealing with life. I thought I was tight at $1200 a month, but foreign grads are heroes.

Hard to see them come out without being in debt (beyond school loans).

~egon

PS I was being a little cheeky, but I still think it's a serious concern.
TXTransplant
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Cool. I'm a chemical engineer, too. I thought I remembered you were one or the other.

Yeah, grad school "pay" sucks. I knew a couple of people who dragged it out as long as possible, though. Even at $1000/month, they were content to be poor students.

I was the opposite and wanted out as quick as possible. I skipped the MS, but I don't think any prof back then would have let me out in less than 4 years. My whole goal at that time was to just stay out of debt. Investing wasn't even on my radar. When I did finally graduate, I just contributed the minimum to my retirement plans to get the match. With a new baby, I couldn't afford more. I just look at those as the "lost years", and have done everything I can since I left academia to make up for it.

I also saw profs who did not manage their projects well and continually moved the goal posts when it came to what was "enough" for those students to graduate. This was just bad leadership, and I vowed to not let that happen with any of my grad students when I moved to academia. I quit academics before my one and only PhD student finished.

If you finished your PhD by 27, though, that was great! I finished the summer before I turned 26 (and I was a year younger than everyone because I skipped the first grade). Plenty of engineers take 5 years for undergrad. I graduated in December after 4.5 years.

Our bigger mistake was probably staying in academia after we finished grad school (kidding…sort of).
Eliminatus
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62strat said:

TXTransplant said:

Why would anyone (except for maybe an MD) be in grad school for all of their 20s?

I have a PhD. It took me 4 years…I was out before I turned 26. If grad school is taking much longer than that, there is a problem.

I was behind in my savings, not just because of grad school, but because I then took a job in higher ed, and also had a baby at 26. But while I didn't save as much (I did contribute to a 403b and a state retirement plan), I did minimize expenses.
my wife was. She paid 100% of her undergrad and grad, so she had to work while attending. Why is that considered a problem?

Graduated at 29-30 years old.

I got my bs in engineering from a&m at 30 years old lol.
COME AT ME!


Don't feel bad. I didn't get my BS until I was 36.

I am still 36
Dill-Ag13
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AG
Awesome. I work with a 40 y/o former marine, he's an intern and just got his BSME. Badass dude, gonna be a great engineer.
62strat
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Eliminatus said:

62strat said:

TXTransplant said:

Why would anyone (except for maybe an MD) be in grad school for all of their 20s?

I have a PhD. It took me 4 years…I was out before I turned 26. If grad school is taking much longer than that, there is a problem.

I was behind in my savings, not just because of grad school, but because I then took a job in higher ed, and also had a baby at 26. But while I didn't save as much (I did contribute to a 403b and a state retirement plan), I did minimize expenses.
my wife was. She paid 100% of her undergrad and grad, so she had to work while attending. Why is that considered a problem?

Graduated at 29-30 years old.

I got my bs in engineering from a&m at 30 years old lol.
COME AT ME!


Don't feel bad. I didn't get my BS until I was 36.

I am still 36
wow 36? Now that's just being lazy, I at least some motivation.

j/j
Better late than never. For me, my degree definitely has given me some great opportunities.
not hedge
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Sorry guys you're behind if you don't graduate by the time you're 21 and have a full time job lined up while getting married and raising 3 kids by your 25th birthday and hitting 1M net worth with unlimited cash flow from your passive income /s
Kool
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AG
not hedge said:

Sorry guys you're behind if you don't graduate by the time you're 21 and have a full time job lined up while getting married and raising 3 kids by your 25th birthday and hitting 1M net worth with unlimited cash flow from your passive income /s
Love it.
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94chem
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Dr. Doctor said:

I am PhD CHEN. I did get paid for PhD, but I had to pay my way for my MSc.

Undergrad was 5 years for me. But I'm also a year older than everyone due to starting kindergarten a year later. I was 27 when I finished my degrees. Then i started to work at A&M as a lecturer. That was double grad life, but grad life was $24k.

But when I started making more, I had to start paying back loans. So wasn't until I started in a "real" engineering job that I made money that I could save.

And this is someone who has a paid off car, minimal car insurance and loved with a roomie behind Northgate.

But i knew a few grad students in different scenarios that had a wife and/or kids, getting paid $1000/month PRE tax or less, while dealing with life. I thought I was tight at $1200 a month, but foreign grads are heroes.

Hard to see them come out without being in debt (beyond school loans).

~egon

PS I was being a little cheeky, but I still think it's a serious concern.
Yeah, if you go to graduate school with a stipend, it's good get get out at break even, but most people probably still have undergrad debt. If you go to professional school and have to borrow even more, holding out for a higher paying job is pretty important. Your 30's are kind of the new 20's.

When I got my job at 26 after grad school, it was kinda crappy that I had to start at 2 weeks vacation, even though I had 5 years of experience and 6 patents in my area of expertise. I couldn't even contribute to a 401(k) my first year. Meanwhile the BS engineers who had been there since they were 21 had 3 weeks of vacation and were over 6 figures in their retirement accounts.

In the end, I have no regrets because I've been well taken care of, and I've worked on really interesting things that I couldn't have done with only a BS.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
not hedge
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Lot of spending at the malls from what I've seen
Red Pear Luke (BCS)
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Sponsor
AG
I sure would hope that they managed to take care of you and make up for the lack of delta in between you and the BS'ers….

But the chance to work on cool stuff. That's hard to replace.


I'll always be envious of my Aerospace corps buddies who joined the Air Force and fly cool jets or work on cool engineering. Stuff like "all the cool things you are thinking of - we thought about 25 years ago" type engineering. They really get to nerd out and enjoy their careers.

The coolest thing that'll happen to me is maybe a chance to help with transact on some cool properties…..
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
MemphisAg1
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AG
94chem said:

Dr. Doctor said:

I am PhD CHEN. I did get paid for PhD, but I had to pay my way for my MSc.

Undergrad was 5 years for me. But I'm also a year older than everyone due to starting kindergarten a year later. I was 27 when I finished my degrees. Then i started to work at A&M as a lecturer. That was double grad life, but grad life was $24k.

But when I started making more, I had to start paying back loans. So wasn't until I started in a "real" engineering job that I made money that I could save.

And this is someone who has a paid off car, minimal car insurance and loved with a roomie behind Northgate.

But i knew a few grad students in different scenarios that had a wife and/or kids, getting paid $1000/month PRE tax or less, while dealing with life. I thought I was tight at $1200 a month, but foreign grads are heroes.

Hard to see them come out without being in debt (beyond school loans).

~egon

PS I was being a little cheeky, but I still think it's a serious concern.
Yeah, if you go to graduate school with a stipend, it's good get get out at break even, but most people probably still have undergrad debt. If you go to professional school and have to borrow even more, holding out for a higher paying job is pretty important. Your 30's are kind of the new 20's.

When I got my job at 26 after grad school, it was kinda crappy that I had to start at 2 weeks vacation, even though I had 5 years of experience and 6 patents in my area of expertise. I couldn't even contribute to a 401(k) my first year. Meanwhile the BS engineers who had been there since they were 21 had 3 weeks of vacation and were over 6 figures in their retirement accounts.

In the end, I have no regrets because I've been well taken care of, and I've worked on really interesting things that I couldn't have done with only a BS.
Similar story here. I was in the service four years before undergrad, and then grad school for 1.5 years after undergrad. Didn't start my career until 27, and we had three kids right away (finally figured out what was causing it).

Started out in the hole with a strong debt load and minimal income, but the grad education paid off. Both the skills/knowledge that came with it, as well as the credential... opened a door for me that would have been harder without it. VP level in mid 40's for a Fortune 500. Put three kids thru college debt free, strong balance sheet, and looking at comfortable retirement in near future.
Adverse Event
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The way things are trending, I'd not put too much weight in "retirement."
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GE
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AG
Adverse Event said:

The way things are trending, I'd not put too much weight in "retirement."
Why not?
not hedge
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If anything I'm loading up BIGLY
AgOutsideAustin
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AG
not hedge said:

Lot of spending at the malls from what I've seen


Malls still open ? Haven't been in one since a build a bear birthday party about 15 years ago……

Chess King rocked back in the day tho.
YouBet
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AG
AgOutsideAustin said:

not hedge said:

Lot of spending at the malls from what I've seen


Malls still open ? Haven't been in one since a build a bear birthday party about 15 years ago……

Chess King rocked back in the day tho.


Only one mall in this country I would set foot in and even that one is sketchy now.
Captain Winky
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How's the Italian place doing?
 
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