anybody have any ideas on how to save money for graduate school? i'm planning on being an analyst for 2-3 years and want a way to park my bonuses (and maybe grow it a bit) so I don't have to take on as much of a loan. any tax-efficient ideas?
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I have thought about this as well. However I have developed my own theory on the matter. I think that spending ones saving on graduate school is unwise. However I do think that one should save the money. Instead of blowing all the money on graduate school I think it may be better to take out student loans, which have very good rates. In turn invest the money that you would have been dropping on graduate school. The money should be well diversified with taking on only moderate overall risk. If done properly your return should be greater than that of your student loans. Thus you will be saving money doing this. Also once you graduate you will still have a fat stack saved up to buy some property and your student loan payments should not be a big burden because ideally you will have graduated with a job that pays well.
Alternatively I have thought about buying a condo with my savings while attending graduate school. That way you are paying yourself rent and if the property appreciates you will make money. You can even get a roommate to offset the mortgage cost. Additionally since you will be attending school for 2 years, you will have lived in your condo for 2 years and thus will not have to pay capital gains taxes if you were to sell it once you were done with school and wanted to move.
This is my 2 cents. What do other people think about this?
thats exactly the kind of reply i was hoping for. any other ideas?
invest in a tax free bond fund.
... I dont know Im just throwing ideas out there.
With the money saved, you could invest it in the stock market or in a CD.
short-term invesment. Investing in the market (especially the current market) is a little too risky for a goal that is very short term. Of course, Im assuming he wants to go to b-school within the next 5 years or so.
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