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Seizing The Moment
- By Miss Emily
- Published 02/13/2011
- Relationships - Women
Dear Miss Emily:
I'm 30 years old with no dependents or major expenses. I recently inherited enough money to live off of while I finish school -- as well as to pay for my master's in full with enough left over to start an IRA savings account. I desperately want to do this because I've been earning college credits at such a depressingly slow pace, until now, due to the hours I have to work. The problem is that I come from a long line of hard workers and low spenders so the idea of taking time off of work (even to finish school sooner) just seems wasteful. The fact that the money is inherited makes it even harder b/c I'm trying to think of what my father would want -- but he's not here to ask. I love my current employer and position despite the hours, so I'm willing to stay there longer if it's the best thing to do financially, but it's not what I want to do long term and it's only about 1/4 of what I could be making in less hours if I finished school. So I want to feel like it evens itself out. I'm sure no one can give me a clear decision on this except me, but any advice would be welcomed.
----------------------------Miss Emily's advice--------------------------
The money you inherited has given you the opportunity to realize your dream, now, rather than five years down the line when time may become even more precious. Therefore, I see nothing wasteful about it. Your father would want you to be happy pursuing a life goal, and he has willed you the money to do so. Think of it this way, the money you earn after getting your master's will pay you back the inheritance you received. You have no dependents, no major expenses, and it would seen that the stars are aligned. It doesn't matter that you come from a family of hard workers, and low spenders -- you, too, are hard working and prudent with your money. School is work, and you have nothing to feel guilty about. One bit of advice: It might be wise to consult a financial planner. At least put money that you are not using in short-term C D's to earn greater interest -- as well as the money for the IRA. Make sure anyone you consult is licensed and reputable.
I'm 30 years old with no dependents or major expenses. I recently inherited enough money to live off of while I finish school -- as well as to pay for my master's in full with enough left over to start an IRA savings account. I desperately want to do this because I've been earning college credits at such a depressingly slow pace, until now, due to the hours I have to work. The problem is that I come from a long line of hard workers and low spenders so the idea of taking time off of work (even to finish school sooner) just seems wasteful. The fact that the money is inherited makes it even harder b/c I'm trying to think of what my father would want -- but he's not here to ask. I love my current employer and position despite the hours, so I'm willing to stay there longer if it's the best thing to do financially, but it's not what I want to do long term and it's only about 1/4 of what I could be making in less hours if I finished school. So I want to feel like it evens itself out. I'm sure no one can give me a clear decision on this except me, but any advice would be welcomed.
----------------------------Miss Emily's advice--------------------------
The money you inherited has given you the opportunity to realize your dream, now, rather than five years down the line when time may become even more precious. Therefore, I see nothing wasteful about it. Your father would want you to be happy pursuing a life goal, and he has willed you the money to do so. Think of it this way, the money you earn after getting your master's will pay you back the inheritance you received. You have no dependents, no major expenses, and it would seen that the stars are aligned. It doesn't matter that you come from a family of hard workers, and low spenders -- you, too, are hard working and prudent with your money. School is work, and you have nothing to feel guilty about. One bit of advice: It might be wise to consult a financial planner. At least put money that you are not using in short-term C D's to earn greater interest -- as well as the money for the IRA. Make sure anyone you consult is licensed and reputable.
