So Much to Report!
- I finished my Master’s Degree.
- I got my raise for said degree.
- I finished coaching.
- I finished the school year.
- I paid off all my credit cards (you knew that.)
- I paid of my car loan.
A “Master” Teacher
This past March I finally finished my Master’s Degree. I got it through National University, an online school with tons of degrees available, one of which was Literacy (hint, hint, that was my choice.) I’m stoked to be done! It is such a great feeling. NU was a pretty great school to go through for a Master’s Degree. Here’s why you should consider it.
First, my degree through NU was only 10 months long, allowing me to finish within one school year (I started last summer.) In their programs you do just one class at a time, but each class only takes a month! This makes it fairly easy to stay focused on the singular purpose at hand without getting too overwhelmed with organizing all the work to do.
Second, the whole degree, with teacher discounts, cost $14,000. This is a pretty huge sum for me right now, so I had to get a student loan to pay for it all; compared to other grad degree programs, however, this sum is pretty reasonable. My local brick-and-mortar university, where I got my Bachelor’s, the University of Nevada, Reno, would have cost more, perhaps even $20,000. Plus, I never had to go anywhere to complete the work!
Finally, being an online school, moving quickly over 10 quick months, costing only 14k, this degree program is incredibly accessible. I completed the program while coaching and training for a marathon. There is really no reason to avoid getting your master’s as a teacher. Why? I’ll show you why.
See, I was in the second column last summer. Now I’m 3 columns over, making about $4,800 more a year. AND I can keep moving down the columns a lot longer. AND I can use literally any credits I get from now on to get to the new two columns and further increase my salary.
But… I did spend 14k to get that degree, which sounds like a lot. However, with that increase in salary, I’ll make up that initial “investment” in just about three years, making me set for the rest of my career to earn way more money too.
Now, I’m not sure how long exactly I will take to pay it off, seeings as how I’m almost ready to start looking for a home and whatnot. My plan right now, is to use this added increase in salary to pay $150 more than the minimum every month on the loan, then save the rest of my money to save for a house as fast as possible. Since the market will inevitably crash, and probably soon, I need to save enough now to be able to buy a home when the prices all fall. I’m not sure if any of you all have seen the prices in Northern Nevada lately, but they are INSANE!! So, now’s the time to save. Get prepared ya’ll!
My Car Loan
So, I finished my degree in March. I paid off all my credit cards in April. Now, I’ve paid off my car loan as well. It is such an amazing feeling finally having that stupid loan off my back. I got the loan in the first place as a self-made refinancing plan for my undergraduate loans. It was about 9k at the start of everything. And it was really a good deal.
The original loans I had out were at a 5-6% interest rate, which is soaring! The loan I qualified for through my credit union (read here why you MUST use a credit union instead of a bank) brought that rate down to 2.3%. BOOYAH! This was a great deal for me, especially at the time, before learning anything about Mustachianism.
However, a loan is still a loan. It is still money you are paying every month to have sooner than you would have originally had it. In my case, I needed the money to get on with my degree and my career. In so many cases, though, people simply get car loans because they want the new car sooner than if they saved for it first. This is a TERRIBLE idea. If you have a car loan, get out from under it as soon as possible! Trust me. It is such a great feeling.
This Leaves Me With…
This is all to say that now I have a grad degree, I’m making more at work, I’m off my probationary 3 first years as a new teacher (woohoo!), I have no credit card debt, I have no more car loan debt, and I’m solidly working towards saving for a house and paying off this last student loan problem. I’m cruising, and I’m stoked.
This leaves me with needing to write a new financial update post. Well, tune in next time and that’s what you’ll see!
Thanks for reading.