[joker]

My dad gave me $10 000 to hold onto cause he was trying to cover his ass for reasons we all know. Anyways, over the course of 2 years I spent $8500 on useless shit like smokes, petrol, food and alcohol. Im considering getting a personal loan of $9000 to help pay him back cause he doesn't know I've spent it and I can't let him find out cause he'll snap. I plan to find work soon and wanted to know if its advisable to take out a personal loan. I plan to work 30 hrs a week, which will get me say 500 a week and study full time. My question to you guys is whether the workload of work and study will be manageable and whether i should take out a loan so if he ever needs the money, for emergencies or otherwise it will be there for him. Thanks

[jSinSaTx]

You do not specify whether you anticipate the money being requested soon. Unless repayment is imminent, I would suggest working and saving up the money. In the event he does ask for the money in the future you can take out a loan for the balance. Personal loans are typically very high interest. Avoid them as much as possible.

If you manage to save up the full amount, give it to him and remove the issue from your life. Many are too tempted to spend a stack of cash. You do not want to repeat the situation.

As to whether you can work and study at the same time, that depends on you. Many have done it. Much depends on your chosen field of study and your intellect. Work ethic will also count for a lot. Ask yourself how easily you get distracted and what your real willingness is to grind. I personally did my last two terms of college working over 40 hours a week and taking over 15 hours a semester. 16 hour days during the week and 8 on Saturday was my life for half a year. I finished though.

[Saweeep]

(02-10-2015 08:16 AM)jSinSaTx Wrote:  

You do not specify whether you anticipate the money being requested soon. Unless repayment is imminent, I would suggest working and saving up the money. In the event he does ask for the money in the future you can take out a loan for the balance. Personal loans are typically very high interest. Avoid them as much as possible.

If you manage to save up the full amount, give it to him and remove the issue from your life. Many are too tempted to spend a stack of cash. You do not want to repeat the situation.

As to whether you can work and study at the same time, that depends on you. Many have done it. Much depends on your chosen field of study and your intellect. Work ethic will also count for a lot. Ask yourself how easily you get distracted and what your real willingness is to grind. I personally did my last two terms of college working over 40 hours a week and taking over 15 hours a semester. 16 hour days during the week and 8 on Saturday was my life for half a year. I finished though.

This is good advice.

Plus, with some work history behind you, your interest rate on the loan should be lower when you need to take it out.

Make sure your credit score is as healthy as possible from now on and don't take on any more debt in the meantime.

[heavy]

Quote:

I plan to work 30 hrs a week

   

Not to sound like a slavedriver, but...why only 30 hours a week. College? You should be able to work 40 hrs a week and still take classes.