The Dirty Thirties were a trying time for the majority of American Citizens. This was no exception to my maternal grandmother. As the daughter of a struggling farmer, Sherill supported herself, and paid for her secondary education via hard labor and the raising of cattle. Her financial struggles have inspired me. She has also taught me how to budget my money thoroughly to make sure that I have money to pay for the things that I want or need. When Sherrill started out her young adulthood she was forced to become a budgeter.
Her family wasn’t necessarily poor, but they made it by just like any other family would’ve done during that time. She was actively involved in 4-H throughout her childhood alongside her were her younger siblings. Throughout her time spent in 4-H she had to learn a valuable lesson, and this was how to budget money. Although she was just thrown in without explanation she slowly figured out that she had to constantly monitor every aspect that her money goes towards. While she was managing her monthly budget, she had to make sure that she watched, and marked everything that her farm animals, and 4-H projects cost.
This was quite time consuming and complicated at first although it taught her many valuable life lessons that she would soon pass on to her kids, and the future generations that followed. My grandmother has taught me many deep valuable lessons in my life time. Although, anytime she talks about budgeting money, and how to deal with money when you come from much less, it always peaks my interest. She talks to me often about this, and it has rapidly increased it presence the closer college has come.
Sherrill has taught me that no matter where you come from you can always make something of yourself, but if you want to have a relaxed retirement you need to budget accordingly. When dealing with money you have to be frugal, she says this because she grew up knowing how hard life could actually be. Grandmothers teach their grandchildren about many different aspects of life, and although they are all very important the most important to me has always been how to deal with money. I think that the reason for this is because I want to be a doctor, but I want to know how to budget my money.
Also, because I want to know what the moneys do’s and don’ts are, because I’m in the same situation my grandma was. I want to be able to come out on top like she has, and to be able to enjoy the money I have worked so hard to make while also being very frugal with it. Grandmothers are a great source of information for anyone who needs an insight. They teach us many things throughout our lifetime, and I’m just fortunate enough that my grandma knows how to handle money. Someday, I hope to handle money like she does, and I want to be able to help my future decedents the way that she has helped me.
Part II: Real World Application While thinking about life during and after college there are many aspects that must be considered. Although, most don’t think of them when looking for, and choosing a college. The financial aspects as well as the job, and earning potential are very important aspects of choosing a college. When considering the cost of my future college I constantly think about the lessons that my grandma has taught me. I must constantly think about how long I’m going to be in school, and the amount it will cost to complete my education.
Once I finish my six years of college, and my specialization the median income for a first-year pediatric oncologist is about $175,000 per year (Decker). Also, the demand for doctors is currently up. All physicians spend four years in medical school and emerge approximately with $170,000 in debt, and more because of the two previous years they spend getting their general education classes out of the way (Hamblin). The pay-off time may vary for me as I consider going deeper into the pediatric field.
Which is a major cost, that will be hard to pay for while spending grueling hours working as an intern and a resident making only $50,000 or $60,000 depending on where you work (Hamblin). These are major concerns that I have as I continue through the process of analyzing my future career, although I won’t let this be a problem. While I ponder my financial needs that I have to meet through college I’m constantly thinking about how much of a loan I will need. There are many different effects that come from getting financial assistance, and some of them may have a negative impact on your future.
Although, I think that there are some upsides to getting a loan if it is necessary. I think that it is helpful for those who can’t afford all of their secondary education. It allows a student to pay for college with no worries while they attend the school of their dreams, and they are allowed to focus more on other things without focusing on how they are going to afford next semester. Although, I think that this will come to haunt them when they end up finishing college, because they end up having to pay outrageous amounts back to the lender.
Meanwhile, the student may not be able to get the job they have a degree for, because they have to work a current job plus others just to stay on top of their monthly payment. When paying back to the lenders it is ridiculous, because you are paying tremendous amounts of interest. On the other hand, if you pay for college with money you already have saved up you can instantly save even more, because you don’t have to pay any interest to anyone. This is a major upside to paying for college without the help of a lender. Also, you don’t have to worry about any payments or any cloud hanging over your head stressing you out once you finish college.
Although, it may be stressful for you if you don’t have the money to pay for college right away. When searching for colleges there are many aspects that people don’t really know how to compare, and many just have their mind set. For me comparing the cost of college is a major factor that is involved with where I will start my secondary education. When looking at the cost of a university, community college, and a private college there are major differences and requirements needed in order to apply and get accepted into the college.
The University of Kansas is approximately $11,455 per years on in-state tuition while room and board cost $10,436 (College Board). While a community college such as Colby is much less for in-state tuition, which is around $3,150 per year, and room and board runs about $5,640 (College Board). On the other hand, a private university basically quadruples the cost of both of these colleges. The price for Harvard College is around $47,074 per year, while room and board cost $15,951 (College Board). These are major differences that apply to any student when they are choosing their dream school.
Many students don’t realize the major price differences in colleges until they get them side by side and really consider the prices. Although, many different people have their minds set before they really look into their college of choice. This is very difficult for the student when they finally decide what college is going to cost, and by that time its late in the college application process. Although, there is many different colleges that except people when your dream of going to a certain college gets crushed it’s hard to find motivation to begin the process all over again.
This is why it’s important to make sure you have done the correct research so you can be prepared. As you can see there are many different aspects of college that need to be looked into. Although, you may have your heart set on some specific college there could be better opportunities out there that allow you to eliminate debt. Therefore, you need to use the advice you have gotten from a trusted source, and make sure you do your own research before actually committing yourself to something that could become very detrimental to your future success.