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A 4 year plan...Would it work?
I have a question for you guys that know a thing or two about stocks.
I was thinking of getting my money into some low to medium risk stocks to pay college off. I have no prior experience in the market, but am successful at poker and don't expect to get rich fast or anything. Lets say I will need roughly 60K to pay off undergrad, and assume I get a subsidized loan that I have 6 years to pay off. Say I invest $5K to start, and buy $500-$1000 of stock/mutual funds every month, on average. I will easily be able to get this from poker, mabye even more. I will barely have any expenses in college, since I will be receiving a loan. Say I spend $500 a month on random expenses, I could easily bank 1500. I guess my question is this: With a subsidized loan (where I pay 0% interest), would it be more beneficial to take the ~10% compounding of the stock market or try to pay off college on the fly? This would assume I would pay off all 60K when I have to start paying interest on the loan. Lastly, is it more profitable to use ameritrade to save on commission (since I will constantly be dumping money into more stock), or better to leave it up to an expert? <font color="red">What it boils down to is, do you think it is possible to make this money ($60K) in 4-5 years by holding some established stocks and putting in roughly $1K a month, starting with roughly $5K? </font> Thanks in advace for any replies. |
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