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I'm planning on enrolling fall 2022. I have about the same salary and put ~30k in my 401k/year, and hope to have 30k saved for school. I'm about halfway there and expecting a raise and bonus.
I'm prioritizing 401k cause that's years of savings and contributions you don't get back.
Lol it's 1.25% right now 😅
I’m maxing out my 401k and Roth IRA, leftover goes toward MBA savings. Aside from prioritizing long-term wealth, I want to take advantage of tax-advantaged accounts as much as possible.
I plan on converting my traditional 401k to a Roth IRA while I’m in school to take advantage of low tax rates. Worst case scenario, I can consider pulling out a small portion of my Roth IRA contributions.
Coach
I would contribute first to 401K - that’s really your ‘long-term wealth’ which will grow and compound over the years.
Subject Expert
401k first. I’m maxing mine. You get the upfront tax advantage and then you also have the advantage of added time of those funds being invested.
Max 401k for sure. Then save what you can.
I plan on taking out loans and then paying them off quickly over 2-3 yrs after graduating
I will say that I get partial support from my current company, so my loans will be under $50k in the end, which feels a whole lot better than the full price tag in loans.
Are you all also anticipating paying full ticket price?
I expect to pay 25-35%
The rest will be company sponsorship