[Teerawit]

My parents raised me with the value of saving money. Long story short, they grew up in [poor] families, but after arriving in the US we're middle-class now

However, their principles have infected me, and I tend to save any money that I get, rather than buying nice food or beer

Well I bring this issue up because my scholarship check came in - $3000 of leftover money. In fact I get around this amount every semester, but I digress - I've saved all of that money up in my bank account. However due to certain evil websites I'm spending more than I would normally do

but this site hasn't completely penetrated my defenses

. On the other hand, I feel the need to buy some luxury, like say maybe a UE-10 or a very nice source. I would however feel guilty for spending "scholarship" money on commodities. But I've wanted UE-10s for so long, but I don't have a job.........

Spend, or save money for the event that I would really need it? (my life is very secure right now, but anything can happen) I feel like I'm about to learn an important life lesson. How do you more experienced people feel?

I'm thinking that saved money would be nice for medical school (which I hope to enter in 1.5 years) since I wouldn't have to pull out big loans. However, if all goes well and I get into an MD/PhD program, all medical school and living costs would be covered, and then some...but I won't know if I would get into such a program until 1 year from now. UE-10 cannot wait one year

 

[Julz]

I'm the wrong guy to ask. I'm an instant gratification kinda guy. The moment the UE-10's entered my mind and I realised that they would only cost a third of my "spare" cash, they would have been mine. The future is over-rated, live for today.

Do it.

 

[catachresis]

Money ain't worth a cent.

. . .

 

[Omnis]

Money only has value because people think it has value.

 

[braillediver]

Money is a tool. I don't think it has any inherent value in and of itself.

You can't eat money.


Mitch

 

[Oski]

I don't know...spending $1K for a pair of IEMs is quite a stretch, especially if it's going to take out 1/3 of your scholarship money. Maybe as a more pragmatic approach you can just get custom molds for your Etys? Or maybe even the new Shure E500 for half the price?

But then again, if you've wanted them for a long time and they'll make you happy, maybe there is a case to be made for them. $1K in the long term isn't all that much, especially once you follow your course of becoming a doctor. Just make sure you don't lose them (as I just did with my E4c on a flight)!

Edit: Congrats on the scholarship by the way!

 

[lan]

I think you should just spend a little. That much for IEMs is a bit too much considering the rest of your system. Spending that on DIY is more rewarding IMO. It's an experience and a learning one at that. The rewards keep coming.

 

[mulveling]

Dude, $3K is almost enough for an R10

 

[J-Pak]

Combined MD/PHD programs are super competitive

but if your board scores are good/you have lots of research you'll be in the top running when it comes time to match in the competitive fields (find a job out of med school)

I will say getting medical school loans is very, very easy; banks just want to hand them out so freely

If I was in your position I wouldn't spend $1000 on IEMs which you're pretty much forced to live with since they have no resale

 

[Canman]

Don't just put it in the bank. If you are going to save it (and that is a prudent thing to do) choose a wise investment for your money. What you do with it depends upon your investment goals, in particular how liquid you want the money to be. If you can afford to hold off on the money, start a Roth IRA which allows you to invest and take the money out tax free when you reach a ripe old age. If you want to buy a home/condo after college it would be worthwhile to invest the money for a shorter period of time.

I suggest spending a small portion on something nice for yourself and investing the rest towards the investment goal of your choice.

 

[Kirosia]

My parents weren't the type to throw around money (probably cause we didn't really have any). I tend to save cash, unless there's something I REALLY want. Like, I want to buy a new jacket only cause the old one is 4-yrs old, ripped, beat up, etc. I bought a new mp3 player cause I was fed up with the one I had, which only worked half-the-time.

 

[Jahn]

The the context of teerawit's situation, this is what I would do -

Stick it in a safe 2-year CD paying over 4.5% return at least. Don't be tempted to spend it. At the end of 2 years, you can use it for when you need it - bills, school, whatever. I agree, it's doing you no good just sitting in the bank, but I'd rather stick it in a short term safe investment than blow it on something or lock it up in some long term investment or throw it into a high risk investment.

Some kid in law school took out a Stafford Loan just to buy a Rolex watch - he said he didn't need the cash for tuition, and the interest rate to pay it back was better than a credit card to buy a watch. He was right, but still - that was just ridiculous.

 

[greenhorn]

Quote:

Originally Posted by Teerawit My parents raised me with the value of saving money. Long story short, they grew up in [poor] families, but after arriving in the US we're middle-class now However, their principles have infected me, and I tend to save any money that I get, rather than buying nice food or beer Well I bring this issue up because my scholarship check came in - $3000 of leftover money. In fact I get around this amount every semester, but I digress - I've saved all of that money up in my bank account. However due to certain evil websites I'm spending more than I would normally do but this site hasn't completely penetrated my defenses . On the other hand, I feel the need to buy some luxury, like say maybe a UE-10 or a very nice source. I would however feel guilty for spending "scholarship" money on commodities. But I've wanted UE-10s for so long, but I don't have a job......... Spend, or save money for the event that I would really need it? (my life is very secure right now, but anything can happen) I feel like I'm about to learn an important life lesson. How do you more experienced people feel? I'm thinking that saved money would be nice for medical school (which I hope to enter in 1.5 years) since I wouldn't have to pull out big loans. However, if all goes well and I get into an MD/PhD program, all medical school costs would be covered, and they'd actually give me money for living...but I won't know if I would get into such a program until 1 year from now. UE-10 cannot wait one year

Hey, you WANT those UE10 and you can afford them. Buy them! Money are valuable only if they can make your life more beautiful. Get those UE10 and be happy with them!

 

[Julz]

Quote:

Originally Posted by Canman I suggest spending...

There you have it, we're pretty much agreed. UE-10's or, seriously, what about Westone ES2's ? At $650 they're less than the UE's and just look at the cool designs you can have !! http://www.westone.com/music/custom_art.html

I'd go for "Betsy" or "Shockwave"

 

[Teerawit]

Quote:

Originally Posted by J-Pak Combined MD/PHD programs are super competitive but if your board scores are good/you have lots of research you'll be in the top running when it comes time to match in the competitive fields (find a job out of med school)

I'm an undergrad right now, so I'm going give it my greatest shot. Research experience and MCAT aren't in dire straits.

Quote:

I will say getting medical school loans is very, very easy; banks just want to hand them out so freely

lol, probably because the banks know you are good in paying them back as a physician.
Quote:

If I was in your position I wouldn't spend $1000 on IEMs which you're pretty much forced to live with since they have no resale

Resale isn't a problem, because I don't sell my gear. Anyway UE-10 is just an example; I could easily put my money toward mulveling's suggestion

or something like a G08

but that just illustrates my principle. It's not "what item is best for me" but it's the price tag behind it. The question is in spending large sums of money on anything, not just audio (audio is just convenient because I dont' really have any other hobbies); I've always felt hesitant to spend my money on commodities, while my friends are spending $$ all the time.

Oski - My educational expenses are paid for (food, housing, etc) and this check is for the money leftover. It would be otherwise just sitting there if I didn't do anything with it. The question is, should I do something with it, anything

Lan - you don't think a $1000 IEM would be a feasible pairing with a $100 ipod shuffle?

Reminds me of Iron_Dreamer's t-shirt...