Hi everyone,
I'm a 23 year old who found MMM about 2 years ago and feel so lucky that I did- I’ve been reading and saving like crazy since.
I'd really appreciate some advice about where to hold my savings for grad school. More details and background:
• I'm currently employed in the environmental field, which I love, but my pay is embarrassingly low (why does good work always mean abysmal pay?!). I want to stay in the field, but I’m pretty sure I need to get more technical expertise in order to get to do the kind of work I’m ultimately interested, and hopefully be better paid. Hence the desire to get an advanced degree.
• The program would be a Masters of Science in Environmental Management, and I want to start in fall of 2015.
• Tuition for good schools with this degree program varies greatly, from a total of $30,000-$75,000. I’m also applying abroad, since programs are both cheaper and shorter.
• I have about 40k saved in my credit union’s money market account (does this deserve a face punch?)
• I’ll find out exactly how much money I need for grad school in March-April of 2015. Most likely I will need all that I’ve saved, although my fingers are crossed for grants/scholarships to help cover costs.
So the question is: in the meantime, where should I be holding this money? Is the money market okay? Should I be investing it? I’ve been hesitant to put it in an index fund because I need it in the short term (1-3 years), and definitely don’t want to lose anything.
Thanks in advance for any thoughts and advice you may have!