Being in Debt forever :(

Since starting university back in 2009…I have accrued a massive and ever growing student debt… Australia is good in a way, that people with low income can still be able to go to University and to do further study. But, as a kid, no one told me how expensive it would be to finish a course… let alone for someone like me who jumped around doing three different courses over the first 2 years, because how are you supposed to know what you want to do when you are at a ripe age of 18?

While it is great that we can borrow the money for our student debt, but it is a bit depressing to see how much money we owe to the government and the increasing interest that is charged on it.

When I was younger, I did not think much about the debt…but now that I have become more interested in my financial position, I realised I still have this massive 50k unpaid student debt…and each year they are charging another 2k worth of interest….!! *EEK*

But, do I really want to use all my savings to pay for my student debt? Not really…I need that money now…but sadly I foresee that debt is going to be there for the long term. 😦

Was it worth accruing that massive debt for the benefits from studying to become a registered pharmacist? I am not sure really. =s

The Australian government will automatically deduct payments from our salaries once our income reaches a certain threshold…However, until recently, my income has been lower than that amount…I wonder how long until I can be debt free? To be honest, even though I have paid off some of it this year, the interest that keeps getting added to it means that the payments aren’t even touching it :(.

Financially Literate

Lately, I have been doing some adult learning (imo). I have been trying to learn more about money through various podcasts on money. AND BOY is there a lot of things I don’t know… As a young one, I have never been that interested in money and my parents did not teach me much about it, except that it was precious and we didn’t have much. *sad face*

What even is Super?? How does it even work??

Through the last year and a bit, I have encountered terms like Salary Sacrifice, Life Insurance, Bonds, ETFS, mortage brokers, credit scores, and Stocks. I think I’ve grown up a bit now that I have become interested in money, or should I say in the fancy adult word, finance.

Studying in the health sector for 5 years has allowed me to become health literate, maybe a bit too much (those wrong self-diagnoses LOL). I did not understand why some people had poor health literacy and make such bad health decisions (every 1st generation child of a migrant would understand). I have always thought that was sufficient enough to keep me healthy and sustain me through life. However, I have only just realised I am seriously financially illiterate (and many of my friends are too)! I have never really did any check up on my money and just thought putting in the bank and getting a little interest was enough to sustain me for life. LOL.

I have realised, that if you want to look after your finances well, you need to take some time and think about what your saving goals you are aiming for and to make a budget (of some sort). You need to think about where you want to invest your money, because leaving it in the bank, while it is safe, it typically has low interest rates, and hence low returns.

Your super fund is basically your retirement fund, as a young kid in my first job, I always scowled at how money from my pay went into this “SUPER” fund that I couldn’t access until I was like 67. BLEH. What if I didn’t even live to that ripe age? Gimme my money now! Is what I probably thought. But, when I am old and wrinkly, and when I get to receive that money in my fund, hopefully I will be able to thank my younger self for working so damn hard for all those years to build a better retirement future. I don’t really know how supers work, but in my limited understanding I think they use your money and a good company hopefully will use it to invest and grow the super. However, for those with multiple super accounts, they might be paying a whole bunch of fees that they are unaware of.

There is still much to learn about money and finance and surprisingly, it is becoming more interesting and appealing to learn about money. $$

I ask my self, Have I stepped another step towards this holy adulthood? As I sit on a chair wearing my snoopy PJs and thinking about how it would be great to not go to work tomorrow. *Sad face*

Experience?

I woke up today and I was working on writing a job application for a senior pharmacist position…and as I was thinking of all the different pharmacies I have worked and all the different roles I have had…and realised I am an experienced pharmacist…even though I don’t think I am… I have achieved much and experienced much… I don’t know everything, but I know something.

Applying for jobs is about selling yourself, your knowledge, and your experiences. Some talent in writing is needed here…you want to make it seem like you have done more and learnt more than you probably have…if you undersell yourself, you won’t even get a chance to progress from paper to in-person interview.  That reminds me, I have another interview this coming week… It is part of the same company I am currently in..but a different branch…further away from my house… but hey, stability in finances comes with a cost. I love my job now, but having short contracts constantly and not knowing if I have a job next year is scary…and I need to do my best to grab whatever opportunities there are… Otherwise, I won’t be able to save up for my house :(.

I feel really lucky now…Even though at times it’s frustrating…scary… tiring.. and exhausting. I think there will come a time where I will look back, and say I can’t believe I made it that far…by working so hard! You reap what you sow and if you worked hard…your efforts will pay off.

Going to a house inspection later today…I finally have a day off! So I might as well use my time wisely.

In other news, yesterday I heard from a colleague that another colleague had suddenly passed away..No one knows why. They were young. Lot’s of potential and a funny person. They will surely be missed. But it reminded me greatly about the uncertainty of life and the experiences we have interacting with each other…If you treat someone badly, and then they pass away, there is no opportunity to say sorry or to forgive them.

So think again, do you want to live a life of regret? Treat people the best that you can.

I honestly rather that people treat me bad, then I treat someone bad.