Archive for the ‘College’ Category:
Heading Off to College? Don’t Forget These Must Have Items
High school was fun and all, but I’m glad it’s over. On to bigger and better things! For me, university classes start in just over a week. I know many students have already begun, but hopefully they didn’t forget the following things:
Laptop = Basic Necessity - I’m sure that it’s possible to complete 4 years of school without a laptop computer. I never want to find out how though. Remember, it’s also possible to live without electricity. ‘Nuff said.
Shower shoes - For those of you living in a dorm, you must buy shower shoes. There’s no telling what disgusting grime is living on the floor of a communal shower. Do you really want to take a chance of stepping on someone else’s body fluids? Didn’t think so!
A way to stay organized - You can kick it old school and keep a daily or weekly planner along with folders or binders for each of your classes. Or if you’re more comfortable with technology, check out Google calendar, Remember the Milk, and Evernote. Of course, you can mix these approaches pretty easily.
Cellphone - It’s 2010 and I’m not sure if anybody graduates high school without a phone anymore, but I’m putting it here just in case. Without one, it’s going to be hard to maintain a social life and how will you call Mom & Dad for money?
Candy/Junk food - This doesn’t really have anything to do with college, except the fact that everybody likes candy. Right? Keep some in your dorm or car at all times for a convenient pick me up. You’ll thank me when Direct Loans puts your social security number on a Parent Plus loan instead of your dad’s. (Happened to me last week. I downed 7 pixi sticks.)
Something memorable from home - Everyone says they won’t get homesick. They’re lying. Bring along some pictures or something that reminds you of your hometown, family, and friends.
Forget the College Experience, I’m Mooching
Just a few weeks ago, I wrote that community colleges aren’t always a good choice even if they save money. I went on and on about how I wanted the “college lifestyle” and “iindependence”. As of today however, I’m a hypocrite. Sort of.
I requested to be released from my housing contract. The university approved it.
In that post, I mentioned that it was going to cost me around 8 grand to stay in the dorm. When I signed housing papers three months ago, it was easy to act like this was no big expense. As the start of school got nearer though, I realized that 8 grand is a big commitment. Not even counting interest. I just wasn’t comfortable with paying that much money to live in a cramped room 35 minutes from my house.
I have other goals that would be negatively impacted by living on campus. I want to study abroad. ASAP. If there’s a program that works for me starting sophomore year, I’m probably going to take it. Study abroad isn’t exactly cheap so there’s no sense in adding more student loan debt to my plate with on campus housing. Besides study abroad, I just want to travel for the fun of it. The less debt I have, the more cash I’ll keep to pay for it.
Personal reasons also played a part in this decision. I was never exactly thrilled with the idea of living in a dorm, but I went along with the typical graduate-high-school-and-live-on-campus process. This is the template lifestyle that a lot of people are talking about these day and it wasn’t really what I wanted.
Unlike a lot of recent high school graduates, I’m not dying to get out of the house. I have healthy relationships with my parents and sibling. My parents aren’t strict – I literally do just about anything I want to do. I just try not to be an ass about it, i.e. No slamming doors at at 2 a.m. Of course, there are other benefits too. I don’t have to do laundry or dishes. I do plan to help out more, honest! Regardless, I have a good thing going here. I’m not ready to change it. (This is the part where the Internet can call me spoiled and selfish!)
Just as our finances change over time, so do our goals and instincts. What we thought was a good decision a few weeks, months, or years ago might not be so smart today.
How to Not Suck at Buying College Textbooks
It’s back to school time and that means one thing for college students: buying text books. Where you choose to make your purchases will have a huge impact on how much you spend. Here’s how to save some green.
First off, AVOID your campus bookstore. Only go there if you want to THROW AWAY your money. Prices will be ridiculously high! Avoid this like the plague.
Instead, we’re going to look online for some sweet deals. There are dozens of online bookstores. Most of them, if not all, should be cheaper than your campus bookstore.
To show the price differences, I’ll be using a personal finance book I need for fall quarter. It’s simply called “Personal Finance” with an ISBN of 9780073382326. Directly below is how much my college is charging:
$180? $140? NO THANKS!
Next, I head to Amazon and search for that ISBN. Below is what I get:
I still think even the used prices are a bit high, so it’s on to eBay:
Evidently, this is the international version, even though the content is the same. This version is also a hardback, just like what my campus is selling. But maybe a paperback version is available…Back to Amazon:
Now I’ve found a paperback version of the same book for a fraction of the campus bookstore price. I look over what the seller has to say about the book’s condition and decide to purchase. Easy huh?
Personal preference will of course play a part in how you buy your books. I don’t mind having used books, as long as they aren’t missing pages or extremely worn out. You can also look into renting your books from a place like Chegg. I’m not a big fan of renting books, but I may check it out one of these days.
The main thing to remember is DO NOT GO TO YOUR CAMPUS BOOKSTORE.
The Great Debate: Should College Students Have a Credit Card?
Everyone seems to have an opinion on whether or not college students should have a credit card. I’m firmly in the “Yes, they should” camp.
Why?
1. Learn some self-control – I’d love to be able to max out 5 credit cards and never have to see the bill. But that’s not reality. Get a credit card and force yourself to only buy what you would have with cash. It really shouldn’t be that hard. If you can’t, then yeah, credit isn’t something you should use.
2. Build a credit score – Credit scores, love ‘em or hate ‘em, are here to stay. Most of us at some point will end up applying for mortgage or car loan. A non-existent or poor credit score is only going to hurt you.
3. Get some rewards – There a few rewards cards out there marketed towards college students. Get a few bucks back on books, gasoline, and entertainment every month.
4. Better security – Lose a debit card and your entire checking account can be drained. A thief doesn’t even need your PIN because debit cards can be processed as “credit”. Have a credit card stolen and you haven’t lost any of your own money.
5. Convenient – It makes sense to carry around more than one form of payment. A debit card, credit card, and some cash ensures you’ll always have an accepted payment method.
I understand that some people make mistakes and get themselves into a ton of debt. That’s obviously bad. But don’t tell me I shouldn’t have a credit card just because other people don’t pay off their balance every month. And of course, no typical personal finance expert would ever say the real truth – graduating college with a few thousand in credit card debt isn’t the end of the world. Not a great situation to be in, but not devastating either.
Is Community College Really a Good Idea?
This post might ruffle some feathers…so don’t say I didn’t warn you!
If you’ve ever been to a personal finance blog and read about ways to reduce the cost of college, one of the usual tips is to go to a community college for a year or two and then transfer to a 4 year university to finish the degree. I’m pretty sure I even recommended it in a post from a few months ago.
While this advice is technically true, I’m not sure how good of an idea it really is.
Doesn’t force independence – Community college means driving to school everyday from home. Then driving back. To parents. To routine. To Mom doing your laundry. Not exactly a new independent lifestyle.
Hard to stay motivated -This might just be me, but I think I would find it hard to be motivated for school when I’m only 20 minutes away. It just feels too much like home and an extension of high school. Of course, the “new” feeling at a school that’s further away will wear off, but the location is still going to be strongly associated with “school”.
Not a lot of college life – No room mate craziness. Little if any athletic presence. Less diversity.
Community college of course is way cheaper than any 4 year university. That’s obviously a big plus. If the option is between going to college and not going (and you actually want to go!) then community college should be where you’re headed.
This topic has made me realize how lucky I am. Growing up, it was just a given that I was going to college after high school. No other option was ever discussed. So I never thought of a 4 year school as a luxury. But indeed it is! I’m spending about 8K this year just to live on campus. I could drive everyday to school (45 minutes away) and save a ton of money, assuming gas doesn’t go up to $10 a gallon. But I’ve made the choice to spend thousands of dollars on the “college experience”. Whether or not that’s BS remains to be seen.
Haterz Gonna Hate
Have you ever been excited about something? Or at least felt like you were making all the right moves and had things under control? But then someone came along and decided to make you doubt yourself? If so, you’d got yourself a hater.
A “hater” is someone who enjoys tearing you down. Someone who criticizes any exciting, if slightly different, idea you may have.
Case in point:
I’m 100% into the idea of studying abroad at some point during my college years. Ideally, I’d like to spend part (or all?) of sophomore year in another country. I’ve mentioned this to a few people several times now.
One of those people, “Abby”, has decided to hate on my plans. She went on and on about how it’s expensive. About how I’m not realistic. That I haven’t even started college yet and don’t know how I’ll adjust to that lifestyle. Then she reminded me how you can’t just pick a country and hop on a plane. A passport is needed. Forms need filled out. (Yes, I shouldn’t study abroad because there are forms to fill out. Scary stuff.)
Not one “Oh, that sounds like a good time!” or “Where do you want to go?”. Just an almost endless string of road blocks.
The irony of course is that in one breath she says that study abroad takes lot of planning and is expensive. In another, she says that it’s too early to plan for. You know what time is good for? Planning and saving!
My situation is just one of many possible “hater” scenarios:
Decide to stop eating out in order to escape living paycheck-to-paycheck? Expect someone to hate. This person will probably say that there’s no way that will work and the man is keeping you down.
Decide to spend saved up money on something you really enjoy (electronics, cars, trips, etc.)? Expect someone to hate. They’ll most likely say that your spending is excessive. Their $300 a month car payment, however, is perfectly reasonable.
But How Do You Solve the Problem of Haterz?
Simple: you ignore them. There’s already too much negativity in the world. I know I don’t need to listen to anymore of it and I’m guessing you don’t want to, either. If someone decides to hate on your plans, say “STFU, I’m doing it.” Don’t allow for anymore discussion.
The bonus of course is that you should have even more passion to do whatever it is you’re being hated on for. What better “revenge” than to actually follow through with your plan and prove the hater wrong?
Bonus Video:
5 Things to Do With All That Graduation Gift Money
At this point in the year, thousands of students are graduating from high school. Many of these students will receive a decent amount of money as gifts at their graduation party. But once the party’s over and done with, what should be done with the money?
1 – Save It
Start an emergency fund with your gift money. No, this isn’t exciting, but it helps form the foundation of good personal finance. If the thought of simply keeping all that money in savings account hurts too much, consider splitting it 50/50 so you save some and spend some.
2 – College Books
Text books are a huge expense for most students. Using your money on these can help take out the sting of education costs.
3 – Laptop
Most, if not all, college students would be well served to have their own laptop. Note taking, communicating, and entertainment will all be extremely easy with a notebook computer. By using your cash on this, you can avoid the temptation to start accruing credit card debt.
4 – Roth IRA
The best time to start a Roth IRA is now, when you’re as young as possible. For this to work however, you must make sure you earn income in 2010 and prove it by filing a tax return. You can’t contribute more than what you made in earned income.
5 – Go on a Trip
Maybe after you receive your gifts, you feel it’s feasible to go on a road trip with a group of friends. You’ll make great memories while also having the spending cash necessary to make it feel like a true vacation.
7 Great Gifts for Graduating Seniors
Graduation season is in full swing and that means one thing: parties. Lots of them! Since getting gifts is the most important part of graduation (kidding!), here are a few ideas to help you decide what to get for the grad in your life.
1 – Cash
Cash is awesome. It’s flexible and you don’t have to worry about the graduate not liking it. Of course, the receiver could use it to buy hookers and blow. Not that it matters, right? Once you write the check, your money is gone regardless of what is purchased.
2 – Trip
Send your grad on a road trip across the country or on an adventure across the globe. This is no doubt a pricey gift, but it’ll also be unforgettable.
3 – Laptop
It’s 2010 and pretty much everybody needs to own a computer. College students will definitely need one for writing papers and taking the edge off during exam time by watching funny YouTube videos. I’d love a MacBook Pro
4 – Book
If you’d like to gift a grad something a bit more personal than cash (or in addition to…), try a book such as The Naked Roommate
A personal finance book could also be a good idea. I might be a bit biased, but many graduates would be well served by this gift. Of course, it may not be read for a few years, but it’ll come in handy when it is. This probably isn’t the time to get all gazelle like intense on them with a copy of The Total Money Makeover
5 – Gift Card
Graduates need stuff. A gift card to Wal-Mart or Target will help provide dorm room furnishings and supplies. 10 to 5 on an iTunes card
6 – Luggage Set
Whether a graduate is moving to a dorm room or across the globe (on the trip you sent them on of course), he’s going a place for his things. A nice, study, piece or two of luggage will still be used years after the graduation ceremony is over.
7 – Digital Camera
After graduating high school, tons of memories will be made. Allow for those memories to be recorded by gifting a digital camera. Here’s a compact Sony model that won’t break the bank
That’s all of ‘em! If you’re an older graduate, what were some of your favorite gifts? If you’re still in high school (or college), what do you hope to receive?
10 of the Worst Paying College Majors
What you major in can have a huge impact in how much you earn. Here are some of the worst paying degrees, according to Wallet Pop. The number in parentheses the average mid-career salary, so you’ll actually be making less than the quoted figures right out of school.
1 – Social work ($41,600)
No surprise here. Social work is a thankless job with pretty bad pay. I understand someone has to do it, but this isn’t a great job for building wealth. I think it takes a very strong person to give up many of the luxuries that come with making more money.
2 – Elementary education ($42,000)
I was surprised to see this on the list. But once I thought about it some more, it makes sense. High school and middle school teachers make more because the subjects they teach are often more difficult – calculus, physics, literature, etc. Of course, part of a teacher’s education is to learn how to manage a classroom full of children, not an easy task.
3 – Theology ($51,500)
I don’t think anyone goes into this field for the cash flow. It’s all about the guy upstairs, right? I personally find religious discussions and concepts really interesting, but have no interest in making it my career.
4 – Music ($52,000)
I’ve always heard that the only job you can get with a degree in music is teaching. This obviously isn’t completely true, but the music field is definitely for those with a strong passion (that doesn’t include money!).
5 – Spanish ($52,600)
Hmmm. I thought Spanish was one of the fastest growing spoken languages? Maybe translating and the like just don’t pay well? I would consider a language minor, but I’d never major in one. To me, one language doesn’t seem broad enough.
6 – Horticulture ($53,400)
I don’t find plants too interesting, and I guess employers don’t either. I’m guessing the non-financial benefits make this job more appealing.
7 – Education ($54,100)
Not for me, but I know quite a few of my classmates who can’t wait to start teaching. I’m somewhat surprised to see this one on the list. Teaching has decent pay, good insurance, summers off (kind of), sick time, etc. Of course, the argument of whether or not teachers are paid what they’re worth is a debate for the ages.
8 – Hospitality and tourism ($54,300)
I think this is a low ball estimate of salary because it doesn’t take into account tips. Being able to see the world for cheap, if not free, isn’t a bad deal.
9 – Fine arts ($56,300)
Definitely not for me! I wouldn’t ever tell someone not to major in the arts, but I wouldn’t encourage them either.
10 – Drama ($56,600)
If you make it big, then drama has a great return on investment. If not, you might be waiting tables for a long time.
Thoughts…
Interestingly, it doesn’t seem like the pay potential for these majors is absolutely horrible. Engineers, doctors, lawyers, etc. will of course make more, but it’s not impossible to make a life by making $40,000-$50,000 per year. If you’re thinking of going into one these fields, you might want to double check that your chosen school is affordable. Spending six figures for a job that pays less than $50,000 probably isn’t the best idea.
10 Ways for High School and College Students to Stay Broke and Waste Money
Here are some tips to help you stay in the poor house:
1. Play the lottery. You’re 18 now and somebody has to win, right? It could be you! Except it won’t…
2. Buy the most expensive class ring possible. The more diamonds, the better. After all, high school experiences are measured in dollar signs. $$$
3. Borrow as much money as the bank will let you for college. After all, what’s life without a 6 figure education?
4. Spend obscene amounts on booze and going out with friends, courtesy of the private student loans you took out. Life is supposed to be fun, right?
5. Drop out out college halfway through. That way, you have debt and no degree.
6. Make sure that saving money is the last “bill” you pay every month.
7. Put off learning about personal finance because you’re too young.
8. Promise that your future self, the one who’s making a fortune, will pay off any credit card debt.
9. When you’re driving to school, speed as much as possible so you have some tickets to pay in addition to all your other expenses.
10. Buy a new $60 Xbox 360 game a few times a month. Complain you don’t have any money for school.
