Archive for the ‘High School’ Category:
Complaining About Money Won’t Make You Richer
(don’t) cry on Flickr! by Pedro Klien
Am I only one with a friend who’s overly negative and complains all the time about money? I’m guessing not, but I’ll still share my own “friend-who-bitches-about-money-and-work” story.
I’ve mentioned that I scored a job this summer at the Census Bureau. We can’t move forward until you mail it back,™ by the way. Well Uncle Sam is kind enough to pay me $10/hr for my time. That’s a great rate for someone right out of high school and looking to have some fun this summer and save some cash for college in the fall. Most adults I talk to are impressed that I landed this job. Most of my friends are surprised how much I’m making and how many hours I’m working (35-40).
Yet, there’s one friend of mine who can make me feel like crap about my job. He says all the time how lucky I was to get it. Then he complains how it’s not fair that he only makes $5.50 at his job and gets few hours. Finally, he reminds me how lucky I am – again.
The whole situation annoys me and I hate discussing anything work or money related with this person. While luck and chance do play a part in all of our lives, it’s ignorant to think that I only got the job because I was lucky. I found the Census Bureau’s website and spent a good hour reading over the materials they had. I located my local office’s phone number and street address. I called and scheduled a placement test. I called back a month later to see where I stood.
I did things. No, they weren’t super hard or anything to brag about, but I did them. And if there’s one thing I’ve learned growing up it’s that so much of making life and money work for you is simply doing things. Small things, but things. You have to put some effort out! It was a process and that is why I’m now earning $300 a week and my financial picture has never looked better.
Then there’s the whole issue that my friend only makes $5.50 and “it’s not fair”. Honestly, I want to tell him boo hoo. He didn’t have to take the job in the first place. He could have easily applied at a bigger retailer that pays minimum wage. $5.50 sucks, I won’t deny that. But it’s better than nothing and beggars can’t be choosers.
It frustrates me when people act like the Man is out to get them – especially when the person just graduated high school and has every opportunity in the world to do something great.
Do you know anybody who complains about their situation without doing anything to change it? Is the Man really out to get some people?
Are There Strings Attached with Monetary Gifts?
I, like many other recent graduates, have received cash gifts from relatives and friends. I even wrote a post with ideas of what graduates could use the money for. While I was writing that article however, I started to wonder if there are any “rules” on what monetary gifts should be spent on. Are there ethics involved when you’ve been given money for a specific event, such as a graduation or wedding?
I simply wonder if there’s anything I’m not allowed to spend that money on. Is it OK if I spend it on a road trip with friends? Can I buy an iPod
The lines can get blurred even further when you look at different types of the same product. Case in point: a laptop. These days it’s borderline essential for college students to own a computer. Am I “allowed” to buy a Macbook Pro? It’s a $1,700 computer. Yes, $1,700! Does the answer change if I’m a huge computer nerd and have wanted a laptop from Apple for years? My father would say no. But he’s not a computer guy. You could easily get him to spend 3 times as much on a new lawn mower, but technology isn’t a priority.
Another interesting thing is that even a smart financial decision (according to me), like saving all of it or investing it, could be considered a bad move by friends and relatives. They could easily tell me to live it up and spend money on something fun.
Perhaps I’m forgetting the most obvious expense: tuition and books. Do I have a responsibly to the gift givers to only use their generosity towards my higher education?
It’d be easy for me to say that once they wrote the check, I’m free to do what I want with it. After all, it’s now my money. But that seems cold and not very appreciative. All of these people obviously care about me and I wouldn’t want any of them to feel like I blew it.
For now, I’m 99% sure I’ll be using at least part of the money to purchase a laptop. Which one remains undecided. The 15-inch Macbook Pro is awesome, there’s no doubt about that. But it’s also true that an $800 mid-range model would still allow me to get all my assignments done.
What are your thoughts? What are your “rules” when it comes to gifts? What did you buy when you graduated?
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 Ways to Get the Most of High School
High school is a great opportunity that shouldn’t be wasted. Here are some ways to make the most of it and put yourself in a great position upon graduation.
1 – Work Hard
Don’t work on school nonstop, but get good grades. Really learn how to study and figure out what works for you. There’s not going to be a lot of hand holding in college and the really successful people in this world motivate themselves. Better grades = options.
2 – Participate
Put yourself out there. Join a sports team or student council. Most of the awesome memories I have from high school are the result of my running on the cross country and track team. Figure out what type of activities you really enjoy doing by checking out different teams, groups, and clubs.
3 – Get a job or start a business
Gaining employment is a great way to enhance the high school experience. There’s no doubt that having a social life costs money. Plus, with an income, you can start putting your money to work by saving for college and retirement. If you aren’t interested in having a typical retail job, try working for yourself. Most of us have a skill or two. Put ‘em to work. Try tutoring, computer repair, or giving instrument lessons.
4 – Save money
I haven’t done much of this. It’s also not something I suggest. I started my first real job during the summer after my sophomore year and blew all of my money. Do not do what I did. I could be in a much better position than I am right now if I had just saved 10-25% of every paycheck. Many seniors could have a savings account balance of few thousand by graduation if they consistently save throughout school
5 – Don’t let anything hold you back
Do not make any permanent decisions in high school. Don’t tell yourself “I can’t go to college because my parents are broke.” The trap of “I can’t because…” is extremely dangerous. Why can’t you travel the world? Why can’t you get a job you love? Never settle and never let high school experiences dictate your life.
6 – Commit yourself to a life free from consumer debt
Before you can even open a credit card account by yourself, make a vow to never carry any debt on it. This much easier to do before the card is burning a hole in your wallet. Promising yourself before you apply for a card will make it harder to break.
7 – Make connections with a few teachers
No one will like all of their teachers, but you should try to become close with a few. Developing a professional relationship over the years will help out a lot when it’s time for recommendation letters. Plus, you’ll have an older adult you can go to when you need some non-biased advice.
8 – Take AP courses
If your grades are up to par, look into taking advanced placement courses. You’ll have the opportunity at the end of the year to take an exam and earn college credit. This can help shave hundreds, if not thousands, of dollars off of college tuition.
9 – Think about life after high school
You don’t have to know 100% what you want to do, but at least give it some thought. Of course, it’s probably going to change a million times, but you can set some goals to achieve – until you decide to change them.
10 – Have fun
Don’t stay home alone every Saturday night doing calculus homework. Go out and have fun. On the flip side, don’t have too much fun. Failing grades aren’t going to start your future off on a positive note.
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.
Should Student Athletes have a Job?
Besides the debate over whether or not children should be paid for chores, another question many parents ask themselves is whether or not their high school student should have a job while also participating in a sport. I’ll present both “sides” of the issue, along with my own personal opinion.
Yes, They Should
Participating in sporting events doesn’t mean a teenager can’t work. There’s plenty of time in the day to do both. Furthermore, balancing two separate schedules teaches responsibility and provides a taste of adult life.
Some school districts have a “pay-to-play fee” and parents shouldn’t necessarily be on the hook by default. If a student wants to play a sport, they should be responsible for the associated costs. Working is a way to pay these expenses. Furthermore, some teens honestly have to work to put gas in the car or to pay for typical high school events like prom.
No, They Should Not
High school is a time to have fun and enjoy life. There will be plenty of time to work when you’re an adult. Sports command a lot of time and it isn’t fair to sacrifice time practicing in order to work. Students need time to study and complete homework. It can be hard, if not impossible, to squeeze in academic tasks when practices and shifts are required to be completed.
My Take
I don’t have any problems with high school students working and playing a sport, if they can handle the pressure and time committment that goes along with them. Sports and work shouldn’t overtake school. Most students could probably work 10-20 hours a week without sacrificing their grades, but others cannot.
I think the biggest problem is you can end up with kids who spread themselves way too thin. I’ve been a member of my school’s cross country team since the 7th grade and I honestly don’t think I could have added a part-time job into the mix during the season. Practice was held every weekday from 2:30-4:30. I wouldn’t get home until 5. The earliest I could have been at work was 6. That kind of tight scheduling would not have been good for my grades (or body).
If you can avoid that problem, then by all means, start working. Even better, get a job with an employer that will allow you to take a leave of absence for the few months your sport is in season. Then, after your sport is over, you can head back to work. Obviously, this is easier said than done, but it’s still a great option if you can find it.
Weekly Roundup – Two Hour Delay Edition
This coming week, I’m looking forward to my high school being on a two hour delay schedule. The sophomores have to take the the Ohio Graduation Test, but those who have already taken it (me) get to go into class two hours later! It’s awesome to be able to sleep in for an entire week. Now, if only graduation would get here a little sooner…
Here are my favorite finance articles from the past week or so:
The Most Important Conversation I’ve Had About My Business Ever. This post shows the importance of separating work from your personal life. While the specific solution listed probably isn’t feasible for most young people, alternatives do exist. For example, you could setup a specific room in your house that you only use for homework.
Resisting the Time Suck. I find myself dealing with a lot of these right now. I’m checking my blog traffic a minimum of 20 times a day. It’s getting ridiculous. I’m going to have to really buckle down and simply STOP wasting time on Facebook and watching YouTube videos.
Where Do You Want to Be In Five Years? How Do You Get There? is a great post to inspire you to get off you ass and get stuff done. I honestly have a hard time imagining my life in 5 years. The difference between 18 and 23 has got to be huge! In 5 years, I plan to have a bachelor’s degree and living by myself (or with a lucky lady…). Beyond that? I’m taking it one day at a time.
Why Parent’s Shouldn’t Pay For Their Kids’ College Education looks at the reasons why kids should finance their own schooling. I agree. Personally, I wouldn’t feel like an adult if my parents were footing the entire bill.
Financial Do-Overs is a well worded reminder that adult life isn’t quite as mistake proof as kid life. Decisions carry consequences.
Just Turned 18? Don’t Forget to Register with the Selective Service System
Are you a male? 18 years of age? Younger than 26 years old?
If you answered yes to all of those questions, then you need to register with the Selective Service System.
What is the SSS
The Selective Service System is the government agency that keeps track of all the people eligible to be called up in the event the military draft is reinstated. Currently, that includes virtually all men between the ages of 18 and 25. By law, these individuals are required to register within 30 days of their 18th birthday.
How Does Registering Benefit Me Financially?
I’m glad you asked. For one, it prevents you from paying a hefty fine (currently $250,000). Yes, not registering is against the law. Specifically, you are violating the Military Selective Service Act. However, being prosecuted for this crime is extremely unlikely. You see, the government has to prove that you knew you were supposed to register, but chose not to. This is very hard for them to do.
But…the government knows this and has figured out other ways to make you register:
- In order to receive federal student aid (grants, student loans, and work study), you must register with the SSS. These benefits alone are worth thousands of dollars.
- If you’d ever like to work for the Executive branch of the federal government or the U.S. Postal Service, you need to register.
- Individual states can also set their own rules regarding registration. Here in Ohio, those who fail to register are charged out of state tuition rates at universities. In fact, I just received a letter from the community college I attend through PSEO alerting me to the fact that I will be charged the out of state rate unless I supply them with my registration number.
“But I’m not going to college and I don’t care about federal employment…”
OK. You got me. Except…
- Most states require you to register to receive a driver’s license! Some states also won’t let you renew your license if you haven’t registered. You can see the list here.
- Also, if you would like to become a U.S. citizen and you arrived in the U.S. before your 26th birthday, you must register with the Selective Service System.
As you can see, there are many reasons why it’s in your best interest to register. You don’t even have to be 18 to submit your information. If you are at least 17 years and 3 months of age, you can actually register right now and your information won’t be processed until you’re 18.
To do so, just head on over to www.sss.gov and click “Register Online”. You’ll be taken to a new page where all you have to type in is your:
- Name
- Address
- Social Security Number
Once that’s done, just click “Submit Registration“. Within a few weeks, you’ll receive a letter in the mail with an identification card that serves as proof you are registered.
Final note: If you forget to register before you turn 26 years old, you are basically screwed. You will never receive federal (and most likely state) student aid or be hired for a job located in the executive branch. If you can show credible evidence that you did not know you were supposed to register, then you may be allowed benefits, but this appears to be extremely unlikely.
I’m 18! What Should I Be Doing With My Money?: Planning For the Future
Eighteen is a unique time in your life. High school is most likely coming to a close and legally, there isn’t much you can’t do. But yet you’re probably still living with your parents and have to obey many of their “house rules”. Financially, you aren’t independent and must still depend on Mom and Dad for many of life’s necessities.
But don’t let the downsides depress you. This is a great time to figure out what exactly what you want out of life. Start thinking, seriously, about career options and what you want to accomplish with your time on Earth. Think about personal issues. Do you want to get married? Have kids? Stay a bachelor forever? Become a nun?
Think about things about you may want to buy…someday. A nice home? A sport scar? A medical degree? You don’t have to make any concrete decisions right now, but it’ll help tremendously if you have a certain “life plan” you can look at for direction.
Why is this important financially?
The world, as they say, revolves around money. Almost any decision you make will have a monetary consequence, good or bad. Try to figure out what things/people/experiences you enjoy spending money on. This is where your financial priorities lay.
For example, I’m most likely going to a cheaper university than I had originally planned because I’ve decided that I really want to travel during college and after. Instead of spending money at an expensive we-rape-you-because-you-are-out-of-state school, I’d prefer to spend it traveling the globe, or at least parts of it.
Travel is important to me, so I’m OK with not driving the nicest car possible or renting a luxurious apartment when I graduate.
What is important to you? What are you OK with?
Once you’ve figured this out…
Cut costs like it’s your job on things you don’t enjoy, but spend generously on the things you love. Don’t let other people tell you what is worthwhile. Assuming it won’t get you into debt or prevent you from achieving your saving/investing goals, go ahead and buy the Escalade. Go out and party. Hard. If that’s what you want, by all means, go for it. But just know that it’s what you really desire.
Keep in mind that debt is the enemy when trying to figure out what you want out of your life. Besides getting an education or buying a house, there aren’t many, if any, good reasons to go into debt. And even for education and housing, there’s a fine line between acceptable and ridiculous.
I know, this topic is intense. But just think how helpful it will be to think it all out. Just remember that nothing is 100 percent yet. You’re just trying to imagine what want out of life.
Eighteen is a wonder opportunity to “start” the game of life. Don’t waste it away!
If you’d like, you can jump back to the previous post in this series: Saving for Retirement.
