The Financial Student

5 Tips for a Great Interview

If you’re a teen and never held a job before, the interview can be a terrifying experience. You have no idea of what to expect and you want to make the best impression you can. Follow these tips and you’ll be off to a great start.

1. Arrive on time.
This is probably the most important rule I can think of. If you can’t even get to to the interview on time, how will a manager know you’ll come to work on time? Especially for the retail type jobs teens hold, employers want someone who shows up for every shift on time. Bonus tip: On those online application tests, when/if they ask you how many times do you think it’s OK to be late in a month, the answer is always ZERO. Always.

2. Dress to Impress.
Yes, it’s the same tip you’ve heard over and over again. But that doesn’t mean it’s not important. While you don’t necessarily need to go in with a suit and tie for most jobs, you still need to look presentable. I aim to dress like I see the current employees dressing, maybe a step above that. For example, during my interview last November at Old Navy, I wore khaki pants and a thin sweater. Nice, but not overly dressy. Basically, stay away from T-shirts, shorts, and anything ripped or torn.

3. Cell Phone –> Off
No interviewer will be impressed by a ringing phone during the middle of your discussion. Keeping it on silent (Note: vibrate is NOT silent) is an option too, but you might get nervous and start thinking “Is it really on silent?”. Keeping it off, but in your pocket, can also be helpful if you have to fill out more paperwork during the interview and you need phone numbers for references.

4. Be Polite
Smile. Laugh if the person interviewing makes a joke. You want to appear friendly and nice. Also, be confident. Explain why you want the job. How does it fit you? Don’t come off cocky. Stick to your positives and act like you want to be there.

5. Follow Up
Unless you are told right then and there that you’re hired, remember to check on your status a few days later. If a week goes by and you’ve heard nothing, definitely call back and ask for an update. Don’t appear desperate or act annoying by calling everyday. Mangers need time to think about who the best applicants are.

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?

Is College Necessary for Everyone?

I’m not really sure how it happened, but it appears that we now live in a world where everyone is expected to graduate college with a bachelor’s degree.

While I’m a fan of higher education, I don’t think anybody should spend four years at a university if that’s honestly not what they want to do. Life is too short to waste time on something you aren’t truly interested in.

Yes, it’s true that individuals with a bachelor’s degree typically make more than those who only graduated from high school. But the difference isn’t always dramatic. And the often quoted figure that a college degree is worth $1,000,000 is coming under fire for being inaccurate.

Don’t be fooled that you absolutely need a four year degree. There are plenty of ways to earn money with “just” a high school diploma or associate degree. Trade and technical schools also provide highly specialized training for good paying professions.

Thinking that college is absolutely vital to your success is huge mistake. Remember that common sense, work ethic, motivation, and passion all play a huge role in how successful you are. Also keep in mind that success doesn’t just mean money. You might be satisfied with a profession that doesn’t pay extraordinarily well, but lets you have enough free time to see any kids you may have.

I’m a firm believer that life is what you make of it. You can go to college and half-ass your way through it and not be successful. You can graduate high school and become a bum, mooching off you parents. Or you could decide that you want to build a life for yourself and do what it takes to achieve your goals. No degree necessary.

It’s your call.

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.

Great Part-Time Job Opportunity for Teens: Census Worker

Courtesy of willhowells on Flickr!

As you may or may not know, the United States Constitution requires that a census (a counting of the population) be conducted every 10 years. Obviously, trying to count everyone in the country isn’t any easy task so the U.S Government employs people to help gather the information. The job pays pretty well for part-time work and it’s perfect for graduating seniors or college students with a free summer.

What’s Involved?

According to 2010.census.gov, your duties require you to

Locate households
Explain the purpose of the census
Conduct brief personal interviews with residents
Record responses on paper forms

You’ll basically go to homes in your community and help individuals fill out the census form that every household receives. You might also be asked to check in on households who haven’t returned the form. The data you collect is basic stuff: # of people living in the house, age, sex, etc. To do this, you do need a valid driver’s license and access to a car. Also, you need to be able to work when people are usually home: weekends and in the evening.

How Much Does it Pay?

Pay varies by city, so check out this map to find out exactly what you’ll earn. In my area, census takers will earn $13.25 per hour.

Another great benefit: you’re paid WEEKLY. You can have your paycheck deposited directly into a checking account or choose to receive a paper check.

You can also be reimbursed for job expenses.

OK, I’m In! How Do I Get Started?

First, make sure you’re eligible to apply. The following is required:

You are able to read, write, and speak English.
You are a U.S. citizen.
You are a legal permanent resident, or non-citizen with an appropriate work visa, and you possess a bilingual skill for which there are no available qualified U.S. citizens.
You are at least 18 years old.
You have a valid social security number.
You take a written test of basic skills.
You have a valid driver’s license.
You pass a background check.
You commit to four days of training. You will be paid for training days. Training can be held either during daytime hours or during evening and weekend hours.

If none of those disqualify you, continue on.

Go ahead and call up your local census office. You can find a phone number using the map here. You’ll need to schedule an appointment to take a test. Don’t worry, it’s mainly just to make sure you have basic math, reading, and map reading skills. Also, you only answer 28 questions. And you can retake it again if you need to.

Once you make an appointment, you just need to fill out this application.

Overall, this seems like a great opportunity for students. I can’t think of many places I could work this summer and earn much more than minimum wage. The lady I spoke to told me that the majority of work won’t be done until summer, so if you’re graduating high school (or college), you can still apply. If you aren’t 18 yet, but will be within a few months, go ahead and call your local office. I did, and they’re letting me take the test Wednesday; a month before my 18th birthday.

Why I Didn’t Save a Penny from My First Job

In the summer of 2008, I was a newly licensed 16 old. With my independence, I applied for a job and was hired at a local putt-putt course. I only made minimum wage, but there were plenty of hours available so it worked out. For the first time in my life, I actually had real money that I had earned. Before this job, my main sources of income were just random odd jobs for my parents or grandparents and cash saved up from birthdays. Now, I had enough money to actually do stuff with. I could go out to the movies with friends every weekend, go to Chipotle 3 or 4 times a week, and buy an iPhone (and its data plan).

And I did.

To be honest, I was having a great time. The movies were entertaining, Chipotle was delicious, and my iPhone was a beacon of awesome. But I wasn’t planning ahead. I would “save” 20 bucks here and there, only to spend it a few weeks later on something I thought I wanted.  College wasn’t on my radar and the thought of investing or retirement was laughable.

And so I spent and spent and spent. I didn’t even really stop to think that I should be saving until I found out in March 2009 that I wouldn’t be able to work again in the summer. I was spending everything I earned and realized my new spending habits wouldn’t last without a job.

Now, I’m doing better with my spending…sometimes. But looking back 18, I can see why it just wasn’t a priority.

1. Youth – There was (and still is many times) an overwhelming sense of “I’m young and can do what I want.” I was living in the moment non-stop and nothing in the future seemed real or important.

2. Excitement - there was just something exciting about being young and spending money. I felt like an adult. After all, adults spend lots of money don’t they?

3. No unwanted expenses. – the only expenses I had were the ones I wanted. Eating out; check,  entertainment; check, technology; check. My dad paid for my car insurance and gasoline. The only things I paid for were the three listed above.

This arrangement was primarily out of necessity; I simply couldn’t have afforded to pay for gas and insurance. But there was no reason why I couldn’t have paid for say half my gas or part of the insurance. My dad simply wanted to give me every 16 old’s fantasy: a car and no responsibilities. Who was I to say no?

Without a doubt, I had fun that summer. I lived like I wanted to and bought what I thought I needed. But I also missed a huge opportunity to jump start my financial success.

Nowadays, I realize being young doesn’t mean I can’t start building the foundation of financial freedom and success. Even better, it doesn’t mean I can’t have fun or live like there’s no tomorrow.

Well I Guess It’s Over…My Employment That Is

I found out on Friday that I’m no longer employed.

Back in winter of 2008, I took a job at a popular clothing store in my local mall. I started work in November as a seasonal employee earning minimum wage. In January 2009, after the Christmas shopping season had ended, I was told that I would now be considered a part time associate if I desired. I was fine with this and worked until March. I myself actually quit then because I wanted to focus on sports and didn’t think I would have enough time to juggle school, work, and practices 6 days a week.

This winter, I re-applied and they hired me…for the second time! I was pretty excited and was glad to be earning some money again. I fully expected to become a part time associate again…since they were fine with that last year. Talk about counting your chickens before they hatch.

I knew something was up on the 4th. I couldn’t login to the time clock computer so a manager had to manually clock me in. Red flag #1.

Then, we received new name tags. Except I didn’t. Mine wasn’t anywhere to be found. I told a manager and she replied that she must have forgotten to make one. I didn’t think this was big deal… Red flag # 2

The store I work at is a part of a large corporation and they have a website setup where you can go and view pay stubs, tax forms, and other important information. I hadn’t been able to access it since last Sunday. Red flag #3

Friday was the final nail in the coffin. Every week, usually on a Thursday, the store emails all of the employees a work schedule for the upcoming week. I still hadn’t received one. Red flag #4.

Fearing I already knew the truth, I called the store and spoke to my manager. I played dumb and asked if there had been some computer problem that prevented me from receiving a new schedule. She confirmed that “all seasonal hires had been termed out (terminated? fantastic) and that last week was it.”

Wow. I feel like a dumbass. Sure, I assumed that I would be keeping the job, but I had no reason not to. Last year they offered me a part time position so why wouldn’t they this year? I even mentioned in my interview this time that I didn’t have sports to worry about and was fully planning on staying on past Christmas.

I’m also pissed. No one told me that my employment was over. An employee should never uner any circumstances have to ask if they are still employed like I did. The company supposedly sends snail mail to seasonal hires that have not been kept on, but I have yet to receive it. And even if I do, it’s worthless. That letter should have been mail last week.

I’m trying to not be too bummed out. Losing the money sucks, to be sure, but I met a lot of cool people through my little part time job. It was nice having people that didn’t go to your school to talk to and hang out with, it provided a totally different perspective on things.

With my new found free time, I’ve decided against trying to get another typical retail job. Truth be told, I never really enjoyed the actual work all that much. Coworkers were great, customers provided endless entertainment, but the work was usually boring. Instead, I’m going to explore ways to make money doing things I actually like. I’ve read about many bloggers who have managed to earn some decent spending money so I’d like to see if I can replicate some of their success.

Stay tuned!

How To: Understand Your Paycheck

Once I got my first “real” job, (meaning not a lemonade stand on a random sidewalk) I eagerly awaited my first paycheck.

Finally, payday arrived. I quickly tore open the envelope and scanned to see how much money I made. Satisfied at the thought of serious cash, I made a deposit to my checking account

But there was a lot more in that envelope than I first realized. My pay-stub (the paper that’s attached to the actual check) had lines and lines of numbers and all sorts of information. Some of it made sense, some of it didn’t, but I was really only concerned with whether I got my money or not.

But after a while, I realized that it’d be a good idea to understand what money I wasn’t receiving, not just how much I made.

Taxes:

Since I’m 17, I figured that the government didn’t give a shit about my money. But I guess they figured out that my money spends just like everyone else’s and so they take some of my money for taxes. Yes, taxes, as in more than one. There are actually different types of taxes. You will most likely see the following kinds of listed:

SOC (might be called OASDI) is payment into the Social Security System. This is a public insurance program that actually includes many different services. These include:

• unemployment benefits
• Medicaid
• Medicare
• supplemental security income
• health insurance for children

This tax is how welfare is made possible. Also, when you retire and get “old” at 65, you can receive payments every month from the government as part of your retirement.

FEDWI- Stands for Federal Withholding. These are simply taxes paid to the federal government. This money could go to a number of different places-defense, highways, etc.

STATE-  (My paystub says “OH”, yours will obviously be different if you don’t live/work in Ohio.) These are taxes paid to the state. These are used for things like roads, state parks, state police, etc. Some states do not have an income tax.

CITY- I don’t pay city taxes since I work at a shopping mall in the country, but I have a friend who works in the city, and her paycheck has another line that reads “CITY” and a few more dollars are taken out for city taxes. Her place of work is actually only a mile or two from mine, so I just barely escaped them.

The good news that you can get part of these taxes back. If you earn less than a certain amount (around $8,000), the government will refund you the money taken for federal taxes for free.

These are the main types of deductions that could affect how much money you actually get to take home. There are other possible reasons why you might receive less money than you planned, but if you’re just working a simple part time job, these are the ones you should pay attention to.

Working in High School is Possible Believe It Or Not

Every so often, I hear a parent or someone on television say that high school students shouldn’t have jobs. They complain about how students need to “put their studies first”, “focus on extracurricular activities” and my personal favorite,  “just be a kid”.

All of it is BS.

First of all, it’s entirely possible to put school first and have a part time job. How do I know this? Because I’m doing it! I have a job and believe it or not, I still study when I need to! My job doesn’t interfere with school. If yours does, then you’re doing it wrong. Even better, most of the companies that employ teens (retail type shops like American Eagle, Old Navy, Target, etc) know that you have school and will work around your schedule.

Second, how is working not extracurricular? It something “extra” you do after you’re done with school, a.k.a ” the curriculum”. You learn extra skills like how to fill out tax forms and how to deal with all kinds of people. When I was filling out my college applications there was a specific section titled “Work Experience”. I was able to fill that out and it sure as hell didn’t weaken my application.

Third, what does “just be a kid” even mean? I don’t consider me or my friends “kids”. Some of them are even *gasp* 18, or in other words: full legal adults. For me, I think I stopped being a kid in 7th or 8th grade. Definitely by 10th grade. If by be a kid they mean still being able to hang out with friends and do stupid shit, then I hope I never become an adult in “their” eyes. Even better than being a kid is being an adult with CASH FLOW.

In the end people, it’s called balance. No, teens probably shouldn’t try to work 60 hours (not that you could in this economy), go to school full time, hang out with friends, and expect good results. But we could certainly work a few five hour shifts a week at the mall.