a version of this article was published in March, 2010

Enjoy Life First

“Buy what thou hast no need of and ‘ere long thou shalt sell thy necessities.” Benjamin Franklin

There is a ton of junk online and in print. I spent a good part of this morning reading a book called Millionaire Fastlane which proclaimed that the traditional “get rich slowly advice” is false and that anyone can get rich fast.

Get Rich Quick is a Fallacy

I’ve had the good fortune to know many very wealthy individuals. They include large real estate developers, business owners, even the CEO of a fortune 500 company. I’ve also read extensively of others experiences and it is the rare individual that gets rich fast. Sure, it can happen, you make a groundbreaking invention, you sell your company to google, you hit the lottery, you become a professional athelete; it is possible to get rich fast. But it is rare.

If you are interested in developing financial wealth, it will take some time. If you want to get rich overnight, you can stop reading right now, because I don’t have a clue about getting rich fast!

Pure Fun

That said, I have some ideas about how to get wealthy over time, and how to enjoy the journey. My personal experience is that the process is more fun than the outcome!

A Dilemma and A Solution

One of the great challenges today is balancing your present needs and wants with those of the future. It requires quite a bit of introspection.  While almost every Ben Franklin quote oozes wisdom, this one in particular, speaks to the reality that if you go overboard consuming recklessly, you will run out of money, fall into debt, and end up in a bad way!

There is much said about saving for this and saving for that and a lot about sacrificing and giving up something today so you have money for tomorrow. And of course, you all know that in order to have money to buy stuff later, a car, a home, a vacation, etc.; you have to save. But, who has actually sat down and figured out; EXACTLY what you will want in the future and just how much IT WILL COST?

Before you even think about how much money you need later, there is an important step to take first.

Life is Uncertain; What to do?

Figure out what makes you happy.

Simply put, spending time and money on things that improve your life is the way to have a better life!

Trent, from The Simple Dollar site wrote a fascinating post on February 5, 2010 about change called, “What’s Coming Next?” He surveyed his life over the past several years and compared his LIFE EXPECTATIONS (take some college classes and work in a factory; work at Microsoft; remain in debt, unmarried, and childless) with his REALITY (work in a genetics lab, a non-profit, become a full time writer, get some books published, get married, get out of debt, and have 3 kids). His post reminded me that life is uncertain. And this two year old article still holds important wisdom. Trent has gone on to grow his website and work on writing fiction as well. He certainly was not an overnight success yet he is an inspiration to those who want to follow their dreams.

Plan for the Unexpected

Yet, in spite of this uncertainty, it is important to plan and set some goals.

Because, if you don’t figure out what you enjoy, and make some effort to get more of those pleasurable activities in your life, it just won’t happen.

Life is best led striving to do what you love.

By becoming a full time writer and published author, Trent turned his passion into cash. And that is a life lesson for all!

Figure Out What Fulfills You        

If you don’t already know what you are passionate about, take some action to figure it out! Life is much better when you spend time on activities which are important to you. Having a job you like is fabulous, because it doesn’t feel so much like work! So if you aren’t sure what you are passionate about, check out What Color is Your Parachute by Richard Bolles. Also, think about the times in life when you lost yourself in what you were doing? Ask yourself, “Can I do more of those types of activities?”

Spending more time on satisfying activities equals more pleasure!

You may discover that some of your passions cost money or even more schooling or training. Maybe you want to transition into another career, learn to sky dive, take an art class, or explore Asia. And of course, most of us realize that we want the option to have some cash when we retire to enjoy our potential longevity. But if you don’t consciously explore your passions and set some goals, you are left with little possibility of achieving them.

I went back to graduate school in my 40′s and it was one of the best decisions I’ve ever made. It set the stage for my life today.

Wealth is an Attitude

There are those with millions, unsatisfied with their lot and looking at those who have more. Turn your glance inside for a minute or two. Take some time to determine what you value, and then set on a course to get what you want. After you know what direction to head, figure out the dollars and cents of your aspirations.

In part 2 of Enjoy Life and Make Money, learn about the abundant ways to increase your income and net worth. But, while you are pursuing your financial  goals, remember to drink in the enjoyment of the wealth and good fortune you already have.

Action Steps:

Get a notebook label it: “(your name) Personal Finance” and keep it by the computer. Use it for all of your personal finance goals, thoughts, activities, and plans.

1. List 25 activities you enjoy.

2. Practice one from the list daily.

 Which activities give you the most wealth in your life?

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Today’s article will guide you to success this year. Read Foolproof New Years Resolutions (part 1) to find out how I fared on some of my initiatives of 2011. Learn why annual New Years resolutions are not the way to success. 

“Most successful men/women have not achieved their distinction by having some new talent or opportunity presented to them. They have developed the opportunity that was at hand.” – Bruce Barton

I am blessed with parents who were the operational definition of tenacity. They both started with very little, only to persevere to wealth and success over their lifetimes. El Carino and I have been reminiscing about our past career decisions, and future plans. We are both success, solution, and goal oriented. In contrast, a friend of ours is really struggling with his future, as he ages and his job becomes precarious. We ask ourselves why friend T. doesn’t seem to have motivation or a plan. He’s smart,

GOAL SETTING

successful, talented, handsome, and directionless.

Goals are the Superior Path to Success

Author Bruce Barton, makes success sound easy. Success is not easy, if it was, everyone would be a star. On the other hand, you don’t have to be exceptional or revolutionary to be a success. You don’t even have to be super smart. There’s research that suggests that geniuses are no more successful than the average Joe or Jane.

Capitalize on the talents you already have and work towards honing and improving your strengths.

I am convinced, that writing down your short and long term goals, working towards them diligently, and accepting inevitable failures along the way, is the recipe for lifetime achievement.

What if I’m tired, despondent and just don’t feel like it?

That is the time to stay the course. Everyone experiences bouts with self doubt and the desire to quit. The winners, persevere when adversity hits, the others give up.

My Blogging Goals

Here’s where I reveal some of my goals. These are not New Years resolutions, and if I reach any of these initiatives early, then I’ll move on to new ones.

Freelance job on one additional large public site such as CNN Money, MSN Money, Morningstar, Kiplinger, Google Finance, or comparable site. Donna Freedman, any ideas? I was included in one of Donna’s (Best tips for fixing your finance’s) and one of Len Penzo’s articles on MSN Money, but those doesn’t count.

Increase monthly blogging income by 50%. I don’t like to reveal any income or net worth figures, in spite of how much I enjoy reading others. Here’s where I think persistence, writing good content, developing relationship with others on line, participating in forums, and freelance will lead to additional revenue.

Get personal finance book for Gen Yers accepted for publication by March, 2012. This goal is a carry over from 2011 and 2010. Yet, I’m not giving up. I know I could self publish, but I believe the content is worthy of recognition by a traditional publisher. This one isn’t about money, but of influence and desire to reach the largest audience possible. Any publishers interested?

Start 2 static niche websites with a partner. I’m already in conversation with a few blogging colleagues about this one. I’m a bit frightened as I don’t want to over commit myself. This is the biggest stretch of all my goals.

Try to write and schedule blog articles two weeks in advance. I didn’t do too well on this one last year.

Action Steps

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it for all of your personal finance thoughts, activities, and plans.

1. Sit down now, and write down a few specific, detailed goals for the next couple of months. Don’t overdo it, start small. Remember to check on these goals every month or so.
2. If you’re really ambitious, categorize your goals; personal, work, health, etc.

Read Foolproof New Years Resolutions (part 1) to find out how I fared on some of my initiatives of 2011.

What plans are you working on this year?

image credit; Cheryl Gebhart

How You Turned Your Passion Into Cash

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Welcome to Part 3 of this series.

If you are just joining us, don’t miss Part 1; “Why I Freelance”

And Part 2 of this series; How to Live Well if You Work in a Low Paying Field

A commenter from part 1 asked this question:

I’d love to hear stories of folks who monetize passions that people think “don’t pay.”  It might be a great “part 2″ (or 3 or 4).

Nick from Step Away From the Mall

The integration of “doing what you love” and making money is a popular topic. There’s lots of advice about doing what you love and the money will follow. Is this always true? What if the money doesn’t follow?

What if you are doing what you love and the money isn’t following. Need some motivation? Read on about how others are are making money from their passions.

Readers, let’s hear about your experiences about “doing what you love, and making money as well.”

We are particularly interested in those experiences which started without monetary expectation, and turned into a cash flow stream.

I’ll begin by talking about my story. I began blogging to educate others with my decades of personal finance and investing experience. I had no idea there was a possibility to make money from a blog. Initially, I assumed if enough people liked my work, I would get a book contract, and then I would make money.

Well, I’m still working on the book contract…. Any publishers out there?

In the meantime, I found a love of blogging, educating, interacting with others and lo and behold, I’m making some money. The income streams come from ads, freelance writing, and hosted content. I’m lucky, as my passion and work in the investing field is lucrative and my money habits have allowed our family to grow our net worth.

Yet, there are many stories of folks with average salaries who amass great sums through their passions.

What are your stories? Write in and inspire and learn from others.

Here are a few more success stories to get you started:

I’m currently in Seattle for a work trip. While strolling along the waterfront at Pike’s Market I met Pixie, an inventive vendor. She and her husband have taken a love of creating art and crafted a full time cottage industry. They make large artwork and sell it at their booth along the water. After sold, they shrink the image, encase it in plexiglass and create smaller pieces to be used as wall art, magnets, coasters or other. Their business is simple, creative, and supports their family of 3 (without a website).  Jr. Carino and I bought 4 small pieces to use as magnets and other decoration. Her shop is on the side of the water (west). Stop by when you’re in Seattle. The art is affordable, one of a kind, and really cool!

Pixie-Pikes Market, Seattle

Mark Riddix is studying the on line world and building quite an empire. He has a wealth of resources for you. Mark is a perfect example of determination.

Crystal of Budgeting in the Fun Stuff was so determined to become a full time blogger she quit her salaried job months ahead of schedule. Read about her strategies at How I Make Money Blogging.

Jessica Streit wrote about a fascinating opportunity as a “Sample Passer Outer”, over at Budgets are Sexy. She’s one of those friendly folks who gives out free yummy samples at supermarkets; and gets PAID FOR IT! It sounds fun and diverting. Maybe this could be your passion!

Need some ideas about how to find your passion? Check out LifeHack’s Susan Baroncini Moe’s article, How to Find Your Entrepreneurial Passion and Purpose.

Ordinary Traveler talks about his big break came, in spite of the naysayers. He never believed photography, surfing, traveling, and writing could become his livelihood.

Don’t miss Part 1 of this series; “Why I Freelance“

And Part 2; How to Live Well if You Work in a Low Paying Field

image credit; Ayham Al-Hamwi

Now, it’s your turn, write in and share HOW YOU MAKE MONEY FROM YOUR PASSION.

Forward this link to others for their input!! Let’s make the comments a huge list of SUCCESS RESOURCES.

Sign up on right to get free WEALTH TIP’s Newsletter, and FREE bonus eBook; 20 Minute Guide to Investing! And be sure to pick up my RSS feed or email subscription and follow me on twitter so you get the word immediately.

Don’t miss Part 2 of this series; How to Live Well if You Work in a Low Paying Field

and Part 3; How You Turned Your Passion Into Cash

The money question that got me thinking…..

A regular reader has been asking me why I do freelance personal finance writing since the pay is not as lucrative as my work as a Portfolio Manager or Investment Professor.

If the sites that hire you for freelance writing are paying x dollars for an article, and you make more money offline for that same hour my next logical question would be; Why do it?

 Here’s how I responded:

It’s certainly logical to wonder why I do freelance personal finance writing for what is clearly less money than I make “in my day jobs.”

Wow, this philosophical and practical question got me thinking.

I am passionate about sharing sound money solutions and wealth building strategies.

 My blogging goals are to educate others in personal finance, investing, and wealthy living. I have amassed plenty of wealth and want to share what has worked in my life along with tips and strategies for others.

Over time my blogging activities cost more time than initially expected, I want to be compensated for my on line efforts. I also seek to grow my readers so that more folks can learn to be financially successful. Teaching others personal finance strategies through freelance writing helps others and yields a bit of financial return for my work.

I like trying new activities and expanding my life options. Blogging is a perfect example of this preference.

If it was only about the money, I probably wouldn’t blog at all since the hourly rate of pay is low.

Do you participate in “work type” activities which provide personal satisfaction and low pay?

Don’t miss Part 2 of this series; How to Live Well if You Work in a Low Paying Field

and Part 3; How You Turned Your Passion Into Cash

image credit; xorsyst

How You Dress Matters

Sign up on right to get free WEALTH TIP’s Newsletter, and FREE bonus eBook; 20 Minute Guide to Investing! And be sure to pick up my RSS feed or email subscription and follow me on twitter so you get the word immediately. 

Great Idea for a Blog Article

I live in a large condo complex next door to an equally large apartment complex. I’m convinced there’s lots of special information possessed by the leasing agents that would benefit both experienced and inexperienced apartment hunters. After all, apartment dwellers deserve to find out how to get the most home for their money and how to successfully hunt for an apartment.

MY ATTIRE HURT MY FIRST IMPRESSION

As I work from home, I sometimes look like a bit of a slob. And, today was no exception. Although showered and well groomed, my old faded jeans and stained white t shirt weren’t exactly professional looking. I thought about my appearance as I strolled over to the leasing office, but that’s all I did, think.

The leasing office was beautiful, as was the well groomed and attractively dressed leasing agent. In fact, she was gorgeous! I began to wonder if my slovenly appearance would be a detriment to my mission.

After requesting a few minutes of the agent’s time, I made my request for a brief interview with her, to be published on the blog. She was cordial and explained that the first of the month was quite busy with rent follow ups and could she please call me later in the month. I handed her my business card and said I looked forward to hearing from her when her schedule opens up.

You know the feeling you get when someone gives you the brush off and looks at you a bit disparagingly?

Well, she was polite, yet I had the distinct impression that I did not present with much creditability.

Clearly, I’m more educated than she is and have a more demanding job, as a university professor and portfolio manager. Yet, because I looked like some poor slob, I was not taken seriously!

The Takeaway

How you dress and present yourself matters. I knew that I was well employed and educated, but to the leasing agent, I looked a bit like a bum. I don’t believe I would have interviewed her today had I dressed better, but I’m sure I’d have a better chance for a follow up meeting if I donned a nice pair of slacks with a clean blouse sans gym shoes!

In this circumstance, the outcome doesn’t really matter. I can pop into the leasing office any time and if she or her partner aren’t busy, they’d probably talk to me for a minute or two. Of course, had this been an official business meeting, I would have dressed appropriately. Yet, this was a reminder that you are judged by how you look, what you wear, and how you present yourself. Although, a business suit would have been a bit over the top for this situation, Thousandaire reminds us that everyone needs to own a business suit.

When applying for a job, networking, or interacting in a professional situation, remember that the first 10 seconds of any meeting creates a lasting impression that’s difficult to shake.

Have you experienced any situations where your attire worked against you?

image credit; Idhren

Hope for the Future

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After you are done reading, please stop by American Media Marketplace and check out my latest article, A Decent Return on Savings

Chris Farrell wrote about how more venture capital (VC) is finding its way into the economy in Angels are Returning. Add that to the jam packed malls in Northern California, and I have a prediction.

The economy might be improving.

This unscientific study of mall traffic and VC investing on the west coast just might be a harbinger of sunnier times to come. There’s common wisdom that national trends begin on the coasts. If that’s so, then this might be the beginning of a better economic outlook.

The media is famous for digging out the most salacious and negative information and broadcasting it far and wide. The result of this tactic is twofold; one, broader viewership and two, a decidedly negative economic outlook.  This commentary will present data to support the possibility that the economic climate is not as bleak as the media would have you believe.

1. Historically, markets are cyclical-As an Investments Professor at a local university, one of the key concepts in financial markets is that growth is cyclical. Japan’s endless malaise notwithstanding, most modern economies have their peaks and valleys. After a prolonged downturn, it’s more likely that a nations’ economic growth will improve rather than deteriorate. Even though the stock market has been in the tank for quite awhile, over the last century or so, the trajectory of stock prices has been upward, yielding about a 9% annualized return. And over the long term, stock prices mirror the financial health of their underlying companies.

2. Unemployment for those with a bachelors degree and higher is 4.2% according to the Bureau of Labor Statistics September, 2011 report. Thus, the horrific 9.2% unemployment figures pertain more to those with a high school degree or less. Even if you have a bit of college, you have a greater likelihood of being employed than with less educated.

3. Salaries are rising a bit according to Market Watch, Andrea Coombes. Granted the projected 2.7% increases are not much, they are going in the right direction. Salary increases have to start somewhere and once they start going up a bit, a positive salary trend may be in the offing.

4. Major companies are sitting on a bundle of cash. When the balance sheets of major global corporations have cash, it stands to reason that their fundamental outlook is more positive than negative. When companies have cash in their coffers eventually they will use those funds to expand their operations and hire more employees leading to a rosier economic scenario.

5. CNN.com reports that Texas has an abundance of jobs and actually the population can’t keep up with the job growth. So the employment picture is more robust in some areas than others. Unfortunately, this job boom consists of a plethora of minimum wage jobs, many lacking health benefits. So this one might be a mixed bag benefit.

Don’t accuse me of being a Pollyanna and suggesting that everything is just great with our economy. I understand that there are many problems both in the US and abroad, but sometimes it just makes sense to explore the situation a bit more. So, turn off the talking heads for a minute and entertain the possibility that the economy might be improving.

Barbara Friedberg across the Blogosphere

• I’m featured at the Totally Money Blog Carnival hosted by Curb Your Consumerism
• Carnival of Personal Finance at Beating Broke showcased my article Go Beyond Keeping up with the Joneses
• Moneycrashers Give Better Holiday Gifts round up included What Should I Invest In?

What do you think? Are there any positive economic signs in your area?

image credit; toptenlists

VIDEO SERIES; PART 3

Welcome to Part 3 of my YouTube video series, Learn Money from Barbara Friedberg Personal Finance.com. This one minute clip details why you must visit this website. The short fun commercial leaves you wanting more. Make sure to check out parts 1 and 2.

Part 1, Talks about how I went from a scared girl to a confident and successful adult. The video showcased a first attempt video project with Hints for Holiday Shopping. The tips work well for any season. And the article championed getting started now!

Part 2; New College Grads; Get Smart About Money is dedicated to those just starting out, lays out money ideas for the 20-somethings and smart money reminders for the more established.

Progress Not Perfection

Alcoholics Anonymous has some simple yet powerful messages. This is one of my favorites.

El Carino and I are working together to develop my YouTube Channel and fill it with helpful personal finance content. As you can see from number 3 video today, the quality is improving, bit by bit. Hopefully, my on-camera presense is getting better and I am certain El Carino’s video-graphic proficiency is also improving.

One of my first motivations for creating videos was another blogger’s series. This blogger stood in front of a whiteboard in a tee shirt and jeans, used a pointer to highlight his written major points on the board, and delivered information about how to increase your blog’s advertising revenue. He didn’t look too professional, but in spite of that, I learned something from the content and the process of the video.

I said to myself, “If this guy can stand up there in a tee shirt and jeans, casual and unscripted, why can’t I do a video?” He didn’t have a perfectly professional product, yet he delivered valuable information.

In addition to championing personal finance smarts, I also strive to encourage others to put themselves out there and try something new.

True confession; I am not comfortable in front of the camera. By nature, I’m a bit stiff and stilted. Some might even call me constricted (but don’t let it get around). Yet, I am filled with a wealth of personal finance knowledge. Like anyone, I have my strengths and weaknesses.

In sum, I was scared about starting my YouTube channel. Yet, I did it anyway and am improving bit by bit….making progress.

2 Part Takeaway

This video serves two purposes;

1. Gives an introduction to my site and encourages visitors. It is a marketing and promotion tool.
2. Encourages others to get out there and try something new.

My long term goals are to be a personal finance resource for fun and informative wealth building information. But that information is only valuable if it’s accessible and instructive to others. This video today is to introduce more readers to this site.

If you think there is some valuable information here, please send your friends over.

And, if you think this video commercial is a useful strategy, please use this video concept for inspiration for your own projects. In todays world competitive world, standing out from the crowd is key. Don’t let fear or inaction keep you from meeting your goals.

ACTION STEPS:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Do something you are afraid of today!

For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately.

What difficult tasks have you taken on to move yourself forward?

VIDEO SERIES; Part 2

News Flash; I’m nominated for a Plutus Award in the Best New Ebook Category for my ebook 20 Minute Guide to Personal Finance (download for free on the right)!! Please vote for me here!

Welcome to Part 2 of my video series. In Part 1, I talked about how I went from a scared girl to a confident and successful adult. The video I showcased was a first attempt project with hints for Holiday shopping. The tips work well for any season. And the article championed getting started now!

Todays video, dedicated to those just starting out, lays out money ideas for the 20-somethings and smart money reminders for the more established.

“Never spend your money before you have earned it.” Thomas Jefferson

Follow Jefferson’s advice, add in a bit of saving, and you are on the right path. Watch the video, consider the tips, pass them along to your friends, and help them become money smart!

Money doesn’t have to be complicated. Develop consistent habits, don’t spend what you don’t have, be patient, and your money will grow. And don’t forget to create additional income streams to grow your wealth.

• This is part 2 of a series showcasing my YouTube Videos. Learn personal finance and life skills from these instructional videos. Make sure to check out Part 1; Achieve Your Perfect Life With Goal Setting.

Check out these websites dedicated to those just starting out:

• The College Investor
• Financial Success for Young Adults
• Young and Thrifty
• Thousandaire

What money advice do you wish you knew when you were starting out?

For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately.

“The economy has been fitful for two years since the recession formally ended. In the past, spending and hiring rapidly recovered after deep downturns. But the damage the housing bust and subsequent credit crisis did to household and business balance sheets appears to have hobbled that rebound.” (Wall Street Journal, July 9, 2011, Worries Grow Over U.S. Jobs)

As a former career counselor and current portfolio manager, I am steeped in the economic and employment picture today. According to this disappointing article in the Wall Street Journal, jobs are not picking up very rapidly nor are salaries or weekly work hours rising. For those out of work, it is an extremely dark time with tremendous competition for available jobs. Although economic, employment, and business growth is cyclical, and will eventually improve, that is little consolation for those out of work.

TRY THIS TECHNIQUE & KEEP YOUR JOB SEARCH SPIRITS UP!

It’s a numbers game

The more people you know, meet, and contact, the more likely it is that you will run into someone with a job lead or suggestion. Here’s how to bulk up the number of contacts in your circle.

1. Go through your former work colleagues, email, LinkedIn, Facebook, association, and religious contacts. Make a list of everyone who might know someone in your industry.
2. Call on the telephone each one with a script such as this: “I am looking for information and opportunities in ____________ (your field). Here’s a quick summary of the type of skills I bring to the table. Do you or anyone you know have a few minutes to chat about the current professional environment.” Stress, that you are looking for information, in addition to a job.
3. You want to schedule a 20 minute in person (preferably) or phone meeting, the purpose of which is to indirectly promote yourself and expand your reach.
4. Come prepared with a few questions such as, “How did you get into the field?, How do you see the professional climate in this industry?, What are the main issues confronting this field?”
5. End the meeting with this question, “Do you know anyone else I might speak with in the field?”

Your goal

Increase your number of contacts.

Keep active in your field.

Subtly and gracefully promote yourself. (for example, “Oh, by the way, when I was in this field, we increased sales in the region with this method.”)

Grow your network as you walk away with more contacts, and more potential leads.

How this method leads to employment

Especially in today’s world of ecommunication, you will set yourself apart by actually talking with people, in person or on the phone. They will be more likely to meet with you if you are coming to chat about the field and request information (not ask directly for a job) for a limited time period. By speaking with more and more individuals, making a strong impression,  and learning more about your industry you increase the probability of one of the contacts leading to information about a job. Additionally, by adding to your “job search activities” you leave less time to ruminate and worry about your situation.

Action leads to confidence and results!

More Job Search Articles from Premier Personal Finance Bloggers

• Untemplater; A Little Marketing to Add to the Job Search
• PT Money; Where to Find Jobs Online
• Financial Success for Young Adults; I Graduated but Don’t Have a Job
• Krantcents; I Want a Job
• Sweating the Big Stuff; Will I Become Cheap When I Become Self Employed?
• Well Heeled Blog; 7 Steps in Overcoming Job Search Rejections

What job search tips have worked for you?

image credit; moojieturtle

& 3 REASONS TO BE WARY OF THEM

UPDATE; Over the next month my family is moving across the country to a new home. Please enjoy a variety of guest articles from top notch bloggers and sponsors. Also, catch up with earlier favorites from Barbara Friedberg Personal Finance.  

For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately.

No Debt MBA writes at NoDebtMBA.com about personal finance and education.  No Debt MBA has been accepted to a top 5 business school and is trying to graduate without taking out any student loans.

These days it seems that no college education is complete without a mountain of student loan debt.  College costs are rising faster than inflation and in a recession families have fewer resources to put towards the back breaking price of tuition, room, board, fees, and books.  Student loans are pitched as necessary, normal and a great investment.  But only one of those things are true – student loans are unfortunately a normal part of our college and university landscapes.  But here are three reasons you, your family or your student shouldn’t be “normal”:

1. Once you take them out you’re stuck with them.  Unlike most debts you can take out like a mortgage, car loan, or credit cards student loans are extremely difficult to get rid of during bankruptcy proceedings.  There’s also nothing associated with your student loan to foreclose on or repo. This often goes for cosigners too.
2. They’re hardly “cheap money”.  With origination fees of 1%, 4% or more of your disbursements and interest rates at 6% or above, most student loans hardly qualify as inexpensive in the current economy.  Their interest rates (and interest typically accumulates as soon as the money is distributed) are higher than those for mortgages right now.
3. They can encourage you to lose track of costs.  When the money going out for another semester’s bill doesn’t come directly from your pocket it can become easy to end up with a higher than intended student loan balance.  Experts recommend not taking out more loans than you can reasonably expect to pay for with your first year’s salary. But with tuition hitting $50,000 or more per year at some private colleges and graduates expecting less than that in salary it can be easy to blow recommendations out of the water.

So great, we’d all like to avoid student loans, but college is expensive, how can we do it? 

 Here are five ways to reduce your usage of (or maybe even avoid entirely!) student loans for college:

1. Pick a cheap school.  Not the most fun suggestion, I know, but your selection of college or university is the single biggest factor in the cost of your education and it is under your control.  Think about state schools, scholarship offers, financial aid packages and more. (Barb’s comment; I attended 3 state schools and received an excellent education at each one)
2. Negotiate.  Did you know that you could do this?  My SO got a full tuition scholarship from one college and got another to match it.  The second college hadn’t offered any aid or scholarships to start with.  If you’re a high performing student or have significant financial need you can ask, very politely, if the school of your dreams can match a better offer you have on the table.  
3. Appy, apply, apply.  Not to schools, that gets expensive and excessive, but for scholarships, internships, financial aid and other opportunities like being a resident assistant (RA) to help defray your
   costs.  Getting scholarships can be even harder than getting into your top college so keep practicing.
4. Get cheap textbooks.  Plan your course schedule ahead of time if possible so when students want to unload their books at the end of the semester you can snatch up books for your next semester’s
   classes.  You can also look online for used books and there are several useful aggregators that will comparison shop for you. These saved me hundreds of dollars with just one search. (Barb’s comment; Amazon.com has great affordable textbook options)
5. K.I.S.S. – Keep it short smartie!  An extra year in school means 25% more in costs and even more in student loans.  Many scholarships will only cover your first four years.  So go in and get out!  Stay focused so college isn’t extended by failed courses, irrelevant minors, or leaves of absence.   Even better, if you can get AP credits to transfer in, take courses online or during breaks you might be able to graduate in three years for much less than the full four years.

 In theory, there is no reason a student or their family has to take out student loans to pay for a college education and there are many reasons why they should try to avoid it. There is no substitute for planning ahead and saving, but there are many strategies you can take advantage of to keep the total tab low and prevent student loans from becoming an enormous burden.

What are your suggestions for saving money while receiving a higher education?

image credit; Bill McCallen