Queercents

Public service employment is a topic I haven’t covered much of. This weekend I spent some time attempting to sort out my financial situation in light of my soon-to-be-in-repayment student loans. I graduate from Law School on Friday!

As a quick aside here is a great resource that I wish a financial fairy godmother could have whispered in my ear before I spent the better part of Sunday getting my information organized. The National Student Loan Data System compiles your loan and other finaicial aid information in once place. Even if you have multiple degrees from multiple institutions the NSLDS is a good place to get started.

As part of my research I learned about a new loan forgiveness program Congress recently authorized in the College Cost Reduction Act.  Aspects of this program are sure to offer hope and encouragement to graduates seeking lower paying careers or careers in the public service. Read the rest of this entry »

“Appearances are often deceiving.” – Aesop

What types of consumer goods symbolize higher income? Items observed by others: such as clothing, cars, and jewelry. Who spends more on these items? Blacks spend more on visible goods than whites.

Stereotype? Yes. But is it true? Yes! These findings are based on new research by Erik Hurst, an economics professor at The University of Chicago Graduate School of Business and Kerwin Charles, a professor in its Harris School of Public Policy. Hurst is white. Charles is black.

But their conclusions are less about bling and more about random, anonymous interactions. Hurst said, “If you’re high income but belong to a poor income group, all else equal, people are going to think you’re poor. The benefit for you is high to distinguish yourself from the poor group.” Read the rest of this entry »

The personal finance blogosphere is teeming lately with book reviews and tips for folks who are just starting out in the world of personal finance. Trent over at The Simple Dollar recommends what he calls The 50% Solution for people just entering the workforce — put 50% of each paycheck into savings, and live off the rest. Lynn at WiseBread recently reviewed the book Rich by Thirty. (Wish I’d had this book before turning thirty this year.) And our own Melissa has reached the six-month anniversary of living in the Big Girl World.

And this has all got me thinking: if I could rewind to when I was first starting college, what financial decisions would I have made differently?

Of course, in a perfect world, I would have come from rich parents who taught me how to handle money and invest it wisely. And I wouldn’t have student loans. But we work with the hand we’re dealt! So what could I have done better? Read the rest of this entry »

I had read a question a while ago that asked if anyone had tried many of the ‘debt into wealth’ programs that are sold via radio, tv and online.

I initially gave my own following response: I think you will find that most “gurus” end up advocating the following steps in some fashion:

1. Stop using credit cards
2. Write down your debt, what you owe and what you bring in
3. Live below your means
4. Sell stuff to make extra money and help pay down debt
5. Get a second job if you have run out of things to sell
6. Save money for emergencies

The thing about the ‘gurus’ is that they take information that is out there in the library (in the 332.0 section) or online for free. Not only that, to get out of debt and move into a wealthier life is mostly about common sense. To have wealth, you want to live on less than you make so that you have money for tomorrow. Read the rest of this entry »

If you are behind with your mortgage payment, don’t dodge that call from you lender. They may have a plan to help put you back on track with a loan modification agreement or a brand new loan with a lower interest rate.

Banks and lenders are forming special in-house team to help customers manage their way through difficult times with adjusting interest rates and other problems related to the credit crunch.

Newspapers, radio, and television are blasting us with statistics about the mortgage crisis. The recent news about the government bail out of Beares & Stern Investment Bank hasn’t help the feeling of alarm creeping into our daily lives.

Banks are forming in-house alliances comprised of collections, foreclosure, and production. The results have been impressive. Read the rest of this entry »

I was recently signing up for a new program with one of my long term service providers. This person changed their offerings, pricing, and packaging so I had to do some reviewing and deciding. I knew for certain I wanted her service and I knew what package was right for me. I just needed to figure out how to pay for it. That brought me to the question: Do I take her extended payment arrangement or should I self-finance by putting it on my credit card?

It seems like an easy question, but it is not always easy to answer. Why? So often we don’t take the time to actually do the math and realistically determine what the best option is. And, we sometimes don’t have the discipline to follow through on consistently paying down the balance left to our own devices whereas on a monthly plan we are forced to pay what is due.

Here’s how you can make this determination fairly quickly for any big purchase you have looming. At least it worked for me. Read the rest of this entry »

In 2002 it was reported that more people filed bankruptcy than graduated from all universities in the United States.

Something’s gotta give.

Recession.  Slow Down.  All the politicians talk about is what scares the most people.  All of the rhetoric, bickering, back biting, and posturing by all of the politicians in the U.S. does nothing for an individual locked in a struggle to survive and provide for their loved ones.

Some people have to just let the world keep spinning on its axis while they choose between food and medicine, clothing or heat, a roof over their head or pay their taxes, etc. Read the rest of this entry »

John recently pointed out that Queercents folks are experiencing an education bug. I found the cure for said bug: 20 years of school. On Facebook I recently noted that I’m looking forward to being done with 20 years of school and there were more than a few enthusiastic nods of agreement from my friends who are also about to graduate soon.

Aundi’s contributions have covered the money issues associated with returning to graduate school very well. For me law school has been an experience in personal enrichment. I never intended to be an attorney. My advice is to not do law school unless you want to be an attorney. There are other degrees that might be a better idea — but maybe any degree is a bad idea anyway.

Here is another perspective for professional folks considering time away from work to get another degree. The transition from a professional life to a student life is relatively smooth. Many have some form of savings or at least only moderate debt at the time they start to consider another degree. The small savings or moderate debt make it easy to get along during the first couple semesters of school with minimal life-style changes. Then the added freedom, longer breaks, and intellectual stimulation associated with being a student is hard to beat and serves to soften the inevitable financial blows associated with leaving a career for a degree. Read the rest of this entry »