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Establishing Credit in College

9/9/2016

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     I remember being a freshman in college and wanting a cellphone. (Yes, you read that right—freshman in college!) My first phone was a prepaid cellular phone, which meant that I paid to put minutes on my phone. Those minutes would go fast! I eventually wanted another phone with better services. But I remember not being able to get one at first because I had no credit history. Credit history is what your credit report shows to give retailers, realtors, and even job administrators the confidence in your ability to make money, keep money, pay money where necessary, and/or pay off debts.  Since I wanted a cellphone with a new service plan, I needed my credit history to show that I made enough money to always pay what I owe. But like so many new students, who just turned 18, who still live at home or just started living on their own, my credit had not been established.
     Credit card companies are going to throw themselves at college students, with the hopes of appealing to their college needs and personal interests. So often, students fall victim to creditors because of immaturity and lack of discipline in regards to personal finances. What initially seems like small, innocent purchases can easily explode into money that cannot be repaid. This can have long-term effects for important purchases later on, such as cars, apartments, houses, and in some cases, it can affect being hired for a position.
Here is my advice for establishing credit:
  • Personal banking: Most often, young people will have savings accounts with their parents’ name on the account as guardians. But even as that person goes on to college years later, that banking institution has history with that person, which may prompt them to offer you some type of student account for checking or savings, and even a credit card. A card starting off with a small limit of maybe $500 is a good start and a good test to see if you are able to show discipline and only use for emergencies.
  • Parental accounts: If your parents own a credit card, they may put your name on the account as an authorized user. This way, as their credit builds, so will yours. But the maturity goes both ways in this scenario. First, parents should have good spending habits, and be good examples of how to repay bills. If they don’t exhibit proper financial behavior, then being an authorized user on their credit card has no value to you. Second, the parents can list you as an authorized user without giving you access to the card itself. That would be an agreement you and your parents make, which can keep you out of financial trouble.
  • Pay your bills: If possible, pay the bill early. If not early, then at least by the due date. Understand that there is a billing cycle, and at the end of the cycle, you will receive a bill. For instance, if the billing cycle is from June 12 – July 12, then your bill for that cycle could be due around July 28th.
  • Pay more than the minimum: Let’s say you made a purchase of $50 on your credit card for a textbook. When you saw the bill, the minimum amount due was $15. Now, if you have $50, pay the whole amount. But if you don’t, try to pay $20. Paying more than the minimum not only cuts the debt, it limits how much interest is charged, and establishes great payment history.
  • Only use for necessities: My first credit card had a $500 limit, so I used it only for gas in my car so I could travel to work, to school, etc. Since I had a paycheck, I told myself that if I put $10-20 of gas in my car, I can surely repay $10-20, either early or by the due date. When I needed to do car maintenance, I used my car knowing I was getting paid enough to pay it. Emergencies happen – car trouble, supplies for classes, needing to buy food or pay a utility bill. So in those cases, having something to handle those moments can relieve one’s stress. But if spending is out of hand, stress will only increase.
  • Understand the credit jargon: I may need to do another post on this entirely, but be sure to know what is meant by interest rate, APR (annual percentage rate), billing cycle. Be mindful of introductory deals that sound great at first, but end at a certain date. If the interest rate is initially 0% for the first 3 months, know that when the 3 month period ends, that rate can be 15-20%.
     
​Start early and take it seriously. You will be able to do and have many things in your life all because your credit looks good.  As always, I hope this post helps you and there will be more to come on this subject. Much love to you! Keep pushing!
-T. A. Acker
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Getting Your Foot in the Door

9/4/2016

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     In this post, I want to focus on the phrase “getting your foot in the door.” This phrase was often spoken by my parents and grandmother in my youth, and I didn’t truly see the value of it then. But as I attended college and began working on my major, that phrase started to make plenty of sense. There are ways to obtain invitations and opportunities if one is proactive in their approach. Consider the following aspects:
  • Clinical education: If you are entering a health profession, most likely, clinical education is required. As a clinical preceptor in the field of radiography, I always view clinical education as the first job interview. How a student performs can influence job opportunities in that field. Student positions are often available in many health professions, which can build experience, a great resume, and proficiency in the field itself.
  • Student positions: Some students feel that these positions may not pay enough per hour, or may require more time out of their weekly schedule. But these opportunities don’t come often in some careers. It may seem like a huge sacrifice at first, but upon graduation, you will have experience in your chosen field already, and even if that particular institution can’t hire you full-time, your resume will look attractive to other places. Those places will know that you are able to handle working in that environment.
  • Internships: Some of these are paid, and some are not. Similar to clinical education, internships puts a student in the realm of their chosen field, learning among professionals, and seeing workflow firsthand.
  • Volunteering: If your chosen field offers volunteer hours, consider this opportunity. If you are happy, energetic, eager, and reliable enough to show up to a place knowing you aren’t being paid to do so, you will gain favor of those working there. Your work ethic and presence will at least gain you a strong reference or letter of recommendation to take with you.
  • Positions not in your field: If you wish to work in places like hospitals, retail, or even the school system, sometimes working in your dream role doesn’t happen at first. For instance, to be a nurse, a student has to finish their curriculum and pass examinations. But in that time, working as a unit clerk, in environmental services, administrative assistance, etc. may build connections that can aid that student post-graduation. “Getting your foot in the door” really applies here because once a person gets employed in a system, transitioning to other areas may be easier.
  • Networking Mixers: Free time is difficult to come by as a student, but by attending networking mixers, you can interact with people both in your field and out of it. Make a good impression on people, and even if they cannot help you directly get into your dream role in a career, they may know someone who can, and will again serve as a reference or write a letter of recommendation. This may take time and more than one interaction, but being around people who are going in the direction you want to go will only help you achieve your career goals.
I hope you have enjoyed this post and that it helps you in your educational and professional pursuits.
-T. A.

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Making Money in College 

9/4/2016

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    We all know that college has several costs—tuition, room and board, books, and supplies. But what about day-to-day monetary needs like groceries, gas money or even for leisure? In many situations, finding and keeping a job is hard to do. Sometimes, the student’s schedule or program of study can prevent the ability to obtain a job and make money. So what can a student do?
    So many students come to college with a history of experiences and talents that have very little to do with their career goals or majors. Students who are musicians can make money playing for school events, local churches, or other social events. Students who have cars can become shoppers for others (especially the elderly). Are you good at a particular subject? Why not become a tutor? Can you draw or paint? Are you skilled at cooking? The bottom line is use your strengths and skills to make money. It comes down to marketing and hustle.
    When I was an undergraduate student, I worked a part-time job, but I would also make signs to post on bulletin boards when I wanted to sell my books. I would leave my name and number and sold books to other students for a reasonable, yet cheaper price than what they would pay elsewhere. Sometimes, people don’t know what you do, or who you are, because you have not made yourself visible. Be mindful of rules regarding solicitation on and around campuses, and/or that you aren’t doing anything illegal. Market yourself, and maybe it can turn into a stream of income throughout college and into your post college years.
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    T. A. Acker

    Just sharing what I know to help students become great.

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