It is very easy to get confused when someone explains the US Tax system, but my buddy sent this e-mail chain message that breaks it down by relating the system to something we all understand very well - splitting the beer tab.
After the jump, check out U.S. Tax System Explained in Beer! Read More »
These days, common knowledge suggest that any Republican will cut taxes, any Democrat will raise them. And this election year is no different. Sen. John McCain has said that there will be no new taxes, only tax cuts, under a McCain presidency. Obama, on the other hand, says that he will only raise taxes on those making the most amount of money–those who benefit most from our economy should also invest the most back in, his logic goes.
But how much of this is talk and how much might actually result in more cash in your pocket? Luckily for us all, the Washington Post has put together an easy-to-read chart that tells you exactly what each candidate’s proposed plan means for your wallet. The information in this chart comes from a recent analysis of the Tax Policy Center, a project from the Urban Institute and the Brookings Institution. Read More »
Believe it or not, free money for college isn’t only awarded to Einsteins and star athletes ‘ or those of you poor people who qualify for financial aid. There are plenty of opportunities for the ‘average’ college-bound student to take advantage of scholarship money. The biggest mistake to make, is to sit and wait, and not do anything about it in the hopes that someone will knock on your door and say, “Need some money?”
I just graduated in May, and now I am starting to pay back student loans. Let me tell you, it sucks. Having received my degree in Journalism from UCLA, I thought I would be in a good position to pay back my loans. Yeeeaaahhh…not so much. So now, after 4 years of tuition, room and board, I owe just over $115,000.
People say it all the time, but I will say it again…if I had it to do all over again…I would try to avoid the $1000 a month loan payment.
Here’s some common sense advice:
Planning a trip this summer? Short on cash? Here’s a quick guide to make sure you get the biggest bang for your buck.
1. Shop Around.
So-called “value” sites like Travelocity, Expedia, and Orbitz give you the best price for plane tickets–but have often been paid by airlines and hotels to promote their fares and rooms above all others, screwing you over in the process.
Instead, use an aggregator, like Momondo or Kayak, that searches hundreds of travel websites in order to find you the best deal. These Sites also feature flights from smaller airlines and airlines, like Southwest, that don’t actively participate in online travel booking sites. Also, aggregators won’t jack you for a fee, like most “value” travel sites.
2. Skip the Hotel.
Really, most hotels are the same. Except for rooms whose per-night price could pay for last semester, you won’t notice much of a difference, I promise. So, trade in the five-star for one of these inexpensive (but way more fun!) options:
Hostels - For international and domestic travel alike, hostels kick the crap out of everything else. They’re cheap, relaxing and extra fun–plus, you get to mingle with countless hotties from around the world. You may not have the privacy or luxury of a hotel, but it’s worth the “sacrifice.” Read More »
The key to success? Be a nice guy. Seriously.
Obviously, be competent, smart and forward-thinking. But according to Tim Sanders, author of The Likeability Factor, your career success depends on having personal well-being and playing well with others.
‘The grim reality is that life is a popularity contest,’ says Sanders, a Loyola-Maramont graduate and former indie-rock musician. ‘There was a Harvard Business Review study about how people select who they want to work with. And you know what? Everyone would rather work for a likable fool than a competent jerk.’
Sanders is part of a new breed of managers who are looking for ‘emotional talent.’ rather than just physical and mental skills. Being a nice guy, he shared with us some tips to finding emotional satisfaction in our career, from finding a perfect job to loving the one you get. Read More »
Or at least thatâs what one professor in particular thinks.A recent essay in The New York Times written by Joanne Ciulla, a University of Richmond professor, discusses the modern work ethic and how college students today have a somewhat warped view of the world.
It struck me as interesting, and I must admit, it is hard not to be offended by the characteristics she describes college students of today having:
ENTITLED TO A DO-OVER
âIt has become common for students to ask to retake tests or to rewrite papers in order to get a better gradeâ¦While the apparent desire for self-improvement is admirable, usually the higher grade is what really matters. Sometimes a studentâs second try is not much better than the first, but he or she still expects a better grade for the effort. This attitude leads to the second problem.â?
So, we want to work hard to do the best we possibly can on an assignment and now professors are pissed about this? Read More »
Before beginning college last year, if I saw a dime on the street I usually wouldn’t stop to pick it up. It’s just a dime, I would think, and continue walking.Oh, how foolish I was back then! Now that I’m a college student (read: broke) I not only have studied Freud, analyzed Paradise Lost, and started a ten-page research paper at 2 a.m. on its due date, I have also learned the value of a dollar ‘ er, a dime. Heck, even pennies add up when you’re living off Ramen noodles and EasyMac. Read More »
Before beginning college last year, if I saw a dime on the street I usually wouldn't stop to pick it up. It's just a dime, I would think, and continue walking.
Oh, how foolish I was back then! Now that I'm a college student (read: broke) I not only have studied Freud, analyzed Paradise Lost, and started a ten-page research paper at 2 a.m. on its due date, I have also learned the value of a dollar ' er, a dime. Heck, even pennies add up when you're living off Ramen noodles and EasyMac.
Fortunately, scouring the ground and rummaging beneath couch cushions for loose change isn't the only way to have cash in college. Here are some money-saving tips from someone who's been there ' rather, is still there:
1. Shop for used textbooks on Amazon.com, Half.com, or CampusBooks.com instead of paying full list price at the campus bookstore. Better yet, find a friend who took the class last semester and buy or borrow the book from him. Also, wait until after the first day of class to purchase your books ' oftentimes professors list many books on the syllabus, but don't even refer to half of them in class, so check with your prof to make sure you actually need every book listed.
2. Do you really need to bring a car with you to college? I didn't, and saved $300 a semester on a parking spot ' not to mention tons of money on gas! Consider bringing a bike with you instead. If leaving your car at home is not an option, once you're at school you can still save money on gas by biking, walking, car-pooling or using public transit buses.
3. Save your old water bottles and soda cans and recycle them for extra change ' it adds up!
4. Bottled water? Better yet, buy a BRITA water filter pitcher and refill your water bottles ' not only will this save you money on buying flats of bottled water, it's also less wasteful for the environment.
5. Discount stores like Costco, Sams's Club, and Smart & Final are great for buying nonperishable foods ' Easy Mac and Ramen noodles, anyone? ' toiletries such as shampoo or lotion, and school supplies. For bulk items that are too much for one person, go in together with a classmate. You can stock up for the whole semester ' and at a much cheaper price than if you shopped week after week at a regular grocery or drug store.
6. Coupons. Clip them! Use them!
7. Do you really need to go shopping for new clothes? Consider holding a 'swap' with your friends ' score 'new' outfits, and get rid of those clothes you're tired of. Or shop at outlet malls or thrift shops for bargains ' and cool vintage finds.
8. Many restaurants, movie theaters, and shops give discounts for students ' you just have to ask and show them your student ID card.
9. Lastly, save your change ' and dimes you've picked up off the sidewalk! ' in a jar. Over the weeks and months, it really adds up. Case in point: some of my friends paid for a spring break road trip entirely with their change jar!
Dallas Woodburn is a sophomore Creative Writing major at the University of Southern California. Her new book of short stories, 3 a.m., is available at amazon.com and at her website, www.zest.net/writeon.
For many college-bound students, the expectations of higher education are eclipsed by the large financial commitments that come along with it. With tuition costs rapidly rising faster than financial aid awards, more students are coming up short in their financial aid packages. The gap in the financial aid awards letter appears when the student’s expected family contribution (EFC) in addition to the school’s financial aid package don’t match the cost of the university's attendance. This gap is shown as 'unmet need'. One way you can meet unmet need is to appeal the financial aid offer. If the college’s package of loans, grants, scholarships and work-study are not an adequate amount, the student can meet with the financial aid office. You can write a letter to request a meeting and explain why the school should consider adjusting your aid offer.
Some helpful tips for financial aid appeals and beyond:
1. Organize documents for the financial aid office to assess in defense of your case, predominantly conditions not displayed on your Free Application for Federal Student Aid (FAFSA.)
2. Make it known that your family’s financial situation has significantly changed since you filed your FAFSA (i.e. death, unemployment, medical expenses).
3. Every school has a different stance regarding financial aid appeals. Some schools like to see the aid packages offered by other schools you’re considering, while others might be put off by its inclusion.
4. Be considerate when asking for extra assistance. Approach the aid officer as a supporter, not an enemy.
5. Look for scholarships. Search websites and offline sources. Check with your local library, organizations in your community and your employer for additional scholarship opportunities.
6. Think about a part-time job. If work-study isn’t part of your aid package, ask if it’s an option. Explore the campus and nearby communities to find other possible employment choices.
7. Get the most from your loans. Make sure you have access to the maximum you can in subsidized loans. For instance, Stafford loans allow dependant undergraduate students to borrow up to $2,625 their freshman year, $3,500 their sophomore year and $5,500 for each remaining year.
8. If you still don’t have enough money to cover the gap after increasing your subsidized loans, you can contact a private lender for a supplemental loan. This loan will not contain all the rewards that a Stafford loan carries, but it could get you to your dream school.
9. Diminish your expenses. Search for ways to decrease the cost of attending school. Is the school in an area where you might be able to live at home or with relatives? Can you come across the same academic goals at a less costly university? Think about accelerated programs where you can complete a degree in three years instead of four. Contemplate going to a community college for two years, then transferring in to a four year institution to complete your degree.
For more student loan information, please visit: www.FinAid.org, www.Fastweb.com, or www.fafsa.ed.gov
Moving out on your own means more than just preparing your own meals (Easy Mac, anyone?) and cleaning your own shower (which tends to be a very gross job). It means being an adult, which is a nice way of saying 'supporting yourself.' For most, that is a very scary thought. After all, mom and dad have been footing the bills for years. But, fending for yourself doesn't have to be scary ' you just have to know where to start.
And where to start is with a budget.
You may think you can handle the money situation ' work, earn money, drink ' but there is a reason why so many college graduates are in debt: then spend more (a lot more!) than they make. And it isn't on large purchases like cars and fancy trips; it is the simple fact that people neglect to pay attention to their shriveling bank account as they go about their business. Budgeting ' and paying attention to your funds - is a must!
So, take a seat, grab a pen listen to the following tips:
1. Go for the monthly budget. Yearly is way too broad. Also, if you see your yearly income, you might think you have tons of money. When a budget is broken down month by month, it's easier to see what you actually have to spend. And, sometimes, it is not quite as much as you once thought.
2. Pay yourself first. Set aside a little money for your future each month. Why? You should get in the habit of saving for retirement. This money could also go toward a more immediate long-term goal like buying a car or taking a vacation.
3. Take care of the basics. That's Food, Home, and You. Food includes groceries and eating out. Home includes rent (that's probably where most of your budget money will go), but also utilities like electricity and an internet connection. You includes personal necessities. Note: personal necessities are things like shampoo and cleaning supplies not a big screen TV or weekly massages. If those are necessary in your life, it is especially important to budget the funds for them.
4. If your budget doesn't match how much you have to spend, it's time to revise your budget. What can you shave off? A lot of college students and recent grads lose a lot of money when they go out. Dining out is expensive, and drinks every night really add up. Consider saving money by inviting friends to your place for home-cooked dinner and a movie, or a BYOB party. If you don't make changes, debt will be in the very near future.
5. Random Expenses. Don't forget about one-time expenses like birthday presents or holidays gifts. Set aside a little money ' maybe just $5-10 a month for these types of purchases. Then hope that your friends and family return the favor when it comes time for you to receive gifts. Cash only, please!
6. If this is your first budget, overestimate how much you'll need. It's much better to be surprised by extra money than no money. When you create a budget for the first time, you're likely to forget about some expenses (did you remember quarters for laundry add up?) and you want to make sure you have enough to cover yourself.
7. Relax. Sticking to a budget is serious work. But with practice, it becomes easier to manage your money.
For more information on budgeting, check out The Debt Free Graduate by Murray Baker.
Rule #2
You will sleep, on average, two hours less each night (and that’s on a good night) than what you were accustomed to in high school.
Rule #1:
One of the first casualties of your new life in college will be your relationship with your high school sweetie. Consider it over.
