Education

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Graduating from college is a huge accomplishment, so of course you want to honor the young scholar in your life. Just think of all the places their lives will take them!

There’s just one problem: You know that stereotype about broke college students? That’s not going to change for a while after graduation. They’ve got to find a job (which is sometimes much easier said than done), locate a place to live, and get started on being a grown-up. That’s tough to do when you’re starting from scratch.

But that’s where you come in! If you’ve got a friend or family member who’s graduating, we’ve got some gift ideas to help them embark on post-college life:

1. For the job they’ll have

When people graduate, suddenly their lives become focused solely on finding a job. You can help with that by giving gifts they’ll be able to use as a young professional.

  • Clothing or accessories appropriate for interviews or workdays will be much appreciated – every interviewee wants to look polished and professional to help their chances of landing and keeping a job.
  • A resume service could be very useful – there’s an art to creating a resume that will catch the eye of potential employers. There are plenty of services all around that offer advice on making any resume effective.
  • Likewise, a session with an interview coach could help a recent grad land the perfect job. Anyone can use a few pointers on how to conduct themselves in an interview so they’ll make a great first impression.
  • Every young professional can use a nice laptop bag to carry to and from work.
    Every young professional can use a nice laptop bag to carry to and from work.

    Finally, a nice briefcase or laptop bag is the perfect accessory for an interview or day in the office.

Moving after graduation? Check out our infographic: Top 10 Cities for College Grads: Post-Graduation Moving Trends.

2. For the money they’ll make

Many people consider graduation a great time to start thinking about the future. In that vein, why not set up or contribute to a Roth IRA for your recent graduate? They’ll appreciate your thoughtfulness now, but they’ll be especially happy when it comes time to retire and they have a nice little nest egg, partially funded by you.

Many young people are overwhelmed at the choices in front of them when it comes to investing and saving money. Surely they’d appreciate some financial advice as a gift – you could sit down with a recent grad and give them some one-to-one advice, or if you’re no expert yourself, a nice book could do the trick.

Need some book recommendations? We’ve got them: The Top 5 Personal Finance Books.

3. For the home they’ll create

After college, it’s time to get some real kitchen accessories – no more drinking out of plastic Solo cups.

  • Any graduate will appreciate some grown-up glassware for nights in with friends and family.
  • You could also buy someone a starter set for the kitchen – a few place settings, pots, pans and utensils. It doesn’t have to be fancy stuff; durable everyday kitchenware is an uber-practical gift.
  • Anyone with their own place – male or female – needs a few tools as well. Consider giving a small toolbox with some basic necessities: Hammer, screwdriver, pliers, wrench. These starter tools will help your young friend hang pictures on the wall, do minor maintenance tasks, and learn to become more self-sufficient.

Looking for cooking tools? We have recommendations for The Best Kitchenware on a Budget.

4. For the places they’ll go

Many graduates dream of traveling the world, either for their jobs or in their vacation time. There are many fun, inexpensive accessories you can give as gifts to support that dream:

  • Passport holders make great presents, as well as travel logs for them to document their many upcoming adventures.
  • If your recent grad loves vintage accessories, an atlas might make them happy – there’s something romantic about plotting a trip on paper instead of online.
  • If they prefer the digital life, gift them with iTunes or Amazon gift cards so they can download music and audio books to keep them entertained on their travels.

If you know someone who’s traveling, you might share The Benefits of Renting Vs. Staying in a Hotel.

Congratulations to all the college graduates out there! What would you like to receive as gifts?

Photo credits: Shutterstock / sippakorn; Flickr / fohlin

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Is a business degree worth it? There are plenty of benefits to earning a business degree. In this guide, you will learn is business a good major for you.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

A business degree can open up doors to many different career paths and can give you the skills you need to be successful in the world of business. However, not all business degrees are created equal. There are a variety of different business degrees available, and each one has its own strengths and weaknesses.

A business administration degree gives you a general introduction to the business world and teaches you the basic skills you need to be successful in the workplace. In addition, it provides a foundation for further study in specific areas of business such as accounting or marketing.

The value of a business degree depends on a variety of factors, including what you hope to gain from the degree, your field of study, and your career goals. However, there are some things to consider when making this decision.

According to PayScale, the average ROI for a business degree is about $1 million. This number takes into account both the cost of getting a business degree and the increased earnings potential that graduates typically experience.

While many jobs require at least some level of post-secondary education, not all jobs require or even prefer candidates with a business degree specifically.

In this article, we will highlight everything you need to make a decisive decision for you.

Is a business degree worth it? There are plenty of benefits to earning a business degree. In this guide, you will learn is business a good major for you.

Why a Business Degree?

There are many reasons to get a business degree.

For starters, they offer great flexibility and come with an abundance of valuable career resources. Additionally, business degrees can lead to even more opportunities in the business world.

Finally, it’s important to note that getting a business degree is very profitable and attractive.

Is a business degree worth it?

Picture of a pig with a graduation hat on wondering if a business degree is worth it.

There is no one-size-fits-all answer to this question. 

A business degree can be an excellent investment if you are looking to start or grow a business or are interested in finance, accounting, human resources, or marketing. 

Finally, think about the cost of tuition and other associated expenses. 

What Can You Do with a Business Management Degree?

Picture of a group of graduates.

Business management degrees can prepare students for a variety of careers in the business world.

Some possible careers include:

  • Business analyst
  • Accountant
  • Human resources manager
  • Event planner
  • Marketing manager
  • Operations manager
  • Financial analyst
  • Business owner

A business management degree can open up a variety of doors for you! You can go into many different industries and have a number of career options available to you.

Business management degrees provide opportunities in growing fields like finance and marketing. In addition, business and financial operations occupations are projected to grow on a national level more than other careers.

This means that if you have a business management degree… You will be entering an occupation that is expected to have continued growth in the future.

Types of business degrees

Picture of a graduation cap, diploma, and books for the types of business degrees.

First, consider what type of business degree you want.

There are three options:

  1. Bachelor of Business Administration (BBA): This is a general degree that provides students with a broad knowledge of business. It includes subjects like management, accounting, economics, and marketing. Perfect for those who want managerial positions or start their own company.
  2. Bachelor of Arts in Business Administration (BABA): This degree consists of business subjects along with humanities and social science courses. This type of degree may be a good option if you want to pursue an international career.
  3. Bachelor of Science in Business Administration (BSBA): This type of degree has a strong analytical and math-oriented focus. It’s excellent for careers like financial analysis.

Once you have decided on the type of business degree you want, consider your field of expertise.

  • Do you want to work in finance? Marketing? Human resources?

Each field requires specific skills and knowledge. So, make sure the degree you choose will provide you with the necessary training. This would be your minor (area of expertise).

Just remember… Each different types of business degree offer students a variety of opportunities. Thus, can help students develop the skills they need for success in the workplace.

Getting A Business Degree

So why should you consider getting a business degree? First and foremost, they offer great flexibility in careers.

Additionally, most programs come with access to a wealth of career resources that can help you land your dream job after graduation.

And finally, having a business degree is highly profitable and attractive in the current job market.

Whether you’re just starting out in your career or looking to advance further, getting a business degree is an excellent choice.

They provide students with valuable skills for entry-level positions that are highly sought after by employers. Plus, an accredited program will likely lead not only to an invigorating educational experience but also to a job that meets your needs and drives your passions

Is Business a Good Major?

Picture of business people wondering is business a good major.

There are associate’s degrees, undergraduate degrees, and graduate degrees in business administration available at schools across the country. Which one is right for you? That depends on your goals and what you want to study.

If you’re not sure what you want to study, or if you want to explore your options before making a decision, consider an associate’s degree in business administration first. This type of degree can give you a basic understanding of the field. Then, it can help you decide if you want to continue your education or go into the workforce directly.

If you already know that you want to study business administration at the undergraduate level, then look for a school that offers a broad range of courses in this area. So, you can gain exposure to as many different aspects of the field as possible.

If you’re interested in pursuing a career in business administration but want to take your education one step further, consider a graduate degree in business administration. This type of degree can prepare you for management-level positions and help you stand out from the competition.

Pros of getting a business degree

Picture of a sign that says positive and negative

A business degree can give you many advantages in your career!

  • Help you advance in your career.
  • Give you the skills you need to start your own business.
  • Teach you how to manage a company effectively.
  • Help you develop marketing and sales skills.

Pursing a business degree may lead to a rewarding educational experience! As well as a career that meets your needs and drives your passions.

In addition, there are plenty of accredited colleges and universities that offer online business degrees. These choices are often convenient and affordable.

Pro #1 – Versatility of a business degree

A business administration degree program can provide a diverse range of career options and prepares students for success in any industry.

Business administration courses are foundational for a variety of careers.

Core coursework in areas such as:

  • Finance
  • Accounting
  • Marketing
  • Management

These areas of study teach students how to think critically and make sound decisions in a variety of business scenarios.

In addition, many programs offer specializations or concentrations in specific fields such as:

  • Entrepreneurship
  • Human resources
  • Information technology

Thus, allowing students to focus their studies on an area that interests them.

Business graduates are well-prepared to take on a variety of roles within organizations. Plus can usually find jobs with good pay and benefits.

And because the skills learned in business school are applicable in so many different settings, graduates typically have multiple career options available to them if they decide to change jobs or careers down the road.

Pro #2 – Advancement Opportunities

Employers respect and value a business degree from a well-respected school, which can open doors to advancement opportunities.

With a business degree, you can move up the corporate ladder more quickly or start your own successful company.

In addition, a business degree gives an individual the ability to understand the latest changes in the business world and understanding of new strategies, insights, and ideas that can improve a company’s performance.

Business degrees are necessary for individuals who want to stay ahead of the curve in their industry.

If being successful in your field is important, then getting a business degree is essential. Additionally, new opportunities are presented to you.

Pro #3 – Higher Salary

A business degree can lead to a higher salary than an undergraduate degree for the same job.

The impact of your salary depends on a number of factors, including your school, the chosen field, your position, and your past experience.

Many business administration graduates specialize in a discipline, which leads to different salaries for those same careers depending on the discipline.

For example, if you are making a $45k salary a year, then a business degree might help you increase to $60k a year.

Pro #4 – Career resources and networking opportunities

To make the most of a business degree program, consider taking advantage of your school’s unique resources, including career centers and alumni networks.

Then, you are able to use their resources to open the door to a variety of job opportunities.

The career resources will help you find internships and jobs. While the networking opportunities will help you connect with professionals in your field.

Business management degrees can also benefit from extra-curricular activities like clubs and networking events.

Pro #5 – Transferable skills

Business is present in nearly every modern industry. That means degree holders have the option to apply their business degree to just about any area of industry.

Thus, provides skills that are in high demand in the workforce, such as critical thinking, problem-solving, decision making, communication, and leadership skills.

Professionals with a business degree have many options for employment and provide a competitive edge in the job market.

Cons of Getting a Business Degree

A college degree is still the gold standard for obtaining good employment. However, it is no longer the only way to achieve success.

Though there are many benefits to getting a business degree, there are also some potential drawbacks you should consider before making your decision.

Con #1 – Cost of the degree

One such drawback is the cost of tuition and other associated expenses.

The average tuition for an in-state student at a public university is $10,388 per year, and the average tuition for a private university is $38.185 per year (source). That doesn’t include room and board, books, supplies, or other fees. If you’re attending school out-of-state or out of the country, your costs will be even higher.

You can apply for scholarships and grants, take out loans, or work part-time while you’re in school. But no matter how you pay for it, the cost of a business degree is significant.

Con #2 – The job market doesn’t have enough jobs

Getting a business degree isn’t always the best option for career advancement.

There are disadvantages to getting a business degree, such as lower unemployment rates and higher wages compared to other occupations.

Even though a bachelor’s degree in business is required for many jobs in the industry. If you’re interested in pursuing this path, it’s important to make sure you choose a program that will prepare you well.

Con #3 – Certifications are better

Certifications can also help you learn new skills and stay up-to-date on the latest trends in your industry. This comes without the time and money needed for a degree in management.

In fact, both Microsoft and Google have stated that certification for hiring for jobs is more important than a college degree (source).

For example, getting certified in specific areas can help you become an expert in a particular field and make you more marketable to employers.

While both can lead to a variety of career opportunities, you must decipher which is best for your situation.

Con #4 – You don’t need a business degree to work in business

A business degree is not always necessary to work in a corporate setting.

While getting a business degree can help you learn about the inner workings of businesses and how to run them effectively, you can also learn the same skills with hands-on job experience.

In fact, many people who work in business don’t have any formal education in it at all. There are a number of things you can do to gain the skills you need to work in the business without getting a formal degree.

Con #5 – Not Needed to Start Your Own Business

Most importantly, a business degree may not be the best route for you if you want to start your own business.

A business degree won’t give you all the skills and knowledge you need to succeed as a small business owner.

Many times, the best lessons are taught through hard work and perseverance.

Con #6 – Not Truly Prepared for Career Path

Another potential downside to getting a business degree is that not all degrees offer the same level of preparation for specific careers.

So, it’s essential to do your research and choose a program that will give you the skills you need to pursue your desired career path.

Con #7 – Time Consuming

Finally, getting a business degree can be time-consuming and require significant dedication. So make sure you’re ready for the challenge before embarking on this journey!

How to decide if getting a business degree is worth it for you?

There are a few things you should consider when making this decision:

  • What industry do you want to work in?
  • What is the job market like for business degrees?
  • Will you be able to get scholarships or grants?
  • What are the salaries for business degree holders?
  • What are the opportunities for advancement for business degree holders?
  • Will you be able to work while your degree?
  • What are the costs of getting a business degree?

It is important to remember that business degrees are not just useful for starting a company! They can also lead to lucrative careers in other fields such as finance or law.

So if you’re still undecided on whether or not getting a business degree is worth it for you, consider all of the possibilities!

Tips to Ask Yourself Before Enrolling in Business School

A business degree can be expensive, but it may offer opportunities for career growth and earning potential that outweighs the initial investment. You must weigh the pros and cons carefully before making a final decision

When making the best decision for you, there are many factors to consider, such as time commitment, cost, and potential return on investment.

Tip #1 – Consider your goals and objectives.

What do you hope to gain from a business degree? Are you looking for career advancement opportunities, or do you want to learn more about business fundamentals? Knowing what you want out of a business degree will help you narrow down your options.

Tip #2 – Do your research.

There are many different types of business degrees available. So be sure to compare programs and find one that fits your needs and interests.

In addition, you must consider if an accredited online college or university offers a program that meets your needs.

You need to research the university’s accreditation status so you can know what that means for you when looking for work after graduation.

Finally, think about what you want to do with your degree. Find a program that will give you the skills and experiences needed for your desired career field.

Tip #3 – Ask around.

Talk to friends, family, and colleagues who have pursued a business degree. They may have valuable insights that can help inform your decision.

Do you regret getting a business degree?

Personally, I do regret getting my undergraduate degree in marketing.

I don’t think that was the best field of study for me. Plus my college at the time refused to teach social media marketing, which was brand new and my degree was quickly outdated without the proper skills.

The college experience was absolutely amazing and I grew as a human being. But, I truly believe there was a better degree for me to start out with.

However, if you were looking for a business degree with a focus such as finance, accounting, or computer information, I think those are more highly specialized to off a better benefit.

What Business careers look appealing to You?

A business degree can help you move into a different career field and earn more money.

In addition, a business degree can build a solid foundation of skills and knowledge for you to build your own business. However, there are many other ways to learn about business, so it is important to research the different options and find the best one for you.

There are many different types of business degrees available. As such, it can be difficult to decide which one is right for you.

This decision is not the same for everyone as we all have our own upbringing and experiences. Every single person you ask will tell you something different and whether their business degree was worth it to them.

Business education can be expensive, but there are many resources available to help you finance your education. There are also many benefits to earning a business degree, so weigh all the factors and make the decision that’s best for you.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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Community colleges are an oft-overlooked resource for cheap education. They offer classes from trained professionals and provide access to expensive equipment that you otherwise would never be able to use. I love community college for several of reasons:

  • Affordability — Community college classes are affordable. Despite recent tuition increases, a class at Portland Community College costs about $200. Community education courses (non-credit classes) cost even less. Some employers will pay for classes; my business will pay for one class per employee per term. If your employer doesn’t have a similar policy, ask!
  • Facilities — Community colleges have facilities and practical training unavailable at most universities. My local community college has a wood shop, an automotive shop, and quality darkrooms. Many students take classes simply for access to the facilities. A typical woodworking class is self-directed — you decide what your project is, and then have open access to expensive equipment and an instructor willing to help you use it.
  • Instructors — Community college classes are generally taught by real professionals from the field. When I learned computer programming, my classes were taught by instructors who wrote code every day for actual employers. (One of my instructors also taught at Portland State University — she taught the exact same courses at Portland Community College for a quarter the cost.) When I take photography classes, I’m being taught by active professional photographers. One of my writing instructors was Craig Lesley, a prominent Northwest author.
  • Networking — Community college classes allow you to network with instructors and students, making valuable contacts in your hobby or profession. I took photography classes at the community college for a couple of years, and the contacts I made in these classes continue to benefit me: I can e-mail my former instructors with questions and ideas; I trade photography equipment with other students; I get to watch as certain students make the leap from amateur to professional. I’m currently in a writers group with a former instructor. Some students land jobs through the contacts they make in class.
  • Convenience — Community colleges are aware that they serve a large population of students seeking continuing education. They try to make their classes as convenient as possible. I’ve taken night classes in computer science, writing, photography, algebra, Spanish, and business management. I’ve taken weekend classes in application design. I’ve taken late-afternoon classes in assembly language programming. Community colleges make it easy to get additional education.
  • Education — Most importantly, community colleges act as a safety net for those who need an education. Some kids aren’t ready for high school. Others aren’t ready for college. Community colleges are there to help those who have realized the value of an education and are looking to correct mistakes they’ve made in the past. Even adults in mid-career can use community college courses to change their focus. After eighteen months of community college computer programming courses, I landed a job hacking C++ for an environmental engineer.

When I was in high school, I made fun of the local community college. You’d never catch me going to such a place. No, instead I went to a fancy private institution where yearly tuition cost as much as a nice car. And while I was earning my degree from this fancy private institution (which I love, by the way — don’t get me wrong), I made fun of the local community college. That was a place for losers. I’m older now, and wiser.

Over the past fifteen years I’ve attended a score of community college courses. Only one (small business management) has been a dud. Oftentimes on AskMetafilter, a user will post a question like “How can I improve my photography skills?” or “I want to get better at programming for cheap” or “What’s a good way to learn woodworking?” My answer is always: sign up for a class at the community college.

Source: getrichslowly.org

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Save more, spend smarter, and make your money go further

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Shortly after graduating from New York University with a Master’s degree, Melanie Lockert turned to food stamps, as she worked her way out of $81,000 in student loans.

“There were a lot of emotions around carrying that debt. It caused a lot of stress and depression and anxiety for a long time,” she shared with me recently during an interview on my podcast.

The student loan crisis in America has reached epidemic proportions. With households across the country carrying $1.26 trillion in student loans, it is the second largest category of debt following mortgage debt.

For the class of 2016, the average student loan balance is $37,172, up six percent from the previous year, according to a new analysis by student loan expert Mark Kantrowitz published in the Wall Street Journal.

If you’re struggling to make ends meet due to student loans or wondering how you’ll ever pay off the debt in a timely manner, here are some key steps to support you along the way.

Never Pay Late. Ever.

Whoever likes to call student loans “good debt,” has probably never faced a late payment. “Falling behind on payments can cause federal loans to enter default, triggering expensive fees and collections,” says Heather Jarvis, attorney and student loan expert.

If you miss several payments and are in default, federal loan borrowers may also seize your wages, tax refunds and possibly social security benefits. And you can only imagine how all this can damage your credit score. (Keep reading for advice on what to do if you’re already in default.)

To avoid ever paying late, sign up for automatic payments with your lender. Doing so could also earn you a reduced interest rate (usually 0.25%), which could save you hundreds of dollars, maybe more, over the life of your loan.

Extend the Term

Speaking of your loan’s life, extending the term from 10 to 15 or 20 years could provide you with some payment relief since when you extend the term, your monthly payments decrease.

Bear in mind that since your interest rate remains the same this strategy may mean you’ll end up paying more to pay off the loan over time.

One way to avoid paying too much more interest is to take advantage of the smaller monthly payments for only a window of time. As soon as your finances strengthen place more than the monthly minimum towards your balance to help you get out of debt closer to your original term. Be sure to place extra payments directly towards the principal to knock down the debt even faster.

Tap Government Assistance

If you have federal student loans you may qualify for Income-Based Repayment (IBR), a government program that helps qualifying borrowers cap loan payments to a percentage of income, typically 10% of their income. The program will also forgive any remaining student loan debt after 20 or 25 years of making payments.

The Department of Education also has a program called Public Service Loan Forgiveness (PSLF). If you work full-time for a “public service” employer such as not-for-profits, AmeriCorps or PeaceCorps, the military or a government agency, PLSF may forgive your remaining federal loan debt after 10 years of employment.

If You’re Already Behind…You Have Options

If you’re in default, Jay Fleischman, a student loan and bankruptcy attorney, says you may be able to consolidate your loans under the U.S. Department of Education’s Direct Consolidation Loan Program, which is free and does not depend on creditworthiness.  “You could also rehabilitate by making nine agreed-upon monthly payments over a 10-month period of time with the collector assigned to the account. Those payments may be adjusted based on your income, and payments can be as low as $5 per month,” he says.

For private student loan borrowers, “the situation is markedly different because there is no right to consolidate or rehabilitate unless the lender has a specific program to do so,” says Fleischman. Contact your loan servicer and learn about ways you may be able to reduce or eliminate payments until you get back on your feet, he says.

If your lender won’t budge, you may choose to remain in default until a settlement opportunity presents itself or until the statute of limitations for collection expires. As a last resort, you may also consider bankruptcy as a way to wipe out other debts and repay your student loans under court supervision. “Though bankruptcy may not wipe out your student loans except in limited circumstances, many people opt for bankruptcy as a way to get more control over the ways in which your loans get paid,” says Fleischman.

Tap Home Equity…With Caution

Homeowners may be eligible to use a home equity line of credit (HELOC) to pay off their remaining student loan balance. This allows them to pay off the student loan with the existing equity in their home and save money if the HELOC has a lower interest rate than the student loan.

There’s also a new program offered by online lender SoFi called the Student Loan Payoff ReFi that allows some homeowners to pay down student debt using their home’s equity.  SoFi refinances the total amount of your student loans and existing mortgage at a lower rate. Through that process your student loan balance is paid off directly to the loan provider.

To qualify, SoFi says borrowers need healthy credit scores (check your free credit score to verify you qualify), a debt-to-income ratio that’s 45% or less (calculate debt-to-income ratio to see if you fall under this number) and a loan-to-value ratio that’s 80% or less (meaning you can’t be underwater on your mortgage). You can calculate your debt-to-income ratio with Turbo, and

Just keep in mind that when paying off your student loans with home equity – be it through SoFi or another lender – if you default on the consolidated loan the lender has the right to use your home as collateral and foreclose on the property. It’s a serious risk if you don’t have enough in savings or stable income to help you get by during tough times.

Remember to Deduct It

Student loans are no fun, but paying them can yield lower taxes. Each year the IRS lets borrowers deduct up to $2,500 in student loan interest from their taxable income.

Maybe Your Employer Can Help?

A growing number of companies are helping employees squash their student loans as an added perk like a 401(k) and health care.

Gradifi is a Boston-based start-up that’s working with over 200 employers to set up its student loan pay down plan, including PriceWaterhouseCoopers.

It’s a trend that’s likely to grow over the years with more than 50 percent of student loan borrowers saying they would rather receive student loan benefits than heath care from their employer.

Start a Side Hustle

While it’s important to cut back on spending to make room for paying down debt, that move alone isn’t always enough. “Pinching pennies and cutting back is really useful as an initial strategy, but at some point, there’s only so much you can cut back,” says Lockert, whose now chronicled her debt payoff strategies in the book Dear Debt: A Story About Breaking Up With Debt.
Through a series of side hustles over the years, including housecleaning, event assisting and pet sitting, earning $10 to $50 per hour, Lockert managed to not only afford her living expenses, but also erase five figures worth of student loan debt.

Depending on your interests, you can find relatively easy gigs at sites like TaskRabbit, Tutor.com, GigWalk and Care.com.

Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at far[email protected] (please note “Mint Blog” in the subject line).

Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.

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Best Community Colleges of 2017 – SmartAsset

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In today’s economy it can be difficult to get the best jobs without having a good education. Unfortunately, the cost of attending a four-year college is rising quickly, forcing many people to take on large chunks of debt or forgo college entirely. According to College Board, the average cost of attending a four-year public university has risen $5,000 in the past decade. For students looking for ways to budget, community college is a good option. 

Trying to budget for college? Try SmartAsset’s student loan calculator.

In order to find the best community colleges in America, we analyzed data on 808 community colleges. We compared them across metrics like transfer rate, graduation rate, cost and student-to-teacher ratio. Check out our data and methodology section below to see where we got our data and how we put it together.

Key Findings

  • North Carolina on top – North Carolina is home to five of the top 10 community colleges in the country. Community colleges in North Carolina tend to be affordable while doing a good job graduating their students.
  • Community college is a bargain – Depending on where you live, tuition and fees to attend an in-state community college can be two or three times less than tuition to attend an in-state four-year school.

This is SmartAsset’s fourth annual study of the nation’s best community colleges. Check out the 2016 version here.

1. Pamlico Community College – Grantsboro, North Carolina

Orginally founded in 1962 as an industrial education center, Pamlico has matured into the best community college in the country. According to our research, Pamlico has one of the highest graduation and transfer rates in the country with 84% of its students either graduating or transferring.

In-state tuition fees are also very affordable, costing only $2,347 annually. This compares favorably with other options in North Carolina. For example, the in-state tuition cost to attend University of North Carolina at Chapel Hill is $8,566.

2. Eastern Idaho Technical College – Idaho Falls, Idaho

In 2016, Eastern Idaho Technical College served over 13,000 students, many of whom studied part-time. The college also offers over 110 different degrees, making it a good place to study for a broad range of students.

The reason Eastern Idaho College ranked so high is because of its low student-to-faculty ratio. According to our data, there are about eight students for every faculty member, meaning each student should be able to receive adequate attention.

3. East Mississippi Community College – Scooba, Mississippi

East Mississippi cracks our top 10 once again. This community college scores well on all three of our metrics with its graduation and transfer rate being the standout statistic. Just under 75% of students who attend East Mississippi graduate or transfer to a four-year program.

East Mississippi Community College has also made efforts to modernize its classes to keep up with the economy. It recently became the first community college in Mississippi to offer an e-commerce technology program.

4. Washington State Community College – Marietta, Ohio

Washington State Community College in Marietta, Ohio finishes fourth thanks to a low student-to-faculty ratio. Its student-to-faculty ratio of 10 is almost half the national average of 19 (meaning there are fewer students per faculty member).

5. Pierce College at Puyallup – Puyallup, Washington

Pierce College at Puyallup ranks as the fifth-best community college in 2017. A large number of students (76%) either graduate or transfer to a four-year college. While Pierce College’s price tag ($3,691 for annual in-state tuition and fees) may seem steep relative to other community colleges in our top 10, it is still a good deal when looking at other local options. For example, in-state tuition to attend the University of Washington in Seattle is over $10,000.

A student concerned about taking on student debt could save over $12,000 on tuition by attending Pierce College for two years and then transferring to the University of Washington.

6. Piedmont Community College – Roxboro, North Carolina

Initially founded in 1970 as Person County Technical Institute, Piedmont Community College has evolved into one of the best community colleges in the country. Piedmont offers students the chance to get a good education for one of the lowest costs in our study. At only $2,419 for tuition and fees, Piedmont is much more affordable than other options in North Carolina.

For example, two years at Piedmont Community College costs roughly $5,000. In comparison, two years at University of North Carolina at Chapel Hill would run up a bill of around $17,000, just for tuition. For those struggling to afford student loan payments, it may make sense to refinance your student loans at a lower rate.

7. Mid-Plains Community College – North Platte, Nebraska

According to our data, Mid-Plains Community College is a great option for students who appreciate a lot of one-on-one time with teachers and faculty. Mid-Plains Community College has a faculty-to-student ratio of nine. That rate is tied for second-lowest in the top 10.

However one factor the school could improve is its graduation rate. According to our data, only had 57% of its students graduate or transfer to a four-year program.

8. College of the Albemarle – Elizabeth City, North Carolina

Located in northeastern North Carolina, College of the Albemarle is the oldest community college in North Carolina. It was established in 1960 and was the first institution in the North Carolina Community College System.

College of the Albemarle does an excellent job offering students an affordable education. Our data shows that annual in-state tuition and fees at College of the Albemarle cost only $2,211. That’s the lowest figure in our top 10. At the same time College of the Albemarle manages to graduate or transfer 62% of its students, a figure 22% higher than the national average.

9. Mayland Community College – Spruce Pine, North Carolina

Located in the Appalachian Mountains in western North Carolina, Mayland Community College is one of 58 institutions within the North Carolina Community College System. This college accepts students as young as 14 into its programs.

Mayland Community College ranked well in our study due to its affordability and high graduation and transfer rate. Our data shows that 64% of students either graduate or transfer. That graduation and transfer rate is 24% higher than the national average. In addition, Mayland should be affordable for most students as annual in-state tuition and fees run up a bill of around $2,400.

10. Tri-County Community College – Murphy, North Carolina

Closing out our list is another excellent community college within the North Carolina Community College System. Tri-County Community College serves the southwestern portion of North Carolina. Around 61% of students graduate or transfer to a four-year program. Tri-County Community College also offers students the chance to learn a wide range of skills from welding to accounting.

Data and Methodology

We made some changes between this year’s study and last year’s study. For starters, this year we expanded our study significantly. Last year we included 565 schools in the study. This year, we upped that figure to 808 schools. Last year we also used the ratio of graduates’ median starting salaries to the overall cost of attendance as a metric in our study; this year we did not.

In order to create our rankings of the best community colleges in America in 2017, we analyzed data on 808 different community colleges. We compared these colleges across the following three metrics:

  • Student-to-faculty ratio. This is the number of students for every faculty member. Data comes from the Integrated Postsecondary Education Data System and is for the 2015-2016 school year.
  • Graduation and transfer rate. This is the percent of students who either graduate from the community college or transfer to a four-year institution. Data comes from the Integrated Postsecondary Education Data System and is for the 2015-2016 school year.
  • Cost of tuition and fees. This is the cost of tuition and fees for in-state students completely two semesters of coursework. Data comes from the Integrated Postsecondary Education Data System and is for the 2015-2016 school year.

We weighted each metric equally. Then we gave each community college a score in each of the metrics based on how far above or below the mean they were. We used the sum of these numbers to create our final ranking. The community college with the highest cumulative score received a 100. The community college with the lowest score received a 0.

Tips on Managing Student Debt

Students are graduating from college with more than debt than ever. But it’s important to come up with a solid plan for tackling it. Ignoring student debt can lead to serious long-term problems, like a low credit score.

If you’re struggling with making student loan payments, you may be able to negotiate a lower monthly payment. The federal government offers income-based repayment plans, for example. Depending on your scenario an income-based repayment plan will mean you pay something like 15% of your discretionary income on student debt.

You may also want to consider refinancing your existing student loans. By refinancing you can take out a completely new loan with different terms. Ideally you would get a new loan with a lower interest rate. If you are struggling because monthly payments are too high, you can refinance to a loan with a longer term period. This will lower your monthly payments. Be cautious though, this will mean you are paying out in overall interest costs over the life of the loan.

Nick Wallace completed the data analysis for this study.

Questions about our study? Contact us at [email protected].

Photo credit: ©iStock.com/monkeybusinessimages

Derek Miller, CEPF®
Derek Miller is a graduate of the University of Edinburgh where he studied economics. He is passionate about using data to help people make better financial decisions. Derek is a Certified Educator in Personal Finance® (CEPF®) and a member of the Society for Advancing Business Editing and Writing. He is a data journalist whose expertise is in finding the stories within the numbers. Derek’s writing has been featured on Yahoo, AOL, and Huffington Post. He believes the biggest financial mistake people make is waiting too late to save for retirement and missing out on the wonders of compounding interest. Derek lives in Brooklyn.

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By John Frainee 5 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited August 30, 2010.

It seems nearly every financial publication released today has the term “bubble” in it somewhere. Many of us know it’s a bad thing, but what does it really mean and how do they happen? Do they truly have an effect on the average consumer? Hopefully we can clear up the confusion of what an economic bubble is and determine if we can know when one is occurring.

What Is An Economic Bubble?

Economic bubbles happen when trade of a specific item (like a stock, asset, product, or service) is artificially inflated beyond normal standards of trade. On a graph, this looks much like a bubble! The price/trade of an item might be skyrocketing higher and higher with time, but then inevitably comes crashing down in the end.

Mania, Fear, And Hysteria

Many times, economic bubbles can result from mania surrounding a product or service. Values of an item are pushed beyond normality, and everyone tries to buy the product at one time so that they might make a profit. The stock market is prime real estate for such bubbles, as it can be difficult to accurately determine the value of a stock. Because it is difficult to know whether a stock is valued too high or low, many financial advisors suggest a diversification plan when it comes to investing, and not purchasing single stocks.

A classic example of economic mania (resulting in an economic bubble) is the Dutch Tulip Mania event. Tulip bulb prices between 1636 and 1637 shot up and crashed down within months. It’s said that prices were artificially inflated because everyone was buying bulbs hoping to turn around and sell them to make a profit. This is an unsustainable business model, because eventually the buying of the product outweighs the selling and the whole system comes crashing down.

A Lesson To Be Learned?

There are two schools of thought within economics when it comes to economic bubbles. Some people say that bubbles are predictable with study. Entire books have been written on how to “time” the stock market or financial future. However, mainstream economics believes that economic bubbles are both inevitable and unpredictable.

I lean towards the mainstream, and believe that bubbles can go unnoticed for a period of time before they inevitably burst and nearly everyone is surprised. The free market is a good thing and eventually equalizes the markets, but it’s more of jerky roller coaster ride than smooth sailing. Not only is Wall Street affected, but Main Street as well.

The lesson to be learned? Diversify not only your investments, but also diversify your income streams. The recent recession left a countless number of people unemployed. Many only had one job before the recession hit, and now they are left with collecting unemployment.

It’s All Psychological!

Contentment. It’s key when you’re wanting to handle your finances in a successful manner that leads to wealth. Too many get caught up in a mode of desperation and take part in the hype, mania, and overvaluing of products and services. It helps to have a calm spirit. Don’t allow the media to influence your path. When everyone is saying “buy now, buy now,” it’s probably not the best time to buy. Likewise, when everyone is selling, it may be unwise to sell.

Slow and steady! That’s the ticket. Having a long term game plan is crucial to your success. Build a financial foundation, and slowly build wealth, one dollar at a time. Then, when the economic bubbles pop, you can sit back and relax – you’ve built a strong house that can weather the storm! Don’t you agree?

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Source: biblemoneymatters.com

Apache is functioning normally

This is a guest post from Lisa Lessley Briscoe.

My friend (and fellow Bearcat) Lisa writes: “I was just poking around on GRS (I don’t usually read) and noticed that you’d posted an entry for college graduates recently. Funny how summer rolls around and you start thinking about stuff.” She’s passed along some additional advice for those just entering the workplace.

Congratulations, you just graduated from an excellent liberal arts college!

You worked incredibly hard to complete your degree and now it’s all behind you: general education requirements, a wealth of extracurricular activities, those classes for your major and minor, perhaps a semester abroad, and a thesis and its accompanying oral defense. You’ve invested a great deal of time, effort, and money into your degree and now you’re ready to conquer the world.

Where to live? Pack up that futon and wave goodbye to your family! You find a city that suits you (say, Seattle), settle in after an age-old argument with your housemates over who gets which room, and get started on the job search.

Sure, your resumé isn’t bursting with experience (after all, how far can you stretch your meager retail and accounting clerk duties from summer jobs?), but you know you’re smart, energetic, and ambitious, not to mention the liberal arts clincher: you’ve “learned how to learn.”

You mail your resumé to a number of prospective employers, but no one calls back. You try to network, but no one knows of any available jobs. Your mother begins asking how long you’ll look before you decide to move back home. Things are bad.

What to do? The rent must be paid, not to mention the car insurance and grocery bill, even if it’s just Top Ramen. Ah, well, it appears that Queen of the Photocopier is the best title you’ll get. Your roommates are bank clerks and receptionists, and the all-you-can-eat buffet at the local pizza joint becomes a regular event in your week. (One roommate sneaks out extra slices in her pockets.) You are underestimated, frustrated, and misunderstood.

I was there, believe me. And I feel your pain. Looking back fifteen years later, here’s what I wish someone had told me…

You lack experience. Regardless of all your education and energy, you just don’t have it. And there’s no way to gain that experience without working for a while. It stinks and it’s unfair, but that’s the way it is. To really excel in a field — any field — you must be in it day after day.

Out in the world, you need to have something to show, and you often have to earn it by tedious drudgery. While you’re busy being a peon, some people will completely ignore your existence, some will assume that you aren’t capable of an intelligent thought, and some will be downright condescending and mean. It’s profoundly frustrating.

However, working for a few years as a copy clerk, a receptionist, an office boy, a customer service representative, or whatever, does not condemn you to a permanent career in that position. When I turned 25 and found myself working as a receptionist, I was profoundly depressed. I was certain that I would be stuck in that chair with a headset forever. It may take a year or two, but you certainly can transition into something else if that’s what you want.

Now, here’s what I really wish that I’d known… If the less-than-entry-level jobs are virtually unavoidable when you have just finished college, use them to your advantage. So, you have to be a receptionist/copy clerk/customer support rep for a year or so; make the most of it. Take a job in a field that interests you. Use your time to be exposed to the jargon, attitudes, and daily vibe of the field. Sure, you may have limited exposure, but every little bit counts.

  • While you’re answering phones, you’re also meeting people in the field who will be invaluable contacts later on.
  • While you’re transcribing dictation, you’re learning the terminology used in the field.
  • While you’re numbering legal documents, you’re seeing how a court case is supported.

For example, I worked for a few years at a law firm, a field that had never held much interest for me. I almost put myself into law school, in large part because of some experience and a glowing recommendation from a partner in the firm. (Why I didn’t go is a long story; suffice it to say that I’m glad I didn’t do it.)


Law-firm Lisa, circa 1993

Want another story? My husband applied to a number of architecture schools without much success a year or so after graduation. The following year, he worked as an office boy at an architecture firm (while working as a barista on the weekends). The combination of resources for creating a more sophisticated portfolio and references from within the field produced a completely different experience the second time he applied: he had a number of excellent choices for school.

Okay, one more that doesn’t involve graduate school. After parting ways with the law firm, I decided that I wanted to be a technical writer in high tech. My year of purgatory as a receptionist was unsurpassed in misery, but I transferred straight out of that into the job I wanted and soon thereafter into a company where everyone wanted to work.

My primary regret now is that I didn’t do those peon jobs in fields that fascinated me. Why not be a receptionist at an art museum? How about a translation company or one that did language classes? There was a world out there that I didn’t reach out and grab, and I regret it.

Now that I have job experience, my job searches are different. It is unnecessary for me to take an entry level job to get where I want to go. And my liberal arts education certainly is an excellent asset when it’s paired with experience. I wouldn’t have it any other way.

But for you, O recent college graduate, do your drudgery but make it count… Pick the field and then the job; I certainly wish that I had.

Thanks, Lisa! The recommendation to find an entry-level job in a field that interests you is spot-on. I wish I had done this, too. For more advice about starting a career, check out:

Look for a second guest-post from Lisa in mid-July.

Source: getrichslowly.org

Apache is functioning normally

I’ve been thinking lately about the value of a college education. I earned a B.A. in Psychology from Willamette University in 1991 (with a minor in English Lit, and almost another minor in Speech Com). What have I done with this degree? Almost nothing. Yet I do not regret the money and years I spent working to earn it.

The Financial Value of a College Degree

Does earning a college degree make a difference to your future? Absolutely. The facts are striking. On average, those who have a college degree earn almost twice as much as those who do not. According to the U.S. Census Bureau:

Adults with advanced degrees earn four times more than those with less than a high school diploma. Workers 18 and older with a master’s, professional or doctoral degree earned an average of $82,320 in 2006, while those with less than a high school diploma earned $20,873.

Workers with a bachelor’s degree earned an average of $56,788 in 2006; those with a high school diploma earned $31,071. This flurry of numbers makes more sense when viewed in a table:

Education Avg. Income Increase
Drop-out $20,873 —
High school $31,071 48.9%
College $56,788 82.8%
Advanced $82,320 45.0%

Completing college is huge. Over a life-time, a college degree is generally worth almost a million dollars. That’s money that can be used for saving, for fun, for whatever. The financial benefits of a college education are significant, and they’re very real.

Other Benefits of a College Degree

Obtaining a college degree isn’t just about making more money. According to Katharine Hansen at Quintessential Careers, a college education is associated with other benefits, such as:

  • Longer life-spans
  • Greater economic stability and security
  • More prestigious employment and greater job satisfaction
  • Less dependency on government assistance
  • Greater participation in leisure and artistic activities
  • Greater community service and leadership
  • More self-confidence

A college education also gives you a broad base of knowledge on which to build. It teaches you to solve more of life’s problems. It gives you future reference points for discussing art, entertainment, politics, and history.

College offers other learning opportunities, too. Much of what I gained in college came from learning outside the classroom, from participating in clubs and other campus organizations. Many degree programs allow students to “test-drive” careers through internships and practicums.

The Label on Your Degree Does NOT Matter

I asked Michael Hampton, director of career development at Western Oregon University, what advice he would offer a student who is deciding whether or not to attend college. He replied:

Unless you are going to be an engineer, architect, teacher, lawyer, the label on your degree does not matter. The degree is a check-mark (as opposed to the focus) in most job requirements. Many job ads will state: “Business, Communications or other degree required.” Most folks have the “other”.

I have a BA in Speech, Telecommunications & Film. As a television news photographer, youth director, communications director, substitute school teacher, sports marketing manager, career programs coordinator, no one ever said to me: “You know what? We would like to hire you, but we’re not sure what that label is on your degree.”

Honestly, at the University of Oregon, I was looking for an “easy” degree because I was not a book-smart student. I was able to take mostly film & television classes to earn my BA, so I signed up. The experiences I took advantage of (internships, volunteering, and part-time jobs) in college set me up to be marketable to employers. Again, the jobs I went after required degrees, but the label on the degree was not a barrier.

Here are some more prominent examples:

  • What was Alan Greenspan‘s major? Econ, but he studied music first
  • What was Michael Jordan‘s major? Math, then Geography (dropped out to play professional basketball, later returned to earn his degree)
  • What was Lisa Kudrow‘s major? Biology
  • What was Cindy Crawford‘s major? Chemical Engineering (dropped out for modeling career)
  • What was Ted Turner‘s major? Classics (expelled for hanky-panky)
  • What was former HP CEO Carly Fiorina‘s major? Philosophy
  • What was George W. Bush‘s major? History
  • What was Jay Leno‘s major? Philosophy

If a student is struggling to get good grades, I encourage them to look at the course catalog and choose a major based on the likability of most of the classes they would have to take, their positive experiences with the professors in the major, and the number of credits they have already taken that are compatible. They should set themselves up to be successful. Getting through the pre-reqs is a major barrier for some. Combine some “fun” classes with the challenging required courses to try and make the experience more enjoyable.

Against the Grain

But what if, instead of paying for your child’s education, you provided this lump sum to them in a one-year certificate of deposit, earning the current highest return available (2.24% as of the writing of this article, according to Bankrate.com)? Now the child’s salary would be greatly reduced; the lifetime earning potential would only be $4.2 million assuming the same circumstances as before.

However, assuming that in both scenarios the child in question was able to save 5% of their annual income (assumed to be a lump-sum deposit at the beginning of the year to keep calculations simple), the child with the high school education will have accumulated $646,532 in the one-year CDs by the time they’ve reached retirement age. The child with the college degree would only accumulate $438.132, a difference of $208,400.

Perhaps it could be argued that the child with the college degree could live with the same expense basis as the one with the high school education, thereby freeing up more money for saving and investing. However, I would encourage a recognition of Parkinson’s Second Law, which tells us that “expenses rise to meet income”.

Rich or poor, thrifty or not, the current savings rate as of the end of May for Americans was only 6.9%. For much of the recent past it’s been lower than that, even to the point of occasionally becoming negative. For as many responsible people who are reading these words, there are many more who would be swept along by circumstances and society, spending exactly what they make (or more), year after year.

Public vs. Private

What if one were to assume a lower university bill? Perhaps a private school isn’t in the cards for these two kids (and their parents), but a public four-year institution could be.

The current median cost of four years at a public university for the 2009-2010 school year is only $29,021. At that rate, assuming the same parameters as before (rate of salary increase and inflation, etc.), the college grad does come out ahead, but only by $26,090 at age 65. Certainly, that’s a much smaller margin than I would have assumed, and I would guess it surprises many of you, as well.

In fact, for the lifetime earnings calculation to balance (that is, for both the high school and college grad to show the same dollar figure in savings at retirement age), the high school graduate would only need a “head start” fund of $38,030! Just think, for less than the price of a new SUV, four years of college-educated earning power can be rendered moot. This result, frankly, surprised the heck out of me.

Other scenarios could be run, as well. What if you’re not able to provide any funds at all for your son or daughter? My folks didn’t pay for any of my college expenses; I expect many of you are/were in that same boat. One could look at the opportunity cost of college loan repayment vs. a clean slate for a high school grad with no debt encumbrance.

For a graduate of an average private university, repaying a college loan bill of $114,626 at 6% interest (remember, student loan interest is capitalized while the student is in school) will take 10 years and $152,710. That’s assuming they’re able to make the monthly loan payments of $1,273 right out of college, and don’t have to go with a longer-term repayment plan. After this is done, the college grad will only amass $37,272 more in savings than the high school grad, simply due to the long repayment period they must overcome.

Be Cool — Stay in School

While a college education statistically provides a better shot at obtaining wealth, it does not guarantee success. There are English majors who end up with convenience store careers. There are high school drop-outs who go on to run multi-million dollar corporations. But obtaining a college education improves your odds.

For some young adults, college can seem like a waste of time. (Or worse, a waste of money.) Other things seem more important. I had friends who dropped out of school to pursue girlfriends across the country. I had friends who were convinced they could make more money by skipping college altogether. Student loans can be so enormous that they make a person lose sight of the fact that they’re an almost guaranteed investment in the future.

I personally had problems finding a career path — I simply had no idea what I wanted to do. When I went entered college, I wanted to be a religion major. Then I wanted to be a writer. Then I wanted to be a grade school teacher. Ultimately I earned a psychology degree, which has had little direct benefit to my life. But the education I obtained, my campus experience, and the contacts I made have been invaluable. A large part of who I am today was forged by my experiences in college. The value of a college isn’t just in the destination, but in the journey.

Resources

In preparing this article, I relied heavily on the following sources:

How many of you attended college? Are you glad you did? If you didn’t get a degree, do you regret it? If you could talk to your 18-year-old self, what would you tell her? If I had a chance, I’d tell the young J.D.: “Set goals. Study more. Find a direction for life!”

Update: As usual, there are some great comments. Many have noted that education does not cause all these wonderful things — it’s simply correlated with them. (It may be that people who obtain an education would live longer even without one.) Also — and this is key — more important than education is doing what you love. Passion and drive can bring success, no matter what level of schooling you have.

Source: getrichslowly.org

Apache is functioning normally

Last night, Kris and I had dinner with Craig and Lisa. Craig is an architect. Lisa is a technical writer who has spent the past few years as a stay-at-home mother. (Lisa contributed two GRS guest posts last year: How to find great deals on eBay and Career advice for the college graduate.)

Now that their children are a little older, Lisa has the itch to return to the workplace, to find some non-motherly pursuit to fulfill her. (She’s a great mom, by the way, but she does have other aspirations.) She’s now in her second term at a local university, studying to obtain a degree in graphic arts. She’s taking just one evening class per term, but she loves it. This is something she’s wanted to do for a long time, and she’s juggled her life to make it happen.

After Lisa finished telling us about her classes — art history and Photoshop — I mentioned that I’d been thinking about going back to school, too. “One thing about making my living as a writer,” I said, “is that it allows me freedom of hours. I can work when I want. I’m not sure I’m ready to take on another responsibility, but if I wanted to, I feel like I could pursue any degree I wanted: finance, computers, history.”

We talked about how different it is to go back to school as an adult. The four of us all attended the same small college (Willamette University) during the late eighties and early nineties, and we’ve each had some post-college education. Craig went to architecture school. Kris obtained a masters in teaching, and then took some additional science courses. A decade ago, I spent about a year studying computer programming. And now Lisa is pursuing art. College is much different as an adult than it is just after high school.

“I remember having non-trads in class and thinking they were strange,” Lisa said. “They seemed like they were from another world.”

“Yeah,” said Kris. “I always felt like they were out of touch, like they didn’t have any reference point for my life.”

“Right,” said Lisa. “But now I look at the students in my class and I realize it’s they who don’t have a reference point for my life. Now I realize that the non-traditional students did know what it was like to be young, but it’s impossible to know what it’s like to be older until you’ve lived it. I’m sure I just seem like a housewife to a lot of my classmates — they don’t understand everything that’s led to where I am now.”

“I never understood why non-trads actually went to college,” I said. “I looked down on them. But I was an idiot. Now when I see somebody our age going back to school, I think it’s awesome. I realize how difficult it is to do that, the sacrifices a person has to make for career, for family, for leisure. If you decide to go back to school as an adult, it’s a huge commitment.”

“I always wonder how they can afford it,” Craig said, and we laughed. It’s true that the financial commitment can be daunting. When you’ve been in the workplace for ten or twenty years, you have a greater appreciation for what it means to spend $5,000 or $10,000 or $20,000 on an education.

I’ve thought a lot about our conversation this morning. I realize that what I admire so much about non-traditional students is that they set goals and they pursue them. When most young adults go to college, they don’t have a clear conception of what they’re doing, what the alternatives are, and what sort of career they’d like to pursue. But when a 37-year-old mother goes back to school, she has an aim in mind. She has a purpose. Her goals keep her focused.

It’s this focus that I admire in Lisa’s return to college. Lisa’s situation reminds me of Donna Freedman, one of my editors at MSN’s Smart Spending blog. Donna is making a similar transition. She’s surviving (and thriving) on $12,000 a year while returning to school as a “mature student”. She writes:

How am I doing? Better than I ever have, thanks, despite grammar nightmares caused by the Spanish subjunctive in adverbial clauses of interdependence. I never knew life could be this busy, this overscheduled — or this rewarding.

[…] I already have everything I need and some of what I want. Some people call that “voluntary simplicity.” I think of it as living mindfully, i.e. deciding what’s really important and working toward it. For me that means finishing the degree, saving for a home and helping the people I love.

In other words, Donna has focus. She has goals, and these goals keep her happy.

I love to watch people pursue self-improvement, which is exactly what Lisa and Donna are doing. Perhaps it’s because I spent so long — fifteen years! — without goals of my own, but now when I see other people striving toward a destination, I cannot help but cheer them on.

Source: getrichslowly.org

Apache is functioning normally

On Tuesday evening I gave my first-ever presentation about personal finance. I spoke to a group of about 70 graduating seniors from Western Oregon University. My talk went okay. It wasn’t terrible, but it certainly wasn’t good. It’s a start. I learned a lot, and I’ll do better next time.

I was the fourth and final speaker of the evening, though. Before I talked about personal finance, three WOU alums spoke about life after college. While my talk might have been mediocre, theirs were outstanding.

Brian Reick

The first speaker was Brian Reick, who described his experience moving from job-to-job. He began knocking on doors right out of school and eventually found work. But the job wasn’t perfect, and neither was he. He was fired after only two years. This experience taught him a couple things:

  • A job is not a marriage. It’s not “for better or worse”. It’s only for better. If it’s not working out for you or the company, then move on.
  • Treat your time as an investment. It’s more important to invest your time wisely than to invest your money wisely.

Later in his career, Brian found himself working in a job he didn’t like. He made a promise to himself: “I told myself that if I wasn’t happy with my job one year from that day, I’d leave. That was the best decision I ever made. After a year, I knew it was time to go. It was more important for me to be happy than to chase dollars.” Two other life lessons Brian shared were:

  • The people you work with are more important than the company. You want to work with people who have high integrity, people you can trust. It’s nice to work for a great company, but it’s better to work with great people.
  • Don’t rationalize your decisions. As you move through your career, don’t stay in situations that make you unhappy just because you think you’re obligated. Take some calculated risks.

Ron Clark

Next we heard from Ron Clark, a Portland lawyer. Ron shared three major points:

  1. What you studied in school does not matter. Students should major in subjects they enjoy. They should pursue learning. One of Ron’s colleagues is a brilliant lawyer who has a degree in music. He knows a judge with a degree in pharmacology. Your degree does not matter.
  2. Self-discipline is the common denominator among the successful. In order to get into college and to earn a degree, one must exercise delayed gratification. This doesn’t end after school. Delayed gratification and self-discipline are necessary for continued success in life.
  3. Be willing to do grunt work. By doing the entry-level jobs, you’re building skills necessary to move up. As you progress in your career, find things in each job to be passionate about.

Celia Kimbrough

The third speaker was Celia Kimbrough, a professional photographer. As a single mother, Celia applied for the interpreting program at Western Oregon University. She was one of 72 applicants for 16 spots. She didn’t get in — she didn’t let it bother her. “I’ve failed at a lot of things in life,” she says, “but they’ve made me who I am today. It’s okay to fail.” The important thing is to be working toward something, to have a goal.

Still, you should always keep your mind open for other options. Don’t be so locked into your goal that you miss opportunity knocking on the door. Sometimes life will lead you in directions you don’t expect. When she didn’t get into the interpreting program, Celia pursued a degree in Natural Sciences. She wanted to be a teacher. But then life led her in another direction, and now she owns a successful photography studio.

“You’ve got to find your passion,” Celia says. “I changed my major six times. That’s okay. Everything you do leads you to the person you’re becoming. As long as you have some goals, you’ll be fine.”

Celia stressed that it’s important to think about the sort of life you want to live. Some of what she said reminded me of Tim Ferriss’ notion of lifestyle design, building your life and career around what you want to do. Entrepreneurship has allowed her to construct a fulfilling life.

“What’s important to you?” she asked asked the students. “Make your choices based on that. I wanted to be excited about what I do every day. If you’re complaining about what you’re doing, then try something else.“

J.D. Roth

To conclude the program, I gave a short presentation on personal finance. Again, this was the first such talk I’ve given, and it was pretty rough. I actually tried to stress some of the topics Get Rich Slowly readers suggested last Monday:

  • Develop a basic budget. It doesn’t have to be fancy. Whatever you choose to do, make it a goal to set aside 20% for saving and investing. This sounds like a lot, but if you can start the habit young, it’ll be easier. (And will yield greater returns in the long run.)
  • Avoid lifestyle inflation. As your income increases, it’s tempting to increase your spending in proportion. The more you can resist this urge, the more successful you will be with money.
  • Do what you love. A low-paying job that leads to future prospects in a career you like is better than a high-paying job in a career that doesn’t move you in the right direction. Never stick with a shitty job. It’s easier to change jobs now than it will be in five or ten years.
  • The less you spend, the more flexibility you have. When I graduated, I bought a new car and developed credit card debt. I had to take any job I could find because I was tied to monthly payments. When my friend Sparky graduated, he had a lot of freedom. His debts were minimal. He traveled the U.S., taking whatever job struck his fancy. He spent time in Mexico. He spent five months traveling southeast Asia. He was able to do these things because he didn’t have expensive obligations.

With my speech, I handed out a one-page guide to personal finance, which contained supplementary material.

Conclusion

I felt pretty geeky during this dinner. When the first speaker began, I pulled out my pad of paper and started jotting notes. I couldn’t help it. Though these talks were ostensibly aimed at the graduating seniors, there was plenty of valuable information in them for anyone.

I was surprised and happy to discover that one theme seemed to shine through in all four presentations. Money’s a great tool, each of us said, but it’s not the only thing in life. It’s not even the most important thing. We each in our own way stressed one point above all: It’s more important to be happy than it is to be rich.

Source: getrichslowly.org