5 Things College Students Can Do to Be Successful in Life

As financial literacy is lacking in the world today, I am motivated to promote financial literacy. My experiences regarding high school, college and transitioning into adulthood after college, has inspired me to promote financial guidance to young adults by providing powerful and inspirational ways in which a student can take advantage of in order to achieve success after college life. Preparation for success begins years before a student attends college. Below are five things college students can do to be successful in life.

1. Prepare for the ACT/SAT in middle school or earlier so that there is a greater chance of scoring high on both tests, as higher test scores will provide the student a better chance of earning a scholarship. It is also important for students to get involved in extracurricular activities. Remember, college is still possible and can be affordable even when a student doesn’t have a scholarship.

2. Students must be mindful regarding the selection of his or her career choice. It is imperative for the student to identify and select the right career that will suit him or her long-term. Being indecisive in career choice and changing majors half way through college or later, wastes a tremendous amount of time and money.

3. Students must be aware of how important it is to obtain and maintain good credit. Without having any credit or good credit, a student can have a difficult time receiving lower interest rates on their car, house, etc. Higher interest rates will cause higher car, house and etc. monthly payments. The three credit bureaus report and provide credit history on each individual and demonstrate how well a person has been paying his or her bills. The credit rating score will determine what interest rate the individual will receive.

4. Students must prepare for the workforce while attending college. Without preparation prior to graduating from college, a student may struggle or find difficulty in landing a job in his or her field soon after graduation. Many employers seek individuals who have had experience in the field for at least one year and will not consider interviewing a student without experience.

5. Lastly, saving early for retirement is a must. Many young adults feel that they have plenty of time to save for retirement, but in reality they do not. I have heard so many adults say that they wish they started saving as soon as they started working as a young adult and regret not doing so because they have to work longer than desired.

In Conclusion, these are the five things that college students can do to be successful in life. College students deserve a shot a success. Take charge of your life and be the next success story!

The 4 Benefits of Student Loan Consolidation

If you haven’t noticed it, education costs don’t come cheap nowadays. Many students are taking loans to support their way through college. It seems to settle their problem for the time being but things will start to get difficult when they graduate. They are already in debt before they even earn their first dollar. The tips below are to show you why you should consider the student loan consolidation.

1. Lower payment

This is by far the best reason for you to consider taking the loan consolidation. It is possible to reduce your monthly payment by 40% – 50% when you make a research on the lenders. Imagine freeing half of the financial load being lifted off your shoulders. You will feel that the air is lighter and your life is not just about paying for loans.

2. Lower rates

Besides lowering your payment, you can also lower your interest rates by looking for the right lenders. Again, it will prove beneficial to you when you run some researches on the various lenders’ offers.

And be careful for the fine prints and remember to ask for any hidden cost. You don’t want to suffer any extra payment when you are trying to manage your loan. And to help you on that, you can look for online consolidators to calculate your future student consolidation loan base on the current rate of your student loan.

3. Only one payment

Let’s say you have acquired a housing loan and other possible loans during your studies. And imagine you have to bank in different payments to different companies at different time. Isn’t that a lot of works to do? Wouldn’t it be great that you can make one payment and be free from all the annoying reminders? You can do that when you consolidate the student loan and get your loans taken care of.

4. Relieve stress

Please know that the financial companies will punish you for paying late and surely you don’t want that. It is a stressful job to remember the various due dates for the payments. What if you have more important tasks to attend to?

It is very possible that you will forget to pay the loan. And when you sign up for student loan consolidation, you only pay once to the company to cover all your loans. This frees your mind so that you can focus on your job or something more rewarding.

How Standby Letter of Credit Is Useful for Financial Funding and What Is It?

A standby letter of credit is a Promise of payment issued by a bank on behalf of a client will receive payment upon the presentation of described documents in the event the buyer fails to pay the beneficiary according to the terms of the contract. It mostly used in national construction projects and in international commerce. The buyer in this gives instructions for making the document.

The format of letter of credit under a Standby letter can also be beneficial for payment on a deal. When reclaimed, the letter pay costs a broker and also the letter can be beneficial in a land development work to make sure that the permitted people investment will be assembled. The corporations to a Letter credit are generally a recipient who is to earn the money, the issuing bank of whom the applier is a client and the advising bank of whom the recipient is a client.

The key thing to remember with the standby letter of credit is bank it deals only in documents or goods and does not comprise them in the assurance and bond between two groups immediately. The only anxiety of issuing the bank is the circumstances and terms of the letter. There are numerous banks that are capable of providing this letter.

The Categories of standby Letter of credit:-

  • A performance Standby: – This category of letter maintains accountability except paying money, comprises of the advantage of loss happens from a fails to pay of the applicant in completing the fundamental deal.
  • An advance payment Standby: – This category of letter maintains the commitment of early payment done by the recipient to the supplier.
  • A bid bond or tender-bond standby: – This letter maintains the commitment of the contender to accomplish a contract if the contender is rewarded a bid.
  • A Counter standby: – This supports the emergence of an independent replacement by the recipient of the contradict replacement.
  • A Financial Standby: – This maintains the duty to pay the amount, inclusive of any tool pointing a duty to pay the rented amount.
  • A direct Pay: – This substitute maintains payment when due of a primary duty especially in relation with financial substitute without access to an offense.
  • An Insurance Standby: – This maintains a protection responsibility of the contenders.
  • A commercial standby: – This maintains the responsibility of a contender to pay for services and goods in the occurrence of no expense by other modes.

In relation to other types of letter of credit, the standby letter of credit is more profitable for commercial. This kind of letter uses original bill and documents of shipping in order to earn amount for the retail from a buyer to seller. The standby letter of Credit is comparatively new to the international commerce world and consequently it is officially new as well.

If we have proper knowledge of the Standby Letter of Credit, the profit – making protection compared to no expense is the most significant one.

The Art of Financial Management

Understanding finance has become an essential nowadays. Wherever you go, whatever you do you must always have the art of financial management. Gone are the days when finance and business meant only for businessmen alone. With the evolution of money making as an art, more and more people are joining the race of making money in the best possible way. You can also be an efficient money maker provided you are well aware of the various new trends of the market.

Apart from knowing the performance of various stocks, the volatility of the market, cost of the stocks, you must also know the various terms associated with the transactions so that you are clear with the processes. You can take the help of a broker or a friend in knowing the various processes, terms and their exact meanings. But relying on a person is not advisable at all times. Do not get discouraged! You have a potential solution- financial dictionary.

Financial dictionary is nothing but a collection of words along with their meanings that are in common use among the financial professionals, and the market. It would contain all the terms for which you would require an explanation during the transactions.

You may be asking the question that why you need a separate dictionary for finance when you have a normal dictionary. The reason behind this is that English is quite funny. Some words completely lose their meaning and take up another when used in different context. So if you go by the actual meaning of the word you are sure to be misled and sometimes may end up in a mishap. A simple but powerful solution for this is the financial dictionary.

Knowing the right meaning would help you to understand the terms and conditions better that are given along with any financial transactions. Further there are certain terms that can be found only in a financial dictionary. This makes the presence of a dictionary exclusively for finance essential.

Such a dictionary for finance would be extremely helpful for the people who have just started their journey in the field of finance. They would be totally unfamiliar with the terms that are in actual use. So a dictionary that suits the need is a financial dictionary. Remember that you can not look for the conventional meanings for the words in this dictionary.

5 Ways to Earn Your College Education With Less College Student Credit Card Debt

If college students could have one wish it might be to receive a good college education without having to spend the next twenty years paying off massive student loans and college student credit card debt.

“Genie, grant me my wish.” Poof. What college student credit card debt?

Dear Aladdin wannabe’s, if only it were that easy! The truth is you can earn a great college education with less college student credit card debt. It takes a little money management savvy and an increasingly un-American concept called self-control.

“There are more money issues for today’s students than in any other generation before them,” says Todd Romer, executive director of Young Money Magazine.

From the rising cost of colleges to luxuries like cell phones and high-end dining establishments that are popping up all around college campuses, you may find yourself graduating into college student credit card debt hell by the time you’re twenty-two years old. And all you truly wanted was a debt-free college education!

If you’re looking to stress less about money and be proactive about college student credit card debt, give the following tips a try:

1. Use credit cards sparingly.

The average credit card debt owed by college students is about $2,700, with close to a quarter of students owing more than $3,000. About 10 percent owed more than $7,000! That’s not even including student loans.

“Getting a credit card is not a bad idea,” says Romer. According to a recent study of student loan applicants conducted by Nellie Mae, a leading provider of higher education loans, 78 percent of all college students today have at least one credit card. That being said, Romer advises that college students keep your credit card in the deepest part of your wallet to use for emergencies and/or large purchases that you know you will pay back within thirty days.

Have a tendency to use credit cards as, say, gift cards? Romer suggests that college students call their credit card company and ask them to put a $500 max on the card. Also have them not change the limit until you are the one who communicates to them that you want to increase your credit limit. “Until you become more responsible, and that just evolves over time, have a third-party reign in on your spending,” adds Romer.

But how can you earn a college education minus college student credit card debt when some colleges and universities form multi-million dollar partnerships with credit issuers and give them the go ahead to solicit students right on campus? “If you see a Bank One credit card table showing up at your school in the student union once a week, just realize that you don’t have to participate in the promotion on campus,” says Romer. “Treat it like anything else you’re going to be tempted with in this world. Be smart about what you get involved with.”

2. Start a budget (ahem) weekly spending plan.

Yeah, a weekly spending plan is a sneaky euphemism for a budget, but c’mon, we have to make it sound a little more appealing to you college students. “In terms of taking charge of your finances, it really starts with knowing what you truly make,” says Romer. “Look at it as a weekly spending plan to help you earn a college education and reduce the stress of college student credit card debt.”

Romer adds that while more college students are working part-time or full-time than ever before, many still find that they’re spending more than they’re earning. “If you monitor your weekly spending plan about twice a week, you should be good to go,” he adds.

3. Be smart about college student loan debt.

“When it comes to your student loan, look at it as the most positive loan you could ever have and try not to stress too much about having to pay it back because you’re investing in your college education,” says Romer. That being said, you can escape graduating with student loan and college student credit card debt as high as our parents’ mortgages. For one thing, don’t be swayed by the hype about how everyone’s attending a name brand college and racking up student loan debt so — therefore — you might as well, too.

An article on CollegeBoard.com reveals that for the 2006/2007 school year, about 65 percent of students enrolled at four-year colleges or universities attend institutions that charge tuition and fees of less than $9,000 per year and fifty-six percent of students shell out yearly tuition and fees between $3,000 and $6,000. Moreover, while private four-year institutions have a much wider range of tuition and fee charges, College Board reported that only about 5 percent of all students attend colleges with tuition and fees totaling $33,000 or higher per year.

If your life long dream has been to earn a college education from a name brand college and you have your heart set on it, go for it! Romer suggests that you scrap for every type of scholarship and financial aid available though to avoid a college student credit card debt nightmare.

However, if you think that a name brand college is the only way to ensure future success and earning power you’re mistaken. “If you have a four-year degree, how you end up carrying yourself in an interview is much more important than whether you graduated from an ivy or a state school,” says Romer.

4. Think hard about graduate school.

Some new grads who aren’t yet ready for the working world decide to go to grad school immediately after college. While there are right reasons to go to grad school immediately after earning a college education, if you’re doing it for the wrong reasons, it’s a huge financial sacrifice, not to mention the years you’re missing out on gaining work experience.

“Gaining work experience is very important and you always have the opportunity to go back to grad school,” says Romer. “A lot of times, the company that you are employed by has the ability to pay half, if not all of your grad school expenses.”

If you have a concrete plan for grad school and where it will take you, it might not be a bad idea to go straight to grad school. If you’re just going because you don’t know what you want to do with your life, Romer advises that you gain a little work experience first. Explore careers and start to pay down some of your college student credit card debt. “Going to grad school without a concrete plan is going to be a financial negative on you because you’re not guaranteed that you can make a salary to help you pay back those loans relatively quickly,” he adds.

According to FinAid.org, a financial aid resource, the average graduate student borrows $37,000 in student loans – $42,000 if you count undergraduate debt.

5. Invest, invest, invest.

“Establishing a weekly spending plan in college and learning how to invest raises students’ confidence in their ability to take charge over their finances after they graduate,” says Romer.

“But I’m a broke college student already in credit card debt,” you might protest. “I don’t have money to invest.” Romer says just $25 to $50 a month will do to start. “Commit to learning how to invest because of the power of time and the power of compound interest,” he says. Romer adds that another benefit of college students investing while they’re still earning a college education is how it actually changes your spending behavior in other areas of your life.

“Once college students see that their money is beginning to work for them they might look at how they’re spending money on things like clothing. They might say, ‘Maybe I don’t need that $80 pair of shoes.’ They look at their account and see it’s growing and want to be able to add more to it.”