Setting Yourself up to Succeed

Back when I was a junior in college, I worked a full-time job as a call center representative. At the time, nine dollars an hour seemed like a ton of money. After paying rent, utilities, and a minimal car payment, I really didn’t have enough left for groceries.

I lived in a constant state of fear. I’d been swamped with stories of college graduates not being able to attain jobs paying any more than what they had before they went to college. One question ringed over and over in my head. If I could barely afford to live now, how could I afford a student loan payment if I failed a getting a good job out of college?

And the fear didn’t stop there. What if I failed my classes? What if I didn’t graduate?

Not only was I working a full-time job, I was also taking a full-time load of accounting college courses. Subsidized student loans barely covered tuition and books, and I was too worried about failing to take out the unsubsidized ones so I could work less.

Bad turned to worse, and with mandatory overtime at my job, I missed more classes and my grades reflected it.

I failed a class. Straight up got an F. The first F in my life.

My fears intensified. I felt like the failure I feared I’d become. I doubted myself and my abilities even more.

I stood at a crossroads. I could quit school and work full-time. Or I could quit my job, find a new part-time one, take out more student loans, and focus more on school.

The root of my life’s future was held in one simple question. Did I believe in myself?

I decided yes. I found a part-time job as a bank teller and went back to school with more focus than ever before. And I did well.

My self-confidence increased. I no longer struggled with my classes. I felt more able to handle difficult professors and tests. I became a more positive person.

What caused this shift?

I set myself up to succeed.

Sometimes in life we can let fear get such a hold of us, we set ourselves up to fail. Then this negative cycle keeps spiraling down until there’s little hope left. We only see our failures piling up and this can be incredibly discouraging.

If you are struggling in life, take a step back and analyze if you’re holding yourself back.

If you have a goal you want to achieve, set yourself up to succeed.

Remember also a lot of fears are unfounded. Little did I know at the time that accounting degrees were in high-demand and finding a job would be easy. I also had no idea what I’d make when I graduated. Had I known these two things, a lot of my fears would’ve vanished.

One way to search for in-demand jobs in your area is to look in job searches. Right now Indeed.com is very popular. This gives you an idea of what talent companies are looking for and what salary ranges are.

Also, this website below gives averages on pay for jobs via state.

http://www.payscale.com/research/US/Country=United_States/Salary

I know the same worries I had plague many minds. One of my friends, a single mom, struggled to make ends meet, even with government assistance. The fear of student loan payments held her back from finishing her degree. After I explained the income-based student loan option, her fears significantly decreased. She finished school, got a job, was able to purchase a town home and now supports her family fully on her own. But above all that, her stress is so much lower.

Another friend of mine worked a minimum wage job and worried about succeeding at her dream of becoming a physical therapist assistant. She not only feared student loans but also feared failing at school. After a short discussion of believing in yourself and explaining student loan debt and repayment, she decided to quit her job and go for her dream. She graduated with honors and got the job she wanted. She recently had a baby and is able to work part-time because of her increase in pay.

No matter what your situation or your dream, remember…

Set yourself up to succeed.

Don’t let fear hold you back.

And most importantly - believe in yourself!

Making Basic Financial Decisions

After attending a women’s conference on money management, I realized a dire need in communities for a basic financial understanding.

The majority of the lectures centered around living within your means, spending less than you make. While this is a good basis of thought, there are some holes in it.

First, if you don’t make enough to fund the basic necessities of life, no matter how much you pinch pennies, your income will never be enough.

Two, you can cut costs until your lifestyle is miserable.

Three, there are better options.

The first step to understanding personal finances is to track where your money is going. There are great apps and website accounts available for free that will help you set up budgets. Personally, I love mint.com and use their app.

https://www.mint.com/

It is eye opening to see where your money goes and how much you really spend on unnecessary things. This is where you can cut – the unnecessary items. By unnecessary I mean pedicures, eating out, and excessive shopping, to name a few.

If you cut out all unnecessary items and still are in the negative, stop.

If you cut anymore, this is where the miserable factor comes into play. You can always live on less, eat the notorious Ramen, cut your heating bill by small amounts, or wear the same clothes for ten years. However, to me this is not ideal.

So what are other options?

There’s really only one. Make more money.

How do you make more money? Make yourself more valuable. How do you do this? Take risks and invest in yourself. One option is to go to school, another is to find a better job, work more hours,  become an entrepreneur, or many others for your specific situation. Don't limit yourself on possibilities. Sometimes there are more than you realize. Below, I discuss the school option.

For example, if currently you make $10 an hour that equates to $20,800 a year. While student loans can be discouraging, not all debt is bad. A degree or technical certificate in an in-demand field will usually yield at minimum $40,000 a year starting out. This is $19,200 more in income a year. Even if student loans costs you $40,000 (which a community college associates degree or a local university can be much less) you still come out ahead. Here’s how.

On the $10 an hour job, you bring in $1200 a month. With a $40,000 a year job, you’ll bring in at minimum $2000 a month. If you have two children, your student loan payment based on income, could be less than $100 a month.

See this website for details on estimated repayment amounts.

https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action

You might be asking yourself, but is all the school work worth it?

Here’s another benefit. Usually, degree based fields receive higher raises. This means your income will grow more rapidly. For example, in five years you might make $50,000 a year, having earned a $10,000 yearly increase, compared to making $14 an hour, an $8,320 yearly increase.

Ask yourself this question. In five years would you rather be making $50,000 or $29,120 a year ($14 an hour)?

Believe in yourself, in your ability to achieve. Don’t hold yourself back.