Week 11 Homework

This lesson is titled ‘Careers and Extra Jobs’. It has great information about how to keep your career moving forward and sending your income and happiness in the right direction. There is nothing like an extra job to help trigger that gazelle intensity!

The homework for this week is:

  1. Read Chapter 6 in Financial Peace Revisited.
  2. Finish the Personality Inventory and Occupational Categories worksheets in the workbook.
  3. Work on your personal mission statement worksheet this week.

Also, if you haven’t completed it yet, please read the FPU Progress Check and send us the results.

Lastly, we have some additional reading on this subject, if you are interested.

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Thriving on $12K/year

MSN Money provides some inspiration from a true story on surviving and thriving on $12,000 per year. Donna Freedman decided to go back to school to better herself and her future, and in doing so she had to make some radical lifestyle changes. She is now a full-time student with a grant that covers her tuition and books.

In order to make ends meet, Donna:

  • Works doing baby-sitting, mystery shopping, freelance writing, paid medical research, and as the manager of her apartment complex.
  • Takes a brown bag lunch every day.
  • Gives money to those less fortunate than herself.
  • Donates regularly to her church.

I found it totally inspiring to see someone who is making their future better and thriving in a difficult situation. She has totally taken responsibility for herself and is making it happen. Donna is going to sacrifice to graduate from school completely debt free, and be able to live like no one else. It isn’t going to be easy, but it isn’t going to be forever either.

The next time you are struggling with making a financial sacrifice, measure yourself against what the Donna Freedmans of the world are doing.

College Students and Debt

There is a story on CNN about the debt problems of college students today. While I don’t think the advice is strong enough from the experts, there is some good information, especially for parents of teens.

My favorite part was an example of outstanding parenting …

Ashley Shaw, a freshman broadcast journalism major at Howard University, says she shops with cash, not credit, so she’s aware of how much she can spend. But even without the credit card, she occasionally runs into trouble. She recently overdrew her checking account during a shopping trip.

Right now, Shaw isn’t in any credit or student loan debt. However, she expects to take out student loans in the near future to cover her college expenses.

“As a younger teen, I actually received a credit card and didn’t know my spending limit and that kind of thing, so I maxed out the credit card and was penalized for it, and that’s why I don’t have one now,” Shaw said, explaining her previous troubles with credit.

This is the kind of parenting I want to to for my own children. Ashley sounds like a young woman with an excellent head on her shoulders, who continues to learn the right way to handle money through personal experience. She was lucky to be a teen who had parents who were both engaged and forgiving, and it looks like she is definitely heading in the right direction.

Personally, I hope that she can stay out of the student-loan trap, but it sounds like she has a good enough head on her shoulders to be resonsible and take care of business.