Private Loans Deepens Student Debt
Sun 10 Jun 2007 – 12.11
The NY Times has a lengthy feature article aboutu Student Debt, more specifically the Private Loans that most students are faced with as a method of paying for an education.
The problem this time around isn’t soley the rising costs of University tuition. In addition, there is a wave of new Federal De-Regulation on the financial services industry, and of course the recent actions that cut funding for all sorts of government-sponsored (low-interest) loan programs. For example:
Unlike federal loans, whose interest rates are capped by law — now at 6.8 percent — [private] loans carry variable rates that can reach 20 percent, like credit cards … And while federal loans come with safeguards against students’ overextending themselves, private loans have no such limits. Students are piling up debts as high as $100,000.
Ouch. The story goes on to highlight some twentysomethings who are down on their luck moneywise. There are graphs and everything, which makes this a very thorough read. Fair warning, if you read this article, your blood pressure will likely rise a bit — unless of course you have zero debt, in which case maybe you should head over to tiffany.com and buy some useless shiny crap.
posted by Scott in education, personal finance.
Do a Background Check on Yourself
Tue 05 Jun 2007 – 22.49
I was talking with a friend the other day about how he has never given two weeks notice for leaving a job, and never cleaned an apartment on moving out. I remarked how negative that must appear when someone performs a background check. He then told me about the time he got arrested for parking tickets in the middle of class!
But I digress. Our friends at The Consumerist have compiled a list of useful links you can use to perform a background check on yourself, to certify all the information is accurate, and to ensure nothing catches you by surprise on your next job interview.
posted by Scott in careers, life, personal finance.
Planning for Retirement from Age Twenty
Wed 30 May 2007 – 11.27
Ok, so when I saw this I immediately knew it had to be posted on this here blog. By now, the story is a few weeks old, but the info is still a fascinating and important read for anyone who plans on having a working life and then eventually retiring. Which is most people.
You have to take this article with a grain of salt because it is based on two conditions that I personally feel are a bit of a stretch for most twenty-somethings: A.) no debt, and B.) the ability to save 20% of income each month. Clearly, most of our first (and second and third) jobs out of university don’t pay much, so you’ll need to spend, what, 95% of your income just on living. As for no debt, well, that would be fun. (I almost accidentally typed ‘fund’. How Freudian). Turns out that I meet a lot of folks these days with no debt, which I find strange. I guess I never realised how much money was truly made and stashed by the parents of my schoolmates. Jerks.
The Simple Dollar is a useful blog about personal finance. Might be worth a bookmark. Can’t say too much for their design, however.
posted by Scott in careers, personal finance.
Tue 29 May 2007 – 11.37
Back to real estate! From WikiHow comes some advice on how to clean an apartment as you prepare to move out. Often times, landlords will find any excuse to keep your security deposit and chalk it up to ‘cleaning costs’. While cleaning may seem common sense, we could always use another tip; and I’m sure you, dear reader, know at least one twenty-something who could learn a lesson or two from Mr. Clean.
In fact, browsing the lists and bullet points, this seems really thorough, almost to the point of paranoia. I suppose it depends on your relationship with your landlord. Oy, let’s not get started on that.
posted by Scott in personal finance, real estate.
Highest Paid Athletes Under 25
Mon 07 May 2007 – 12.39
Not usually something we mention on twentyhood, but it’s worth a look to see how much professional athletes, even young ones, are pulling down. Somehow, this didn’t seem to bug me when I was growing up - maybe because 25 seemed so far off. Now, alas, it is only a memory as are my dreams of playing pro sports.
posted by Scott in health & fitness, life, personal finance.
Sun 06 May 2007 – 11.07
Get one of these jobs. Your salary is on the up-and-up.
Don’t believe me? Hell, I’m no expert, but the story came from CNN Money, and Business 2.0 Magazine. They’re experts. Apparently.
posted by Scott in careers, personal finance.
Thu 03 May 2007 – 9.40
*sigh*
Alas, what I have been suspecting since I began Univeristy way back in 1999, Scientific American has concluded that a higher IQ, and more intelligence, doesn’t automatically bring you a higher degree of wealth. While there is a trend between income and intelligence (I would hope so), the trend dies when concerning Net Worth, savings and other measures of overall wealth.
For example, a person with an IQ of 130 earns between $6,000 and $18,500 more per year than a peer of lesser intelligence. But this higher yearly income did not translate into higher wealth. In fact, people with slightly above average intelligence (105 IQ score) had an average net worth higher than those just a bit smarter (110 IQ). “There are some very smart people who get into financial difficulties,” Zagorsky notes. “Even smart people don’t save.”
posted by Scott in careers, education, personal finance.
Wed 02 May 2007 – 11.23
No Commentary from me.
posted by Scott in life, personal finance.
Mon 30 Apr 2007 – 10.49
I am constantly in awe of how much food costs, even at the grocery stores. Every week, when I drop close to $40 on food, I wonder “is there a cheaper way”. Yes, it seems there is.
The couple behind the blog Protoshell have put themselves in the middle of an experiment to see if they could cut there food spend to $20/month. Unfortunately, their cure is nearly as painful as the sickness — who wants to go back to eating Ramen and plain rice? Desperate times and all, but cmon, that’s not really surviving if one’s liver is fighting a constant battle against your salty-and-starch diet.
posted by Scott in health & fitness, personal finance.
How Much Does it Cost to Lose 30lbs?
Wed 18 Apr 2007 – 22.43
On twentyhood, the subject of health and fitness hasn’t really been talked about in great detail. But for all of you trying to slim down a bit for the pending summer (ie, all of us), here’s a bit of numerical fancy from our friends at The Consumerist.
Weight Watchers turned out to be the cheapest, but still with a hefty price tag. I won’t ruin the rest for you.
posted by Scott in health & fitness, personal finance.