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Getting A PhD Does Not Guarantee Work

By Frugaling 18 Comments

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Getting A PhD Does Not Guarantee Work

As a doctoral graduate student in psychology, I can tell you that the following article is downright scary. To anybody that ever assumed that getting a PhD equaled a great job and benefits, think again. The market for obscure studies at a doctoral level is frighteningly small. Makes me think, sometimes more education isn’t always a good thing.

One attendee recalled scraping by on $9,000 a year. “I was exhausted by years of living in poverty,” she said. Her neighbor chimed in: “Amen, sister.”

An eavesdropper might have been surprised to learn what the group had in common: formidable academic credentials. Sitting at the table were a historian, a sociologist, a linguist and a dozen other scholars. Most held doctorates; a few were either close to completion or had left before finishing. All had toiled for years in graduate school but, by choice or circumstance, almost none had arrived at the promised destination of tenure-track professorships (the one who had was thinking of leaving). Now they found themselves at a gathering of a group called Versatile Ph.D. to support their pursuit of nontraditional careers.

That young Ph.D., Adam Capitanio, who completed his degree in 2012, had looked for an academic position for three years, focusing his search on the Northeast and applying for at least 60 jobs. He hadn’t received a single interview. Now he was working as an editorial associate at an academic publisher, trying to devise a long-term plan.

Read all about it in The New York Times.

Ever thought about getting a Ph.D.? What would you study and why?

Filed Under: Make Money

Failing To Plan Ahead Destroys Budgets

By Frugaling 27 Comments

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Wow! I didn't know that failing To Plan Ahead Destroys Budgets! Thanks for pinning this!

This is a guest article from Stefanie! She’s trying to find ways to stretch her budget in one of the most expensive cities out there, New York City. A graduate of New York University’s drama and psychology programs at the height of the financial crisis, Stefanie discovered the world of financial planning out of necessity. Thanks for sharing your insight, Stefanie!

There’s a simple savings tool you may have overlooked. It doesn’t require cutting back on indulgences, savvy investing strategies, or even detailed budgeting. The key is planning ahead.

Here are some situations in which waiting until the last minute might be costing you, and how you can plan ahead to save in the future.

Commuting

Running late can lead to a significantly more expensive commute. In NYC, it typically comes down to taking the subway or hailing a cab. For me, that’s a choice between $2.50 on mass transit and about $10 on a taxi. Needless to say, I always leave enough time to get to the train, or even better, ride my bike.

Meals

Failing to bring lunch, pack snacks, and plan dinners at home can lead to an expensive grab and go habit. Dropping into the local deli or visiting the office vending machine for an afternoon pick me up carries a convenience cost that can add up quickly when it becomes a daily habit. There’s no need to cut out afternoon snacking. Just buy in bulk and bring from home. Or, if you have trouble remembering to pack a daily snack, bring the whole box and keep it at your desk!

Travel

You may get lucky with a last minute deal, but generally speaking, booking travel late in the game is an expensive endeavor. According to International Business Times, “…the worst time to buy a [plane] ticket is the day before. Two days before is a close second, and then three days and so on…” You probably have to request your vacation days or confirm visits to family and friends in advance anyway. Plan travel as soon as you get approved to avoid putting it off and getting stuck with the high prices of last minute booking.

Expedited Service

From shipping a package to dropping off dry cleaning, a quick turn around will cost you. I recently renewed my passport and know first hand that expedited service will run you an additional $60 charge plus the cost of overnight delivery fees. Note expiration dates on all important documents or service contracts. Mark your calendar with special events that will require specific preparations. Then flip your planner to a month before and make a note to deal with each of those items and expirations ahead of time.

Seasonal Purchases

From clothing to holiday decorating the best deals are always available at the end of each season. Rather than stocking up on winter boots in March and Christmas decorations in January, the majority of people continue to choose to pay the premium of shopping during the peak price season. Shop smarter by taking advantage of the end of season clearance deals.

“Drop In” Buys

A quick trip to the drugstore to buy shampoo, deodorant, or whatever you just ran out of is almost always more expensive than if you plan ahead and order items in bulk, purchase with coupons, or use a subscribe and save service like Amazon.com’s. When it comes to dry goods, paper products, personal care, and anything else you use consistently that doesn’t go bad, stock up when you see savings or order online when you find yourself getting to the bottom of a package.

These are just a few examples of how failing to plan ahead can lead to expensive, last-minute decisions. How has waiting until the last minute cost YOU?

Filed Under: Make Money Tagged With: Budgets, plan ahead

Start Side Hustling For Serious Cash

By Frugaling 17 Comments

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Start Side Hustling For Serious Cash. These tips are realy helpful to me by working on the side, I gain the freedom to pursue other interests!

This is a guest contribution from Melanie. She’s currently writing about her struggles with debt and overcoming the burden of $81,000 in student loans. She’s been able to pay off $35,000 and begun a new, frugal life. Thanks for the new article!

Side hustling is a great way to supplement your income. During hard times, this extra money can be the backbone to your budget. For me, side hustling is a way of life.

By working on the side, I gain the freedom to pursue other interests, extra income to throw at my student loans, and the confidence to know things will be okay should anything happen with my job. Best of all? It only takes a few hours per month.

Having a diverse array of income streams can add excitement and security to your life! Here’s how to begin:

Start Simple

Look around you. Yes, right now. What do you no longer use? What can you sell? Do you have a craft, hobby, or special talent? You would be amazed at what simple things can be done for extra money. Save someone a spot in line for an iPhone, make a grocery run, or water someone’s yard! I’ve been paid to “look busy” at an office during a site visit from the out-of-town CEO.

I’ve had great success with sites such as Gigwalk, Taskrabbit, Fiverr, and Craigslist. Each gig could earn you $5-$50!

Have people skills? You could be a Brand Ambassador, which is my main side hustle. It pays between $15-20/hr! You can also try focus groups or basic medical research at your local university.

Use Your Network

Let your friends, family, and acquaintances know that you are looking for extra work. It can make a huge difference in your side hustle success.
Here’s how you can keep it casual, yet professional:

I wanted to let you know I’m looking for extra work in _____. Let me know if you hear of anything.

Just by asking, I’ve worked as a pet sitter, office assistant, and event. Moreover, people are more likely to think of you next time they need help with something.

Develop New Skills

Side hustles are a great place to learn new skills, and a fairly safe space to fail. Trying new things and failing with a traditional job could be detrimental to your career. But for a side hustle, if you think you can do it, and learn from it, go for it!

I got a gig off of Taskrabbit for transcription with no previous experience, but I learned a lot in the process. Because side hustles can be one-off gigs, you can see it as a learning opportunity, rather than an obstacle. After trying different things, you may find you like your side hustle more than your traditional job!

Expand Your Comfort Zone

Along with learning new things, side hustles get you out of your comfort zone. I recently acted as “mother’s helper,” though I am not a mother myself. Some things aren’t comfortable at first, but with time, it gets easier and easier. Your ‘new’ becomes your ‘old’, and your comfort zone grows.

Don’t Forget Gratitude

After landing your first gig, be sure to follow-up and say thanks. Whether you are providing a product or service, send a note of appreciation to your employer. Side hustling can be competitive, and having manners can go a long way.

Ready To Try It?

Patience, hard work, and determination are key. In 2013, I made $5k from occasional side hustles – even while working full-time. That extra money helps me aggressively pay off my debt!

Do you have any other tips to get started with side hustling? What are your side hustles?

You can visit Melanie’s blog at Dear Debt.

Filed Under: Make Money

Make An Extra $10000 In 6 Months

By Frugaling 43 Comments

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Unbelievable how made an EXTRA $10000 In 6 Months! Yes, you can do it too!

Where I Was

Tomorrow marks the 6-month anniversary of Frugaling.org! On May 4th, 2013, I finally wrote about my struggle with student loans and my hope for a better life – one without the worries of excessive debt. My debt sat at $37,719 and would be pushed over $40,000 with the fall semester’s loans. I was scared, and I wondered aloud, “Would the amount of debt I have prevent somebody or scare them away from a serious relationship or marriage? Could debt be so burdensome, if shared, that people just avoid it at all costs?”

Remarkably, I’ve been able to continue to churn through article after article, while maintaining one of the busiest graduate school semesters of my life. But I’ve been motivated by a pressing need to change the paradigm. I live a life where everything I enjoy is taxed at an artificial rate: 6.8% active interest.

Starting a website like this was almost comical. My friends, coworkers, and family members generally gave me a resounding “That’s nice” message. Most thought it was a waste of time. I appreciated their rejections and skepticism, while completely fighting against every concern. People thought I was crazy to be in grad school, writing about personal finance, and have the lofty goal of paying back debt while in the process.

Make An Extra Side Income Money Challenging Gif
There was definitely some skepticism to my excitement…

Where I Am

When I started, there were about 10-20 readers per day. It was safe to say my friends were taking pity on me and visiting to be nice. 6 months later, the site brings in 20 times that per day, and is consistently growing. Concerns over car/student loans, ways to save, and ideas about making more money have led to a site with growing popularity. Frugaling is about to cross the top 150,000 websites in the world and received about 83,000 visits in 6 months.

The excitement goes beyond website statistics. As I open up my Mint.com account and peek at my debt balance, I’m reassured by positive change. My debt load now sits at $34,179 – that’s a reduction of $3,000! I was able to pay back all the loans I took from this semester and pay back an extra $3,000 – in total it’s about $6,000.

By creating this site, I’ve been able to making serious amounts of advertising revenue – in the neighborhood of $10,000. I’ve shared this number with a couple of most closest friends and family members; suddenly, this is a serious living. Comically, I’ve never made more per month than the last 6 months. The money has been directed primarily to student loans and creating financial savings. I’ve grown more hopeful by the dollar, as I realize there’s an out – I can do this!

I feel like a lottery winner. Now, my monthly interest payments sit at $100 a month for the student loans. This is both manageable and something I’m ready to devour. Left and right, I’ve been paying my loan manager $500 to $1,000 at a clip. I’ve been paying so much money that the servicer sent an email reminding me that nothing was “due” yet. Little do they know that I want to pay off the active interest loans prior to graduation. If I fail, that’s okay – I’d rather fail trying.

Where I Am Going

I don’t want to lose my original intentions for starting this site, though. I created Frugaling to share my voice about personal finance, offer a reflective perspective, voice frequent opinions, help people tackle their debt, and encourage my readers to get frugal. For the next six months, I’m going to attempt to deliver the best content to my readers yet.

From experimental diets and budgets to new writers and perspectives, Frugaling is going to get a tremendous upgrade. By the year’s end I’d like to reach 500 Twitter followers, 100 Google+ followers, and write another 40-50 articles. Over the next couple months, I’m looking forward to cultivating some new contributors to the site and beginning to expand beyond my sole perspective.

When it comes to my debt, I intend to pay another $2,000 to $3,000 more by year’s end. Get ready NelNet (my loan servicer), some massive payments are coming. Oh, and on top of that, I won’t be needing any student loans next semester! The direction is changing, and I’m ready to catalog this entire experience for you. Please subscribe and share the site! Thank you for your support and encouragement.

Your friend and less broke grad student,

Sam

(See Related: Five Months Of Frugaling: A Reflection)

Filed Under: Make Money Tagged With: Blog, Interest, Make Money, Online, Student Loans, Website, Write

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