Tag Archives: plan

Life 101 for the New Millennium: Demolish Your Debt

debt reduction, budgeting, interest
Photo by Erwin Zueger

Some people may not think about recent grads when it comes to debt. After all, how many recent students have a house, luxury vehicle, kids, etc. But those graduates who didn’t have the benefit of scholarships or parents who paid their way through college most likely had no other choice than student loans.

The faster you pay off the debt you owe—be it on a car, student loans, etc.—the better. Unless there’s a prepay penalty on the loan, you’ll save in interest when paying it off early. And student loans and/or credit card debt are a great place to start this practice.

First, make sure you have a budget. This way you can make sure you are covering your needs before your wants each month. Live within your means, spending what you have and saving up for anything that costs more than you have the money for. Then list out all your debts: the creditor, the total, the interest rate, and the minimum monthly payment.

The preparation above will help ensure (or identify if) you have some discretionary income to apply toward debt reduction (always pay against the principal when paying more than the minimum payment). You can also pick up additional work on the side, be it freelance or a part-time job in the hours around your full time job. For example, my friend Jason bartends two nights a week.

Pay off the debt with the highest interest first, then on down the list. Obviously, don’t take out mini loans from your bank, do Cash Advance type loans, or go on shopping sprees with your credit card. You don’t want to add to your debt when the goal is to be as debt-free as possible.

You may want to investigate consolidating all your debt into one lower interest loan. This strategy may help reduce the amount of interest you accumulate monthly, providing you more cash to use toward paying off the balance.*

If you have a month where for some reason you will not be able to make the full payment, contact that creditor. Creditors are used to working with their customers and would rather you be proactive in working out an alternate arrangement than get behind on payments. Further, you may have more options if you get in touch before that month’s deadline rather than waiting until the payment is overdue.

If you ever see you cannot make, for instance, your car payments, contact the lender to discuss options. It’s far better to do this than to allow repossession…or in the case of an apartment, eviction. Eviction has many consequences, and just running from the aftermath of that situation will not absolve them.

Though having your debts paid off may seem like an ideal but distant goal, don’t give up. Chip away at that debt. Getting it off your plate can reduce stress, save you money, establish good money management habits, and help raise your credit score.

*“How to Pay Off Debt: Six Steps to Success,” 2014 Regions Bank article

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MUCHO MONDAYS – Gold In The Desert: An 18-Point Sample Action Plan

action plan, planning, plan, action, forethought, priorities, job search, preparation, mucho Mondays, action items, goals
Photo by Mark85306 at flickr.com

The most important thing for any job seeker at this point is to craft an Action Plan. I’ve carefully crafted and sequenced the sample below, but you can modify it as you see fit. Replace the example info in the Plan section with your own; then begin to accomplish the Action Items as a part of your daily activities.

ACTION PLAN

Planning:

  • Goals: Secure a full time marketing management, creative services, or project management job in the greater Denver area with a stable industry, working with internal customers—not the public at a for-profit company not in healthcare or music business with <15% travel., $45k+/yr. + benefits, within to 5 miles from my home by [date.]
  • Relocate: no
  • Job Titles: Project Manager, Marketing Manager, Creative Services Manager
  • Direction: Seeking the ideal job (for the first 5 months) until [date]; then after [date], seek B or C jobs at ($35k+/yr. offers.) Get up daily at 8:00am. Job search/network: 9:30am-3:00pm. Read 3:00-3:30pm, & gym 3:30-4:30pm M-Thur.)
  • Focus: Doing the action items below to achieve your Goals. Take a few minutes out of your day to find positivity, and you will find yourself having less stress and an open mind towards your job hunt. Think of this job transition as an adventure & about all those that are supporting me. Be thankful as opportunities arise and things go well.
  • 4-5 Strengths/Unique Selling Points on Me:
  • B & C Level Job Options:

Action Items:

1) Watch or read The Secret. Consider doing a career assessment.
2) Set up regular reminders in your calendar such as:
Daily – Reading
Weekly – Certify for unemployment pay.
Weekly – Apply for 3 jobs (or whatever the minimum is for your state). See WEEKLY REMINDER* example below.
Weekly – Post something helpful to your LinkedIn wall—for example, events, articles, or job openings.
Monthly – Decide which networking mixers to attend during the next month.
Every other month on a Friday – Post reminder about job search on your Facebook and LinkedIn walls. If you’re a Twitter user, tweet this as well. Samples:
a. “Hope everyone is having a good week. Just an update on my job transition. I’m still seeking a full time marketing or graphic design job in the greater Denver area in case you hear of any openings. Thank you.”
b. (Alternate): “Happy Friday! The job hunt is going well–I’m finding and have applied for some good positions and am networking like crazy. Just a reminder, I’m still seeking introductions to recruiters and opportunities in marketing or graphic design in the greater Denver area. Any referrals would be greatly appreciated. Thank you!”
One Off Dates – Log the dates you need to reevaluate and possibly move to your next alternate choice for positions from your Action Plan above into your Calendar.

*WEEKLY REMINDER:
Every MONDAY:
– Login & manually run a fresh search at www.creativegroup.com to see what jobs they have.
– Check Craiglist (http://nashville.craigslist.org/search/mar?query=+ AND http://nashville.craigslist.org/search/jjj?is_parttime=part-time) AND Monster.com for job postings.
– 2nd & 4th MONDAYS, see AAF (American Advertising Federation) board – www.aafnashville.com/jobs AND these 3: http://part-time.jobs.net | nashvillechamber.com | https://beta.governmentjobs.com
– 1st & 3rd MONDAYS, manually check Career Transition Group’s LinkedIn Group – http://www.linkedin.com/groups?jobs=&gid=881437&trk=anet_ug_jobs AND Vanderbilt’s site – https://vanderbilt.taleo.net/careersection/.vu_cs/mysearches.ftl
– Daily, as usual, see emails from those where alerts are set up to email me: LI (LinkedIn) groups, Indeed, professional associations, beyond.com.

Other job postings:
– www.simplyhired.com
– http://www.jobalot.com
– Surf my target co’s web sites.

READ:
MarketingNews magazine
underconsideration.com/brandnew
sethgodin.typepad.com
prdaily.com

3) Take an online free webinar such as http://premium.linkedin.com/jobsearch/webcasts.html to familiarize yourself with how LinkedIn currently works.
4) Establish a relationship with a Career Coach at your local Department of Labor or a recommended life coach.
5) Update: Elevator Speech, Exit Statement, Resume’, html Resume’, LinkedIn Profile & status, interviewing SARs (Situation/Action/Result), Strengths/Questions/Tell Me About Yourself sheet, References page
6) Set up folders on your computer. Create (or update), and assemble all templates, scripts, etc.
7) Print some resume’s (run 10 copies to keep on hand and use as needed) and business cards (start with 150).
8) Change your “LinkedIn Headline,” and check your LI Preferences.
9) Make your Target Company List.
11) Get recommendations; then request meetings to get set up with 2-3 headhunters (independent recruiters.)
12) Create, then start using 2 Excel documents (Job Search Log and Networking List) and your scripts/templates to start networking and tracking daily action items.
13) Set up, reactivate (or turn off filters that automatically trash) regular job posting alerts from indeed.com, and a few top sites like beyond.com or glassdoor.com/Job/jobs.htm.
If your city has a career transition group (for example: http://tinyurl.com/nashcareer) with regular job postings email blasts–be it through their LinkedIn group, yahoo groups, or just email messages–sign up for those.
14) Update your online resume’ at indeed.com, careerbuilder.com, your outplacement service’s site (for example RightEverywhere.com) if you have one, and while you’re there, update your profile. Post your resume’ at any association sites.
15) Regularly check job postings at professional organizations’ sites. Or even better, set up a job filter at those sites so you get an alert by email.
16) Invite some of your closest colleagues to lunch. Start the Targeted Networking process (which we’ll discuss in a later post). Use Facebook or email to individually (as much as possible) alert your friends of your job search. Google around, and compile a list of regular networking events.
17) Stay abreast of news in your industry.
18) Volunteer:
a. With an association in your field.
b. Occasionally with events that have to do with your field (ex.: Podcamp, Barcamp).
c. If you have time, volunteer a couple of times a month or so with a local organization of your choice. See volunteermatch.org.

Just a reminder, if you have family, friends, or colleagues that are on the job hunt, please share this blog with them. Don’t miss the next topic in this series.