Real World 101 Blog

Preparing for Your Apartment Hunt

2010-09-01T14:00:23Z

Great! You’ve decided to live on your own. I’m sure you can’t wait until the key is in your hand and the landlord says to you, “It’s all yours”. No, don’t go and start visiting every place that has “For Rent” sign in the window right away. Apartment hunting is a long process that can take months and can be frustrating. However, if you know where to look, how to look, what to look for, and what to avoid, it can actually be a fun experience!

There are several key decisions you have to make before you begin your search and they can be done right from the comfort of your dorm room. To get the best deal on an apartment and avoid big mistakes that will cost you I suggest that you don’t just read this chapter, but that you take the time to gather the information we suggest you have, complete the action steps, and think about the questions posed. I promise that it will be worth it.

Action: Create a plan for when you want to begin your apartment hunt and how long you plan on looking around.

Up Next: Decision #1 - Figuring Out What You Can Afford

This is an excerpt from Deciding Where to Live After College Guide which is included in our Real World 101 Care Packages. Visit our Care Package page to find out how to get one for yourself or for a lucky college grad!

Step Up Your Job Search Game

2010-08-31T14:00:10Z

With the common mistakes cleared up, you can now get ahead of the competition with a few extra steps. These action steps will make you stand out in the professional world and take you closer to landing a job.

Business Cards

Create inexpensive, simple business cards that include your contact information and objective. Even if you don't yet have a job, people need a way to find you. You don't want to pull out a receipt and write your number down with an eyeliner pencil or a ballpoint pen that bleeds. You’ll be ready to stand out from the crowd when an opportunity comes along. You can use VistaPrint to get free business cards. Below is an example of a business card you can have created.

Establish a routine

Create a job search routine where your working hours match those of the business world, the good old 9-to-5. By setting your day to the business world, you will able to respond to phone calls and emails as they happen. Contrary to popular belief, recruiters don’t look favorably on resumes and email sent at 1:00am. Also, this will make your job transition easier when you land a job. As long as you do it every day, you'll learn to work when it's work time and take a break when it's not.

Do SOMETHING every day

It could be something as minor as sending out one cover letter and resume or calling someone your friend referred you to or taking all the scraps of paper with phone numbers on them and organizing them in a business Rolodex - every day, do at least one thing that will help you find a job. Even if it is just an hour a day, put structure in place to keep you going. The Real World 101 Career Guide contains action steps that you can use to establish your daily routine and keep the momentum of your job search. Successful job seekers do not sit at home waiting for the phone to ring. They contact potential employers every day, researching routes other than sending out resumes and reading ads in newspapers and journals.

Build a Network

Form a group of like-minded job seekers, other grads and college students, to keep your job search on track. Meet regularly to share information on who's hiring. A job opportunity not right for you may be perfect for someone in your network, and vice-versa. Set up group phone calls during the day where all of you recap on your progress and hold each other accountable.

This is an excerpt from Finding Your First Job After College Guide which is included in our Real World 101 Care Packages. Visit our Care Package page to find out how to get one for yourself or for a lucky college grad!

Setting Financial Goals

2010-08-30T14:00:32Z

A dream becomes a reality when it is turned into a goal. Goals keep you focused on the future, and they motivate you to accomplish your dreams.

Knowing exactly what you want to accomplish will be what you need to accomplish your goals. Setting goals will give you a long-term vision (and short-term motivation) to organize your resources—time, money, and talents.

What are your goals? Take some time to think about what it is you want to accomplish:

During the rest of your college career
Your first year out of college
Five years after graduation

Is it to earn enough money for retirement, go back to school or buy a house? It's good to think big. You may have expensive pipe dreams you've never pursued because you've assumed they're out of reach (even if they're not). Or you may have priorities that don't match standard-issue financial goals.

Write Them Down

It's been shown time and again that the process of writing down goals, setting concrete time frames, and then developing a plan of steps to accomplish those goals leads to success. You are 10 times more likely to accomplish a goal if you write it down than if you don’t, says Shad Helmstetter in Who Are You Really and What Do You Want? Also, defining your goals will help determine your timeline and the options that make the most sense.

What financial goals do you have for your money? Write down some of your financial goals below.

Once you write them down, post them on the wall or your refrigerator, so you are constantly reminded of what you are working for.

Tool: Financial Goals Worksheet

Use our Financial Goals Worksheet to define your goals and create actionable steps to achieve them.

Defining Financial Goals

Depending on the time frame it takes to reach one of your goals, it can be considered a short-term, medium-term, or long-term goal.

Short-term goals are those that can be achieved in a year or less. As an example of this, you might want to save $100 to buy an MP3 player in three months.

Medium-term goals are those that will take between a year and three years to achieve. For example, you might save for a vacation next year.

Long-term goals take more than three years to accomplish. One of your long-term goals for after graduation could be to pay off your student loans early by paying an extra $200 per month.

If you need help brainstorming some short-term, medium-term, or long-term goals, visit RealWorld101.org/Defining-Financial-Goals

Clarifying Your Goals

Deciding on your goals is an important first step. To make progress toward achieving your goals, it's helpful to turn them into S.M.A.R.T. goals. S.M.A.R.T. goals are: Specific, Measurable, Attainable, Realistic, and Time-bound.

Let's say one of your medium-term goals is to go with your friends to San Diego for spring break. Here's how to make this a S.M.A.R.T. goal.

Specific: A specific goal is, "I want to spend spring break in San Diego with three friends." A vague goal, for comparison, is more like, "I want to do something fun over spring break."

Measurable: You need $500 for your share of gas money for the drive to San Diego and back, your share of the split hotel room cost, and food for the week. This is more concrete than, "I need money for the trip."

Attainable: It's October, so you have about five months to save for your trip in April, and you'll save the money from your Work-Study job. You'll need to save $100 per month, or $25 per week, to go on the trip. You are more likely to see results with this goal than if you say, "I'll save any money that's left over at the end of the month."

Realistic: You and your friends will drive the 1,000 miles in 15 hours, splitting driving time between the four of you. An unrealistic goal is more like, "We'll make the trip in a day."

Time-bound: You'll have 75% of the money saved by March. An open-ended goal is more like, "I'll have the money by early spring."

This is just one example of a S.M.A.R.T. goal. You can use this idea with all goals, for both money-oriented ones and those that are not. Well-defined goals make it easier to create effective strategies to achieve them.

This is an excerpt from Managing Your Money After College Guide which is included in our Real World 101 Care Packages. Visit our Care Package page to find out how to get one for yourself or for a lucky college grad!

Make the Most of Your Time At Home After College

2010-08-25T14:00:24Z

Are you worried that you may get too comfortable with living at home or may not be able to save enough money to get your own place and end up 30 years old, living in your parents’ basement? Don’t worry. You won’t if you take these steps to insure that you are moving towards your goals:

Get up at a normal time, and the same time every morning, just as you would if you were going to work. Don't get used to sleeping in; you can sleep in on the weekends.

Schedule one job search outing each day. It can be an interview, a trip to the library to do research, a trip to Kinkos to copy resumes, anything. It can be a lunch date with an acquaintance that has an interesting job you want to learn more about. Make sure it’s something that gets you out of the house.

Complete one job search task each day. And it can't be "surfing the Web to research the industry." Yeah, nice try! No, you need to create a product: a cover letter sent in with your resume, a thank you and follow up letter, or a letter or email requesting an informational interview.

Get some type of work. You may not have looked for a part-time job because you are interviewing for jobs, but you can still do some work. You'll feel better about yourself and you'll have some cash. Here are 10 ways to roundup some extra dough:

Sign up with a temporary agency. You can opt to take work that fits around your job search schedule, and temping is a great way to find a permanent job

Substitute teach

Have your parents get out the word that you are available for babysitting, house-sitting, or yard-work

Tutoring independently or through a company. Post fliers in and near local schools and colleges

Become a dog walker for pet owners who don’t have time. Post fliers where people typically walk their dogs

Waiting tables or bartending. They are classic post-college jobs, but great communication skill builders

Working in retail. May not be the most exciting work, but there are always store discounts to look forward to

Giving your opinions. Call companies that do market research and offer to participate in a focus group. They pay cash and typically meet in the evening

Work the phones. Sign up with a telemarketing company that pays you on commission for what you sell

Freelance writing. If writing has been a strong point of yours or you have a particular area of knowledge, let that work for you. Newspapers and other publications are always looking for good content and it pays well too

Do some kind of exercise each day. You will feel physically and emotionally healthier each day if you take care of your health and stay fit.

Try to connect with a friend each day, someone from school or someone from home. Don't withdraw just because you are not working or are in a crappy job. Stay connected with the important people in your life.

Also, take note: Moving back home to get your finances on track only works if you're disciplined. If you're saving on rent but you're spending more money on other things like entertainment, new tech toys or a brand-spankin' new SUV, you're not really saving much. In that case, grow up! Moving out could be just the impetus you need to finally take your finances seriously.

Action: Create a plan for how you will spend your time at home and set a move-out date to help you stay focused on your goals.

Up Next: Preparing for the Apartment Hunt

Avoiding Costly, Simple Mistakes in Your Job Search

2010-08-24T14:00:23Z

Looking for a job is a job in itself. You must be a professional at all times. Before you open a résumé template, sign up for an online job board, or buy an interview outfit, you need to clean up your act. Throughout your job search you will be interacting with many other professionals. It is essential to put your best foot forward in every situation.

In most situations, the employer has the luxury of choosing from several well-qualified applicants, all of whom could probably do the job. It is then that the little things like the common but often unrecognized mistakes described below, come into play. They are suddenly no longer small--they can cost you the job.

Your Voice Mail Message

Make sure your voice mail message at home is appropriate for receiving the calls you expect from putting your résumé out there. You cannot afford to use an audio clip from Sponge Bob Square Pants on your answering machine. Sure, you may think it’s funny, but employers won’t. The message should be clean and simple. Here is an example voicemail message you can use:

“Hi, this is (your name). I can’t answer the phone so please leave your name and number and a brief message. I will get back to you soon. Thanks for calling.”

Your Email Address

Get an email address that is professional and easy to remember so employers can email you. If you have a clever or cute email address like cutiepie@domain.com, yankeesfan@domain.com, or sexkitten@domain.com, get a new email address! Sure, it’s clever, memorable, and fun, but it’s also going to have your prospective employer thinking, “I can't believe someone would actually list this email address on her résumé, let alone use it to correspond with me. Will she use the same poor judgment on the job if I hire her?

Use your school or your alumni association email address, if possible. Another option is to create a separate email just for your job search with one of the free email providers like Google or Yahoo. Use your name or initials in your email address. That may be a challenge when using a free email system, but jsmith123943023@domain.com is much better than marathonlover1@domain.com.

For more information about free email systems check out RealWorld101.org/Free-Email-Systems

How Do I Start Creating My Financial Plan?

2010-08-23T14:00:46Z

Begin by thinking about what you want: your dreams. You may have thought financial planning begins with budgets, saving receipts, and spreadsheets. No, not just yet. It begins with you writing down what you want to do with your money.

Money is one of the many tools you will use to accomplish the goals and dreams you have for yourself. What good is a tool if it is just sitting around not being used to build or create anything? Even the richest among us don’t sit around on their money or stuff it in a mattress. They use to it to build more wealth, accomplish goals, or leave a lasting legacy.

What will be your legacy? What are your goals? Start by imagining yourself 45 years from now, you’ll be about ready for retirement. List all of the things you have accomplished and the goals you have achieved. Don’t limit yourself to only financial goals, like being debt-free or earning a big yearly salary. Think of other objectives like travel, family, and personal experiences.

Now, begin to think about yourself 15 years from now, you’ll be in your mid 30’s.

Now, begin to think about yourself 5 years from now, you’ll be in your mid 20’s.

Now, begin to think about yourself a year from now.

Tool: Goal Setting Worksheet

Use our Goal Setting Worksheet to help you discover your goals and create the financial future you desire.

This activity gives you a better idea of why you want money in the first place, so you can have a reason to become better informed about the money you have and the decisions you make with it.

Your dreams may seem years away, but time passes quickly. Remember, only 4 years ago you were a young naïve college freshman, and 4 years before that you were a high school freshman. Therefore, you have to start now to begin working towards your dreams before time catches up with you.

You’re a College Grad Now…So Act Like It

2010-08-18T14:01:02Z

What a sweet deal you have now - no need to worry about paying rent, unlimited amount of food in the fridge, clean laundry, and free cable. What more could a college graduate want? Don’t get too comfortable on that La-Z-Boy chair. This isn’t your place; it’s your parents. Remember to show them and their home the same respect you would have for your own apartment.

Here are a few ways you can show your parents how much you’ve grown up in college:

Your parents should not be your personal maid or assistant. Tell your parents you don't need laundry or dinner, that you will do it yourself.

At mealtime, call ahead of time to tell them if you will or won't be coming so they know how much food to prepare.

Take responsibility for your own finances like paying college loans or credit card bills. Let your parents know about the steps you are taking toward financial independence, they may be willing to help out.

Offer to run errands, drive, or clean for your parents to show them that you can take care of yourself. If you borrow their car to run those errands, make sure that you refill the gas tank.

If you go out to dinner with your parents, offer to pay the bill or at least the tip

When borrowing money from your parents make it formal, write down the amount you borrowed and when you'll pay it back.

The more you act like a renter now, the easier it will be to transition into your own place.

Action: Talk with your parents about how you can contribute and take on more responsibility.

Up Next: Make the Most of Your Time At Home

Traditional and Modern Job Hunting

2010-08-17T14:00:25Z

The traditional job search process consists of writing a résumé, searching for positions, submitting your résumé, interviewing, and so on. This method leaves often you high and dry, hoping that some company will figure out that you are what they are looking for. It doesn’t always work that way now. There is likely too much competition out there to just randomly submit your résumé, praying that someone hires you.

The modern method to job-hunting is more like a full-fledged marketing campaign, plain and simple. You are the product. Your skills and experience are a product or service that you have to sell to a business. You don’t use billboards or create commercials about your résumé. But what you have to do is find out what businesses want in an employee and tailor your marketing tools (your résumé, cover letters, and so forth) to their needs. Employers will purchase (hire) only when they are convinced that the product (you) will be successful in fulfilling their needs.

The Real World 101 Finding Your First Job After College Guide will show you how to use the modern job-hunting method to not only help you get your first job, but also to help lay the foundation for your career.

What is Financial Planning?

2010-08-16T14:00:18Z

“It takes as much energy to wish as it does to plan.”

--Eleanor Roosevelt

The best way to take charge of your money is to have a plan for it. Instead of thinking about money as just something to spend, think about making your money work for you.

Financial planning is the process of evaluating your present financial situation, identifying financial goals, preparing a written plan to achieve those goals, and carrying out the plan.

It’s an unnatural act. The brain is wired to make us undervalue long-term goals and exaggerate the cost of short-term sacrifice. Yet, according to Money magazine, people who do even a little financial planning had twice the savings of those who did almost none.

What is a Financial Plan?

A financial plan is a personally designed document that identifies your resources, expenses, and goals, and combines them into a “road map” to get you where you want to go. A financial plan will help you achieve the things that are most important to you, whether that means paying off your student loan debt or creating a fund for your first home. It’s broader than a budget, encompassing savings and investments. It is a living document that benefits greatly from frequent revisiting, reassessment, and retooling.

Who Needs a Plan?

Everyone. If you haven’t made your financial plan, then your plan is to fail.

What Goes Into a Financial Plan?

Your resources - sources of income, allowances, loans for school
Your expenses from your budget worksheet
Your goals and dreams
Your plan of attack

Settling Back In With Your Parents After College

2010-08-11T14:00:21Z

A concern you probably had about moving back in with your parents is that they are going to treat you the same way they did in high school. Sure, you may have just spent the last four years of your life fending for yourself, but to Mom you’re still her little baby. You will have to have a discussion with your parents about how you would like to be treated when you move back in.

Here are a few things to discuss:

Bills
For 18 years you may have lived at home rent-free, but times have changed and you are now an adult and your parents may expect you to pay for things. The amount for rent should be discussed between you and your parents. You may be able to lower your rent by doing extra chores, but remember to keep up your end of the bargain.

Chores
Sure, chores may have been the old you and you shouldn’t have to worry about them anymore, but your parents are saving you hundreds of dollars a month, don’t you think it’s only fair?

Curfew
In college, you could come and go as you please. For some, seeing the sunrise as you headed off to bed meant that you had a great night. But, your parents may not feel the same. Believe it or not, your parents may understand the idea that you want to have a life and that it doesn’t come to an end before 12 AM. Ask them how they feel about what a reasonable time to come would be, they may surprise you. Note: This doesn’t have to be a curfew, think of it more as a courtesy to your parents.

Visitors
It may have seemed that your dorm room had a revolving door on it by how many people would come by for a visit, but that may not fly with the ‘rents. You may even hear them say, “What do you think this is… a Holiday Inn?” I suggest that you give them a heads up when inviting others over. If you have a boyfriend or girlfriend, this may be something you may want to discuss with them, they may not believe in the “free love” you discovered in college.

Smoking
You may have picked up a smoking habit in college that can be hard to quit. However, telling your parents that you now smoke may be even harder. If your parents’ home was a smoke free zone before, I can imagine that it hasn’t changed. So, it’s probably up to you to either quit or take walks around the corner to smoke.

Noise
Be considerate about the noise level coming from your room. Sure, there is no RA that you can brush off when they knock on your door to tell you to keep it down, but now you have to deal with your mom… that’s someone you can’t really brush off.

Moving Out
As much as they may love you, they want their space back. They’ve raised you for 18 years, don’t you think they want more of a break than just four years? Talk with your parents about how long you plan to stay there and set a date for when you want to move out. Your parents may be more willing to help you while you find a new place when they know that you have a plan in mind.

Action: Sit down and create a contract with your parents that will outline your plans for living at home.

Tools: Check out our Contract With Your Parents Tool

Up Next: You’re a College Grad Now…So Act Like It