Real World 101: Life After College

In the latest installment of Real World 101 podcasts I interviewed Pat Hawkins of Episcopal Community Development. Pat spoke about credit scores and building credit history. She also gave great advice on how to overcome financial problems that may arise with credit (e.g. identity theft, bankruptcy, etc.) If you would like to learn more about credits scores, credit cards, bankruptcy, loan consolidation or have any questions for Pat please contact us.

 
Here are some of the discussed topics:

• The Basics of Credit Scores and Credit History
  
• Understanding All the Different Types of Credit
  
• Preventing Identity Theft
  
• Dealing with Bankruptcy
  
• How to Consolidate Your Debt
  

In a recent New York Times article by Damon Darlin called More Advice Graduates Don't Want to Hear, Damon offers advice that may be hard to swallow, but is definitely beneficial in the long run. He notes that although trying to get by on $40,000 a year may be tough, it is possibly, even in  New York and San Francisco. The only thing that the author fails to remember is the student loan payments that need to be factored into a budget.

A few of his suggestions are:

• Never pay a real estate agent a 6 percent commission.

• Buy used things, except maybe used tires

• Get on the do-not-call list and other do-not-solicit lists so you can’t be tempted.

• Know what your credit reports say, but don’t pay for that knowledge: go to www.annualcreditreport.com to get them.

• Consolidate your cable, phone and Internet service to get the best deal.

• Lose weight. Carrying extra pounds costs tens of thousands of dollars over a lifetime.

• Do not use your home as a piggy bank if home prices are flat or going down or if interest rates are rising.

• Enroll in a 401(k) at work immediately.
  

• Postpone buying high-tech products like PCs, digital cameras and high-definition TVs for as long as possible. And then buy after the selling season or buy older technology just as a new technology comes along

Having trouble figuring out how to save for the future? Or trying to find ways to pay off your bills now? Don't worry. You won't have to eat ramen noodles forever because Real World 101 and Peter Bielagus are here to help.

Peter will be talking to Real World 101 about paying off your student loans, saving for retirement, and creating a strong financial foundation. Also, we will discuss his book, Getting Loaded:: 50 Start Now Strategies for Making 1000000 While You're Still Young Enough Enjoy where he has written all of his amazing financial tips. Peter will provide you with advice that will make it possible for you to gain the wealth you need to fulfill your goals. Take this great opportunity to ask Peter questions about your financial future, we know you have some and you can thank us later.

*** Don't pass up this wonderfull opportunity, ask those burning questions you have to our expert ***

 (Interview will take place on June 4th at 1:00PM EST)

If you have a bad credit rating or no credit history then consider getting a secured credit card. A secured credit card let’s you first make a deposit to establish a balance. You can then charge against the amount that you deposited. Most secured cards report to the credit agencies so this should help you develop a good credit history.