We're taught a lot of useful things in school (how to tell time, multiplication tables, how to find—or at least attempt to find—Oklahoma on a map) and some not so useful (geometry). But do you ever wish you'd been taught some real life skills instead? Skills you may have had to learn the hard way, e.g. paying off interest fees on a credit card or paying full sticker price for a car. As an adult you may try to teach your kids these lessons, but wouldn't it be great if they actually taught them in school? Here are some life lessons we should probably learn early, in order to avoid future mistakes.
And not just our friendships, family, and romantic relationships. Ask multiple people how they landed the job at which they're currently working and you're bound to find at least a few who admit that they "knew someone." As anyone who has ever been on the market knows, securing a job is one of life's greatest stressors. It's like dating, but without the booze and possibility of sex. While the thought of networking may elicit a curled lip or exaggerated groan from most people, it's exceptionally important if you want to establish and grow your career.
You hate traffic too? Let's connect over coffee.
For those of you who'd prefer dentistry without Novocain to entering a room full of people you don't know and attempting to strike up a conversation, there are ways to make it more palatable and effective. The single most important tip for networking is not to exchange business cards or speak with as many people as possible, but rather to find people with whom you can form a long-term relationship. The woman who enthusiastically talked your ear off about her mushroom fertilizer business may have held court for 40 minutes, but it's the man with whom you bonded over a mutual love of ugly dog sweaters for two minutes who may actually be someone you'd want to see again, and could become friendly with.
Make a point to follow up on contacts you meet at networking events: grab coffee or a drink, send them a link to an article that they may find helpful, or simply drop a note to say "hi". Then comes the hard part – building the relationship. Do whatever you need to do to stay in touch with them, whether it's a reminder on your phone or a to-do list taped to your bathroom mirror. People will remember you and will be more open to helping you achieve your career goals because you they know you, not because they met you once at a mixer where you talked awkwardly while guzzling cheap white wine.
Never pay sticker price
Flea markets and craft fairs aside, we tend to think that the prices of most common products and services aren't negotiable. Not so. Even medical services are negotiable (yep, sometimes just letting a provider know you don't have insurance results in an automatic reduction). While rolling into Mark Jacobs and politely requesting a discount on the latest bag probably won't get you very far, one place where you should never pay full price is at the car dealership.
I do my best negotiating online
One strategy for getting the best possible deal on a car involves a little research, but it's well worth the effort. Start by identifying the exact car (or cars), including manufacturing year, you want to buy. Narrow it down to one if possible, but no more than two or three. Check the average value by using Kelly Blue Book so you have an idea of what prices to expect. Then identify several dealerships near you that have the car(s) and request a price from the sales team. Choose the lowest price and send that to yet another dealership that has your desired car. Tell them you were offered the car for that price at another dealership, but if they can beat it by X amount (go ahead, reach for the moon here – the worst they can say is no) then you'll buy it from them. Voila! You just scored yourself a great deal on a car. You can also try this strategy with medical expenses, home repairs, and other negotiable goods and services.
Use a credit card to build up your credit, not as a bottomless bank account
Think long and hard about that purchase before you pull out the plastic
You're probably no stranger to debt, which means you understand the concept of interest. Yes, that nefarious little percentage that ultimately results in paying way more than the original borrowed amount. If you think college loan and mortgage interest is high, a credit card's eye-popping percentage is often three to four times that rate.
To illustrate how much money you'll end up spending if you let your credit card debt accumulate, pretend you have a $3,000 balance on your card and you pay the minimum (say $25 every month). You'll end up paying a whopping $2800 in interest alone before you pay it off. The lesson here? Only buy what you can afford on a credit card, and pay it off monthly. If you hate carrying cash but can't help but splurge when you go shopping, use a debit card. It won't build up your credit but at least you won't be going into massive debt.
Learn how to budget
Speaking of using a credit card wisely, it's also smart to have a budget so you know how much you can afford to spend at a night out with the girls or for rent and groceries. Generally speaking, you shouldn't be spending more than 30% of your gross (before taxes) income on housing. Lifehacker's simple budgeting plan recommends the 20% rule for paying off debt: 20% of your monthly income goes towards debt, 10% to savings, and 70% for the rest.
You can sleep when you're dead
Helloooo wedding photographer
If you find that you're squeezed for cash once all your necessities are paid for, you may want to look into a side hustle. You don't have to be a master at a particular craft; there are plenty of side gigs that require very little skill. If you have an extra room you can rent it on Airbnb; if you enjoy driving you could try your hand at being a Lyft or Uber driver. Dog walking and sitting has also become a serious business, thanks to sites like Rover.com. If you love fur children you can make some decent scratch, especially if you walk or sit multiple dogs at once.
School curriculum has its shining moments, no doubt. Perhaps knowing the capitals of all fifty states will finally come in handy during trivia night at your local watering hole or maybe understanding the true meaning behind Wuthering Heights will help you imbue that blog post you wrote for your boss with true depth. But really, would it be too much to ask to replace calculus with a crash course on how to pay down debt?
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The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.