The hurdle all recent college grads face is getting a job. Some have a job lined up before graduation. Most search for a job for a couple months after. And some struggle to find employment within 6 months of their graduation date. But the best thing you can do during that student loan grace period is to earn some kind of income — especially if you have private loans.
The average amount a college grad owes in student loans upon graduation is around $37,172. The 6-month grace period is meant to give graduates enough time to find their first job before loan payments start becoming due. Unfortunately, it doesn't always work out that way.
If you do find yourself out of work when your loan payments come due, you have a few options. With federal loans, you can apply for a payment adjustment based on your income. An Income-Based Repayment Plan is based on income, family size and residence, not on the amount borrowed. For most, these payments are capped at no more than 15 percent of a borrower's discretionary income. Additionally, loans taken out on or after Oct. 1, 2011, these payments are capped at 10 percent of discretionary income.
Unfortunately, uninsured private loans and Perkins loans are ineligible for an Income-Based Repayment Plan. If you do have private loans, you may be able to work out a reduced payment with your lender or your lender might have options to refinance. But this can vary. It would be much better to be able to make the payments, or at least be able to pay some amount, right?
Obviously, when searching for a job, you don't have control over whether you get hired or not. You can do everything right. Make a good first impression, have great references, and a stellar résumé — but still don't get the job. However, you can still earn some income or save money while you're looking for your first full-time job. And if you can, it would go a long way to begin making payments during your grace period. But if it's too much a strain, then don't worry about it.
Consider taking a paid internship with flexible hours or pursue freelance work. Sure, you could take a part-time retail job, but probably it won't offer the flexibility or experience a job in your field will. The goal is to find something with some income (even if it's less than ideal) while you're looking for a great full-time job. And if it's in your field, you can list it as applicable experience on your résumé and maybe even get a good reference out of it.
So, if you want to become a teacher and you're struggling to find work, try substituting with your local school district. Want to work in advertising? Try to find a short-term position or a paid internship. If they end up liking you, you might also be hired full-time. If you want to work as a journalist or another kind of writer, freelance work is your best bet. Evaluate your options based on your field and choose what works best for you.
The goal is to earn some money — even if you can't find a job right away — so you don't have to worry about making your student loan payments when they come due.
Airbnb offers an affordable option for people looking to be more comfortable as they travel.
However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.
And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.
If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.
Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."
just setting up my twttr— jack (@jack)1142974214.0
The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?
Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.
The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.
Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.
Stick To a Specific Strategy or Niche
Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.
First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.
Be Vigilant About Viable Financing Options
While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.
Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.
Master the Art of Finding Good Deals
There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.