Tag Archives: money

Fullbridge Program Day 3: Personal Finance

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Day three of Fullbridge focused much less on group activities and required more attention to individual tasks. The workload was quite dense, and none of us wasted time chatting. On-task and quiet, we immersed ourselves in a world of tutorials, videos, PDF files, and Excel. Most of us listened to music while we worked. I frequently stood up to stretch and give my back a break from sitting too long.

Personal finance stood at the forefront of the day’s work, complete with facts and figures full of jargon. We explored a range of financial settings. These included learning the difference between variable, fixed, and discretionary expenses, as well as the value in renting v. buying a house. While I did not find this information immediately applicable for myself, I knew it would help to know the information later down the road— perhaps after I graduated from Scripps. Even now, some students choose to live in a house with others instead of opting for on-campus housing.

Another topic fell under the category of how to choose a bank based on a three-pronged guide: fees, convenience, and interest paid. Although many of us may already own savings or checking accounts, CDs or mutual funds, we can always benefit from securing additional knowledge. After all, the economy literally changes overnight and new policies appear more often than we might think. Personally, I would have appreciated information about traditional banking v. online banking, given the recent shift to the latter.

By the end of the day, my mind had accumulated a wealth (puns!) of information about personal finance– enough to make me rethink my spending and saving habits. I reflected on the way I had spent my paychecks last fall, and resolved to act more thoughtfully this semester. I set a new budget for myself, and have followed through with it this spring. As of now, I’m happy to say my piggy bank’s been nothing but smiles.

On a tangential note…

My personal accomplishment of the day was working out at the gym for the first time since my arrival at Oxy! Given how difficult it is to find any extra time outside of work, I felt extremely accomplished. I imagined what it would be like to find similar pockets of time for fun or recreation in the future, and am thinking about it still.

When one works an 8 A.M.-5 P.M. work week, one either has to work out early in the morning, or late at night. Eat. Get dressed. Drive to the gym. Work out. Shower. Get dressed again. Sit in traffic. Work. Eat again. Sleep? Throw in a family and kids (which I’d like in my future), and no wonder people in the “real world” can seem so stressed out! The eight-hour workdays at Fullbridge have led me to think more concretely about the kind of lifestyle I hope to adopt in the future.

What priorities do you currently stress in your life? How often do you take the time to sit down and re-evaluate these priorities? Does a budget make its way into the picture? I hope your piggy bank finds a reason to smile. 🙂

The Elephant In The Room

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There are many questions I don’t know the answer to but really wish I did, pretend that I do, and can blab as if indeed I do but I actually don’t. There is a question in particular that we skirt around when talking about social justice work—how are we going to make money? Granted we don’t talk about it much because it’s  much more interesting to talk about ideology, politics, and intersectionality but maybe, just maybe, we don’t talk about it because we don’t want to talk about it. We don’t want to talk about it because there is very little money to be made doing social justice work. And if your decision to pursue a career doing social justice type work is not informed by the fact that it’s a pretty financially bleak sector (yikes) then you should really reconsider taking your priorities into account.

Of course, there are very successful people who make an awesome income doing social justice work. If you work with an established organization then you are likely to make a stable income. And yes, there are tons of entrepreneurial opportunities within the social justice sector that you can really capitalize on. But really, you are probably not going to be making six digit incomes and there is a real possibility that in the beginning you are not even going to be making a stable income.

I was rock climbing with my friend today and she was telling me about the internship she is close to securing with a nonprofit.

“That is really awesome,” I said.

“Yeah. It is. I guess,” she said. Her left foot seemed to effortlessly find a rock to land on while mine dangled aimlessly.

At this point my arms gave out and I dropped to the mat below.

“Wait what do you mean? I thought you’ve wanted this since high school,” I said wiping chalk from my legs unsuccessfully. She reached the top, climbed down a couple of feet, and landed next to me.

“It’s sounds really superficial but honestly I won’t be making much working there,” she said. After a pause she continued, “and I kind of want to be making more. And the thing is I know I could if I worked for a for-profit business. Ugh choices.”

This sentiment is not uncommon.

“It’s gotta be a choice you’re willing to make,” I said.

“Yeah I know. I think I’m willing. I’m not sure if I know that for sure anymore.”

Money is an issue that my friend is acutely aware of. She rented a room for the first time as a grad student and had to commute to go to work. Nevertheless hearing her say that was unnerving. We have very similar interests and I don’t think she is any less passionate about her cause but life happen and conviction wavers. It might and probably will happen to me.

Let’s talk about the money issue in the interest of helping people make informed decisions. I will be the first to admit that I’m young, hopelessly idealistic, and a little naive. It’s too easy to be in denial and to romanticize social justice work. We need to acknowledge that the cost of living is high in urban areas where the majority of social justice work is aggregated. Everything costs money. This is the reality. This is the outside world that someday we will have to step into when we leave the comfort of the room. When making the choice to work in social justice type careers it’s important to acknowledge the sacrifices that comes with that—being financially well off is one of such sacrifices.

Worrying about money sucks. It would help though if we addressed the money issue. I talk to my friends who are interested in working in the social justice field and no one has yet given me a concrete answer. I do see successful people in the field who make a decent living but none who do activism-oriented work which leaves me questioning whether or not it’s even a viable career path. It might very well be. New jobs are being developed constantly, e.g., youtubers who post videos for a living (like what?!). Yes it’ll take hard work, I’ve accepted that. I might as well capitalize on my youth while I still have it, while I’m not afraid of strenuous work, of long nights, of starting over.

I read an article, “Investing: I have $5. What is the best way to invest and grow my money?”, that really cheered me up though. These students literally made money from nothing but their time and ability both of which I have. The TL;DR edition is just look for problems, provide a solution, and charge for the solution. Easier said than done, like most things in life, but a promising start nevertheless.

 

Call me, maybe? Phonathon at Scripps

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When I first began working at Phonathon over two years ago, I was simply in the market for an on-campus job and knew close to nothing about the Scripps Fund. I had heard from friends that the Phonathon environment was super fun and upbeat—and that the paid bonuses were great (which is all very true!). Now, many semesters later, I am incredibly grateful I stumbled across this position, not only because of my positive experiences and all the wonderful people I’ve met, but because I will be leaving with a wealth of transferable skills I hadn’t even realized I was honing on the job.

My primary role as a Phonathon caller is to solicit financial gifts for the college. Like most new callers, I was initially hesitant and uncomfortable when it came to directly asking for large sums of money. However, as I came to understand the importance of the Scripps Fund in maintaining the community and supporting critical areas such as scholarships, I grew personally invested in my role, and the unease of asking for money began to wear away. Now, when presented with a cause I truly believe in, I am not only able to ask for money, but also clearly convey my enthusiasm and passion for the cause and articulate why the cause in particular is worth others’ support. While I hope that chasing and thanking donors is not crux of my career in public health, I recognize that my work will inevitably intersect with the non-profit world—an important part of which is garnering financial support. And if I end up on the research side of things, most projects are funded by outside foundations and involve an intense grant writing process in which you must present and defend a strong, compelling case for your research. Either way, being comfortable and confident when approaching issues of money, funding, and donations is a huge strength, especially in the direction I am headed.

Without realizing it, my hours spent at Phonathon building conversation with alumni, parents, and friends have strengthened my communication/ networking abilities immensely. At Phonathon, we call it ‘building rapport,’ which essentially means connecting with the other person in order to stimulate engaging, energetic conversation. This has by far been the most rewarding aspect of being a caller—I have had countless inspiring and interesting conversations, many of which have highlighted the impact of a Scripps education. So many alumni and parents feel a strong tie to Scripps and are eager to share how their experiences with the college have shaped and influenced their career, interests, and life in general. I have had the opportunity to speak with individuals working in public health, medicine, social justice, etc., and their personal stories have provided great insight into the journey and field itself. I am constantly grilling alumni about how they ended up in their respective careers and the challenges they faced in navigating that path. It is encouraging to hear that careers are often entirely unrelated to majors—many alumni assert that it is the critical awareness and intellectual curiosity they developed at Scripps that prepared them for future success and achievement. ‘Rapport building’ has proven to be extremely valuable and will continue to enrich my networking experiences as I move forward.

Hope everyone had a wonderful long weekend (it seems like so long ago now…) filled with love, and family, and friends (and maybe some productivity?). As the semester whirlwinds to an end, I have found that the to-do lists are taking over my life—my laptop, bulletin board, and desk are a rainbow of sticky notes. Stay afloat, friends! Anyone else have stories they would like to share about jobs they’ve had at Scripps?

Career Choice and the Common Good

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I may be in Bulgaria, but I still manage to keep up with my favorite TV shows.  Recently on Bones, Dr. Temperance Brennan articulated some ideas that have been bouncing around my own skull recently.

Brennan: “I believe every American should consider what is his or her greatest contribution to the common good.”
Booth: “And yours would be running for president?”
Brennan: “I’m brilliant– that is not in dispute.”

As an intelligent and ambitious Scripps woman, I’m wondering, what would be my greatest contribution to society? Isn’t it my civic duty to put this brain of mine to its best use? The most terrifying aspect of career planning, for me, is the idea that I may not live up to my own potential.

I gave up my dreams of the presidency around middle school when I realized that I, like Dr. Temperance Brennan, had little to no chance of being elected to the highest office in America as an atheist. But, there are still plenty of other ways that I could work to improve the lives of others.

Gif from Tumblr- ilovemystripysocks

How can I tell what work is “highly valuable” and respected by society?

Society seems to have a couple of bars by which we judge value. Forbes’ article “The 15 Most Valuable College Majors,” unsurprisingly uses salary and expected earnings to rank majors. I disregarded money-based value judgments long before I chose a self-designed creative writing major (about as far as can be from Petroleum Engineering and Management Information Systems).

On the other hand, we conflate selectivity and value. This is clear in the undergraduate admissions process with Ivy League obsession. It’s also a judgment that presents itself in grad school admissions. The MCAT and LSAT are notoriously difficult, and so we conclude that only the best and smartest among us become doctors and lawyers. Something I didn’t expect to discover in my graduate school research: the most selective med school, the Mayo Medical School, has an acceptance rate of 2.2% ; the most selective MFA in creative writing (Vanderbilt University) has an acceptance rate of 1%.

As I try to map out a career path, or at least a 5-year-plan or two, it’s difficult to ignore the engrained idea that smart, engaged citizens follow these two paths— mountains of money and/or prestigious altruism. As an amateur career-cartographer, it’s hard not to let these voices affect how I plot my own course. I’m lucky to have the Scripps community and CP&R cheering me on, because all of this is a lot easier knowing there are people who have my back.

So what should I do?

In four years at Scripps, I learned that success comes easier when we’re doing something we love.  As for value, maybe I should make my judgment based on what’s been of the most value to me—educational support. I’ve found a couple ways I might pay this forward. There are a number of Americorps positions at non-profits working to expand college access for low-income and potential first-generation college students through near-peer mentoring and academic coaching. I may not get the starting pay of a software engineer, but it’s worth it do something I love.

As I embark on a career in higher education administration, I may never find the cure for cancer or put an end to war through international diplomacy, but I hope to help other achieve those dreams. And maybe one day yet I’ll have the title “President” in front of my name.

——

FMI on Americorps college access programs: Schuler Scholars Program, College Possible (with a new site in Portland!), College Forward, Kentucky College Coaches, or the Americorps website for more opportunities to serve.

 

What are you worth?

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Personal finance. Two incredibly intimidating words that, if I am to be quite honest, completely escape me. My knowledge of ‘personal financing’ extends to withdrawing and depositing money into my bank account. Beyond that, I’m at a bit of a loss. Which is why, when I learnt Life After Scripps was offering a workshop on personal financing, I immediately hopped on that train. As I was relieved to find out, so did a good portion of the rest of my class.

Professor Dillon—who is the most adorable and hilarious woman—led the crash course to a room full of “desperate seniors.” One of the reasons leaving Scripps feels so daunting is because for the first time in my life, I will be fully responsible for myself. I’ve never simultaneously paid rent, bought a car, managed bills, bought groceries, and worked—though that is exactly what the majority of the world is balancing. So while being wealthy does not necessarily fall under my perception of success, being financially independent does. Like most of the other students sitting in that room, I have so many visions and hopes for the future, and almost all of them require me to be in a financially secure position. This workshop was my first introduction to the steps in that life-long, ongoing process. Though I am by no means now an expert, I’ve highlighted a few points that may begin to demystify personal finance for you like it did for me:

Budgeting

A successful budget, also known as a spending plan, is contingent on creating a thorough and accurate cash flow statement.

Cash flow statement (or net income) = total income – total expenses

Total Expenses:  As Professor Dillon heavily stressed throughout the hour, the only way to control your financial life and build wealth is to know exactly where your money is going. That means following every, single penny. I’m not careless with my money, but I certainly can’t claim to keep a meticulous record of every late-night Yogurtland trip or spontaneous Target run. All those seemingly small expenditures add up to a significant, and often surprisingly large, amount. There are so many resources and tools available now to simplify the challenge of tracking your money—from online banking, to budget spreadsheets, to personal financing software. Apparently the new rage revolutionizing money management is a free site called mint.com. Valinda at CP&R recently discovered this handy innovation and, in her words, has “never been more excited about personal finance!” 🙂

Total Income: Your total income should be based off your net pay, i.e. your take home income after all taxes and deductions. Retirement savings accounts like a 401(k) or 403(b) are considered pre-tax deductions, meaning that money is deducted from your wages BEFORE taxes and put into your savings account, thereby reducing your taxable wages (that’s a good thing, yay!). You have probably heard this countless times in the past, but saving now means you are multiplying your wealth for later—all because of a magical little trick called compounding interest. Professor Dillon convinced me—‘open a savings account’ was just added to my growing to-do list for the weekend.

On another note, though this wasn’t a focus of the workshop, one line Professor Dillon said that really stuck with me was “Remember, your first job is not your career.” Most of the time, my post-graduation anxiety stems from the fear that I wont find or receive my dream job/internship/fellowship by May and will be forced into an arbitrary position completely unrelated to my passions and plans (shudder). Those are what I like to call my there-is-no-life-after-Scripps attacks. However, when I heard that line, it hit me—in a rare moment of comfort and reassurance—that seldom does a person’s first job define or limit their career path. While I would obviously prefer to be doing something I truly love this time next year, I am slowly coming to terms with the realistic possibility that I may also find myself back home in Texas working locally. Not that I am embracing that option—just understanding that it wouldn’t be permanent or reflective of the future.

P.S. In response to the title of the post, I just did the math (net worth = what you own – what you owe). As it turns out, I have a negative net worth. Awesome.