Even worse, since I have turned 18, I have become acutely aware of how it isn't my age that gives my parents control over me, nor is it their somewhat diluted blood running through my veins. In fact, it is something that seems omnipresent and yet ever elusive: Money. Arguing with my mother is futile; I may as well be a child. This feeling of impotence is precisely why I didn't blanch at my father's suggestion of taking out a student loan. Student loans are far from ideal of course, but they don't have to be the equivalent of selling your soul, especially not if you pay attention to APR.
Here are some key things for anyone who every plans to borrow money:
1. Fixed APR is very important! If you get a non fixed rate then the company could give you a really low rate and then hike the interest as inflation hits. You could be stuck paying up to 30% interest! that is unacceptable and you never want to be in a position like that.
2. If you are responsible and can put down collateral such as your parent's house then you can get a much better loan-- even a student loan. A lot of these loans that you can apply for are only under your name, which sure is great because you get to keep your parents out of your money, but it might be worth it for a signature if you save thousands.
3. If you have any ties with other countries, pay attention to exchange rates. Because I have two bank accounts, moving money and traveling is all a matter of timing. This isn't fishy! I am not talking about hiding money or off shore accounts. I am just saying that diversifying (if you do not have to pull the money out in a rush) is a key element in security. Some money in $$$$, some in real estate, education as an investment, maybe some gold and why not exchange that dollar for yen or euros if you are weary of where our country is headed?
4. Don't throw away money. Every year millions of people forget to claim their rebates, tax deductions and even throw away gift cards. (speaking of which, I would like to point out that if one is going to spend money on the inane idea of a gift card, the only way to go if the recipient of said card doesn't shop at a certain store daily is the amex card because he/she can buy anything with it) American Express Fee Free Gift Card Promo Code AFL841
Also, don't forget you can also check out gift cards people don't want and sell your unused gift cards on
It's really cool right now because they have the GOOD brands like Macy's, Anthropologie, KMart, Pottery Barn and Barnes and Nobles.
5. EBAY- My brother and his friend know exactly what they want and what they have and even though I think they spend too much time with computers, I can't argue with the fact that they recently made hundreds pawning old computer parts they found in what we have dubbed our "electronics graveyard". Stuffed Animals, Books, Clothing, Jewelery, whatever. It doesn't cost anything to Post on ebay. If you are really serious about it- I have a friend who started selling his own line of bags via the web and is now at Harvard Business- you can even get an entire space for your self. Get everything you need to start you own Web store - FREE. ProStores - an eBay Company
Just some things to bring out the entrepreneur/industrial/saver in us young folks.
<3 Poor Man's Almond is a Peach Pit
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