Sometimes I wish my mind were attached to a computer because I literally am writing (and re-writing) my blog each day as I drive !! I think a lot when I'm alone...sometimes too much cause then I start worrying. Only once have I actually missed a turn though ! But one day this week Michael Baisden was talking about debt and one girl called in saying she had over $200,000 in debt...... $200,000 in debt and it wasn't even because of a house. Even more disturbing was the majority of the people calling in had debt from two places....student loans and credit cards. Many said they had the credit card debt because they were unable to either find a job period or find one in their field of study.
Now this is my second go at school. The first time I didn't get my degree. The student loans from the first time are all paid off. And let me tell you, talk about being mad. Writing a check EVERY month, over and over and having nothing to show for it. That hurt...still does to be honest. What hurts more is I let my parents down. My dad passed away last year so even if I make this time, it's bittersweet. Also because my mom told me my graduation gift was going to be a brand new car...Man I almost re-enrolled that minute !!!!
Now this is my second go at school. The first time I didn't get my degree. The student loans from the first time are all paid off. And let me tell you, talk about being mad. Writing a check EVERY month, over and over and having nothing to show for it. That hurt...still does to be honest. What hurts more is I let my parents down. My dad passed away last year so even if I make this time, it's bittersweet. Also because my mom told me my graduation gift was going to be a brand new car...Man I almost re-enrolled that minute !!!!
This semester for me was paid for out of pocket....no loans....but there will be, I know there will. This time around though, I have a plan, save as I go. That way, I can make a nice payment and put a good dent in any student loan I may have to take out this time around.
Like my bio says, I'm only 34 but I have a different thought process on my finances than I did in my 20's. Not again will I get caught up in the credit card debt saga. Been there and done that. It's no fun hiding your debt from family, mates and often trying to hide it from yourself and yes if it gets high enough, YOU WILL try to pretend it doesn't exist.
Like my bio says, I'm only 34 but I have a different thought process on my finances than I did in my 20's. Not again will I get caught up in the credit card debt saga. Been there and done that. It's no fun hiding your debt from family, mates and often trying to hide it from yourself and yes if it gets high enough, YOU WILL try to pretend it doesn't exist.
I can remember my mom being disappointed when I quit school. She didn't say it but you know what your parents think of you. Initially, when the acceptance letters came in, she told me just go to the school you want and we'll make a way to pay your loans. She told me she'd help me. But when I left school in 1997...those words went out the window. I was on my own to find a job and deal with credit card debt I had secretly racked up while in school. Those first few months were so hard. It took me maybe 2 or 3 months to find a job but that didn't stop the payments from being due each month. If it weren't for my best friend, I would have had the credit card people calling me. That is one thing I can proudly say, despite any amount of debt I've ever had and no matter how hard it was to pay it, I've never had bill collectors calling me.
So, like a said, I re-focused as far as my finances. Now don't get me wrong, I still love me a good name brand bag, but I'll have to rotate the ones in the closets, in my basement, under the bed, in my son's room....yes I have bags everywhere !! I used to joke, I'd never carry a $200 or $300 bag and not have that amount of money in it, but I do it every damn day. This week, I went with less than $5 in my purse. But this time it was by choice.
One thing I am glad about are recent changes in credit card companies' ability to prey on college students...cause that's really what they do. You get an umbrella, t-shirt, water bottle that's gone in 3 weeks and you're left with 3 maybe 13,and heaven forbid 30 years of debt. You know what I'm talking about. They were at every campus open house, first week of school, heck sometimes they set up outside the gym where a game was going on....preying on you !!! Luckily, I never fell prey to that. I had credit before I got to college. I just used it wrong. I think this stemmed from my childhood for real.
See my parents worked really hard to provide me and my sister with what we NEEDED and not what we WANTED.. check those two words carefully. Cause they are important. Money was tight in my house growing up but we always had the basic needs of life. It was MY WANTS that drew me to credit, sucked me right on in. It was me wanting it NOW that drew me to credit. You know my parents bought me what they could afford and one thing my parents said if I didn't like what I had, I could go buy it myself. They just forgot to tell me to pay cash !!!! But I'm smarter now. I'm wiser now. I'm learning now.
One thing I am glad about is during the UB orientation a couple of months ago, I didn't see one credit card company. What I did see was SECU bank. Of which I am a member. Now young people, this is where you need to be. This bank is great, low rates on loans and credit cards if you really need one, only need $10 - $25 to open most accounts, informative newsletter each month...that I actually don't mind reading, opportunities to win $$$ by way of crosswords and scholarships. SECU will work with you to organize your finances.
So, like a said, I re-focused as far as my finances. Now don't get me wrong, I still love me a good name brand bag, but I'll have to rotate the ones in the closets, in my basement, under the bed, in my son's room....yes I have bags everywhere !! I used to joke, I'd never carry a $200 or $300 bag and not have that amount of money in it, but I do it every damn day. This week, I went with less than $5 in my purse. But this time it was by choice.
One thing I am glad about are recent changes in credit card companies' ability to prey on college students...cause that's really what they do. You get an umbrella, t-shirt, water bottle that's gone in 3 weeks and you're left with 3 maybe 13,and heaven forbid 30 years of debt. You know what I'm talking about. They were at every campus open house, first week of school, heck sometimes they set up outside the gym where a game was going on....preying on you !!! Luckily, I never fell prey to that. I had credit before I got to college. I just used it wrong. I think this stemmed from my childhood for real.
See my parents worked really hard to provide me and my sister with what we NEEDED and not what we WANTED.. check those two words carefully. Cause they are important. Money was tight in my house growing up but we always had the basic needs of life. It was MY WANTS that drew me to credit, sucked me right on in. It was me wanting it NOW that drew me to credit. You know my parents bought me what they could afford and one thing my parents said if I didn't like what I had, I could go buy it myself. They just forgot to tell me to pay cash !!!! But I'm smarter now. I'm wiser now. I'm learning now.
One thing I am glad about is during the UB orientation a couple of months ago, I didn't see one credit card company. What I did see was SECU bank. Of which I am a member. Now young people, this is where you need to be. This bank is great, low rates on loans and credit cards if you really need one, only need $10 - $25 to open most accounts, informative newsletter each month...that I actually don't mind reading, opportunities to win $$$ by way of crosswords and scholarships. SECU will work with you to organize your finances.
So why this blog, this week. Because I know I just saved someone. I just made one person say "she right, let me get my finances right. I graduate next semester!!!" I may never meet you but I know ONE person has read this and had a wake-up call. I'm not hoping they did..I know they did !! I'm confident I'm that good of a teacher !!!
So do I say sorry for not telling you about the happenings of the city or my classes or my job? No. Because I stopped saying sorry long time ago..... many won't get the significance that sentence !!!!!
Geez....I love this "job" !!!!!! Takes my back to my high school roots of writing. Until next week UB family.
14 comments:
This is great advice, and one can never read it, or hear it, too often. Like most things in life, people will learn this lesson at different stages in their life, or not at all. For me, it was looking at that first paycheck and literally saying outloud "Where did all my money go?" Lesson learned.
I agree, young people start saving money and don't spend what you don't have. Thank you Charlene.
Take it from me...DO NOT GET A CREDIT CARD UNLESS YOU ABSOLUTELY NEED AND DO NOT LIVE BEYOND YOUR MEANS....TRUST ME, FILED BANKRUPTCY TWICE...because of Credit Card Debt and why? Because I tried to be a big shot and spend money on Gambling and people that really didn't give a damn about me in the first place..So take Charlene's advice....start saving if you want something...Pay for it cash if you can....
Charlene,
I can relate to everything. What I do believe is if my parents did provide me with all the wants then I might not be as independent as I am today. In a way it taught me a lesson. I did get in credit card debt too at the age of 18 but did become responsible and go with a debt consolidation program. But then again I think the lesson learned is that I am responsible, wiser, and independent today. I can thank my parents for being a part of that.
Charlene,
I, like many people, had to learn this the hard way. Although I'm nowhere near $200K, my credit card debt is still high and costing me a pretty penny. The money I'm using to get it down could be going toward so much more. My mother would always say, "If you can't pay cash for it then don't buy it", but, of course, I didn't listen. I thought I had control over things, however, I quickly found out I was wrong. Now I'm paying my dues (literally) and planning to do it right the next time. I'd just like to advise everyone to be careful with each and every choice you make, because they do follow you into the future.
What in the world are life lesons? Come on now.
My 3rd grade teacehr says.....now that's funny. I actually thoguht about that and came to the conclusion based on my age and my 3rd grade teacher being either Ms. Johnson or Ms. Patterson....they should be dead...or quite old !!!
But to answer my fan (3rd grade teacher) life lessons are those things learned through experience and not in your classroom. those things learned that you heard your parents say while you were saying even louder "I got this" !!!! or huffing the words "whatever" ....those are life lessons, simply put. Got any to share !!!!
Charlene,
I think "Your 3rd Grade Teacher" was being sarcastic. He/she was referring to the typo in the title of your blog. You would think people had more time to reflect on the message and not the error. I guess not. Sad.
Rain
Geez Rain....I never even realized that misspelled word...I was just pumped in writing that one due to some personal changes in my life !!! I actually took that message as a positive moment and reflected on my grade school teachers !!! I loved them all and each one inspired me in some way (too bad none of them taught me about money !!!) so I'll thank my sarcastic fan for actually making me smile about something else !!!! I'll also take this opportunity to give myself another A+ in my ability to overlook the minor things in life !!
Thanks for pointing it out though Rain.
Charlene,
People are always looking to tear down instead of build up. Such a shame. You're welcome tho.
Rain
How about some campaign to prevent credit card predators from preying on students on campus? Or... an introductory course / flyer on enrollment, warning of the dangers? For some, it will be too late, other may still huff and think "whatever" (until they find out the hard way), but some will be saved in time.
Mariska...thanks for reading. Actually there were recent changes in credit card rules here in the US....among them credit card companies can't issue cards to students unless they can prove they have a means of repaying....a job or a parent co-signing. Not sure how well it will work cause hey you can just forge your parents name and income. I just love reading about people getting credit card offers in their infants name. One lady said she filled out the form with her infant childs REAL birthday and $0 for income and got a card so I'll b real interested to see what additional chNges will come to this new law after it take effect. Thanks again for supporting us mariska. I hope read some of the other blogger pages too.
Much needed article. Young folk don't get it. I'm old enough to get it now. Cash is the only way to fly. Most of what we purchase outside of shelter/food are things that we want. Take the high road NOW, young people. Leave the debt to major purchases, home, a NEEDED reasonable priced vehicle. The rest is just trappings of life that people try to convince you is needed. SAVE, SAVE, SAVE and when you get ready to make a major purchase, even that bite won't be so bad.
I would just like to pretend my writing was so amazing, so powerful, life changing, etc., that it was just too thought provoking to write back about. I wouldn't want to hear all the reasons why it was so awful.
Debt Consolidation Loan
I also read some of your post and I learned a lot of things.Thank for sharing.
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