It is only July but college students in the state of Pennsylvania are already talking about the fall semester and for all the wrong reasons. Over the last month, Governor Ed Rendell and his administration have proposed the next year's spending plan for higher education. On the bright side, 14 of the 18 universities in Pennsylvania's State System of Higher Education would remain steady thanks to federal stimulus dollars. However, the following 4 state universities would all see cuts of almost 18% each: Penn State University, Temple University, Lincoln University, and the University of Pittsburgh.
The crazy thing about it all is that, if you are familiar with the financial aid process, the majority of students already have had their financial aid packages figured out for the upcoming year. However, now the state is deciding to throw all of these students a curve to see how quickly they can think on their feet to find funding for school. Of the 4 universities that will see cuts, Penn State, Temple, and Pitt are the top 3 schools in the state with the highest enrollment. That is a real big middle finger to a ton of students in this state.
This hit home with me big time because my brother is entering his second year at Temple University. While he is lucky that most of his tuition is covered, he is still a little worried of how he is going to come up with the remaining amount of tuition for the rest of the year. Many students are in similar situations where their parents can only contribute so much, if anything. Hopefully more on campus part-time jobs will be offered to students to help give them an opportunity to make some more cash because every little thing counts.
I am sure the state of Pennsylvania is not the only state experiencing this but being the state of my residence I had to shed some light on it. I myself attended school here, but I was the genius that chose Drexel University, where I paid over $20,000+ per year to a private institution to hand me my degree after the planned 5 year program. I really do think the entire higher education system in this country is a sham. Other countries have different tax structures that make college more affordable, so that idea seems unfeasible. I really wish their were more alternatives or ways to change the system to make it more affordable. Otherwise, more students may end up graduating college with $80,000+ in student loans. Do yourself a favor and marry someone from a different country when you finish high school.
Monday, July 13, 2009
Sunday, July 12, 2009
Frugality and HBO Do Not Mix
All everyone was talking about this entire weekend was the Season Premier of the sixth year of Entourage, the hit show on HBO chronicling the life of a movie star that every male in the world wishes they had. Everyone was talking about it including myself, however, the difference this guy and everyone else is that this guy does not have HBO!
Its a little past 11:00 PM right now and one of the trending topics on Twitter is HBO and Entourage. The fact that everyone was talking about it all weekend fuels me more to want to watch it, I can't even go on Twitter because people talk about the episode with the rest of the Twitter nation, revealing the crazy stuff that happened tonight. I am not trying to have it spoiled for myself!
A friend of mine always tells me... "You win some and then some you lose", with now being one of those times that I will take the loss. It is all good because I just have to wait for the episode to be released online for my viewing pleasure (which is how I watched all previous episodes) but I still have to patiently wait for that to happen.
I will deal with it and eventually I will fall asleep tonight (currently watching The Game on AMC). I will wake up tomorrow and probably have a case of the moooondays and head to work. However, one thing I will not have to worry about this week or in the near future is an overpriced bill from HBO addressed to my home describing a large sum of money owed. I can't wait for next week's episode!
Thursday, July 9, 2009
The Real Worth of an MBA?
Last night I was watching special program on CNBC called The Money Chase: Inside the Harvard Business School and they raised the question as to whether the MBA is worth the price tag that comes with it. The required two years of full time classes at the Harvard Business School will cost you a mere $160,000. Some of the other top programs at UPenn, NYU, and Stanford cost in the same range. And that is if you ace the GMATS with a top notch score!
On the other side you have the possibilities of many different part time MBA programs that practically every college has began to offer. Many companies pay partially for their employees to go to school, but the life of working by day and taking classes by night just does not rub some people the right way. It seems like everyone is putting in the time and money to get their MBA, but if everyone has the degree, does it still hold the same weight as it once did before?
Is it really worth it to quit your job and go back full-time? Giving up that primary income stream for two years is a big risk, a risk that requires you to be 100% financially secure. That is the major reason most people chose part-time programs, because they just can not afford to give up their working income and continue the same lifestyle. With the current economic state, it is too risky to say goodbye to a constant paycheck and start school full-time, especially when many MBA graduates are having trouble finding work!
On the other side you have the possibilities of many different part time MBA programs that practically every college has began to offer. Many companies pay partially for their employees to go to school, but the life of working by day and taking classes by night just does not rub some people the right way. It seems like everyone is putting in the time and money to get their MBA, but if everyone has the degree, does it still hold the same weight as it once did before?
Is it really worth it to quit your job and go back full-time? Giving up that primary income stream for two years is a big risk, a risk that requires you to be 100% financially secure. That is the major reason most people chose part-time programs, because they just can not afford to give up their working income and continue the same lifestyle. With the current economic state, it is too risky to say goodbye to a constant paycheck and start school full-time, especially when many MBA graduates are having trouble finding work!
I for one believe that getting your MBA is going to eventually become like an undergraduate degree: You need it to move ahead in the business world and everyone else is doing it just like you. How people attain this degree will be a totally different story. I will be finishing a part-time program in early 2010 for my Masters in Information Systems Technology from Penn State and I must say that the program has been a total joke. All you have to do to do well in the class is show up and the value added from the professors and classmates is very little.
I have always felt that I would want to go to a top notch business school if I positioned myself appropriately. By appropriately, I mean hitting a homerun on the GMATS and getting into a top notch BSchool program. I do not want to go the part-time route for my MBA because I just do not feel it will be worth it. I want to gain that different perspective from other students that have the same passion. I want to go through intense case studies and be able to contribute from my experiences working in the Financial Services Industries. I have always been one to just "do what I need to do to get by" when it came to school, but if I get the opportunity to do my MBA they way I would like to, then I am going full force and full-time.
Then, and only then, will an MBA be worth it to me. What's your angle?
Monday, July 6, 2009
Doctor S Investment Portfolio
Last month, I stumbled upon Flexo's May 2009 Investment Portfolio and it got me to thinking that it would be good to begin sharing where I have my money allocated (what little of it that actually is!). Kudos to Mr. Flexo at Consumerism Commentary for the inspiration!
For a little overview, I have been working at my current employer since July 2006 and have been participating in their company sponsored retirement plan ever since. The matching process provided by my company is as follows:
Those are my investments (unimpressed eh?) and they probably will not be changing for a long time as I am the type to just let it sit and hold for a long time. Have some suggestions? Criticism? Let's hear it!
For a little overview, I have been working at my current employer since July 2006 and have been participating in their company sponsored retirement plan ever since. The matching process provided by my company is as follows:
- They will match my contributions up to 4%
- They contribute an additional 10% of our annual salary, regardless of whether we participate in the plan.
- I contribute 4% total from my salary annually after taxes using Roth Basic contributions.
In total, I have 18% of my salary pumped into my retirement account annually. Not too bad but I always hoped to contribute the maximum possible, but right now is not for me to make such large paycheck deductions. As far as my fund allocation is concerned, I have the majority of my money invested in international stocks though the Vanguard International Growth Fund (VWIGX) and a smaller percentage in the Vanguard Balanced Index Fund Signal Shares (VBASX).
I wish I had more money allocated to open up a brokerage account at work, but it is just not feasible right now with the current financial situation I am in (I hate Sallie Mae), hopefully 2010 will be the year that I can make some serious moves!Those are my investments (unimpressed eh?) and they probably will not be changing for a long time as I am the type to just let it sit and hold for a long time. Have some suggestions? Criticism? Let's hear it!
Always Put the Family First
Some not so fun news on the family front over the weekend. My grandma left a few weeks ago after a one month stay with us to head back to New Delhi, India, where she resides. But apparently over the weekend she was admitted into a local hospital due to kidney failure. Luckily my uncle from California was visiting his wife's parents in Paris and was able to shoot over to India to check up on her.
She is going to have to receive dialysis treatment consistently over the next few months every two weeks, so my dad is flying out to India tomorrow evening on a last minute trip. I have to cut out of work early to get him to his international flight out of the lovely state of New Jersey.
The relevant issue at hand is that stuff around the house is going to change drastically for the next month. My dad runs his own business and works out of the house almost every day. By doing so, he is able to help out drastically around the house, especially since my mom is barely home because she works two jobs: Customer service rep at the bank during the day and retail job part time in the evenings at a department store.
Now many of the luxuries I have had consistently while living at home are going to fall on the shoulders of myself and my two other grown siblings. We are a family of five all living under the same roof. I won't lie that is great to have laundry done for me and meals cooked all the time, but now will be an opportunity to fit such activities into my daily routine and help alleviate any stresses off my mom and sis.
The most important thing of this all is that grandma gets better because I am getting married next year and I want a healthy grandma there to see her son get hitched. Plus, I really do not want my parents have to go through the mental and financial stresses of trying to provide care to an elderly person that is on the other side of the globe. So lets hope everything goes well. It is one of those times in life where we have to buckle up, get down and dirty, and do everything we can in our power to keep things running smoothly.
She is going to have to receive dialysis treatment consistently over the next few months every two weeks, so my dad is flying out to India tomorrow evening on a last minute trip. I have to cut out of work early to get him to his international flight out of the lovely state of New Jersey.
The relevant issue at hand is that stuff around the house is going to change drastically for the next month. My dad runs his own business and works out of the house almost every day. By doing so, he is able to help out drastically around the house, especially since my mom is barely home because she works two jobs: Customer service rep at the bank during the day and retail job part time in the evenings at a department store.
Now many of the luxuries I have had consistently while living at home are going to fall on the shoulders of myself and my two other grown siblings. We are a family of five all living under the same roof. I won't lie that is great to have laundry done for me and meals cooked all the time, but now will be an opportunity to fit such activities into my daily routine and help alleviate any stresses off my mom and sis.
The most important thing of this all is that grandma gets better because I am getting married next year and I want a healthy grandma there to see her son get hitched. Plus, I really do not want my parents have to go through the mental and financial stresses of trying to provide care to an elderly person that is on the other side of the globe. So lets hope everything goes well. It is one of those times in life where we have to buckle up, get down and dirty, and do everything we can in our power to keep things running smoothly.
ING Direct Savings Interest Down 0.1%
Those ING Direct people are very sneaky! We do not get notification alerts via email, sms, or mail. They do not announce to us that the interest rate is decreasing by another 0.1%. No, they just do it. It may only be a fraction of a percentage, but it is still a decline in my online savings account. I remember a few years ago when i first signed up for my ING Direct account and the interest rate was at least 3.25%! Now it is down to 1.391% and I am left here to wonder if there any better options out there?
It is not really a huge deal for me to move my money out of this account because I only have a little over $7,000 of principle picking up interest. It would not make a huge difference for me to switch it to something a few points higher. In the long run of a year it would not come out to a big difference. The funny aspect about all of this is I was surprised that I accumulated that much into my savings account. I have an automatic transfer set up with my checking account to aid me in saving more money, so I make a point to not look at my savings account often. This way, I am a little more surprised about the principle when I see it increase.
On the other side, I fail to realize that the interest accruing on the amount has decreased over the last few months.
Any suggestions to some other financial engines I could possibly throw this cash in?
Wednesday, July 1, 2009
Presenting John Oliver: Senior Ponzologist
The Daily Show on Comedy Central and Jon Stewart took the terms "fake news" and "satire" to new heights when they presented Comedy Central's Senior Ponzologist the other night, John Oliver, to present his viewpoint of Bernie Madoff and his 150 Years of Solitude.
Bernie Madoff will be in jail for 150 years. No probation or early parole is even a possibility for him. Most likely he will die within the next 20 years. However, for his sake, I hope he never watches the late night tv shows where Madoff ends up as the donkey of most of the jokes.
Enjoy!
Bernie Madoff will be in jail for 150 years. No probation or early parole is even a possibility for him. Most likely he will die within the next 20 years. However, for his sake, I hope he never watches the late night tv shows where Madoff ends up as the donkey of most of the jokes.
Enjoy!
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| 150 Years of Solitude | ||||
| ||||
Tuesday, June 30, 2009
Finance Your Life's First Birthday
One year ago, I pushed "Publish Post" for the first time. My blog turns one year old today. What started out for me as an outlet to get thoughts out of my head during a rough time has evolved into a way for me to admit my faults, search for solutions, and express myself with reckless abandon.
There were a bunch of dry spells, where I thought the site would just cease to exist due to my lack of attention. But the following week, I would ramp it up and give it more time than I would give my fiancee! There was also the period where I got so caught up blogging stats and ad revenues that I just decided to leave that stuff alone and blog for the reason that I started: To communicate with the rest of the world.
I am far from a personal finance expert (as one anonymous commentor pointed out), but what has driven me throughout it all is sharing my stories and mistakes with the hopes that at least one person can somehow benefit or learn from my miscues. Sharing those type of stories are what makes me write what I do and when I do it (normally during the first hour I get into work).
So as Finance Your Life hits its first birthday, I would like to celebrate by sharing some of my better posts from the last year. Thanks to all the readers, commentors, and 34 subscribers that have stuck with me through thick and thin! (I am scared of commitment too, just don't tell the fiancee). A special thanks goes out to the other bloggers out there that I read everyday.
Finance Your Life's Top Post from Year 1
- How To Pay Down $83,306.89 in Student Loans
- New Year's Resolution: Walk the Financial Walk
- Secondary Income: The Shoebox Money Chronicles
- Dominating My CC Debt
- What If I Win The Lottery Tonight?
- How Do You Live Below Your Means?
- Gas Prices Down, Are You Driving More?
- Cutting Guests For Your Wedding List
Monday, June 29, 2009
Madoff Gets 150 Years
Thinking about starting a ponzi scheme? Think again! The recently notorious swindler Bernie Madoff did not "make off" with the money without retributions on his part. The good news is that if he lives to see his 221st birthday, he will be out of prison. The bad news is that I have a better chance of marrying Beyonce than him reaching that age!
I would have loved to have been in the courtroom when his sentence was announced, just to see the look on his face. His lawyers proposed that he received 15 years in prison! 15 years? You have got to be kidding me!
Witnesses that were victims of his ponzi scheme testified at the sentencing hearing today to describe how this man ruined their lives. It really is sad when you think about how people lost billions of dollars. Then again, people should be more responsible and knowing of what the heck they are putting their money in. However, I still sympathize with them, as this guy really had the world duped.
I am just glad Mr. Madoff is getting what he deserved. While we all know he will not even put a dent in the 150 year sentence, since he is 71 years old, it sets a precedence for any scheming fool out there who ever had the urge or inkling to do something similar.
Read more about it here. If you are having a bad day today, just know that Bernie Madoff is having an even worse one. Be easy.
I would have loved to have been in the courtroom when his sentence was announced, just to see the look on his face. His lawyers proposed that he received 15 years in prison! 15 years? You have got to be kidding me!
Witnesses that were victims of his ponzi scheme testified at the sentencing hearing today to describe how this man ruined their lives. It really is sad when you think about how people lost billions of dollars. Then again, people should be more responsible and knowing of what the heck they are putting their money in. However, I still sympathize with them, as this guy really had the world duped.
I am just glad Mr. Madoff is getting what he deserved. While we all know he will not even put a dent in the 150 year sentence, since he is 71 years old, it sets a precedence for any scheming fool out there who ever had the urge or inkling to do something similar.
Read more about it here. If you are having a bad day today, just know that Bernie Madoff is having an even worse one. Be easy.
A Weekend in Frugality
The wallet behaved itself the weekend and I am very proud of him/her. This weekend was especially long because I did not go to work on Thursday or Friday due to a severely sprained ankle. So what did I do the entire time? Absolutely nothing! Most of my time was spent in a Ibuprofen 800 mg induced sleep or watching Michael Jackson videos on every other channel (I never can get enough of MJ).
I did step out for a little bit on Friday evening to head over to a coworker's place for a tame house party. Or so I thought it would be tame. Definitely partied a bit too hard that night and I was paying for it all day Saturday. If you follow me on Twitter you would have read about the mean hangover. The good part about it is that the wallet did not take a hit as I only spent $17 Friday on a case of Molson Golden cans, $4 cheaper than the bottles!
I spent all day Saturday drinking water and trying to sleep off the pulsing headache. I finally made it out of my state of feeling horrible and hit up a BBQ at my friends place. We spent the rest of the afternoon lounging out on beach chairs, soaking up sun, and shooting the breeze, all while simulating us being at the beach, when we were really sitting on his front lawn. Another financially mindful day for me, as I was sleeping by midnight!
Finally, Sunday rolled around, and it was another wedding for myself and the fiancee. Another all day event that was going to drain every ounce of energy from me and my one legged limp. The venue was gorgeous, The Crystal Tea Room inside Macy's in Center Center Philadelphia. Parking was taken care of the entire day, so other than my contribution of $50 combined with the fiancees $50, costs were minimal on this day.
The wedding intrigued me though, because I did not understand why anyone would invest so much money into an event that occurs on a Sunday. Just as I suspected, at 9:00 PM, after everyone finished dinner, the place started to empty. Everyone has work the next day and is eager to leave, so why book the hall for anything past 10:00 PM? Just a thought that I asked myself on the tiring drive home. It was an extremely long weekend, but I have no fears when it comes to looking at my checking account from the weekend. One step in the right direction!
I did step out for a little bit on Friday evening to head over to a coworker's place for a tame house party. Or so I thought it would be tame. Definitely partied a bit too hard that night and I was paying for it all day Saturday. If you follow me on Twitter you would have read about the mean hangover. The good part about it is that the wallet did not take a hit as I only spent $17 Friday on a case of Molson Golden cans, $4 cheaper than the bottles!
I spent all day Saturday drinking water and trying to sleep off the pulsing headache. I finally made it out of my state of feeling horrible and hit up a BBQ at my friends place. We spent the rest of the afternoon lounging out on beach chairs, soaking up sun, and shooting the breeze, all while simulating us being at the beach, when we were really sitting on his front lawn. Another financially mindful day for me, as I was sleeping by midnight!
Finally, Sunday rolled around, and it was another wedding for myself and the fiancee. Another all day event that was going to drain every ounce of energy from me and my one legged limp. The venue was gorgeous, The Crystal Tea Room inside Macy's in Center Center Philadelphia. Parking was taken care of the entire day, so other than my contribution of $50 combined with the fiancees $50, costs were minimal on this day.
The wedding intrigued me though, because I did not understand why anyone would invest so much money into an event that occurs on a Sunday. Just as I suspected, at 9:00 PM, after everyone finished dinner, the place started to empty. Everyone has work the next day and is eager to leave, so why book the hall for anything past 10:00 PM? Just a thought that I asked myself on the tiring drive home. It was an extremely long weekend, but I have no fears when it comes to looking at my checking account from the weekend. One step in the right direction!
Subscribe to:
Posts (Atom)
Get At Me on TWITTER!
