Sarang Ahuja | Finance

Leader, Financial Expert, Game Changer

Tag: millennials

What I Did During My Summer Vacation—Sarang Ahuja

What I Did Over My Summer Vacation (Wasn’t An Internship)

If you’re a college student, then a paid internship is the holy grail of a summer vacation—a way to make money while also advancing career prospects. It’s a rite of passage for many students, and it can be devastating to see others land their ideal internships while you’re stuck with nothing to do over the summer.

Worry no more; if you’re a college student looking to advance your career over the summer, there are plenty of other avenues available to you that are guaranteed not to require getting other people coffee.

Find Odd Jobs

I don’t just mean mowing lawns or walking dogs (though that is an option). Look for temporary work in your area geared toward your interests. Even if it’s for a nonprofit group, doing work for their benefit can give you something to boost your resume. It’s also a great way to learn how the working environment functions, something that can be hard to gauge through college classes. Take the time to research specialty jobs that may be relevant to you; for instance, if you’re a writer, local papers may need assistance covering stories.

It’s also worth considering day long shadowing opportunities to get another good look at the workplace environment in your industry.

Volunteer

Speaking of nonprofits, pursuing volunteering experiences can be valuable for a resume even if it isn’t necessarily in your area of expertise. Not only that, but there are often leadership opportunities available through nonprofits. Consider spearheading a project and giving yourself something to be proud of.

Complete Summer Classes

Ease the burden of your college career by taking summer classes! Even if your college is far away, consider looking into knocking out a few requirements online or at your local community college. If your schedule is a bit hectic, it can cut down on your stress and even save money in many cases. For that matter, you can even use your extra time to complete an internship later on.

Research

Many colleges and universities offer undergraduate research opportunities over summers. For an individual considering grad school, research is a big standout come application season. Even outside of this, research offers an in-depth look at the working of industries even beyond math and science. Consider asking about grants that your school offers to help support you in these endeavors.

Start a Business

The growth of technology has allowed for the spread of ideas at an unprecedented rate. If you see an opportunity in a field you’re studying, or even just have a solid grasp of a particular skill, consider becoming an entrepreneur. From writing to design to building websites, there are many skills that you can hawk to those interested, all while earning money and learning.

Study Abroad

Not every life experience has to relate to work. By studying abroad for a summer, you demonstrate to employers your willingness to venture outside of your comfort zone and try new experiences. Plus, it gives you more opportunities to learn and work toward that sweet, sweet college credit. Consider some of the places you’ve always wanted to see, and form experiences that you’ll have for the rest of your life!

Top 5 Finance Books To Read Before You Turn 30

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Becoming financially successful typically cannot be done overnight. It takes a lot of time, practice and decision making to reach the ultimate peak. However, you don’t have to wait until your retirement to live financially free. One of the best things an individual can do to practice financial success is to read. Although it doesn’t sound like much, reading can help expand the mind of individuals and fill your brain with the confidence and power for strong decision making, problem solving, and analytical thinking. Here are 5 books you should read before turning 30, to get on the road to a financially free life.

 

Thinking Fast and Slow by Daniel Kahneman

As previously mentioned, decision making is a very important aspect of finance. Kahneman talks in detail about the two different types of thinking that drag our minds into making decisions, allowing us to understand the reasons behind why and how we make important, life decisions. This book will allow open your mind up in the way that we think and allow you to make choices in a way you never have before.

 

Debt-Free By 30 by Jason Anthony and Karl Kluck

As many people are burdened with debt, they also tend to think that there is no way out. However, Debt-Free by 30 offers resources, tools, and advice by two young men who have reached their peak debt point. The authors were living for and under control of their debt, when they decided it was time to get their lives back. Anyone who’s ever felt like they will never get their life back should consider reading this book and becoming prepared for the challenges that life can take us by. There is a way out.

 

The Money Book for the Young, Fabulous & Broke by Suze Orman

As many young people graduate high school and college and look for the next step in their lives, it is no surprise that millennials don’t know where to begin their financial journey. This book is a step by step guide in understanding your finances straight out of school. It even includes financial vocabulary to help reader gain a thorough understanding of finances in life. Schools typically don’t teach finances in today’s world, so whether you’re looking to buy a house, get out of debt, or come up with a financial plan, this book is a must read.

The Millionaire Next Door by, Thomas J. Stanley and William D. Danko

Many people believe in order to become a millionaire, one must be born into money. However, this book will help you understand why this concept is a myth and what it really takes to become a millionaire. Through hard work, dedication, and financial planning, you can be on your road to financial success.

 

The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money by Carl Richards

We live in a society where buying things for satisfaction controls our financial decisions and spending habits. Richards explains in detail the theory of “the behavior gap” for consumers to understand their reality and have the ability to change their train of financial thought.

The Millennial Complex of Personal Finance

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In today’s world, millennials are looked as the pioneers of their times. They are better educated than their predecessors, more ethnically diverse, and more economically active. But for many of these exceptional young professionals, they have a troubling grasp of reality and fantasy where ‘what their financial situations actually are’ completely differs to ‘where they want their lives to be.’ In the grand scheme of things, this type of mentality continues to cripple the financial savings of many of these millennial’s personal finance. In fact, with such economical uncertainties, such as under employment, underpay, student debt, this generation’s lack of concern with their financial future continues to higher their current financial health and economical aspirations and security each and everyday.

To examine this further, we of course have to evaluate their social, living, and career situations in order to have a full grasp of the problem that continues to plague young professionals. It is not a surprise that many college graduates want to live a more attractive cities such as San Francisco, New York City, Boston, or Miami. As desirable as these cities are, they, in themselves, are incredibly intangible for many millennials to live in. For many of these cities, the cost of living is astronomical. To just live comfortably, many young professionals will have to be making $65K or $70K annually. And with under employment still above 9 percent in 2015, as well as underpaid wages, this ‘lifestyle’ is clearly unrealistic.

And yet, many college graduates are still willing to risk their financial futures for the taste of the lifestyle. Even with student loans, high living expenses, and low wages, many millennials continue to believe that they are the outlier statistic that can beat the odds year after year. As optimistic as that sounds, we have to live in the world of facts. Today, good jobs are rare and the jobs that are out there are incredibly competitive to get. Even with a strong college degree from one of the best schools in the nation, you are still pinned up against another individual with a Master in Science or Masters in Business Administration with an even stronger work background.

Now these facts are not meant to be grim. Instead they are meant to shed a light on the world that we are living today. For example, with more poorly paid retail and hospitality jobs reporting employment for individuals with college degrees, there clearly needs to be a change in what millennials can and cannot do in these cities. In fact, beyond the wages and necessary debt, cities like New York City and San Francisco are clearly impractical for someone making $45K or lower to live in. Going beyond rent, each city has become more expensive. That is the reality. From food, happy hours, and other social activities, millennials and young professionals are continuously being blinded by what they should do (such as saving), than what they are actually doing (spending).

To help with this situation, make sure you have a strong grasp and understanding of your financial situation. Knowing your personal finances from your total net profit to even your future expenses can help salvage a strong economical future in just a few short months. While this may take some time, and potential sacrifice, it will be worth it in the end.

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