How to Get Your Finances Back on Track After College Saturday, Jun 25 2022 

By Jacob Maslow – Branded Content

College can be a wonderful, enlightening experience for many, but it’s also a challenging time. The days you spend at college will often be harsh on your bank account. Even if you had some savings to take with you, there’s a good chance you’re going to be finishing your education with limited cash, and a little debt to think about. The good news is you don’t have to start your adventure into a new world with endless stress about your finances. The following advice will help you to get your finances back on track, so you’re ready to make the most out of the career you’ve chosen. 

Figure Out Your Debt Strategy

One of the biggest steps in making sure your finances stay balanced after college, is to build a plan for getting rid of debt. Only a handful of people finish their degree without anything to pay back to a loan provider. This means you’re going to need to figure out how you’re going to handle the expense of paying for your education. The good news is there are multiple options out there. Focus on paying off high-interest loans and credit cards first. Then, whenever you have an opportunity, take the time to look at your loans and see expenses you can minimize. Refinancing existing student loans into new loans after a couple of years can sometimes save you significant cash. 

Keep Costs Low to Begin With

Even if you have a great job lined up after college, it’s usually a good idea to keep costs low initially. This will help you to collect additional cash you can use to pay off your debts. It also means you’ll have more money to put aside into your savings and emergency funds. Some students might consider moving back home with their parents, so they can focus all of their earnings into saving up for a deposit on a home or a new car. Trimming the fat on your spending can help college students establish credit by keeping the debt-to-income ratio positive. You can also look at living in a shared apartment or finding other ways to cut down on living expenses. Make sure you have a budget on-hand to guide you. This will stop you from spending more than you can reasonably afford. 

Work on Your Earning Potential

Finally, as a college graduate, you’ll already have significantly more earning potential than some other job applicants in your field. However, it’s important to continue working on this as you go. Start by choosing a good graduate job which opens the doors to extra opportunities in the future. A great role will have a clear path to progression laid out ahead of you. It’s also worth looking into opportunities to make extra cash on the side. You might be able to do some freelance work outside of your regular hours to upgrade your income. The more money you earn while you still have some extra time, the more cash you can put into your savings. Remember, don’t be afraid to upgrade your earning opportunities even further as you go, by taking additional courses and lessons to expand your skillsets.

Photo Courtesy // Jacob Maslow //

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Smart Money Moves After Graduation Tuesday, Sep 28 2021 

By Jacob Maslow–Branded Content

Once you have finished college, your life will change, and you will have greater responsibility and opportunity in the future. You might be beginning a new career, living on your own, or becoming independent from your parents for the first time. If you want to be successful after school, a few things will help you do so.

Take Care of Student Loans

Now is the time to take care of the debt you may have accumulated while getting your degree. Most graduates have at least some student debts after finishing school. It can be tempting to make only the minimum payments each month, but it is best to repay them as aggressively as possible. 

Once you take care of these loans, you won’t have to pay as much in interest, giving you more savings. One way you can lower your monthly expenses is by creating a plan of action for your loans. For example, you could consider an option to refinance student loans into a new loan from a private lender. You might get different repayment terms or find a lower interest rate, which can then reduce what you pay each month.

Budgeting for Living Expenses 

It is essential to understand where your cash comes from and where it goes. Then, create and stick to a budget each month to ensure you stay financially healthy for a long time. There are plenty of apps that will help you create this money-saving tool, and these can track your credit, account balances, and spending, no matter where you are.

Understand living expenses to create a realistic budget. Once you move off-campus, you will find costs can add up quickly. Whether it is rent, utilities, or transportation, you will be facing a lot more costs now. And these can add up quickly, making you wonder where your income is going. When setting up the budget, ensure you consider each expense and know they can change throughout the year. For example, if you live in a region with frigid winters, your electric bill might be higher then.

Start Retirement Planning

It might seem crazy to think about your retirement when you have barely entered the workforce, but now is the best time to begin saving. Many times, you can earn interest on the money in your account, as well as the money you have already invested. But, of course, that means you need to have time on your side to have the best results.

It’s not that hard to save for retirement since the most complex part will be making sure there is enough room in your budget for it. First, create automation so some of your paychecks go directly toward the account. Second, if you receive a 401(k) match from an employer, try to take full advantage of that offer since it is free money. Think of it as part of the wages you earn from the work you provide to the company. Finally, promise yourself that you won’t touch your retirement savings, no matter what.

Photo Courtesy of Jacob Maslow // Cosmic Press

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Your Best Options for Navigating Tax Season Tuesday, Jul 27 2021 

By Jacob Maslow–Branded Content

Trying to feel out the taxes for your small business is difficult enough, but once you finally figure out how much you owe, what do you do if you do not have enough cash flow to cover it? Don’t panic you have options. Several financial institutes offer a variety of small business loans. You will be able to find a loan that will work for your situation.

Using A Loan To Pay Off Your Small Business’s Tax Debt

When you owe a large lump sum for your tax debt you may not have enough liquid assets to cover it. If this happens you should immediately contact a financial institute and explore the great options that they currently have in business loans. Interest rates are incredibly low right now so you will be able to find a solution and a payment that can work for your small business.

Financial Institutes will offer several different options in small business loans but these are a few common loans that could help when it comes to covering your tax debt …

  • Business Line of Credit

No matter what type of company you own or what situation you are currently in, every business should have a line of credit open for emergencies. A line of credit is best explained as what would happen if a credit card and a checking account had a baby. 

This account offers your company access to a set amount of credit that will be charged a set interest rate on any rotating balance. Whenever the account has a balance it will also have a minimum balance due each month until the balance is zero.

To use the credit you use checks. You can take a check and cash it if you need cash or you can use the check to pay the person you owe directly. This is a great option for when you have an emergency and need access to cash quickly.

  • Term/Short-Term Loan

Term loans are the most common type of loans that are issued by financial institutes. These loans are for a set amount, with a set interest rate, and are to be paid within a certain period of time. 

If that period is shorter you will typically be offered a lower interest rate and you will pay less in financial fees. On the other hand, If the term is longer your interest rate and total financial fees may be higher, but your monthly payment will be lower.

Which one is better for your small business will be dependent on several factors. If you can not afford the higher payment it may be better to go with the longer term and just pay extra when you can.

  • Personal Loan for Business

If you are not able to get approved for a loan under the TIN for your small business the financial institution may offer this option. It will be a personal term loan that will go against your personal credit instead of your company’s credit. Only do this as a last resort. 

Paying Your Taxes Does Not Have To Include A Panic Attack

Take a deep breath in your nose and release it out your mouth. You know have a plan you are going to have no problem paying your taxes for your small business. Your financial institute will be able to match you with the best loan option for you.

If your company will qualify for a business line of credit you should go ahead and open one so the next time you have an emergency, you will not have to panic you will just write a check and have the peace of mind of knowing that everything will be ok.

Photo Courtesy of Jacob Maslow//Cosmic Press

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Pros and Cons of Attending College for Free Wednesday, Jun 23 2021 

By Jacob Maslow–Branded Content

At one time or another, everyone thinks about going to college. While the choice of education is entirely up to you, there is one thing that will always be a deciding factor, which is the cost. Despite there being many ways to pay for college, it can strain on your finances. Paying out of pocket can leave a huge dent in your bank account while loans can affect your overall credit score if not paid on time. This leads to a question many people have asked: should college be free? Here are the pros and cons of getting a college education for free.

Pro: It Allows Everyone to Get an Education

In a perfect world, everyone is able to pay for the education they deserve. Unfortunately, that’s not always the case. There are a lot of people who are unable to go to college because they can’t afford it. What’s worse is that they might not be approved for a loan either. Since a college education is necessary for most jobs these days, you would think everyone would be provided with tuition-free schooling. That way, people would be able to live well while boosting the economy.

Pro: Student Debt Would Be Completely Eliminated

One of the most common forms of debt is undoubtedly student loan debt. Regardless of the level of degree a student earns, they usually walk away with some amount of student debt. In fact, taking out a student loan from a private lender is how most people afford the high cost of college. Student debt can put a lot of strain on you both mentally and financially, so making college free would alleviate a lot of this unnecessary stress. Being able to attend for free would probably increase the attendance rate as well.

Con: Many People Wouldn’t Understand How to Properly Finance

Let’s be honest, going to college for free does sound like a dream come true. However, it may not be as great an idea as you think. College is a place where you go to learn and sharpen your basic life skills. One of these includes managing your finances properly. Although the debt can be a hindrance, it also teaches us how critical budgeting and saving is. Without this crucial skill, it wouldn’t be a surprise to see people spend their money and then struggle to make monthly house or car payments.

Con: The Value of College Would Decrease

It’s kind of shocking to know how many people underestimate the value of college. Going to a university for free might decrease the overall value of a college degree, including a Ph.D. It’s the idea of getting a good job that ultimately motivates us to keep working hard and mastering the skills of our chosen program. Honestly, what people truly want is to have the cost of college reduced, not entirely free. If people were allowed to college any time they wanted with no risk or reason, they might not see the benefit of earning their degree.

Photo Courtesy of Jacob Maslow // Cosmic Press

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