The Money Puzzle

You wouldn’t think this would be the case, but sales jobs are in high demand in tough economic times. Yes, this sounds counter-intuitive, since most companies struggle to make sales during recessions. After all, people stop spending money when times are tight. However, this does not mean companies start laying off their sales forces. In fact, it’s just the opposite. During recessions, many companies actually increase their sales forces, and existing sales jobs are safer than ever.

You’re probably scratching your head at the logic of this, but there’s a good reason companies keep on their sales forces during down times in the economy. Think about it. One of the main tasks of any company is to bring in new business and keep existing customers. The more new customers a business gets and the more existing ones it retains, the better that company will do financially. In order to drum up new business and service existing clients, a large sales force is needed. Sales people sell products as well as develop leads. This is of such primary importance that most companies continue to add to their sales personnel during recessions.

If you have an aptitude for sales, a sales job may be a great thing for you when economic times are tough. With most sales jobs being both salaried and commissioned, you can easily end up doubling your money. You’ll get a base salary, but you’ll also earn money on sales you make, and sometimes even on leads you generate. If you’re really good at your job, you can earn a high five or even six figure salary in some sales positions, even during the worst economic times. This can keep you living well and being comfortable when others you know are struggling to make ends meet.

It’s not even as hard as you might think to make sales during a recession. People still have certain things they need no matter what, such as food, utilities, cable, cell phones, and transportation. In recessions, people also like to pamper themselves once in a while to take the sting of having less money away, so selling discount resort packages, spa packages, and other luxuries actually becomes easier. So, though it seems strange, sales jobs can be great opportunities during a recession, and are worth looking into if you’re in need of work. It could just be the answer to your financial issues.

This is the second installment in our jobs & careers series. Be sure to check back for updates…

We’ve all heard it: people with college degrees make far better money than those who don’t have them. It’s not hard to understand why. Employers want people with technical knowledge and practical experience, and a college degree can provide these things, even before going on the job for the first time. Therefore, having a college degree can increase your starting salary in an entry level position by thousands of dollars over someone with a high school diploma. Even an Associates degree will make a difference in the amount of money you make, but the real jump in income comes with a Bachelors degree. Employers just somehow instinctively trust that employees with Bachelors degrees know what they’re doing.

Even though having a college degree makes a great difference in salary, some degrees offer higher starting pay than others. Here are the top 10 college degrees by salary.

1. Aerospace Engineering–This is a highly specialized field and employers are scrambling for qualified people to fill positions. Because the field is so specialized, employers are willing to pony up the big bucks for people with these degrees. Starting salaries average around $59,600, which is excellent for an entry-level position. The pay just keeps going up from there the longer you’re in your field, with salaries of $110,000 or more not being uncommon for someone at mid-career in this area of specialization.

2. Chemical Engineering–As you may have guessed, engineers are in demand across all sorts of fields. Because there always tends to be a shortage of them, they can command big salaries. Chemical engineers average about $65,700 a year to start, with salaries of well over $100,000 being common at mid-career. That kind of money will get you out of your parents’ house in a hurry!

3. Computer Engineering–Computer engineering majors can expect to earn about $61,700 in an entry level position and $105,000 at mid-career. Computer specialists are always in demand. Just think of all the millions of businesses that use computers. You can easily translate this degree into a lucrative endeavor for yourself.

4. Electrical Engineering–This has a starting salary of $60,200 and a mid-career salary of $102,000. This is more than just the type of electrical work that an electrician does who wires your house. Electrical engineers take it to a whole new level, engineering entire grid systems. That’s why they can command and get such high pay!

5. Economics–Here’s a field where the non-engineering types can shine. It has a starting salary of around $50,200 and a mid-career salary of $101,000. Economists are in demand in a variety of locations, but are hired the most by the federal government and universities. Put your mathematical knowledge to work with a degree in this field, and you’ll be handsomely rewarded for it.

These are the top 5 money-making degrees. However, there are 5 other college degrees that can make you salaries close to these. Physics, mechanical engineering, computer science, industrial engineering, and environmental engineering all have starting salaries in the mid to high fifty thousands, and mid-career salaries close to $100,000. If any of these fields appeal to you, you’d do well to investigate getting a degree in that subject. It could just end up being your personal ticket to financial independence.

This is the first installment in our jobs & careers series. Be sure to check back for updates…

Have you heard of student loan consolidation and how it can help you save money? The truth is, there are several very big and very real benefits to consolidating your student loans. Even better, it’s not as difficult as you may think to get your loans consolidated. Here’s a breakdown of the benefits of loan consolidation and how you can do it quickly and easily.

The Benefits of Student Loan Consolidation

1.  A Better Credit Score–People who are recently out of college often have a lot of debt in the form of both student loans and credit cards (remember those student credit cards that were so easy to get?). This, compared with the relative lack of income that most college grads face in their first few years of independence, usually means a negative credit score. This lower score can, in turn, prevent you from getting new credit and good interest rates on loans, such as home and car loans. Consolidating your student loans lowers your monthly payments, freeing up more capital each month. That, combined with timely payments on your loan each month, can mean an improved credit score in time, which will be a great benefit to you when you go to get that first mortgage.

2.  Convenience–It’s a lot more convenient to pay one student loan bill each month than it is to pay several. It’s easier to remember, and it uses up less natural resources in the form of paper and fuel to deliver the bills to you. By consolidating, you’ll be able to pay your student loans in one monthly payment, which will make your life a lot easier. 

3.  Lower Monthly Payments–When you consolidate your student loans, your monthly payments will go down, as you’ll be saving money on interest by having one loan rather than many. This will give you more spending cash to work with each month, which can translate into a better standard of living.

It’s easy to get a student loan consolidation. All you have to do is contact your lender and request one. Your lender will guide you through the process, and all you usually have to do is sign a piece of paper aknowledging the consolidation. By your next payment date, you could have all of your loans rolled into one, and be enjoying a much simpler financial life.

This is the second installment in our student loan series. Be sure to check back for updates…

Every consumer in America has the right to get a free credit report once a year. However, not very many people know this, and the ones that do are often confused about how the process works. As a result, a lot of unscrupulous scam companies have popped up aiming to take advantage of unwary customers. Here’s the truth about the scams out there, how you can avoid becoming a victim of one, and how you really CAN get your credit report for free.

There are plenty of websites out there offering a free credit report. But are these reports truly free? In most cases, the answer is no. If you read the small print on these sites, most of them ask you to sign up for a 30 day free trial of a credit monitoring service in exchange for the free report. You’ll have to give them your credit card number to access the report, and once the 30 days are up, you’ll start being billed for the monitoring service automatically. It’s often very hard to cancel, as these companies don’t make their contact information well-known. Plus, the vast majority of those who sign up for these services forget about them, and are surprised when their credit card statement comes the next month and there’s a charge for $39.95 on it.

The easiest way to avoid the free credit report scams is to avoid signing up with the services that offer them. Nearly all of them are scams, with the exception of the ONE legitimate site for getting free reports. This site is www.AnnualCreditReport.com, and it’s the official site for obtaining your government-guaranteed free annual report. You can use this site once a year to get your credit report from all 3 credit bureaus–Experian, Equifax, and Transunion.

To get the reports, you’ll have to provide some personal identifying information, such as your Social Security number. But don’t worry. The site’s security protocols are strong, so there’s no danger of anyone stealing your identity. You can get the reports directly online, as well, so there’s no waiting period to see them. The only drawback to the site is that the reports don’t come with credit scores. To get those, you’ll have to pay a small fee at the individual websites of the credit reporting agencies.

So, if you want a free credit report, be encouraged by the knowledge that they really do exist! You may only be able to get yours for free once a year, but that’s all most people need to keep an eye on things and make sure all is right in their credit file. By watching your credit, you’ll be able to spot potential problems as soon as they appear and take measures to correct them, which is essential to maintaining your good credit name. 

This is the sixth installment in our credit & debt series. Be sure to check back for updates…

Are you wondering whether or not you should file bankruptcy or explore bankruptcy alternatives? There ARE bankruptcy alternatives, but they may not be right for everyone. In order to decide whether or not you should file bankruptcy, you should first know the main reasons WHY people file, and then learn about what alternative options are available that might apply to your own unique situation.

The Main Reasons Why People File Bankruptcy

1.  They have more debt than they are able to pay back in a reasonable amount of time.

2.  They have more debt than they can pay back at all. In these cases, their minimum monthly payments on all their debts is more than their budget can handle without sacrificing necessities, such as rent and food.

3.  They want to avoid the embarrassment of having their wages garnished to pay back debt, since this would mean their employer would know about their financial difficulties.

4.  They want a fresh start with their credit. While your credit will be damaged for up to 10 years following bankruptcy, you’ll likely be able to start getting low-limit credit cards and small loans again within a year or two, which will allow you to get a new financial start and begin rebuilding good credit. This is attractive to many people who are considering filing bankruptcy.

5.  They realized that filing for bankruptcy will be cheaper for them than paying back their debts.

Bankruptcy Alternatives

1.  Debt counseling services: These services help you consolidate your monthly payments and obtaining lowered interest rates on unsecured debts. Counseling can have a negative impact on your credit, however, and will lengthen the amount of time it takes to pay back your debt.

2.  Debt consolidation loans: You can often get a low-interest loan that allows you to consolidate your debt into one monthly payment. This is convenient and allows you to pay back your debt quicker, and for less interest. However, be careful if you’re using your home equity to get this loan, as you could end up losing your house if you default on the payments.

3.  Debt settlement: You can often get creditors to agree to cancel your debt for less than the amount you owe. This is especially likely if you’ve had the debt for a long time. You’ll be able to settle for cents on the dollar of what you originally owed, but this will usually go on your credit report as having settled for less than the amount due, which can have a negative effect on your credit rating.

Before filing for bankruptcy, you should take all of the above information into account. If you’re able to pay back your debt in a reasonable amount of time, it may be worth your while to contact your creditors and try to work out a more equitable payment arrangement that will allow you to repay them without breaking your budget. Your credit will rebound much more quickly this way than if you declare bankruptcy. Once your creditors are paid, you can sometimes even get them to take the debt off of your credit report entirely, which will boost your score even more. A good credit score is important, as it allows you to get the best interest rates on mortgages and car loans, and can help you qualify for good jobs in the future (yes, employers often check credit reports before hiring). If you feel one of these bankruptcy alternatives is right for you, it’s a good idea to try them first.

 This is the second installment in our bankruptcy series. Be sure to check back for updates…