Monthly Archives: February 2008

February 28, 2008

Filing Taxes for College Students


Without a doubt, for many people taxes are probably as fun as a broken Marry Go Round.

The bad news is a lot of people forget to file their taxes each year, many of whom are college students. Or worst, they remember and go last minute to H&R Block and get charged an arm and a leg.

The Tax Deadline for 2007 Personal Income Tax is Tuesday, April 15

Here’s some tax information:
Direct from Uncle Sam himself (the IRS) – Tax Information for Students

Bankrate.com’s list of 12 Tax-Filing Tips for College Students

MSN Money’s 12 Smart Tax Tips for College Students
The tip we like the most from these list is:

Talking to mom and dad about money is almost as difficult as talking to them about sex (and just about as much fun). But you need to know a little about their financial picture to plan who should claim you as a dependent and possibly use your education credit or deduction.

If your parents are paying more than 50% of your expenses, they are entitled to list you as a dependent on their taxes.

(MSN Money)

Best of luck in your tax filing journey! And here’s a Turbo Tax Rap…

February 26, 2008

Celebrities & Entrepreneurs Who Never Graduated College

College Class Ring
From our list below, we omitted Bill Gates because he is probably one of the most well known, if not poster children of successful individuals who never made it to graduation day.  Yes, while it is true that this means he missed out on wearing an awesome graduation sash and all of the emotions that fill commencement and graduation day, we’re sure he is doing just fine now.

Here’s a list of 9 other very well-known (and successful) celebrities & entrepreneurs who didn’t make the cut either.  Seems like they are doing okay nowadays… well minus Britney.

  1. Larry Ellison (University of Illinois dropout).
    Company: Oracle
    Net Worth: $15.2 billion
  2. Michael Dell (University of Texas Austin dropout).
    Company: Dell
    Net Worth: $11.2 billion
  3. Lindsay Lohan
    High school dropout
  4. Paris Hilton
    Dwight School of New York dropout
    Received GED
  5. Jessica Simpson
    JJ Pierce High school dropout
    Received GED
  6. Avril Lavigne
    Napanee District High School dropout
  7. Britney Spears
    Kentwood High School dropout
  8. Kanye West
    Columbia College Chicago dropout
  9. Jennifer Lopez
    Baruch College dropout

It’s important to remember that if you don’t graduate on time or something happens and you can’t finish college, it’s not the end of the world!  Forbes.com published an interesting article about the facts of those who went to college vs no college.   You’d be surprised.  Life is about motivation and what you want to do with it.  Even with a college degree, that piece of paper and the knowledge that comes with it only goes so far as those who are motivated to use it.  Push forward and you’ll succeed.
Here’s some informative tips we found on the net and some great quotes on goals and goal setting.

February 24, 2008

Non-Stop Cramming for 24 Hours

Library Books

We’re more than sure the majority of our readers are pros at pulling all nighters, probably some of the best in America! Really, you’ve made it 3 years already and have 1 more semester to go until graduation.

We ran into this article about how to pull a successful (or more productive) 24 hour study session.

Our favorite tip is:

Map Out Objectives Before Starting Work – a very GTD-ish notion, but worth pointing out. If it’s 8:00pm and you know you’ll be watching the sunrise from your desk, it’s best to plot out exactly what needs to be done on a sheet of paper and check things off as you complete them. You don’t want to have to count on your barely-functioning brain to tell you what to do next, especially after you’ve been at it for several hours.

(blog.crankingwidgets.com)

Most of the time when you are pulling these long sessions, you come back an hour later and realize you got nothing doneand still have lots more to cover. Or worst, you only have 2 hours left before your test and you still have 4 chapters to read! Our advise: Plan it out early, and you hope to have a better chance!

How to Work Effectively for 24 Consecutive Hours

February 21, 2008

Graduation Stoles & Sashes 10% Off Sale!

Graduation Stoles

We didn’t mention it before, but we just launched a new sale on YourSash.com. If you order 6 or more graduation stoles or sashes, receive 10% off your entire order! You can customize your stoles with what you want embroidered (your school, Greek letters, etc.) the color you want, trim you want, and just about anything else!

This is a limited time offer, so act soon!

limitations: Sale does not apply to orders with custom fabrics or digitized logos.

In the mean time, we know you have been waiting for us to post this video… with out further ado, Vitamin C – Graduation Song

February 20, 2008

Cell Phone Theft & College Students

Student holding cell phone

In this time of age, we’re really not sure what’s more inconvenient:
1. Having your cell phone stolen or
2. Having your wallet stolen (minus the identity fraud part).

It seems that as of recent, UCLA is battling with an issue of cell phone theft. Luckily the student in this particular incident was not harmed, but it is a dangerous situation that should be addressed (and an article that should be read, link above).

Let’s look at cell phone prices. The new Apple iPhone (16gb model) costs a whopping $499, The Blackberry 8310 goes for $399, and a lot of other smart phones retail in the $200+ range. Now as a college student walking around at night in a not-so-posh neighborhood, broadcasting that you have such expensive electronics doesn’t really seem like the best idea any more does it? While it is true that by being on a call with someone, you could technically use the phone as a “life line” to yell for help , it seems like a double edged sword.

Our advice to college students is to be more vigilant of where you bring, use and leave your valuable electronics and who you are broadcasting it to. Unfortunately in the world we live in there are a lot of shady people who would steal from college students. It would really suck if someone stole your valuables before graduation.

On a crazier note… did Universal Music really make this commercial?!

February 18, 2008

The College Grad Experiment: $25 & A Dream

College Graduate
photo from ABCNews.com

Ironically yesterday our post was about college graduates and their financial situation. Where will be they when they graduate, will they be saving money, and how will they be saving it?
Today we spotlight and article from ABCNews.com about Adam Shepard, a college graduate and his year long experiment. What Adam did most of us could only think about, he gave up everything to be on his own. This is not a typical 2-month backpacking trip to Europe with only a backpack and thousands in travelers checks, rather far more extreme. Adam left everything behind, from relationships to money, and just about everything else and went to live and survive by himself on the streets. What did he bring with him? $25, a gym bag and an emergency credit card.

His goal: to have a furnished apartment, a car, and $2,500 in savings within a year.

How does it do in this year long experiment? Read about Adam Shepard’s Experiment. (abcnews.com)

February 18, 2008

College Seniors + Graduation = Debt


Graduating or just surviving those remaining upper-division courses is probably on every senior’s mind just about now. The joy of being almost done, of all-nighters paying off, and the anxiety to join the real world and “get on with life” flood in at overwhelming speeds.

But when you graduate, where will you be financially? Have you been saving up money or spending it all on books, booze & tuition? With graduation does come a little nest egg of money from family and relatives, but be sure not to squander all that away and start thinking longer term! No, this is not a sponsored post where we’ll be promoting some great savings account for college grads or money management program. Rather we’ll just provide a few quick and dirty tips in hopes that your account balances don’t go negative and you’ll be on your way to a successful career soon.

Forbes.com recently published an interesting article about 5 kids who built up businesses and each made a million-dollars before even turning 20. Give a read to these young entrepreneurs!

Our advice for graduating seniors:

1. Know when your student loan payments begin!

Most student loans have a grace period of 6 months, but not all. Double check to see what kind of payments will be required and when they start. We’re sorry to be downers, but unless you are one of the lucky few college students who did not need to take out loans, you’re already in debt. Hit these payments hard and fast and get out without paying ridiculous amounts of interest. Not to mention, if you’re planning on going to law school or med school, you want to get these loans off your shoulders or at least under control.

2. Move home after graduating!

Assuming this is an option and you do not abhor your parents with every muscle in your body, consider moving home.
In doing so, you save so much money, which can be used to save up for that new car, pay off student loans, buy new clothes, or get those new gadgets you wanted. The costs of living by yourself has increased so much and in this recession like economy, it’s somewhat dangerous to take on so many monthly expenses straight out of college. By living at home, you do not have to pay the ridiculous security deposits, monthly rent, utility bills, internet bills, laundry, and food! You save upwards of $1,000 a month.

And yes, parents can cramp your style a little… but they love you.

3. Open an online savings account

The interest rates you get from online banks such as ING Direct or Emmigrant Direct almost triple those you get at your average Wells Fargo or WaMu.  Look into opening an account at a credible FDIC insured bank and start building up interest for your savings (or future savings).  Also, you should check with your current bank to make see if you will be charged any additional monthly fees (if you signed up for a college savings account, you may be charged monthly fees upon graduating).

4. Start your job hunt now

“99% of everything done in the world, good or bad, is done to pay a mortgage.  Perhaps the world would be a better place if everyone rented.” – Thank You for Smoking – Nick Naylor (Aaron Eckhart)

If you have not already begun, start your job hunt now!  See our recent post on 5 Ways You Can Stand Out From Other Graduating College Seniors

Have some tips for us or other seniors and would like to share?  Comment below!