Do you want excellence in your life? I absolutely do.

There have been periods in my life where I’ve been extremely productive. I maximized my time and produced much more than I consumed. Lately I’ve been consuming much more than I’ve been producing (in terms of blog work). I’ve been doing lots of reading. I’ve been reading content that may not have interested me in the past.

One of my favorite blogs that I discovered recently is Marc and Angel Hack Life. A post last month on 30 ways to live a life of excellence really caught my attention. I wanted to share some of my favorite tips, along with my comments with you guys (this is going to be much different than most of my posts).

Create your bucket-list.

A friend recently brought this idea up with me and I’m now working on my own summer bucket-list. A summer bucket-list is a decent start, but my ultimate goal is to have a bucket-list for the next few years. There’s just so many goals that run through my mind that I feel I need to keep track of them. I’m also a firm believe in goals of all types: short term (write daily blog posts), medium term (finish school), and long term (find a fulfilling career). Without setting goals and keeping track of your progress, how will you know if you’re moving in the right direction?

Get mentors.

No matter what you’re doing in life or what obstacles you might be facing, there are people that have already been there and done that. It can be intimidating at first to reach out to older and successful people for help. Once you do reach out, you’ll realize that most people will be generally friendly and willing to help. Why go through life alone?

Stop worrying so much.

I find that we collectively worry too much. We often worry about our image, clothing, style, health, money, work, etc. There’s nothing inherently wrong with being conscious about your surroundings– but it’s pretty useless to worry mercilessly about things that we can’t control.

Surround yourself with positive people.

This one change alone will make a major difference in how you behave and feel about yourself. I can’t even begin to stress the importance of having positive influences in every area of your life (from social circle to classmates to co-workers).

Stop obsessing over the news.

Seriously, what good can come out of stressing over the news every day? I used to watch the news/read the newspaper every morning because I felt like it was apart of adulthood. After all of the natural disasters and market swings over the past few years, the news simply depresses me when I become obsessed with it. It’s important to keep up with the latest happenings in the world, but obsessing with information that is out of your control is pointless.

Coach someone.

The mentoring process for me always worked one way. When you reverse roles and become a coach/mentor yourself, you’ll notice that something very interesting will happen. You’ll improve your skill set in the field that you’re a mentor in and you’ll help someone else develop their own skill set. The best part is that we can all be mentors/students in some aspect of life. I’ve helped friends with finances that in turn helped me with working out. We all have lots to learn and lots to give in life.

What else can be done to live a life of excellence? Any secret tips out there?

Tax day has come and gone for another year. If the date passed you by and you still have not filed your taxes, the sooner you take action to do so, the better off you will be. If you owe the government money, you have been racking up penalties and interest since 12:01am on April 16^th.

IRS penalties are steep. There are failure to file penalties, failure to pay penalties and interest fees on any late payments. Failure to file penalties are 5% per month of any unpaid taxes, up to 25% of your unpaid tax bill. Failure to pay penalties will total 5% of your unpaid taxes per month that you are late and again up to 25% of your unpaid bill. You will also be charges interest on the total overdue amount, which is currently around 4%. These penalties and fees add up fast and the longer you wait to file and pay, the higher they will be.

If you have not yet prepared and filed your tax return and you did not file for an extension on or before April 15^th, you should work to complete the task as soon as possible. You can either prepare and file on your own or hire a tax specialist. Many people who file late find it best to work with a tax specialist who has experience in late filings.

If you have not yet filed because you owe the government money and do not have it, you will need to look at different payment options. One of the easiest ways to pay your tax bill, if you do not have enough for a lump sum payment, is to set up a payment plan. Many taxpayers do not realize that they can do this right on the IRS website. Just by visiting IRS.gov you can set up an installment agreement. You will pay a small fee for setting this up (just over$100.00), but it sure beats the interest and penalties that accumulate from not paying. If you set up for automatic payments from a bank account, the fee drops by about half. If you do not have access to the internet you can also call the IRS to set up a payment plan.

Many people choose other options for paying their overdue taxes. Some will borrow from a 401K, cash in sick time at work, borrow the money from a family member or even put the balance on their credit card. These are all viable options that will help you avoid further penalties and interest charges. Just be careful if you put your tax bill on a credit card, as fees for credit card use can be even higher.

Surprisingly, many people who file their taxes late are actually due a tax refund. There is no penalty for filing late if you are due a refund. You will however, still want to file as soon as possible. There is a statue of limitations, usually three years, before you will forfeit your return.

While it may seem overwhelming to get your taxes prepared and filed, know that not taking action could mean very serious repercussions in the future. Failure to file and pay your taxes not only leads to fees and penalties but can also result in ruined credit and in some cases jail time.

This article is provided for Taxdebthelp.com, a site designed to help with tax debt.  If you are in need of IRS debt help, this site can help you figure out what your options are.

Today’s guest post is by David Damron, the author of PROJECT M-31: Simplify Your Life in 31 Days & blogger for The Minimalist Path.

The dumbest thing I did while in college did not have to due with any fraternity prank or desired choice of libation. No, it had to do with one simple thing that would have saved me tons of headaches, stress and frustration. It had to do with my lack of discipline and unfocused actions. It all came back to that damn piggy bank.

Like most college students, I saw the unexpected as impossible. I never thought that my already beat down Baby Blue Bronco 2 was going to fail me. I never thought I would make less the next week than I did the last. I never thought ahead of the unexpected. And it all came back to that damn piggy back.

That damn piggy bank was always empty. ALWAYS!!! It didn’t matter what income level I was at or the number of bills I had, it always had a goose-egg in it. This resulted in multiple personal family loans and sliding of the credit card when such should not have been the case. This is why, whether you are in college or another time in your life, you must generate a safety net today.

While in college, I would tell myself to save for necessary expenses in the future, but rarely made it a long term priority. I worked full time and went to school full time while in college so I frequently felt that I deserved to spend that small saved amount on a night out with the friends as I thought I had deserved such. The reason I had to work full time was because I wasn’t managing my money properly. If I was worn out, I couldn’t take an extra day off of work because that roughly $120 loss would be too painful. There are a million reasons as to why I didn’t save, but there were just as many reasons I needed to save.

With that being said, there is no better time to start saving for the unexpected than right now. Through the following, you should be able to build a “Safety Net” fund within 6 months. During that 6 months, you still will have this fund available for the unexpected, but only for the unexpected. By focusing on 6 months out, you can build a significant fund.

The goal of this savings action is to make sure that the unexpected can be covered if such occurs. So, first and foremost, we need to determine what needs to be eliminated from current unnecessary expenditures.

• * Cook all but one meal per week. Stop blowing your money on fast food and other restaurants. Most meals can be cooked for a lot less than when eating out. Spoil yourself by eating one meal per week at a restaurant or fast food. By allowing that one meal out, you will kill that craving and have something to look forward to.
• * Limit going out. The bar or club is the number one place most people should eliminate when trying to boost their financial standing. Make it a point to have friends over, play some games or watch a movie, and split a 12 pack. That 12 pack would cost 4-5 times as much going out.
• * Don’t pick up the tab. I probably spent 3 times as much at bars and restaurants when going out with friends because I would pick up the tab. Be stingy and if your friends don’t understand, explain to them that you want to be more financially secure.
• * Clothes, gadgets, and subscriptions…Oh my! How much do you waste on buying a third white blouse or designer clothing that you could get for $10 at Target? Do you really need the new iPad? Couldn’t you just watch your favorite television program on the internet instead of paying $100 for satellite television? These are all unnecessary in many instances. If not unnecessary, than there are ways to eliminate some of the cost. Once I became a minimalist, I started feeling free from the constraints of stuff and bills.

The next step is to try generating extra income.

• * Sell your crap. I have made thousands of dollars by selling stuff I don’t need or use anymore. Make Craigslist and eBay your friend and start ridding everything that doesn’t promote your efforts to achieve your goals. Then take this money and put it all towards a “Safety Net”. In many cases, this may be enough of a savings for you.
• * Get a second job. I was lucky to have a well paying job while in college and beyond, but there are many jobs that just don’t cover the bills and that is before debt payments and the unexpected. Try delivering pizzas, tutoring, or babysitting for a little extra cash. Make sure to put ALL of this money towards your savings.
• * Get online. There is tons of money to be made online. No, I am not talking about get-rich-quick schemes either. Take something you love and start writing a blog about it. You can make money from advertisements, affiliate marketing, and eBooks. I made $1200 in March 2010 just from writing an eBook about my lifestyle and how others could do the same. Now, that eBook will live on forever and generate a small bit of passive income that takes little if any effort from me. A blog doesn’t cost much to start (FREE using Wordpress) and you can entertain yourself, grow as a person and build on the savings account.

* Here is a link to some other great ways to make a little extra dough to put away for a rainy day: How to Earn an Extra $1000 & 43 Ways to Start Making Money Right Now.

The most important step is saving, obviously. The following may help you break down the how easy it is to save a small amount today to have a major impact tomorrow.

• * Just Let Go! The emotional attachment we have to our belongings is beyond ridiculous. Start loosening your grip on the material items in your life so that you can regain the mental stability that comes with being financially sound. It may seem like stuff makes you happy, but it really doesn’t.
• * Save $5 per day. How often do you spend $5 each and every day on things like latte’s and snacks? Do you really need them or just want them? Start eliminating these small desires and save $5 a day. After 6 months, you could have about $900 extra put into savings. I don’t know about you, but $900 extra in savings wouldn’t be such a bad thing for me. Plus, it all adds up very quickly.
• * Question every penny you spend. I am guilty of this too. Many times, I think I am just spending $2.39 on something and not realize that all of those small purchases add up. Start questioning any dollar amount you spend so that you can get in the habit of asking yourself whether you really need whatever you or buying.

This article could go on for days and days, but I am not going to bore you to death with the always exciting world of saving. What I do want to get across is that anyone can save a small amount and EVERYONE needs a “safety net”. Focus on that 6 month plan and start thinking of major ways you too can increase your security. 6 months from now, you just may thank me for it.

Personal finance, in the general sense of the term, usually encompasses meaning beyond just how much you make and spend on a regular basis. To many, it consists of closely tracking their expenditure, monitoring their investments, resisting temptation to make thoughtless purchases and planning for the long-term in hopes of being well-off and living a wonderful, happy life.

Being the fitness junkie I am, I started to think about my personal thoughts on finances and how they relate to my fitness endeavours. How closely related could personal finance and one’s personal fitness endeavors be? Closer than one might think…

First, You Must Educate Yourself

Just like anything in life, you must first educate yourself. It doesn’t matter if you wish to make a budget, open an IRA, pay off your debt or how to use credit wisely. When I first became interested in personal finance, I read so many blogs on the topic.

It all started with getrichslowly and then trickled down to multiple PF blogs about saving, investments, credit cards, etc. After a while, I figured I’d learned enough to get me by and that’s about the time I found Studenomics. I was fairly intrigued because I’d just gotten back into academia after a 2 year layoff and needed some serious pointers on managing my money on a limited budget all the while getting through school.

The many PF blogs were all a part of my education and is a result of where I am currently with my finances.

The same goes for personal fitness. Most guys/gals get started because they saw someone they deem to be healthy and fit. They may have also seen someone on TV or a magazine. They then think to themselves “I want to do what they’ve done; I want what they have.”

After the initial spark, education begins. The endless scouring of media of all forms in search of the answers consumes a ton of their time for a few weeks. As the education takes root, they start putting the pieces together.

Over a period of time, if the education is sound and their motivation is high, he/she finds themselves exercising routinely and following a healthy diet.

It all starts with education.

Patience Is A Virtue and Hard Work is Vital

Anyone who knows much about personal finance, understands there’s nothing fast or quick about any of it. Building an emergency fund takes time, lots of it. Saving up enough cash for a large purchase is going to take a while unless you’re raking in the dough and have very few expenses. Paying off your stupid credit cards because you just had to have (insert thoughtless purchase here) is likely going to take a good deal of time as well.

Many get overwhelmed or discouraged after reading a success story about how John Smith paid off his mortgage, built up an emergency fund of 10k, sent both of his daughters to college debt free and bought a yaught.

Many don’t understand that John’s successes were a result of patience and a little bit (okay, a lot) of hard work.

It was hard for him to cut back on the useless expenditures. It was hard for him to give up the family vacations. It was probably very hard for him to get rid of his satellite TV with all 500 sports channels. But hey, he wanted to be debt free so badly. His hard work and sacrifice paid off.

The same happens with personal fitness. After you’ve become educated, you must begin thinking about the long-term. Develop some goals and begin working toward them. Some guys are interested in putting some meat on their scrawny frames while others have downed a few too many beers and wish to lose the freshman 15.

For many, patience is a hard pill to swallow. Both guys and gals tend to forget the models they idolize in the magazines and on the web have spent years developing their bodies. It didn’t happen overnight and it sure as hell didn’t come without a price.

However, the positive changes can take place and new habits can be formed. I’ve seen many females who develop this insatiable interest in strength training and completely transform their bodies.

Achieving any goal in life, whether it pertains to fitness, finance, or whatever will require a great deal of patience and hard work.

It’s always worth the price you pay, though.

Discipline is a Must

Without discipline, nothing worthwhile is ever accomplished. To pay off those pesky credit cards, you must stick to your plan, as rigorous as it may be. If you wish to be completely debt free by a certain date and you’ve worked out exactly how to get there, you better be good at limiting the unnecessary expenses in lieu of the freedom you’ll experience later.

Visually imagine what it will be like once you’ve hit your goal. Make it real in your mind first, and then get to work at making it happen right now.

The same goes with any fitness goal. If you’re dying to see those abs you haven’t seen since last summer, you better stick closely to your fat loss plan. If your goal is a big deadlift, you better train with the weights in a sensible manner and fuel your body with the proper nutrients.

Anyone who has ever accomplished a specific goal will tell you they got there as a result of discipline and persistence. They didn’t waiver or let their goals out of sight.

Why is anyone successful? Why is Donald Trump super wealthy? Why do professional athletes get to throw a ball or skate around with sticks in their hands as their job? Why are some people self-employed and living their dreams?

Discipline. That’s why.

What Do You Think?

How has discipline, hard work and education impacted your life in a positive manner? How have you used what you’ve learned about personal finance, fitness, or whatever other blogs/media you follow?

Let us know in the comments.

JC is the author of JCDFitness, where he writes about fat loss, building muscle and his relaxed approach to all things fitness. Check out his free eBook, A No-BS Approach to Looking Great Naked and follow him on Twitter.

I finally got around to cleaning my room, aka gutting out all of the clothing I don’t wear anymore. It took me a couple of hours and a few trips down memory lane, but I finally managed to remove every article of clothing that I realistically do NOT see myself wearing in the near future (you know Ecko jeans and long shirts aren’t cool any more unfortunately).

It took me forever to throw all of my junk out. This is in fact the reason as to why I want to take a look at some barriers behind throwing out stuff & how to overcome them…

Reasons for getting rid of the clothing in my room:

Change in taste. Your clothing style in high school varies greatly with your clothing style once you begin to move through your 20s. Tastes & preferences change. And yes sometimes life or that new career forces us to change styles or to cut that ponytail.

Change in size. I didn’t technically lose any weight because I’m still around the same weight but due to various new training regimens that I’ve tried out over the years, my body build has changed. Some clothes is too small for me, while other pieces of clothing are way too large for me.

Time to grow up. What I wore in high school won’t work now in my 20s.

The reason it took me so long to throw out this stuff? There were certain psychological barriers and certain non-psychological barriers preventing me:

Why it took so long to clean out my room:

Emotional attachment. Every shirt or pair of pants I looked at it brought back memories. This also holds true for stuff around the house. I find that we all have a difficult time getting rid of certain stuff (see: junk) simply because we’ve had it for so long and it possesses sentimental value.

Money invested. I’ve been purchasing my own clothing ever since I started working as a teenager. Now I obviously earn more now, but back then some of those Ecko jeans or American Eagle (don’t laugh) shirts cost a lot of money. It’s so much easier to hold on to something than it is to throw it out. Every time we buy a new book, DVD, or random decoration for the pad, we’ve spent money on it that we pretty much will never get back in full. This in turn creates a barrier for us and we end up keeping junk way longer than we should.

Religious reasons. Being a Christian makes it difficult for me and my family to throw things out. My Mother keeps absolutely everything. She refuses to throw out anything (sorry the pre-junk removal pictures got deleted by accident). Regardless of your religious beliefs, many of us are raised to value and cherish our possessions (yes, even junk).

How to over come these barriers:

Donate to charity and family

We have relatives that live in other countries that don’t live in the best of conditions. Whenever clothing doesn’t fit one of us or we simply don’t wear it any more then we put it into a box. Once we have a couple of boxes full of clothing & shoes, my Mom wraps it all up and sends a big package overseas. This certainly beats throwing out the clothes and someone else benefits from this.

If you don’t have any relatives to pass down your clothing or old stuff to then charity donation is the next best thing. In my area there are many Goodwill drop-off boxes. If you can’t find any then you can always give the company a call and in most cases they will come to your home to pick everything up.

Think Space=Money

You pay lots of money for your home (mortgage, interest, repairs, etc.) or for your apartment (rent, appliances, etc.). A portion of this expensive space is now being used to store junk. That may seem a little messed up but it’s how I see it. Do you really want keep all of that junk or would you like to turn the “storage” room into your own office?

Hold a yard sale

Yes it’s true that one man’s junk is another man’s treasure. This is why a garage sale is the perfect way to get rid of your clutter/junk while making some money. Everyone knows how a yard sale works so I won’t bother explaining it to you. It’s a good excuse to spend a nice summer morning outdoors, meet the neighbors, and sell your crap.

Just do it

Honestly, the best way to get rid of clutter is to just do it. There’s just some crap that you can’t sale or can’t even identify (broken skateboards) and all you can do is get rid of it. On a warm summer morning I called a friend that runs a waste disposal business and ordered a large waste bin for the day. We loaded up the bin with all of our junk and a couple of hours later it was all gone. Now I realize that it may seem counter-productive to pay to get rid of junk, but you won’t care because you’ll be too busy with trying to figure out how you can turn your now empty garage into a bachelor room.

Note: I wrote this past last summer but never ended up posting it for reasons unknown. Unfortunately, for the life of me I can’t find the original pictures that I took. I do promise that next time I throw out junk from my room I’ll post the pics asap.

There are arguably two major purchases that a 20-something will make: real estate and a car. Many of you reading this are in the car buying market and would love to know how-to buy a car.

This is a guest post from Crystal of Budgeting in the Fun Stuff: an open financial diary. It’s a blog created for those in the next step– financially stable but not enough to do absolutely everything.

I work with car dealers as part of my job. I see the deals from both sides. Salesmen are not evil, but they are out for your money. Here’s how you can apply some of my car buying tips and learn how-to buy a car.

Negotiate Everything!

Did you know that absolutely EVERYTHING is negotiable? The price is the largest obvious haggling point, and if you plan to pay in cash that may be all you need to know. Have a price in mind before entering the dealership so you don’t get blind-sided by a few different sales techniques. I like Kelley Blue Book’’s valuations and will only pay that price or less.*

Negotiate the interest rate & more…

For everybody who needs to use financing (myself included until our car account is bigger), you can usually negotiate on the interest rate, the cost of warranties, the cost of insurance policies, and the cost of dealer add-ons. To be completely honest, I have never purchased an extended warranty, insurance policy (except GAP at a bargain price), or dealer adds, BUT some people swear by them, so I want you to know that they are also haggle worthy.

The interest rate is the big one. If you qualify for the manufacturer specials – like 0% for 36 months, 2.9% for 60 months, etc – those cannot usually be beat. Period. Take them if you can get them if you were going to finance your car anyway. Check around for other bank rates and credit unions if you want assurances.

But, if you are buying a used vehicle, don’t qualify for the special rates, or there are no special rates being advertised for the vehicle you are buying (check manufacturer websites), then you can and should negotiate down your interest rate. Simply check what rates you’d be qualified for from other banks or credit unions before you go to the dealer. If you know a credit union will give you a 5% loan, then you know that you want a loan for 5% or less from the dealer, right? If the finance guy offers you 7% and says that’s the best he can do, ask if he’s sure since you won’t sign the deal at that rate. He’ll either find a better rate with a different bank that the dealer uses or will stand pat. If he refuses to budge, calmly leave and come back with your own financing later. If you rather get pre-approved for a loan, that would work too…I usually don’t spend the time on that unless it’s necessary. It will save you hundreds and sometimes thousands of dollars to simply work for the best rate possible.

Use the same language when discussing the rest. For a GAP policy, don’t pay more than a total of 4% of the price of the car. That’s a standard rate for a policy that will cover the negative equity of your vehicle if it’s smashed or stolen.

Let’s talk extended warranty

If you want an extended warranty, I’d check online before going to the dealer. You can usually get one for $1000- $2000 depending on the vehicle, so use that knowledge when discussing prices.

Knowledge is power

Know what you want, how much you are willing to pay, what interest rate you can get, and what options you want before you ever set foot in a car dealership. Never give them the numbers you know…that would just make it easy for them to beat them by just a few dollars. If you want the best deal possible, keep your numbers to yourself and keep saying that you would need better in order for this deal to happen. When they finally stand pat after prodding, you can decide whether that’s a deal you are comfortable with or not. *

Watch out for the paperwork!

Please remember to read all of the paperwork before signing. The retail installment contract is the most important piece of paper you sign since that is your legal deal. Read it carefully, make sure you understand the numbers, and feel free to ask if something looks hinky. Hinky is to be expected, so read carefully and work the numbers for yourself (I actually bring a calculator with me).

Looking to sell your car?

I’ve bought two cars in the last 5 years and have gotten fair deals. I’ve followed my own advice and NEVER traded in my old cars. You’ll get a way better deal by using Craigslist 99% of the time. Look up what you could sell it for yourself before leaving the house…it’s easy to say no when you know you can do better.*

Doesn’t this make you want to buy your next car with cash? Yeah, me too. Hope this helps and good luck!

I can proudly say that I’ve improved my time management skills since I started blogging here at Studenomics. Unfortunately, I’m no where near the same universe as Timothy Ferriss or the 4-hour work week loyalists.

I’m sure that everyone reading this has read various effective time management tips. That’s not an issue. The issue is how well have you implemented these tips? I thought I was pretty decent with my time management, but then I learned that I’m a rookie to rookies.

While on vacation I figured it would be a great time to try out my time management skills, in terms of running Studenomics that is.

I set up a few of my posts and a few guest posts to be scheduled on specific days. Since I had very limited internet access (being away plus expensive internet costs really sucks) I knew that I had to make the most of my little time online.

My little time management experiment yielded some interesting results. Below are my findings from my time management experiment:

Time constraints force you to get shit done.

You ever notice how you get roughly the same amount of work done regardless if you have the whole day or a little bit of time during lunch? At least I do. There are days where between work and school, I only have a little bit of time before bed to dedicate to Studenomics. I find that I turn off the distractions and get straight to business. I get my work done and move on to the next task.

When I have the whole day to work on Studenomics or on my school work, I’ll spend most of it on pointless tasks. I’ll look over the course outline for useless information. I’ll start working out or cleaning the room. Sometimes I’ll just catch up on the latest episodes of The Office. Regardless, having a time constraint in place forces us to get our stuff done.

Lack of time isn’t the problem.

Of course we could all use more time. I would love to get 25 hours out of my day. The thing is that chances are we all do have enough time. We just don’t use this time properly. How much time do we really waste on non-essentials? I’m willing to bet that it’s more than any of us are willing to admit.

Aside: Check out How-to get 25 hours in a day @ Smart Passive Income.

Big & audacious tasks yield the greatest rewards.

You can spend all week planning a cool business name and working behind the scenes on your new business start up accounting system. What does this mean? Not much.

Big and audacious tasks (selling t-shirts with an amazing graphic design, offering the most interactive tutoring session, or reading the most important chapter for that final exam) will do more for us than some minor time-consuming task ever could.

You don’t believe me? Then try it. Instead of worrying about coming up with a cool name for your new tutoring service, focus on reaching out to potential clients and offering the best one-on-one sessions out there. You may have a LLC set up along with a flashy website but this doesn’t mean anything for the student that wants to pass their Organic Chemistry final.

What can you do?

If you run a side business-

Do something that adds value to your readers/clients. It’s all about them, not you. Do something to improve the service you offer them. Impress them with a little something extra. Stop worrying about minor details that nobody cares about. Why would a Studenomics reader care about my business name or Twitter updates? Readers care about my articles. The readers want high quality articles and some interaction, nothing else. Not a fancy business card or a highly SEO optimized blog post.

When it comes to school-

Get off Facebook if you have an exam coming up. Study alone if you and your friends only talk about weekend gossip. Turn your cellphone off when you’re trying to finish that assignment that’s due in the morning. At the end of the day we all know what we need to do and what can be avoided for the time being.  I know that one article on a blog won’t create a paradigm shift for you. At the most I hope that you guys think twice before wasting time when you know you got work to get done.

When it comes to life-

There is one question you have to ask yourself and I’m going to have to steal a quote from Tim Ferriss for this:

Am I being productive or just active?

After reading this quote I’ve gotten into the habit of repeating it when I find myself doing completely random stuff online (i.e. looking up useless stats). My little time management experiment showed me that I keep myself active so that I feel a sense of accomplishment at the end of the day. In reality I just took time away from the activities that I love doing in life just to keep myself busy.

Now I’m really curious, do you guys have any time management stories or tips to share?

BTW: I hope nobody stops reading Studenomics for time management reasons. Shame on you if you do!

This is a guest post from Ryan: a recent college graduate who writes about personal finance, real estate, entrepreneurship, mobile living, and personal development at Planting Dollars. In his free time he scuba dives with sharks, builds travel websites, and enjoys frugal living in Hawaii.

Each year incoming freshman beginning the college journey are greeted with the Free Application for Federal Student Aid (FAFSA). This form makes or breaks the student’s ability to pay for their college career. No pressure, right? College costs money and without grants and student loans, you’re not going to get very far. There are scholarships, part-time jobs, and of course parents, but what if you don’t have any of that?

The FAFSA is the government’s way of controlling who gets financial aid for their college and who doesn’t. Fair enough, the government should control who’s getting the aid, and it should be based on merit and need, I completely agree.

However, the government also bases this decision by how well off your parents are. This is known as the Expected Family Contribution (EFC). The EFC is based on how much your parents make along with their assets. If your parents don’t make a lot of money, you’re likely to get more money from the government. On the other hand, if your parents make oodles of money, you most certainly will not get any government help. In my college experience, I was the latter.

Is the FAFSA and EFC Fair?

Considering that a person is 18 when they go to college, or soon after, they are no longer under the supervision of their parents or legal guardians. Therefore, those guardians do not have any obligation to pay for their child’s college tuition. So why does the government base how much you get, off how much your parents make?

There is the argument that parents do typically pay for the son or daughters college expenses as illustrated by this statistic by Reuters:

“Parents paid 45 percent of the total costs of college in the 2008/09 academic year using income, savings and borrowing.”

Even so, I don’t agree with limiting the potential of kids who’s parents make a certain amount of money or have a certain amount of wealth and don’t decide to pay for their child’s college. Having had a personal experience with this, it was frustrating on my end, because I still had to pay for a considerable amount of my college without any help from grants or other forms of financial aid. I am not saying that I am any more deserving than any other potential college student, however I’m wondering about the merits of the system and if it’s doing America’s soon to be college students justice.

Enron and the EFC

When I read about the EFC it reminds me of a company called ENRON, ever heard of em? ENRON failed because they based their current level of income off future earnings. The EFC is much the same. The government is projecting that you will be able to pay for your college from your parents wallet. This projection is often untrue and thus these students have to work harder or go belly up much like ENRON.

Actually The Rich Kids Get Some Help… The Scraps From the Table

Recently the government has changed its tune on the EFC… kinda. The quote below is from the FAFSA student handbook.

Although students whose parents refuse support are not eligible for a dependency override, the Higher Education Opportunity Act of 2008 (HEOA) granted that such students may receive unsubsidized Stafford loans only.

This illustrates that the rich babies are able to get unsubsidized loans, but are still not in the running for the good ones like the Perkins loans, Pell grant, or subsidized Stafford loans. Basically they’ve given these kids a few table scraps and that’s about it.

So what do you think? Should the FAFSA have the EFC as part of the criteria?

Are rich kids at a disadvantage if their parents decide not to pay for their college or should they simply stop complaining?

Filling out the FAFSA properly is every student’s key to getting the maximum amount of student aid. The students who get the most aid aren’t always the neediest–they simply know how to plan ahead and fill out the form to their advantage. The following tips will help you avoid the pitfalls of the FAFSA and get the amount of aid you deserve.

Plan ahead. One of the biggest mistakes students and families make is not planning ahead. You should make every effort to organize finances BEFORE filling out the FAFSA. For example, investing income and assets in FAFSA-exempt places so that the government can’t count the money on an FAFSA form is always a good idea. This may mean maximizing contributions IRAs and 401(k)s or liquidating stocks, bonds, and mutual funds to pay off debt.

Don’t keep money in your name. A student’s assets are assessed at 20 percent, while parents’ assets are assessed at only 5.6 percent. If you have a college savings or a family member who wants to contribute to your education fund, put it in your parent’s name. Or better yet, ask family contributors to keep money in their name until you have received your aid package.

Watch your earnings. Earning too much money from a job can have a negative impact on the aid you receive. The current income protection rule (2010/2011) allows dependent students to earn up to $4,500 before money is assessed towards their expected family contribution (EFC). For every dollar beyond that amount, students lose $0.50 in aid eligibility. To avoid this financial aid pitfall, students should stick with work-study positions or the Americorps program. Income earned from these sources will not affect aid eligibility.

Fill out the FAFSA early. Waiting to fill out the form until you have time or have finished your taxes is a huge mistake. Aid is almost always awarded on a first-come, first served basis. Applying as close as possible to January 1 will significantly increase your chances of getting more aid. If you don’t have the numbers you need, enter a ballpark estimate and update the form later.

Do not overstate your income or assets. Not everything needs to be claimed on the FAFSA. Be very careful that you do not report income or assets that are FAFSA exempt. You can learn more about what you do and don’t have to report by carefully reading the form instructions. If you have any doubt about what you need to report, call the Federal Student Aid Information Center at 1-800-4-FED-AID.

Fill out the form completely. Leaving parts of the form blank can mess with the formula and negatively impact the amount of aid you receive. If the answer to a question is zero, by all means write in a zero. Just don’t leave the field blank.

Say yes to work-study and loans. Some students think they will receive less aid if they answer no to questions about work-study and loans on the FAFSA, but this theory is incorrect. You should always say less to both. The worst thing that will happen is that you will have more financial aid options.

Make sure your info is correct. This may seem like a no-brainer, but there are thousands of students who miss out on aid each year because incorrect information on their FAFSA delayed processing. Always double-check to make sure your name on the form matches your name on your social security card. Do not use nicknames or shortened versions of your name. Also, check to make sure your social security number, driver’s license number, and other personal information is accurate.

Don’t expect to fit everything in a box. The FAFSA form is long, but there isn’t a box for everything. For example, you may not be able to report all of your out-of-pocket medical expenses or a death in the immediate family. If you have a special financial situation that the FAFSA does not account for, you may want to let your school know about it to see if you qualify for more awards or a recalculation of your aid package.

Don’t pay for help. Every year, thousands of students and parents pay services to help with the FAFSA. Although these services can be useful, they are not really necessary. Anyone can get help with the FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID. Assistance may also be available at no charge from your school’s financial aid counselor.

Guest post from education writer Karen Schweitzer. Karen is the About.com Guide to Business School. She also writes about online school for OnlineSchool.net.

I don’t know how to start off today’s article so I will just throw this out there for you guys- I’m a personal finance blogger that pays $70 a month for a gym membership.

I’m so foolish aren’t I?

Aren’t you supposed to eliminate your monthly subscriptions?

Well yes and no. My gym membership adds a lot of value to my life. I not only have access to weights and cardio equipment but I’m able to attend all sorts of different combat sports classes. After working out for many years at a wide variety of gyms, it seems to be the perfect one for me for now.

Aside from my perspective, this article is also perfect around this time of the year because all of you New Year Resolutioners that plan on getting in better shape in 2010 will be making an important decision in regards to a gym membership (or lack thereof).

Keep on reading if you want to learn how-to save money on gym memberships:

Gym membership fees can be avoided altogether

First and foremost I need to throw this out there- Why spend money on a gym membership if you don’t have to? I worked out at home for as long as I could until I wanted to start swimming, ran out of weights, found motivated gym addicts to work out with, and pissed off my family.

Train at home for a few weeks of serious training. Don’t think that you will become serious about your physical fitness just because you start paying $70 a month for a gym membership. First you need to prove to yourself that you are taking your personal fitness seriously. Once you have a decent workout regimen in place and fitness has become apart of your lifestyle, then you can start looking around for a gym membership to consider.

Pursue a free gym membership

If you take an honest look around you, I’m sure that you can find access to a gym for free. This is not the same thing as avoiding gym fees. I’m also not suggesting you to be the prick that goes to the same gym every week asking for a “free week pass” with a different alias. This will work only for so long before you get banned from every gym within driving distance. Then you’re really going to have to find a way to workout for free.

How can I obtain a gym membership for cheap/even free?

Look no further- check if your current work/school offer a gym to use.

A work gym:

In order to promote health and all of that other good stuff, most workplaces are either setting up an in-house gym or offering free/discounted gym memberships. I personally have access to a $12 a month gym from my work. My friend just became a Fire Fighter and he’s able to train while on shift. Go to the Human Resources department or whoever deals with that stuff in your company and inquire about gym membership options/plans. I guarantee you that your workplace will offer you a better deal than you could find on your own.

The school gym:

Every college has some sort of semblance of a gym. At my old school the gym was nothing fancy at all but it had the basics. If you’re just getting into working out, that is all you will need. Fortunately, many colleges these days have state of the art gyms that you can either join for free or they will charge you a small fee per semester.

Why pay high gym membership fees if you don’t have to?

Before you sign up for a gym membership:

Will you actually go?

It’s nice that you have bought a fancy new pair of running shoes and all of the other gym attire, but will you actually go to the gym? No really, how many excuses do you have lined up? Do you realistically have the time in your schedule to fit in a work? Are you willing to work out before work in the morning? Are you willing to work out late at night? A realistic assessment needs to be done before you hand over your hard earned money to a gym.

Consider pay per use.

Ramit Sethi calls this the a-la-carte method. Instead of signing up for a subscription why not try paying per use? Instead of paying the $40-50 per month for a gym membership, pay the daily fee every time that you go to the gym.

If I go the gym regularly this is a stupid idea, isn’t it? Yes it is. Unfortunately, most people will only go 3 times a week for the first few weeks. If you find yourself hitting the gym on a consistent basis after a month then please by all means sign up.

Do you even need a gym membership?

Many of us are conscious about the fact that we need to improve our personal fitness but we don’t know where to start, besides joining a gym. Working out at a gym is not for everyone. If you love blasting music (or podcasts) on your music player then the gym will be fun for you. If you appreciate team work and group effort then you definitely need to look into sports.

I have friends that absolutely loathe working out at a gym but can’t get enough of soccer or hockey or swimming or golf. If you want to get serious about your personal fitness in 201o, look beyond a gym. Pick up skiing, play football in the park, join the school basketball team, walk to work, or go old school and clean up your diet.

Hopefully this article will help you decide on whether a gym membership and the gym membership fees that come along with it are worth it for you in 2010. I wish everyone all the best! I hope you all wish me the same because my dumbass is going to need to get through a difficult semester.