Running a personal finance blog for college students and young professionals puts me in front of an audience with varying degrees of financial knowledge.

Some of the older readers of Studenomics are more interested in credit card optimization, real estate investments, high interest savings accounts, and various other advanced topics.

Some of the newer readers of Studenomics are more concerned with killing credit card debt, saving money, and figuring out how to plan that next Spring Break trip.

To be honest, I love writing for both sets of readers.

Today I will meet both groups somewhere in the middle. I wanted to share with you guys some unconventional personal finance advice that I believe in and follow myself. If you don’t like it or agree with it then that’s cool. If you learn something new, that’s cool too.

Let’s look at some unconventional/non-mainstream personal finance advice:

Cut your losses.

The other day I paid to attend a study session that was supposed to be extremely helpful. A third of the way in I walked out because I figured out I wasn’t going to extract any value from it. My friend stayed the full session only because he had already paid for it. I don’t believe in that. I believe in cutting my losses.

Once you pay for something that is non-refundable (a meal or drink for example) you have incurred a sunk cost. You’ve already paid for this item and are pretty much stuck with it. I just accept it. If I realize that I don’t like the drink I won’t drink it. I don’t believe in forcing yourself to consume a purchase just because you have already paid for it.

How do I deal with cutting my losses?

1. Suck it up.

2. Learn from them and move on with life.

Of course I don’t cut any losses until I attempt to attain a refund or “make the best of the situation.” After that I’m gone. I’ll save the complaining for those that didn’t cut their losses.

Pay for stuff you hate doing.

What do you think of my new blog design? I think it’s amazing personally. Did I do it myself? Oh hell no. I hate technical and artistic stuff. Actually let me rephrase that– I suck at technical and artistic stuff (as I’m sure many of you have realized by now). This is why I opted to save hours of frustration and confusion from my life by outsourcing the work to Larry of Empty Cabin Media.

Yes I do understand the value in being a Jack of all trades and do-it-yourself projects. However, it doesn’t mean I have to do everything myself. Building a new shed in the backyard on a warm day can be a fun and interactive family activity. Trying to code a Thesis blog design, fixing a computer, painting the house, cooking food, etc. can be very boring and time consuming for many of us. Why not just pay someone to do it for us?

I won’t start throwing equations and calculations at you, but your time is very valuable. Use it the way you want to. Use your time the way that adds the most value to your life.

Use credit cards to your advantage.

I know that credit cards could screw you up badly in your 20s. They can also be very beneficial. No matter what happens, you’re ultimately responsible for your own credit card use. Don’t blame anyone else for it.

If you feel that you’ve mastered your credit card usage, they why not take advantage of your credit card?

Pay for big group purchases with it, use it when you travel, automate your bills to go to straight to your credit card, and get a rewards credit card.

Get some cash back from a rewards credit card and build your credit rating while you’re at it (you’re going to need it one day for that home or new car purchase). Don’t rip up your credit card and then declare the issuer of it as being the second coming of Hitler. Take control of your credit card spending and try using your credit card to your advantage.

Bottom line– stop thinking that credit cards are evil.

(I know this is easier said than done. So take a moment and look through the dozens of articles that I’ve written about credit cards and debt reduction.)

Travel– even if you don’t have lots of money saved.

Everyone tells you to pay off your debt, save for retirement, and put down a down payment on mortgage before you can travel. So you’re telling me I have to wait until I get tired early and am not as adventurous to see random places in the world?

I have a little bit of money saved, not a lot by any means. This won’t stop me from getting away from a treacherous winter to a nice tropical island once in a while. There are also many places I want to see in the world in my 20s and I will at least try to see as many of them as possible. I know that I can’t compete with Chris Guillebeau but there’s nothing wrong with seeing the world while you’re young.

I wouldn’t recommend any you go into debt to travel. I just wouldn’t let a little bit of outstanding debt or a small savings account stop me from seeing places in this amazing world.

I’ll stop there with my unconventional personal finance advice. Time to share yours. What personal finance advice do you follow that isn’t exactly mainstream or conventional?

College is a time for difficult decisions. You want to have fun and enjoy yourself, but the looming worry of life after graduation always seems to interrupt the fun.

With unemployment around 10%, according to the Bureau of Labor Statistics, post-college jobs are tough to come by and many grads are finding the situation incredibly frustrating as they stay unemployed or under-employed for months after graduation.

One post-graduation option that more college students are pursuing is teaching English abroad. From Japan to Africa to eastern Europe, English teaching positions are available to native English speakers with often little or no formal teaching experience.

Once again, no, you don’t have to be an education major to teach English abroad.

Teaching English abroad is the perfect chance to make some money, diversify your resume, and do some more traveling while you’re young and not pinned down with kids, mortgages, and careers.

But just being able to speak English won’t guarantee you a job. You have to show foreign companies and, more importantly, interviewers why you stand out and deserve to teach in their country.

Here are 5 important steps you need to take as a college student to make yourself more marketable as an English teacher abroad.

1) Join an international club

Almost every college has an international club that is run through the Office of International Programs – the people who organize and run the study abroad program.

International clubs are great because they don’t require a lot of your time and energy, but they’re a lot of fun. There are often cultural field trips, parties, and other events that you can attend where you’ll meet a lot of different people and learn about different parts of the world.

Often your colleges international students will join the international club which is the perfect chance to learn about other countries, other cultures, and to ask questions about possible places to teach English abroad after graduation.

These international students are the ones who put themselves out there to travel the world and learn English so they’re often fascinating people who can easily turn into lifetime friends. Not to mention, connections for future places to stay when you travel in the future.

International clubs are also great conversation bits in future interviews and they’re something you can mention in your resume.

2) Take classes that relate to countries you may want to teach in

I went to a small school of 3,500 people and we still had tons of classes that centered around specific countries like Russia, Japan, or Germany.

If you have some room in your schedule, sign up for a course about one country. The professor will probably be a fanatic about the country and you’ll get to learn the ins and outs of the country. Often students will have traveled to the country as well, and you’ll get to bounce questions off them about daily life in the country, the economy, travel options, culture, etc.

Don’t be picky about which class to choose. Far too often we think we know what we want in our lives, but it’s the unexpected bolts of interest that guide our lives. Take a class about South Korea or Brazil. Who knows what you may learn? You may fall in love with the country and find yourself living there in a couple of years.

If you’re lucky enough to find a country you love and you want to teach there someday, this class can be mentioned in your interview as the “A-HA!” moment that made you apply. Trust me, the interviewers will eat that up.

3) Study abroad/vacation/winter break trip to any country

This is the most important step if you want to really teach abroad.

Traveling to other countries – specifically ones that are much different than your own – will show interviewers that you have the guts to step outside of your culture and the interest to learn about other ways of life.

A couple of weeks ago the question of traveling in your twenties was discussed here on Studenomics. If you want to dramatically improve your chances of teaching abroad, you must travel in your twenties.

Do whatever you can to get abroad while you’re in college. Study abroad programs are great because they give you a chance to live somewhere for an extended period of time and you’ll get to test the waters and see if you could live there for a year or two.

I studied for seven weeks in Japan on a friend’s suggestion, and now I’ve been here for five months teaching English and will probably be here for another two years. It’s funny how things work out that way.

Traveling abroad can also show you if you really love traveling or you’re just romanticizing going to faraway lands. It’s okay to hate it. It’s okay to realize you never want to leave your home country and that foreign foods creep you out. But it’s better to make this decision as a twenty-year old than always wondering “what if” for the rest of your life.

4) Volunteer/work for international organizations

This is another step that makes you incredibly marketable to future foreign companies as an English speaker. If you can locate local international groups or companies in your community and either work part-time, intern, or volunteer you’ll be able to talk about this in a future interview.

For example, my friend who is having a hard time landing a full-time job after graduation is interning at a college’s Office of International Programs and volunteering at his town’s culture center. He approached both organizations and offered his services for free along with some ideas of ways he could help. Both groups said yes, and now he’s getting great international experience doing a variety of tasks.

It doesn’t have to be a thirty hours-a-week job, but it could be a Sunday afternoon volunteer session. Anything that can get you international experience will make you more marketable and make your resume stick out from the rest.

Talk to your school’s Office of International Programs to see if they know of any opportunities in your community. If all else fails, Google it and see what you can find.

5) Take language classes or self-learn

The sign of someone who really loves a country, is when they’ll commit themselves to learning that nation’s language. Just like classes that revolve around countries, if you have some open space in your schedule, sign-up for a language course in a country your interested in and see what it’s like. You may struggle, you may hate it, but if you get through it you’ll be able to show companies how dedicated you are to their culture.

Your language experience will also give you a leg up when you actually live in that country. Even though you’ll be teaching English as a second language, knowing even elementary phrases will help you go a long way.

It’s important to realize that more and more graduates are applying to teach abroad. Don’t bank on the fact that you have a 3.6 GPA and you’re a double-major. If you have no connections to international life, you probably won’t be hired.

The extent of your experience can vary, but don’t let the international opportunities your college provides pass you by.

Get yourself out there, meet some people, learn about other ways of life, and you may just find yourself living in a foreign country teaching English someday.

Austin teaches English in Japan and writes about personal finance for twenty-something. He can be found at Foreigner’s Finances. For more information on teaching English as a second language abroad, click here.

All financially conscious individuals have the tenet within them that a payday loan/cash advance is a very detrimental financial tool. Recently a  bigger picture question arose- what if I need a 30 day payday loan to take advantage of a business opportunity?

(Note: This article is considered outside-the-boxing thinking because we are all aware of the negatives that are associated with cash advances.)

Payday loan companies are known to have some very clever marketing. I know that I have used a fairly negative connotation when discussing payday loans. I will not change my stance on them. I want all 20 something to learn how to avoid the cash advance trap. However, I am willing to discuss the concept of a 30 day payday loan and the usage of a cash advance.

Where is this 30 day payday loan discussion coming from? After my last article where I shared my thoughts on payday loan marketing tactics, a Studenomics reader posted an interesting comment which led to a very thought provoking conversation through email. Due to privacy issues and respect for my readers I will not go into the details of what Terry and I discussed. I’m willing to post Terry’s previous comments on the 30 day payday loan since they were made public under the discussion for my post on payday loan marketing tactics.

Terry:

Okay, I live on a poverty-level income, so I don’t think I have a spending problem.

Now I have two money-making issues:

1) I see some opportunities to buy some things at approx one-half their value and resell them on eBay for full value. (e.g. buy things for $10-$25 and sell for $20-$50)

2) In order to successfully execute #1 above, I need some computer upgrades (e.g. I’d have to post pictures of my items)

So in order to take advantage of these money-making opportunities, I need a little startup capital, which I can’t quite build on a poverty-level income.

When I shared my feedback and inquired for more details, Studenomics reader Terry responded with:

I’m thinking I’d need: (cost estimates high end to avoid overruns)

1) home internet service $40/mo + maybe one-time $50-$75 for modem/router

2) scanner $25

3) basic used windows computer (for compatibility with #1 and #2) $50

So I think a $200 30-day payday loan would be sufficient to get me started. I already have $500 of things to sell, which would repay the loan and provide cash for future purchases for resale.

I can’t think of a way to get started before I need to borrow money, since I’d need to take and post pictures and can’t do that from a library computer.

Before any decisions can be made or any forms can be filled out, this one question needs to be answered:

Do you really need this 30 day payday loan?

I realize that this question is difficult to answer. This is why I have listed some thoughts below to help you decide if a short term loan is right for your situation.

If you must use a short term loan then please be very careful. All of you reading this are intelligent grown up folks that are making a conscious effort to make correct financial decisions. Unfortunately, some of are friends and peers are not in the same frame of mind at this point in life. If you or someone you know is looking into a 30 day payday loan, the worst case scenario must be taken into consideration. Whenever I make an investment I think of the absolute worst thing that can happen, which is usually the possibility of losing all of the money invested. If you lose the money you borrow, will you be able to come up with the funds to pay off your new found debt?

Only under extreme circumstances should you consider a short term payday loan. Following the previous paragraph it would only make sense if I further elaborated on the severity of a short term loan. The risk you potentially take on through acquiring a payday loan to use for an investment is exorbitant. Borrowing the money signifies that you do not have liquid cash available at the moment. If the investment flops then you might have to borrow even more money to pay off your original 30 day payday loan. The potential reward needs to greatly out weigh the risk that you take on with your short term loan.

Will this 30 day payday loan be used for a once in a life time opportunity? As satirical as it may sound there are circumstances that are very rare that come to us. Whether it is an excellent business opportunity or the ability to purchase a desired item at a large discount. A friend of mine was saving up to buy a car he has had his heart set on for a long time. He found a similar model on sale and the owner was looking to get rid of it ASAP. Since my friend knew that this was a rare chance he took a short term loan to help him buy this car. At the end of the day, he paid off the short term loan and purchased this car at a much lower price than expected.

Please remember that payday cash advance loans are very expensive. Quick personal loans from a buddy are one thing but when you walk into an established loan-providing store you should expect to pay a pretty hefty premium on this money. I did some research and came up with varying percentage rates depending on the area. Simply put- the interest on a 30 day payday loan is much more than you could ever expect to earn for your money at your local bank.

There isn’t any affiliate links in this post and I am not trying to promote the idea of a 30 day payday loan. I just want to be as empathetic as possible and I want you guys to know that there is sometimes more to the situation than is present on the surface. If someone you know is looking into obtaining a short term loan I would not be so quick to judge them.

As the saying goes, “To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” (Tony Robbins, and yes I promise to never use a corny quote again.)

Studenomics reader Wilhelm asked me for advice on how he should invest the $100 a month he saves.

I started looking over what I do with my money and my different investment vehicles. After a few minutes I realized that I didn’t want to put together an investment article where I pretend to be an expert about where to put money. Instead I decided to think outside the box.

It’s been a really long time since I have posted an edition of outside the box thinking at Studenomics. So here is my advice on what you can do with the money you save as a college student:

Use the $100 a month you save as a college student to travel some where you have always wanted to go in the world once you graduate.

This is the one time in your life where you can drop everything and go. Sure I could have written an article highly optimized for search engines about certain bank accounts or I could have written about the million investment options out there. Instead I wanted to tell you guys to think outside the box today and put aside a little bit of money each month to travel the world after your college graduation:

See the world by Couch Surfing

Baker wrote about how you can use CouchSurfing to the world and it really got me thinking. CouchSurfing is a social networking site that allows you to host travelers that you connect with online. Not only can you choose to host a traveler but you can also find someone to host you in countries all over the world.

CouchSurfing is perfect because your biggest expenses now becomes the flight and not the hotel accommodations. Sure you may be required to help out around the home you stay at or something along those lines. It is well worth the money you can save.

Afraid of going into a strangers home? CouchSurfing has references and hosts are registered with the company. Apparently it’s very safe and I’ve heard nothing but positive reviews from people that have tried it. My goal is to give this a try in a few years. What do you guys think about this option to see the world?

Travel to an all inclusive resort

All of my trips except for one have consisted of staying at an all inclusive resort. Even $20-50 a month after a years will be enough to send you on a nice all inclusive vacation down south. Whether you want to enjoy the 7 mile white sand beach in Negril, go snorkeling in Cayo Coco, or have a few drinks in Punta Cana, there is a package that will meet your demands.

These types of trips are typically shorter due to the price. However, you can pack tons of fun and adventure into the short period of time you are there. You can drink your liver dry, you can travel around the area with the locals, you can go scuba diving, and anything else that you may want to try.

Back pack through Europe

A classic option for most college graduates is to go backpacking through Europe. From most stories I have heard the backpacker just books a flight to a random city in Europe and brings enough money to get around for a specific amount of time.

You don’t think you have enough money saved? No problem. You can always pick up odd jobs along the way. This can be the most spontaneous (perhaps outside the box?) thing that you ever do in your life. Once college is done you deserve to get away from the formal structure in life and let loose.

Just remember that when you come back from one of these trips after your college graduation that the job hunt begins. That’s why it’s important to have as much fun as possible after college because once you start your career it’s unlikely that you’ll have this much spare time again.

photos: 365bunnies, vagabond, mjrm

Yesterday during the discussion about whether an education is a debt sentence or not, a Studenomics reader known as MyLifeROI made an interesting comment questioning senior college students that switch their major. At first I agreed with the comment and thought that it made no sense but after talking with some other readers it hit me that there are times when a career/program change is needed. As a result I figured it was time to do another edition of outside the box thinking, discuss the few times that changes to your career or college program need to be made:

Not enough money in the field

You may have gotten into a specific major or field because you were interested in the subject but soon after realized that you could not earn a decent living. Everyone should follow their interests and passions but we all need to earn a decent living as well. If one of your passions is not profitable then have no fear because you can always try out another passion or interest of yours to determine whether it will be highly profitable.

Lack of growth/work potential

Some college programs offer very few opportunities for work after graduation. The field could be really competitive, there could be few firms hiring or just simply stagnant in growth. For example, there are many people that got into IT/Computer Science after the boom in the late 90s only to be struggling to find work a few years later. This is an excellent opportunity for you to turn an adversity into an opportunity. Instead of sinking with the ship you could get back on your feet by trying out a new career path.

You lost interest in the subject

Many people jump into a college major or career expecting every day to be insightful and exciting. A few boring lectures later they realize that the subject is actually pretty boring and full of repetitive theory. Instead of feeling sorry for yourself and regretting your decision your best option is to look into other subjects that will interest you.

Better late than never

There’s no point in spending the rest of your life working in a field that doesn’t interest you just because you may have already dedicated a few years to it or acquired a high level of debt in the process. Sometimes it’s better to cut your losses and move on with your life doing what makes you happy. Many young people will argue that they feel the need to work in the field because it cost them a small fortune to complete college. This will be one of your first harsh lessons in life; you will learn that some career/education decisions may be debated many times until you eventually end up with that dream job.

Have you guys ever experience a career or major change? If so, what were the reasons behind your decision to switch things up?

Stay tuned: On Friday I will discuss ways to prevent yourself from reaching the point of wanting to switch careers/majors.

Don’t read this article, quit your job, and then come blaming me for your home foreclosure. Just like any outside the box thinking article I am simply here to provide you with a unique perspective on certain concepts. This article is geared towards those people that are constantly complaining about how much they hate their job, yet they don’t do anything about. We always hear people talking about how they are going to quit their job yet no one actually pulls the trigger. I am not here to directly tell you to quit your job, I just want to provide all of you with a few signs of when you should quit your job:

1. Lost your passion. You started off your job by being the first one at their and the last one to leave. Now you barely make it on time and are watching the clock all day. Is this the way you want to spend the rest of your life?

2. Go to work miserable every single day. You wake up everyday and just dream about your upcoming day off or you hope the subway system is not working so you won’t have to go to work. You don’t want to start off everyday of the rest of your life in a miserable state.

3. You have an amazing business idea. Maybe you have discovered an opportunity or maybe you are willing to take a chance that no one else is willing to. Either way if you truly feel you have an excellent business idea then why not try to slowly build the concept until you are financially able to run your business full time.

4. You want to follow your passions. We all have skills that could make us lots of money. Some of us also have the ability to make lots of money following our passions. If you are one of those people that are so passionate about something then why not try making a living off it? Think of all the people that had regular day jobs and ended up becoming professional bodybuilders, internet entrepreneurs, athletes, collectors, and the list goes on and on. Focus on your passions and then money will come in after.

5. You want more freedom. You don’t want to be tied down everyday to the same job and the same boss. Some of us want to find a job where we can excel in what were good at and focus on activities that bring us pleasure.

Bonus tip: If you are new to the workforce you don’t want to get into the habit of working jobs you hate. Prior to selecting a job try to realistically ask yourself if any of the 5 situations will apply to you 6 months down the road.

Today for outside the box thinking I am going to discuss an idea that many of the readers of this blog will not appreciate, working on the weekends! Yes, those two days where you either relax at home or go drinking with your buddies. I have probably lost most readers by now but if you are still reading then thank you and allow me to show you how the weekends could make you rich.

First I will start off with a few myths about weekends and personal finance.

Myth #1. You can’t work because you use your weekends to study. I’m sure that most of you do this every single weekend, tell yourself that you will spend the weekend studying. I have done this so many times that I could not possibly count. Stop lying to yourself! You may study an hour or two here and there but realistically you will spend most of the time either relaxing or going out. The only time any of us will study on the weekend is when we have an exam on Monday morning.

Myth #2. You have to go out on the weekends. Believe me nowhere on this site will I tell you not to drink because that would make me the worlds biggest hypocrite. I’m just asking you, why do you have to go out on the weekends? Think bout it, you could find way cheaper drinks if you were to go out on a Thursday night, or you could save your money and go on a vacation every 4-6 months.

Myth #3. It’s hard to find work for the weekends. This is so not true, in fact it may even be easier because most people don’t want to work weekends.

Alright thanks for sticking with me as I discuss such an unpleasant subject as working on the weekends. Now that I have listed all the myths about personal finance and weekends, let me show you where the savings will come in:

Saving #1: Cheaper Drinks During the Week. As I mentioned before I will not be a preacher and tell the readers of this site to never drink because even if I did no one would listen. If you decide to work on the weekends then try going for drinks with your friends on a Thursday night (depending on if your schedule allows it of course). Many bars offer cheaper drinks during the week and have student themed discount nights. Why not take advantage of these?

Saving #2: Instead of spending money, you will be earning money. While all of your friends are out spending their money on dining out and random purchases, you will be at work earning money. Granted you may miss a few nights out here and there, but sacrifice is the key ingredient to working on the weekends. Don’t worry when I first starting working on the weekends I thought it would be impossible to work while my friends are out. Then it hit me; I can graduate college debt free and travel all just by sacrificing my weekends.

Saving #3: Time to calculate how much money you could potentially earn on the weekends. Let’s assume that you find a decent paying job where you will work a full day shift. Hopefully it’s fair to say that you could earn anywhere from $75-$150 a day, so let’s do the math

$75-$150 a day= $150-$300 a weekend x 40 weekends (rough number because no one will want to work every weekend)= $6,000-$12,000! Not bad and this money could definitely put you ahead of the game when it comes to paying off tuition or saving money for that first home down payment.

Good job you are still hanging in there reading about working on the weekends. I have covered the common myths and the ways you could save money by working on the weekend. Next I will cover some possible work ideas for jobs that can be easily done on the weekends:

Work Idea #1:Serving drinks/food at a bar or restaurant. This type of work may be completely irrelevant in terms of your field of study but you could potentially earn a decent income from tips. If you are the type of person that seeks excitement then this is the job for you because there will never be a dull moment. Not only will time fly by fast you will also have the opportunity to meet some great people.

Work Idea #2: Tutoring. The weekends would be an ideal time to provide some tutoring sessions for part time students and students with busy schedules. Granted you must be an expert in the field you decide to tutor and be good at explaining key concepts. I personally have tried this option but it did not work out because I do not have the patience to teach people.

Work Idea #3: Become a junior assistant in the field. Many workplaces use the weekends to catch up on any tasks that they were unable to complete during the week. This is why many employers are now hiring junior assistants to help out around the office and do any minor tasks that they do not have the time to complete. This would be the perfect opportunity for any young ambitious person that is looking to make some money and gain some valuable experience.

That is all for this edition of Outside the Box Thinking. Thanks for sticking around and reading about a topic like working on the weekends. If you agree with the whole idea of working on the weekends then please let me know. If you think that working on the weekends is the most absurd idea ever then please share your thoughts.

Student debt so high that you can’t sleep at night because you are thinking about how much money you owe? Has studying 7 days a week stressed you out completely? If so then maybe you should consider taking the semester off from College.

Today is yet another edition of Outside The Box Thinking, a Studenomics original. If you are a new reader here then please keep in mind that the purpose of this feature is to have my readers think about concepts that may not be “popular” or “appropriate”, and concepts that most definitely will not be written about on other personal finance blogs. Anyways it’s time for me to list the advantages of taking the semester off from College:

Pay down your student debt. It’s easy to judge and say that taking a semester is a waste of time but what about if you’re one of those students that are forced to fund their education through loans? Some students are fortunate enough to have their parents subsidize all of their education costs, but if you are all on your own and stuck with all of the costs then don’t let anyone judge you. Do what’s best for you and if you truly feel that you need to pay off that student debt a little bit because it is growing to a ridiculous level, then do so.

Recharge. Each College Program has its own level of intensity and difficulty, with some programs being extremely stressful. If you feel that the stress is affecting your health in a negative way then take some time off to allow your body to recharge. Think of the many long term benefits of allowing yourself to prevent mental burnout.

Work in the field. Some career fields are difficult to get into so if you want to get ahead of the competition then you should try finding volunteer work or an internship in your field of study for a semester. Not only will you gain valuable experience but you will have some nice qualifications on your resume. Some programs also have peak periods where it is easier to find work, for example, if you are an accounting student then taking the winter semester off to work would make perfect sense because of tax season.

You have lost interest. This can happen to anyone and in fact has happened to me before. One semester I had so much going on in my life and the courses were so bland that I simply lost interest. I stuck it through to the end and passed all my courses but when it was all said and done I regretted not taking the semester off. Mainly because my grades were not as high as I would like them to be and I did not retain enough information to make the semester seem valuable. When you are not focused and passionate about something then what’s the point of lying to yourself? If you are not happy studying the subject chances are you will not enjoy working in the field for the rest of your life.

That is all for this edition of Outside the Box Thinking. If you are a new reader at Studenomics then please consider subscribing to my feed. Keep in mind that the purpose of this feature is to show everyone that it is okay to think differently or try something new. Please feel free to debate this article or to share your thoughts by commenting. Remember that you will not be judged here.

For the second edition of “Outside the Box Thinking” I have chosen to write a topic in spirit of the holiday season. Don’t worry this is not one of those typical sappy posts about donating your time, it is a unique look at how the gift of time could be very valuable during this time of the year. Instead of spending money and worrying about what to get the people on your gift list, given them a personalized voucher with something that you will do for them. What you will do for this person should only have one requirement, it takes a set amount of time that you are willing to commit:

Provide a Service. There is a strong chance that you possess certain skills that others may not, so as a gift you may give someone a time where you provide this valuable service. For example, if you are good with graphics you could design a banner for a friend with a website, if you are good at fixing cars then you could repair a friend’s car, and the list could go on. All that matters is that you provide the best possible service with a smile, so that this person knows you truly appreciate them.

Teach something. Once again if you are great at something then you could provide a service for a person or better yet you could teach them how to do it. This will obviously take a lot of time but it definitely holds more value than any gift card or designer jeans. Once again if you are great at running a blog then you could show a friend how to run a blog instead of just doing it for them. This way they learn skills that they could transfer if they choose to start another blog on their own.

Spend quality time. Most of us have extremely busy lives so what’s a better gift than some quality time alone. This means no pagers, no Blackberry’s, no iphone’s (if humanly possible), and no distractions at all. This gift is ideal for those close to us and for those that nag that we are always busy. The quality time could be spent drinking coffee by the fireplace, going for a walk, or by drinking a case of beer while watching UFC.

Prepare a meal. Take the day off from work or any other engagements to be the one that prepares the main meal this holiday season. Not only will you surprise people but everyone will be truly grateful that you spent a whole day preparing a meal for everyone. Of course you must make sure that you know how to cook because even though it’s the thought that counts, everyone still enjoys a great meal.

That is all I could think of for now, if anyone could provide additional ideas on how to give the gift of time then please do so.

“You can not help everyone, some people simply have spending or personal finance habits that are unresolvable”

This is the very first installment of the all new “outside the box thinking” concept that is brand new to Studenomics. Every week on Tuesday I will bring up an idea that many people have most likely not thought about and try to get an engaging conversation going. I am not saying that I agree with the idea, that it is ethically acceptable or that I have tried it. I am just stating an alternative idea that may not have been brought up before on other personal finance blogs.

This week the unique idea that I will discuss is Making Money Off Your Friends. I know that right off the bat this sounds like it could be unethical but hear the idea out. Chances are you have tried to help your friends out over the years by offering them solid personal finance advice, but they simply have decided to not accept it. Instead of trying to help improve your friends’ personal finance situation, try a totally different tactic. Try making money off your friends. After you do make sure that you let them know and hopefully they will open their eyes and realize how simple it could be to potentially earn money. Enough of the introduction, it is time to discuss the best methods for making money off your friends!

1. Sell stuff. This may seem too simple but there are 3 easy ways to sell stuff to you friends:

a) Become a wholesaler. If any of your friends possess a financial weakness, such as smoking cigarettes, purchasing certain brands of clothing frequently, or purchasing junk food every day, then this method is for you. Whatever the product is go out and buy it in bulk. Once you have a huge quantity of this product convince your friend that you want to sell it to them. You could even offer a lower price if you would like to.

b) Become a middle man. If any of your friends is about to purchase a large item that they do not have all the money for at the moment then you could purchase the item. Assuming you have a decent sum of money and that you truly trust the person then go ahead and make the purchase. Once you make the set purchase you could sell it to your friend at a price that includes a profit.

c) Sell your old stuff. As simple as it sounds this often gets overlooked. Whether it be textbooks, a vehicle, lawn equipment, tools, etc. Why not sell your old stuff to someone that you know will take care of it?

2. Rent Property. If you are an ambitious young person that has been able to save tons of money or just born into the right family, then you could invest in a condo or any rental property and then rent it out to one of your friends. Wouldn’t you rather know who the tenant is than some random person?

3. Sell your services. No nothing unethical will be mentioned here for all of you young people with dirty minds. By services I am referring to anything that you are truly great at that your friends could benefit from. Some obvious ideas that come to mind are tutoring services, manual labour, repairs, consulting, or maybe even helping them set up a blog.

What do you think? Have you ever tried this or are you totally against involving friends with money?