Career advice for the young (or anybody else)

A couple of days ago, a young student approached me and asked me for some career advice. The student wanted to understand a little more about what banking and finance is about, and how it measures up in terms of their “dream job“. I was very impressed with this young student, because unlike many of their peers, they were actually trying to look at their future and start planning. This student, to be fair, is part of an advanced group of students. They get tutoring as part of their regular school day, they have additional instruction in note-taking and other study skills, and they are in advanced Math and English classes. They have a leg up over many students already. This young person seemed to have a leg up on even this group.

There was another teacher in the room at the time, who had worked in a similar field in her younger years, and we both shared some of the upsides and downsides, many of the really funny incidents, and some of the sad, sobering, almost depressing parts of our former jobs. See, no job is truly perfect. There are some good parts and bad parts, and much of adult life is about learning to deal with the bad parts while preparing for, waiting for, and whenever possible working to create the good parts.

And while just that much would have been a good enough lesson, that isn’t the main point of this post.

If you have been doing your job as a parent or concerned party of a young person, there is likely to be a point where they will ask you about career advice themselves. How you respond, what you say and how you say it, and your timing are crucial.

Once a young person asks your advice about future careers, they are putting the trust of their future in your hands!

So how do you respond?

“Follow your bliss!”

Some parents think this is great advice. They want their children to be happy in whatever they do. I’m not going to say that this approach doesn’t have any merit because I know that all parents want their children to be happy. Hell! I’m not even a parent, and I want other people’s children to be happy in their career. Happy people generally don’t make as many mistakes, and tend to do their jobs much better overall than their less happy peers. If that’s all it takes to be able to go to Taco Bell and not get my order screwed up or just ugly, then follow that bliss.

But there is a slight downside. For many kids, their bliss is playing video games or taking obnoxious pictures of themselves for Facebook. True, with a little creativity and some luck, you can make a career out of either of those, but neither has that ring of career aspirations that would make a parent proud.

 

“Follow the family!”

Okay, if “the family” is really The Family, I’m staying out of this argument altogether! But assuming that we’re talking about parents like my mom, who truly believe that following in the family business or doing the same job as your parents is a good thing, there’s a lot to be said for this method too. There is nothing wrong with upholding the traditions of your family, taking advantage of the skills and training from what may be generations of people who have done a job with love and with pride. I kind of like to believe that I’m in my family’s business as a teacher because my grandfather was a teacher in his home country. I get that I’m probably stretching a bit, but it makes me feel good.

But what if, like me with my mom, the family business just isn’t a good fit? Even if I went into my mom’s business of nursing and caring for the sick, that isn’t me either. One of my brothers works construction. He has three daughters that all together probably don’t have the upper body strength required to do what he does, plus it isn’t a very feminine job, and his daughters are very feminine girls. Should they, and I, have taken a job that we don’t enjoy? Even if it means that we will suck at it and embarrass the very people we were trying to please by doing the job in the first place?

“What’s important to you?”

The way I approached my student was to ask what was important to them. What are they looking for in a career? We also talked about what skills they felt they might want to strengthen. As we talked, I was able to throw a few different ideas their way, and as what they said changed, I was able to change my suggestions to fit their evolving priorities. Keeping in mind that this student is very young, and their priorities will change several times between now and when they become an adult, it was more important to get them to think in terms of what they want out of a job than it was to try to stuff them in a hole that might become a bad fit later on.

Is there a downside to this? Sure, I guess that the student might have felt a little unfulfilled when they came to a trusted advisor with the hopes of getting a concrete suggestion. I guess that walking away from a conversation where you hope to get answers with nothing but more questions can be annoying. I’m okay with that because this student needs the opportunity to decide things about themselves before they are going to be ready to plop down for a career that might last them the rest of their lives.

I don’t know why, but as I was having my conversation with my student, I kept thinking that someday they’d be alright.  Of course, one of my favorite songs about someday is this one, and while it is a sad song, and possibly a little depressing, I’ve always enjoyed it and I hope you do too.  Enjoy!

 

Make a plan and stick to it, then improvise when everything goes wrong!

Last week, I was called in to teach a group of kids that are more difficult to teach than most. Many have already graduated from school, but are still forced to go because of their age. Many will never see the outside world as free men or women. Very few of them care about school at all. In short, they have nothing to lose by missing school, and not much to gain by going. The teacher that I was replacing had given a stock lesson in writing a specific kind of poetry.

School

Pointless wasted

Sucking, wasting, boring

Punks dorks teachers bitches

Sitting sleeping learning

Jail

That’s an actual example (near as I can remember from reading it) of what the students turned in. I can see why the other teacher didn’t want to deal with this class anymore.

When I found out that I was teaching this class, I knew I had to do something that would catch their interest, but that would still be educational and appropriate for them. I worked for most of the day and evening to come up with a kick-ass lesson that would be entertaining and educational. I had hundreds of pages to print out so that the kids could actually complete the assignment. Not wanting to waste my personal printer ink, I saved everything to DROPBOX so that I could print it out at work the next morning (by the way, if you don’t already have a Dropbox account, and you ever save any kind of file, you need one. Click on the link and you’ll get extra space when you sign up for an account. In fairness, I’ll also get a little free space, but I’d use the service regardless).

When I got to work, I learned that for some reason, my district’s internet security policy blocks Dropbox access. No worries, I could use my phone and print remotely to a printer. No dice there either, since the printers wouldn’t accept a connection to print from my phone. I was getting a little worried, since I realized that I was well and truly screwed.

By the time I got to class, I had about two minutes to think of something, or face the very real possibility of a minor riot on my watch. Luckily, I try to have a backup plan for whenever my first two (or three, but whatever) ideas crap out. I learned this by virtue of being caught many times with no plan, and having to pay the consequences. To make a long story end, my backup worked, possibly better than my original plan would have, and I was told by the sheriffs’ staff that I was one of the best teachers to have dealt with these kids.

I told you that for a couple of reasons. Number one, I was really impressed with myself and I wanted to brag a little. Number two, and more importantly, I did it because the lesson I learned and demonstrated has real-world application when it comes to personal finance.

Everybody tells you to keep a small, liquid fund to use in case of an emergency. Most people will say six months worth of expenses should cover you. But what happens if your emergency keeps you away from the bank or safe-deposit box, or wherever you keep it for a few days? What do you do then? One quick way you can protect yourself is by also keeping a small (very, very small) stash of cash within easy access. When I say small, which is the operative word here, I mean just enough to help you survive for a weekend or a few days until you can access your emergency fund if needed.

While we’re talking about emergency funds, what happens when you have exhausted your emergency fund completely? In today’s economy, being out of work more than six months is more the norm than the exception. If the worst ever happens, and you have exhausted your emergency fund, you will still need money. I suggest planning ahead. While you are building your emergency fund, you are putting some money towards it every pay-period. Let’s assume that an emergency doesn’t happen right away. Transfer one month of your emergency fund into something a little longer in term, with a higher interest rate. Keep making your contributions till you have replenished it. As you do this, you are building a bubble for when you run out of emergency “cushion”. If you have a problem with saving, you are also building a painless nest-egg for the future.

At work, you like your job, but what happens if you were the last hired, and your company needs to lay someone off (hint: In most cases, you are screwed). While you are working, in addition to saving your emergency fund, as we’ve discussed above, start building skill sets that will help you to be able to find a job sooner. This may mean formal schooling, or this may mean polishing your resume’ so that your skills and abilities are properly showcased.

At home, stock up on non-perishable foods and water in case of a natural disaster. With the summer we just had, with earthquakes in the east, hurricanes in the south, and floods everywhere, stores are running out of basic supplies. Those people who are prepared, are able to “weather the storm”. But what if something happens to your stored food? Maybe this is a good time for you and your community or your family to work out a plan where everybody contributes for a larger group to survive.

Look, I’m not trying to scare you, but shit happens. Sometimes, you are prepared and you bring your umbrella. Sometimes, your umbrella breaks as soon as you open it. When this happens, you will be glad when you put a change of clothes in a bag for just such a situation. Are you going to be prepared for everything? Not even close, and I don’t recommend that you even try. Sometimes, even the best prepared still lose in the end. I can’t stop that, but you can limit your exposure to losing by having a few backup plans ready should they be needed.

I believe it was Robert Burns who said:

“The best laid schemes of Mice and Men

Oft go awry

And leave us nothing but grief and pain,

For promised joy!”

Given my students, and the lesson I just re-learned and related, I can think of no better message than to be prepared. Enjoy!

 

Study skills for school and for finance

Much to the chagrin of kids everywhere, schools across the country are dusting off marker-boards, straightening out rows of scissors and rulers, and setting up disgustingly saccharine displays with scalloped, corrugated, border trim depicting ancient blackboards and apples. Parents are flocking to discount stores to buy paper and notebooks, malls to buy the newest fashion for their little models, and electronic stores to buy data sticks, tablet pc’s and the newest “i-device” from Apple.

As much fun as all that is, and I personally love the smell of new school supplies, what students need, almost more than new shoes with lights and skate-wheels in them, are strong study skills. I’m all for studying and study skills, but I think a lot of adults need them just as much when it comes to personal finances as their kids do. The following is a list of skills that will work just as well for students of history and math as they will for people looking increase their own financial literacy.  Advice for students is in red, while advice for personal finance is in blue. 

1. Tape a copy of study guides for classes somewhere that you will see it often. Maybe the inside of your locker, or even to the cover of the book for that class. Also put up copies near your computer at home, or in other places that you are sure to see them. Doing this helps you to study without making it a chore. You have the ability to read a few lines while you are doing normal, everyday things. Repetition of information is the best way to learn it.

1. Keep pictures of things that you want to have near your modes of spending. Saving up for a new motorcycle? Wrap a picture of your dream bike around your credit card. Want to be out of debt completely, try keeping a copy of your latest credit card statement, with the balance owed circled in red where you can see it. Don’t think of it as shaming yourself into not spending, but think of it as providing a visual incentive to make better spending choices.

2. Make an appointment to study. With soccer practice, football games, church meetings and whatever else goes on in life, (like ditching all that stuff to hang out at the mall with the hot person you want to be seen with by everyone but your parents), it’s easy to forget to make time for actual studying. Make an appointment so you make sure you have time to study. Of course, that’s only half the battle. The other half is for you to actually meet your appointment.

2. Just like students, you need to make an appointment to reconcile your statements, plan your budgets, and pay your bills. Mrs. Finance For Youth has a schedule where she wakes up on Saturday morning, boots up the computer, makes a cup of coffee, and proceeds to pay any bills that came in during the week, reconcile any spending that we have done, and makes plans for the next week (like writing rent checks to be delivered on time, or checks to the gardener, or even allowances for herself and yours truly). Having a set time takes away a lot of stress and uncertainty because she can focus what is truly important and not worry about it again throughout the rest of the week.

3. Start your study sessions with your most difficult subject first. When I was in school, there were some classes that came easy to me. Like almost anything but math. It made no sense to start by studying for P.E. (which basically meant playing outside anyways), or even English (which I was really good at for some reason), when I had a subject that was so much more difficult and therefore demanded more time from me. I never learned this trick in school, but I do suggest you start with that hard class and use studying for your favorite classes as a reward later on.

3. Start paying that ugliest bill first. Maybe it’s the one with the highest balance, or maybe it’s the one with the highest interest rate. It might even be the one you are furthest behind in paying. Whichever it is, try to knock it out first, so that you can see easier bills in the future.

4. This one should be a no-brainer, but show up to school every day. All the studying in the world is only going to get you so far. When you show up to class, you will get information that might not be in the study material. You also get the benefit of learning the information that the teacher is going to test you on. Personally, I frequently use the phrase, “So, if you see a question on the test that says…,” which I follow by giving the students the answer that I’m looking for.

4. Show up to work! In general, you get paid when and only when you work. Some people have time off for vacation for which they get paid, and sometimes you are just too sick to be any good, but for the most part, work=pay! Think long term. Maybe you can get away with not being at work every day right now, but when you are looking for that promotion, your boss will take your attendance into consideration. It may be that the difference between you and another employee is that you are known to show up to work and the other person is known to slack off.

5. Don’t try to cram! Okay, we’ve all done it, but it almost never works out well. Instead of pulling one all-nighter on Sunday, just before a huge test, block out an hour or two every day to study throughout the week. Doing so will increase the likelihood that you will retain important information, cause less harmful stress to your body and health, and ultimately put you in a more relaxed state where success is more attainable.

5. People sometimes try to cram personal finance knowledge too. It doesn’t work here either. If you are already in debt up to your ass (assuming you own livestock), or higher, you aren’t going to get out of it instantly. Set out a plan that allows you to survive, but that still attacks the problem. You need to give yourself space to be able to succeed, but you need to also build in room for the occasional, inevitable setback. What happens too often is that people try to cram in “smart” financial decisions to such an extent that they are bound to give up and fail.

For many parents, this is the first year that they are dealing with the whole school thing. For others, back to school just means another haircut and a picture of your little one standing outside the front door, dressed and ready to go to school. Try instead to share some great strategies with your children on how to be successful, whether by my tips above, or others that you might know from other places. Let them know that you are also going to start something new and exciting to help the family. Make school and personal finances whole family events where you all share the journey and the rewards. Your kid gets good reports for a month and you pay off one credit card bill? Go for a round of miniature golf or something that the whole family can enjoy!

Nothing says back to school like this video.  Enjoy!

Turning the page…, To the Class of 2011

Every year since Finance For Youth: The Blog started, I put together an address to the graduating class of that year. Generally, I will give a list of pieces of advice for the graduates to keep in mind as they move forward into the next, most exciting stage of their lives. This year will have some advice, but I want to talk about a couple of lessons that I have learned since I started working with young people directly.

As a teacher, I’m supposed to be the one who gives you all lessons that will carry you from where you are now, through the rest of your life. That’s what I went to school for, and that is what you went to school for. But education is not a one-way exchange. A good teacher who is confident in their own abilities is able to talk about what you have taught us. I hope that I can be that person, because working with all of you has taught me so much both good and bad, that I will take with me forever, and I hope you can take some of it with you too.

You have to keep a thick skin (and a solid jaw)!

Earlier this year, I got punched right in the jaw by a student. It hurt, it hurt a lot. I wound up losing a tooth because of it. Teeth can quickly become a scarce resource. I got hit because a student had been thrown away by every adult they had ever met before me. I came in and presented a different point of view. I cared. Of course, when you spend a lifetime believing that nobody gives a damn about you, someone who shakes that belief becomes a target.

The Lesson:    The lesson I learned here, and one that I believe can serve you well is to take a minute (or even longer if needed) before you jump in with both feet. People generally have a set of beliefs that they will change, but not instantly. Young people are really good at being different and changing things, and sometimes that causes trouble with others. But you can’t walk timidly into every situation: Sometimes you have to take the hit to earn the reward. Do your best to only take the hit when you are sure the reward is worth it.

Sometimes Rock Stars can be quiet!

Over the past few years, I’ve had the fortune of having some colleagues offer me very high praise and very nice compliments. In past careers, I expected this, but I’ve never done anything as important as teaching. In past years, I walked around my office like I was the King, and dared people to challenge me. Now, I find that people respond just as well to someone who walks with confidence instead of arrogance.

The Lesson:    Nobody knows how good you are at what you do better than you do. You have some choices on how to let others know. On one hand, you can jump up on a pedestal and shout into your megaphone about how good you are. People will understand, but they may not always agree. On the other hand, you can take pride in doing your job well and other people will start picking up their own megaphones for you.

Many things are shades of grey, but not everything!

One thing I see daily is an erosion of what I learned about right and wrong. Due to the nature of my job, I’ve been able to see that erosion as it hits children at every stage of development. In Kindergarten, you learn about absolutes and how right is right and wrong is wrong. By sixth grade, you learn that everybody has their own moral compass, and it is wrong to judge others through your compass. By the tenth grade you learn that really right and wrong are subjective in every sense.

The Lesson:    Some of the most important lessons you have ever learned you learned in your earliest, formative years. Don’t be in a rush to supplant the values you learned back then for excuses that you learn today. The fact is that we educators have failed you, and continue to do so every time we help destroy what you have always known to be true.

There are many more lessons that I’ve learned from you, my students. Many of them were learned at a great personal cost to someone, and I try to honor that price paid by remembering and sharing the lessons daily. Some were learned while I was trying to learn something else entirely, and I stumbled upon a pot of gold that is wisdom. Those lessons I try to make available to others in as many places as possible, in the hopes that more people will stumble upon them and in turn share them with others. But one of the most important lessons I’ve learned from my students is that there is only so much education one can stand before you either fall asleep or try to escape. With that being said, congratulations to the class of 2011! You are all stars who have the unique ability to keep getting brighter without ever burning out. Enjoy the next stage as much or more as you have this stage, and look back only through the lenses of fond memory of a time when life was easier than it will ever be again, and only with the full knowledge that life has prepared you for anything you might face from here on out!

 

 

Jocelyn Lam: Portrait of the need for Financial Education in schools.

This is Jocelyn Lam. She is a fifth grade student at Camino Grove Elementary school in Arcadia, Ca. Arcadia is about 10-15 miles away from downtown Los Angeles, and one of many communities that is close to where I personally live. Jocelyn is a sweet, caring, generous young woman who should be looked to as an inspiration.

Here’s her story:

As is happening in public schools and districts across the country, influential teachers are “teaching” their students about the current budget issues in the state. Jocelyn’s teacher, Todd Weber, said something that caused Jocelyn to donate her entire life savings of $300.00 dollars. Incidentally, her brother also donated $177.00, and other students are also donating money to the school. Jocelyn included a letter with her donation:

Dear Super Indendant (sic) and Board Members,

Hi. My name is Jocelyn Lam. I’ve heard that 65 positions will be laid off and ten of them are from my school! This really breaks my heart. Those teachers had taught me a lot. They guided me to fifth grade. If it weren’t for them, I wouldn’t be here right now writing this letter. They changed my life.

I save all this money I earned from chores and high grades. Now I want to donate all this money to save the teachers. I really hope this $300 will help save the teachers who are about to be laid off. I also hope that this is enough to save more than one teacher. PLEASE put this money to good use. I beg you! SAVE THE TEACHERS!

Sincerely,

Jocelyn Lam

As a teacher, this act of kindness and charity from a student is inspirational. To think that this child is willing to give up every bit of money to her name in an effort to save the teachers she so obviously loves and treasures really pulls at the heart-strings. It is a reminder of why we do what we do. Quite honestly, if this doesn’t affect you, you are heartless. On the other hand, the adults involved remind me of why I personally do this blog, and why I personally teach the way I do, and why I stand against the unions that control many of the teachers. I’m left with many questions. Here are just a couple big ones.

Just what did Mr. Weber tell his students that motivated them to donate everything they have?    I’m not going to try to put words in Mr. Weber’s mouth here. I will say that I don’t teach the politics of the union, the teachers, or the school district to my kids. I will answer direct questions in an honest manner, making sure that I do not try to convince my students that my opinion is fact. I will give both sides of the argument, explain my position as well as the opposing position, and clearly tell the kids that both sides have merit. For example, if a student asked me about teacher lay-off’s, I would tell the student that the state is constitutionally required to spend certain percentages of revenues (taxes) on schools. Since the recent budgetary crisis, which started really impacting life about five years ago, the actual dollar amount that goes towards public schools has decreased. The districts have to adjust to the lesser income; much like many families have had to do, and make changes to how they spend the money they have, again like many families have done. Some of the possible solutions are unpleasant to certain groups involved in the decision-making process. The unions, the district, and the state government are all debating the best way to proceed. I don’t make a values judgment on either side. I think that any teacher who does otherwise is acting under a conflict of interests. These teachers need to understand that their job is to teach impressionable children first and only. The adult political stuff has no place in the classroom.

Did Mr. Weber use Jocelyn’s misguided generosity as a teachable moment for thrift, savings, and prudent investment?    Again, I don’t know what Mr. Weber said or did beyond what is in the news story. I can only say what I would do in his position. I would thank her for her donation, send or take it to the office, and have her money returned to her parents. Then I would talk about the importance of budgeting, living within that budget and establishing an emergency fund. Since Jocelyn provided the catalyst, we could have a great question on these issues that would be tailored to a fifth grade level. It appears that the school accepted the donation which opens up several cans of worms for them if they are perceived to be selling grades, favored status, or anything else of value to Jocelyn, or if they are indeed soliciting money from students by virtue of indoctrination and intimidation, which seems to be the case.

Look, at the end of all of this, Jocelyn’s $300.00 won’t even pay for the large pinky-ring of a union leader. It is a sweet gesture, and Jocelyn should be applauded, but the gesture was misguided. I know that many parents have talked about donating to their school to help protect the teachers’ jobs. I’ve heard parents talk about it. They ask me about it. I don’t think that’s the best way for parents to spend their money. Parents have a lot to spend their money on already, and this is not their responsibility. We all pay for public school already, the stakeholders just need to learn to work within the budget, just like you do, just like I do, and just like little Jocelyn will in a very short time.

And now, a few words on the reality of the situation from union member sean combs.