Most Americans have some amount of personal debt.

If you include secured debts, like homes and cars, an astonishing 80% of Americans have accrued some form of debt.

Take the secured debts out of the equation, and 50% still have personal debt.

In addition, 10% of the public carries more than $10,000 in credit card debt, which is one of the reasons why most Americans should not use credit cards.

Moving beyond the statistics, I want to discuss the real cause of this phenomenon, and offer some tips and strategies to get out of debt.

I had almost $30,000 in debt, and I paid it off in less than three years. If you have less than $30,000 in debt, then you can pay it off in less than three years by employing some simple strategies.

Excuses for Being in Debt

Let’s dispel a few common myths as to why people believe that they have debt:

Job Loss

Many people have lost their jobs in recent years. If you have lost your job, you will have to work much harder once you find employment, or take on a second job to help pay off accumulated debt. You also need to prepare your finances so you have a cushion in case you again become unemployed.

Insufficient Income

If you feel that you don’t make enough money to pay off your debts, you can find ways to earn more money. Do what you can to get a raise at work, look for a new job, or start your own side business. It may seem difficult at first, but with hard work, you can pay off your debt.

The Belief That Debt Is a Way of Life

A monthly car payment is not a way of life, and paying credit card interest is not a way of life. You can buy a car with cash to avoid monthly car loan payments and eliminate credit card debt by making some changes to your lifestyle and to your spending habits.

The “I Need” Mentality

So many people claim they have debt because they need this or they need that. You can solve your personal debt and avoid accumulating more debt by learning how to distinguish between wants and needs.

The list of excuses that people give for having debt is long and varied. In the end, these excuses don’t put you any closer to paying off your debt, and they don’t help you acknowledge the real reason for having debt.

The Real Reason Is You

You have nowhere else to place the blame for your debt. The reasons why you have accumulated your debt include:

Actions

If you spend more than you make on a monthly basis, then you will have debt forever. If you can’t afford to pay off your debt by the end of the month, then you simply can’t afford to make the purchases.

Behaviors

Do you currently pay for a gym membership that you no longer use? Do you stop at a convenience store every morning for a cup of coffee? Do you pay for a landline telephone that really serves no purpose? Do you pay for premium channels in your cable package? Getting out of debt involves changing behaviors, adjusting your habits, and learning to live with less.

Mindsets

Do you think that credit card debt is an acceptable part of life? Do you think that the income from your job is the only way to generate income? When you think about making a major purchase, do you understand the effects that the credit card interest will have on your finances? Do you have the ability to distinguish between wants and needs? Changing various aspects of your mindset can help you get out of debt.

Once you understand the reasons for having debt, you can begin working on ways to reduce your debt.

What to Do About It

In order to pay off your debt, you need to change the way you manage your finances. Some tips and strategies to help you get out of debt include:

1. Create a Budget Make a budget that tracks your income and expenses. You cannot tell if you spend more than you make unless you know exactly how much you spend each month and how much you earn.

2. Spend Less Than You Make Determine the difference between desires and necessities, and eliminate as many of the wants as you can until you have paid off your debt. You do not need to eliminate them forever; only eliminate these items until you are clear of debt.

3. Change Spending Behaviors Take a good hard look at how much money you spend, and where you spend it. Do you buy lottery tickets? Stop buying them until you have paid off your debt. Do you go out to lunch each day? Pack a brown bag lunch. Do you spend a lot of money on clothes? Resist the temptation and wear what you have for the time being.

4. Be Persistent Recognize that the biggest obstacle to overcome may be thinking that you will always have debt. If you owe $20,000 to creditors, and can only chip away $3,000 in six months, do not get frustrated or give up. As your balances decrease, you eliminate debt at a faster rate. Stay focused on your goal to solve all of your debt issues.

It may seem difficult to make all of these changes. Having a better idea of why you need to get out of debt can help you stay on track.

Why You Need to Get Out of Debt

You have no idea how much finance-related stress you have in your life until you have paid off your debt. When you clear your debt, your stress level quickly dissipates, as though someone lifted a heavy weight from your shoulders.

In addition, you need to get out of debt in order to plan for your retirement. Believe it or not, 34% of Americans have nothing saved for retirement. If you pay hundreds of dollars each month in credit card interest, you probably cannot afford to open a Roth IRA or start contributing to a 401k plan.

As your debt shrinks, begin putting more cash away for retirement. Your savings will mature and you will have more money to enjoy when you retire.

Final Thoughts

No one will pay off your debt for you, so it’s very important to take responsibility for any and all debt you have now. In the end, take heart in knowing that the situation is not hopeless. No matter how much debt you carry, remember that you can pay it off. It just takes time.

Do you have any other ideas for paying off personal debt? What’s your great motivation for doing so?

David Bakke writes about making smart financial decisions and saving for the future on the personal finance blog, Money Crashers.

Debt Free Baby!

I graduated from college with $0 in debt.

Let that sink in a little.

Powerful isn’t it?  

With Occupy Wall-Street protests, college graduates moving back home, and complaint after complaint about college tuition, it seems like graduating college debt free is something of the past.

I’m here to let you know that it’s not only possible but highly attainable!

I don’t know what life situation you may be in right now but I want to share with you some steps that I took to achieve my goal of zero dollars in debt after college.  Yes, blood and sweat was involved, but at the end of the day, it was so worth it to walk off with my diploma knowing that I worked for my education without the help of banks or government aid.

So let’s get started!

Suck it up, stay at home

When I speak of “tools” I’m talking about things that are around you during college.  My first tool I used was my family.  Thankfully, my parents lived close by to my University and I was able to live at home for the majority of my college career.  I will never forget the day I turned 18 and headed off to college.  My Dad brought me into his office and said

“Son, you’re on your own now, all financial help is being cut off.”

Talk about a wake-up call!  

With friends joining fraternities or moving into houses on campus, it could have been easy for me to give in and shell out the big bucks (or debt) to live nearby campus.  Unfortunately, like my Dad said, all my financial funds were cut off and it was up to me to pay for my living situation.  Instead of paying for rent, utilities, and food, I stayed home most of college and saved big time because of it.  I attribute this to the biggest reason I stayed debt free during school.

In-state colleges are goldmines

Although living at home is great and wonderful, it’s just not reality for a lot of students out there.  Thankfully, there is another big dollar tool that I used: in-state college.  I remember comparing the costs of out of state college and it was typically double or even triple the tuition cost of the in-state schools.  Yes, you may be going to a less prestigious University, but guess what, most employers could care less where you went to school.

To be honest, most companies care more about your internships and work experience.  I think our media has done a great job of brainwashing our youth and making us think that a prestigious University is our only option.  Trust me; it’s not worth it to have hundreds of thousands in debt just to say you went to an Ivy League school.  Go to an in-state school and focus on work experience instead!

Work your butt off, then work some more

If you ain’t sweating, you ain’t trying!  Man, if you asked me what I did during college, I would tell you I worked.  No, not studying, but worked.  I swear, it felt like every weekend was work and I was always leaving social events early because I had work the next morning.  Doesn’t sound so glamorous does it?  Well, it isn’t, but I had a long term goal and that’s what mattered.  I remembered being so focused, other people’s behavior never phased me.

So working double shifts on the weekend and taking on side jobs on top of my part time jobs was easy for me.  I can safely say that if I didn’t have such a passion for paying my way through school, I wouldn’t have been able to work so much.  I guess it comes down to inspiration for something.  Once you find what that something is, anything is possible, including graduating college debt free.

Are you up for the challenge?

Even if it’s not college related, maybe you just want to pay off those pesky credit cards.  Or how about the home mortgage that never seems to go away.  Make it your passion in 2012 to crush your long term goals.  No more whining, no more waiting around for someone to help you.  Take life by the horns and just do it.

(Jon the Saver is a Christian personal finance blogger who founded Free Money Wisdom.  He is passionate about helping average Americans reach their financial goals and live a life free of debt.  During his down time, Jon loves a mean game of scrabble and lifting iron at the gym.)

Mobile Office

This post is not about the latest investment advice or a breakthrough trend in personal finance, rather a reflection of my evolution from a Corporate professional to a full time internet marketer and blogger living the mobile lifestyle.

While there are several factors that contributed to this successful transition, one of the more critical ingredients that made the transformation possible is discipline; discipline in living, learning, applying and giving.

It’s amazing how successful individuals, no matter in what field of practice, always share certain characteristics and discipline is one of them.

For example, without a strong and disciplined approach to living and saving, an average couple making the average annual income in the United States would never be able to retire on time or early and with financial abundance. Similarly, without a disciplined approach to learning, applying, monitoring and tweaking, an entrepreneur cannot be successful at his or her chosen field.

Utilizing that very same disciplined approach, I was able to break into a top ten university out of high school to become the first in my family’s lineage to attend and graduate from college. I went on to pursue a Masters degree, and subsequently several certifications that have left an alphabet train after my name.

Many stop right at high school graduation. Some may push through and complete college. But only few pursue higher heights.  Not because they are not interested, but rather because it takes sacrifice and discipline to achieve those heights, and that of course is a trade off not many are willing to accept.

Fast forward a few years in Corporate America….

I was making a mid six figure salary with excellent benefits all under the age of 30.  I was happy with how I was managing the core pillars of my life which include my faith, family, fortune and fitness. I kept accumulating more fortune, enjoyed the relationships with my loved ones, kept in great shape and gave away a fixed percentage of my income back to causes I believed in.

I was not unhappy at all, but I felt that something was missing to go from good to great. It was my drive for entrepreneurship and creation.  Having experienced so much success in my past, I knew I could achieve what I wanted by applying the same disciplined approach that worked for me in the past.

Discipline Check

The beauty of a disciplined approach to success is that once you have executed it, it becomes that much easier the second time around. Moreover, the psychological advantage you have is tremendous because you know you can do it.  This is exactly what enables successful individuals to make it back to the top despite having to start all over again. They know they can do it because they have been there before. They know what it takes to make it work.

Fast forward a few years to today, I am managing a portfolio of healthy investments of all sorts, in real estate, the stock market, brick and mortar businesses and the cyberspace. The model that I have established allows me to live off of my investments and enjoy the mobile lifestyle that anyone can achieve in my opinion, but few are willing to do what it takes to get there.

Reflecting back on the core pillars of my life, today with the grace of God my faith is stronger than ever before, I have more fortune, more abundant and satisfying relationships, and I continue to give back more.  The beauty of this cycle is that the more I give, the more I get back multiple times over. I don’t know the science behind it, and likely there is none, but that has got to be one of my most lucrative growth strategies

I am thankful for what I have and what I have been able to achieve, and none of it would have been possible without a disciplined approach to life.  Whether it’s investments, personal finance or entrepreneurship, this disciplined approach to life has helped me growth personally, professionally and spiritually.

Sunil owns over a dozen profitable niche websites and is the author of “How to Go from $0 to $1,000 a month in Passive and Residual Income in Under 180 Days All in Your Spare Time“, a FREE report you can download instantly from his Extra Money Blog, where he discusses expedited wealth building through solid personal finance, entrepreneurship and internet marketing. In 2007, he sold his ecommerce website for $250,000 to a top Ebay Power Seller and since then has sold several niche sites for five figures each. You can read more about him and his work on his blog.

photo credit: Giorgio Montersino

The Durbin Amendment was passed on October 1st, 2011 – and while at first glance it seems like it should only affect banks – it turns out that the change is playing a role in how consumers use banks, too. The amendment puts a limit on how much a bank can charge merchants for processing debit card transactions for purchases.

Durbin’s Amendment exists because retailers complained banks were charging them too much for debit card transaction fees. They argued that if Congress would help them by placing a limit on what banks could charge them to process debit card payments, retailers could pass on those savings to consumers. With lower prices, consumers could spend more, and it would help the economy!

What the Durbin Amendment Means For Banks

Before the amendment, banks made quite a bit of money every time a customer used a debit card to pay for a purchase. With the limitation on debit card transaction fees, banks claim they’re losing profits and need to recover it from other sources.

What the Durbin Amendment Means For You

Because banks are losing profit due to these transaction limitations, they look for other ways to make money. Banks are like any other business – they have shareholders – and need to turn a profit. The Durbin Amendment means you will probably find it difficult to get a free checking account, and you may even be charged to use savings accounts. Bank of America has already announced it will charge customers $5 a month to use their debit card to pay for purchases (Note: due to customer backlash, BofA has discontinued the $5 fee).

How Does The Durbin Amendment Change How You Bank?

With new fees imposed on things you are probably not used to paying for, you will need to pay close attention to your bank statements and any mail you receive from your bank regarding new fees for services. If you notice your bank charging for debit card use, maintenance fees and transaction fees, you may decide to change how you bank in order to save money.

Here’s what you can do to save money despite changes in the banking industry:

Start By Comparing Banks

This may not be the time to be loyal to any particular bank. If your bank is charging you more than you want to pay to use their services, shop around. Online banks typically have lower fees than your local bank, or you may decide to look at credit unions.

Use Cash More Frequently

Many people have learned toward using their debit cards more frequently than cash in recent years, but if you’re going to be charged for swiping your card to make a purchase, you may want to go back to using cash.

Use Credit Cards Instead

If you have financial discipline, you may want to start using a rewards credit card to make your regular purchases. When you receive your statement, pay the card off in full each month. You’ll avoid debit card usage fees, and you’ll also earn rewards in the process.

Debbie Dragon is a financial writer for MyBankTracker.com, a site that helps consumers compare savings accounts, CD rates, and home equity loans to make informed banking decisions and save money.

photo credit: B Rosen

Managing money is a lot like dieting. It all works in theory, but it’s the application that’s so difficult. When we begin saving, budgeting, or investing, it’s often to overcome pain or frustration. Then, if we fail, the disappointment is worse than the original discomfort we were trying to overcome.

Our parents, friends, neighbors, coworkers, and the media, surround us with messages that turn money into a measure of self-worth and perceived happiness.

These powerful messages lead to misguided emotions—fear, anger, resentment, and frustration—that revolve around money. However, it’s common to ignore these feelings and focuses on interest rates, stocks, bonds, and taxes. Like money, these are simply tools to get you where you want to be, and should not be the end goal.

Happiness and fulfillment should be the goal when dealing with our money, but we often lose sight of that.

Reactive

Financial planning often begins with a specific problem. It might start when struggling to pay your bills, or after changing jobs realizing you need to do something with your retirement plan. It might be that retirement is on the horizon and it’s time to get things in order. And sometimes it begins with an intimidating notice from the IRS.

When financial planning begins with a specific problem, the focus naturally revolves around core financial planning topics like stocks, bonds, interest rates, taxes and retirement plans. When there is a problem, it only makes sense to get to the point and solve it.

The problem with this approach is that it is reactionary and misses the point of financial planning—quality of life.

Proactive

A better approach is to be proactive instead of reactive. This lets you change your approach to finances from problem solving, to lifestyle design.

Instead of beginning with mutual funds and tax rates, consider planning your ideal life. You can do this through goal setting or visualization exercises, but it doesn’t have to be very complicated.

One approach is to envision your perfect day. Think about every aspect of that perfect day and what it would be like. The more detail you include, the better. Here are some questions to answer about your perfect day.

• Where are you?
• Who, if anyone, is around you?
• What are you doing?
• What is the weather like?
• Are you active or relaxing?
• What are you wearing?
• What are you driving?
• What do you see?

These are only examples to get you thinking in the right direction, and depending on your personality, there are different ways to do this. Some people create storyboards by cutting out photos from magazines. Others open a word processor and start typing, while some like to meditate.

Interpretation

It’s tempting to assume your vision is the life you need to create. This may or may not be the case. For example, I had a client envision being alone at her home, that was unusually clean.

After a lot of brainstorming, she discovered she was longing for short breaks. She didn’t want to be without her children, because she loved being a stay at home mom, but she needed the occasional break. They budgeted for one day a week of child care and a housekeeper and it made a huge difference for the entire family.

This is what financial planning is about. It’s about finding what will make you most happy and then using tools like stocks, bonds, and budgeting to make that lifestyle happen. When planning your finances, remember that money is only a tool to get the stuff we want and need, but accumulating it is not the end goal.

“Creditors have better memories than debtors.” -- Benjamin
Franklin.

The following is a guest post from Martin of Studenomics. He has just released his premium guide on how you can Completely Conquer Credit. If you’re tired of saving money on the little stuff and want to see SERIOUS results you need to check out this guide.

How many credit cards do you have? How many credit cards do you plan on holding in your pocket in one year from now?

The thing with me is that I don’t believe in some one-size-fits-all answer. We all live different lives with different goals. This is why systematic personal finance advice is becoming obsolete. I believe in providing a variety of solutions and taking an objective look at everything.This is what I’m going to do today with my look on the idea of holding more than one credit card.

There are a few situations where it makes good financial cents to have a few credit cards. When is this?

When you shop at specific stores.

I just recently signed up for the Walmart in store credit card. I was impressed by the cashback feature and I must admit that I shop at Walmart pretty often. Actually, to be honest I do the majority of my grocery shopping there. When you find yourself shopping at the same store repeatedly it makes sense to sign up for their specific credit card it the offer is strong enough. My new Walmart credit card comes with no annual fee, 1.25% cashback, and a $15 signing bonus. The interest sucks but I don’t plan on holding a balance.

When you travel often.

There are credit cards that are ideal for those that travel often. It’s usually a points based cased with an annual fee that is recommended for anyone that travels. These cards make it convenient when you’re booking a trip or when you’re making a purchase in a foreign country. I recently had no issues with my credit card while
making purchases in obscure towns in Poland and Hungary.

You have to take the hit here and pay the annual fee so that you can earn the points. If you travel often you’ll make this annual fee back easily when you earn free flights. These free flights are much more beneficial than cashback for those that travel frequently.

When you’re completely on top of your financial infrastructure.

If you’re debt-free and been immersed in the world of personal finance for a long time, you likely won’t get hurt with multiple credit cards. Chances are that you know what you’re doing. When you’re on top of your finances you won’t get confused with a few different bills and accounts. Multiple credit cards will allow you to take advantage of benefits and earn some cashback while making your routine purchases.

As my three reasons above indicate, holding more than one credit card in your wallet isn’t always a bad idea.

Then there are times where holding more than one piece of plastic in your wallet is an absolutely horrible idea. Not everyone is meant to have more than one piece of plastic.

Let’s list those reasons against having more than one credit card:

When you sign up for random credit card offers through the mail.

You can’t just sign up for every credit card offer that comes in the mail. This is like marrying the first person that you kiss. You need to sign up for credit cards that you seek out and are valuable to you. Not random offers that appear in your mailbox.

When a store specific card makes you feel loyal to a crapy store.

Has this ever happened to you? The other day I was going to grab some quick groceries with a buddy when he brought up the idea of going to a more expensive store that I didn’t care of. The reality was that he wanted to go there because he signed up for an in-store credit card that made him feel loyal to a crappy store. Don’t let this happen to you. Only obtain a credit card from a store that you actually shop at
often and not some store that you don’t really care for.

When you’re disorganized.

You have to be a pretty organized person to stay on top of multiple credit cards. With a few different bills coming in on a monthly basis it’s easy to get disorganized and miss a few payments. You don’t want to hurt your credit score just because you got more credit cards than you could handle.

Does it make good financial cents to have more than one piece of plastic in your wallet? It’s up to YOU to decide now. You have the argument for and against here.

How many pieces of plastic do you have in your wallet? If you have more than one, how did you end up like that?

Martin wants to help you find the best student credit cards and how you can get the best online bank for your money.

When I was deployed in Iraq in 2005, I had the unique opportunity to become a first time homeowner. My wife had a family friend who was ready to sell his home at a good price and asked if we were interested. It was the perfect starter home at a price that we couldn’t resist. The only obstacle – I was in Baghdad.

Luckily, a local mortgage broker was able to assist us that was versed on VA loans which I obviously qualified for. After mailing forms to be signed literally across the world, we were homeowners.

The following guest post is from the VA Mortgage Center which outlines the basics of the VA loans.

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Trying to buy a home isn’t always an easy task – especially in this economic climate.

For military members, buying a home is especially difficult due to the restraints of service, which often make establishing a strong financial foundation hard.

However, being in the military doesn’t mean that interested homebuyers have to postpone their dream. The VA Home Loan program is an excellent option for military members, and can help many achieve the dream of homeownership.

The VA Home Loan program was established by the Department of Veterans Affairs to provide an affordable way to purchase a home for veterans and active duty service members. The program has helped over 19 million military members purchase a home to date by offering government-backed loans to eligible borrowers.

Why Should I Choose a VA Home Loan?

With traditional lending, all responsibility for a home loan falls on the lender should the borrower default on their loan. This greatly deters lenders from giving those seeking home loans additional benefits for fear of losing extra money. Because the Department of Veterans Affairs backs each VA loan, VA-approved lenders are more willing to provide borrowers with money saving benefits. In addition to flexible loan terms and low interest rates, military members can also expect the following when they choose a VA home loan:

• High loan limits
• Zero down payment
• No mortgage insurance required
• Low funding fees

Am I Eligible?

If you served in any branch of the military, there is a good chance that you are eligible for a VA Home Loan. The program has incredibly lenient eligibility requirements, and to become eligible for a loan, military members must:

The VA Home Loan is often the number one choice for military members as it is especially designed to meet the needs of veterans and active duty service members and their families. Although the VA Home Loan program has no specific credit or income limitations, approved lenders will often require a credit score of 620 or higher to approve funding. If a military member is interested in obtaining a loan, but feels as though they may be ineligible, they are still encouraged to contact a VA Loan Specialist.

Matt Puettmann is an Account Manager at the VA Mortgage Center .com, the nation’s number one dedicated VA lender.

I enjoy taking tests about as much as watching the St. Louis Cardinals blow a 6 run lead in the bottom of the 9th inning. Sometimes I’m amazed at the fact that I even passed the CFP® exam – because I hate taking tests that much. I’ve had one intern take the GMAT exam and another prepping for the CFA exam. I’ve had one guest share their experience on passing the CPA exam.

I don’t envy any of them. At all.

I am always curious what preparation goes into taking these type of exams. So when my wife’s friend mentioned she just sat for the LSAT exam, I hit her up to share her experience. Are you interested in becoming a lawyer? If so, here’s the first step.

Enter Carmen…..

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Before I decided to go to law school, I had heard very little about the LSAT. I had no idea the amount of work that the entire law school application process would entail, particularly for a non-traditional student like me. Being slightly older (27) than the average law school applicant (emphasis on slightly), and already a wife and mother, I had to get it together in order to put an effective plan in place.

I took the LSAT 4 days ago, and here is what I did and wish I would have done differently in my LSAT study plan.

1. Define your goal.

Much of what you do in the Law School Application process (including how much time you study for the LSAT) is dependent upon the school you want to attend. Taking a prep test before studying is a good idea in order to have a baseline. You need to know where you stand in terms of score and where you need to be. Researching law schools and scholarship terms if you are hoping for scholarship money (many law schools will offer full or partial scholarships to applicants with a particular LSAT score and GPA) is in my opinion, the first step, and will help you build your plan.

2. Get organized.

Carmen studying hard

I realized early on that studying for this test would be the equivalent of working, but getting organized was not easy for me. I was going to school for my undergrad, raising a family, and managing a household at the same time, so I had to literally break my days into time sections, in which I scheduled LSAT time. It’s important to take it seriously. If you want to be a lawyer and have a particular law school in mind or are in need of scholarship money, this is one of the most important tests you will ever take.

I took my LSAT books everywhere, studied in between classes, took short prep test 35 minute sections after class and before picking up my kids from school, and I may or may not have been caught once or twice with my prep tests in the bath tub. I won’t confirm that one, though.

3. Communicate clearly with those who may be affected by your LSAT study schedule.

I spoke with my husband early on in the process and reiterated that I wanted to go to law school. He already knew this, since this was a dream of mine since before I met him, but what he did not know was the intensity and importance of this test. Communicating with your loved ones is essential and can prevent arguments and problems that are not only harmful to your relationships, but can hurt your concentration and by consequence, your LSAT score.

4. Research your LSAT study options, and choose what is best for you.

Looks like fun

I didn’t have a lot of time, so taking a full time, classroom prep course was not a possibility for me. I decided to go with alpha-score, a self faced, online class. The course consists of pre-recorded video classes, exercises, drills, and a personalized study plan based on the amount of time you want (or need) to study.

I also used LSATBlog, which offers incredibly valuable free information, and also very affordable day-by-day study plans. This is probably best for those who are great at working independently. For me, while I feel LSATBlog offered valuable resources, I sometimes need to have things explained to me. Alpha score helped to fill that gap.

One thing that I have found to be a MUST is using real LSAT questions. There are books and courses out there that use their own versions of LSAT questions and games. Don’t bother. You need to learn how LSAT test makers think, and what they are looking for, and this can only come from repeatedly being exposed to real questions.

5. Follow the plan and stick to it, even when you don’t want to.

You might resent the LSAT sometimes and sure, that glass of wine sounds a heck of a lot better than studying for the LSAT on Friday nights, but if you have scheduled time to study, do it. This is just one (albeit, very important) step in the process of becoming a lawyer, and consistency is key.

6. Relax… and ace it!

Try not to freak out on Test Day. I did, and realized after the test that if you are ready, and go in feeling confident and calm, you will probably do much better than you think. I don’t have my scores back yet, but I feel that my nerves on test day may have played against me.

About the author: Carmen Vargas is a Chilean-American wife, mother, and Political Science student at the University of Michigan. She is currently applying to law school, which she hopes to begin attending in the fall of 2012.

Anyone considering investing in fashion industries that isn’t prehistoric in their thinking knows that giving the customers open and easy online purchasing capability is essential. However you may not know that customization is fast and away becoming a top priority for online consumers of clothing, jewelry, and even fragrance.

Sound investments made in fashion survive on understanding that while the products have a propensity to be always changing, certain things like reliable customer service and product satisfaction are a required standard. In a world where nearly every desired article of clothing or accessory can be purchased online, granting the customer the ability to fine tune their purchase is guaranteeing your investment makes you money into the next decade of online fashion commerce. Nothing separates the online shopping experience from the real world one like the ability to interactively customize what you purchase.

Speaking the Truth

This is the absolute truth when it comes to the fashion industry. The real world ability to try clothing and accessories on for size and fit is still the number one inhibitor of further online fashion expanse. But it’s the inability for clothing, jewelry, and shoe stores to provide on-site customization of their products that gives online options the other hand. Granted, the top names in fashion manufacturing have hedged their bets on both options, but since you’re likely not about to put your start-up capital into Nike, you need to focus on a company that has an alluring online presence. It should not only possess an enticing interface, it should stand out from the competition. This can be best achieved by providing customers with as much customization power as possible.

Consider online jewelers.

Many if not all dedicate their websites almost entirely to either displaying the customizable products or raving about how simple a process it is. Initial necklaces can be altered to almost any precious metal of your choosing; rings can have a vast array of inlay possibilities from precious metals to bright gems. The ability to allow the customer to vividly see their potential purchase change to their choosing not only encourages them to buy something they’ve made themselves, the simple enjoyment of mix and matching designs is so much fun they’re guaranteed to return or send a friend. This is harder to say for the average experience with a local jeweler. It’s a hassle followed by a haggle, and there’s not much fun worth recommending to someone else. This could account for why nearly 1,000 American jewelry stores have closed down yearly in recent times.

Personally the single biggest benefit of making investments in online retail regardless if it’s fashion or technology or otherwise is the ability to market the lack of a state sales tax to the majority of your customers, as long as your business isn’t headquartered in a heavily-populated state.

When you’re talking about purchasing a pair of patent leather shoes or a necklace crafted from the most precious of metals and stones, the state tax can add up on such an expensive buy. If your investment is in a business that caters to the customizing concerns of their clientele, you probably want to make sure they not only do their best to keep the business costs low, but do what they can to make the product cheaper without passing that loss back onto you.

Fashion is a volatile industry and may seem too risky but there are a few indicators you can look for in your potential investments that signal long term survivability. Make sure the online business is booming, but make certain that customization is a top priority. It certainly is for the customers.

This is a guest post for Miriad Jonhnston, freelance writer and enthusiastic traveler.

photo credit: Al Shah Mohamed

Before you kiss your college-bound child goodbye, there are a few financial lessons your teen should know. Whether you have a senior in high school eager for his independence or a college sophomore that is struggling with his finances, there’s no better time than the present to teach your teens the financial lessons that will serve them well past college graduation.

Is your teen college bound?

Pack these money management tips in his/her suitcase:

1. Earn money. Your student will have a better appreciation for money when they earn it themselves. Your student will learn it takes a lot longer to earn money than it does to spend it.

2. Evaluate need. Does every college student need their own credit card? In many cases, college students are better off not having a credit card so they aren’t faced with the temptation of overspending or thinking that they have more money than they actually do. Remind your child that heading off to college with a credit card isn’t mandatory. Encourage them to get a part time job to give them spending money and put a little extra cash in their pocket while away at school.

3. Build good credit. It is important to reiterate the fact that building good credit now can save your teen a lot of money in the long run. While your college-bound student may not have the future on their mind right now, reinforce that making timely payments on bills such as car insurance or a credit card will help build good credit. And good credit will make it easier to secure affordable car loans, obtain lower interest rates on credit cards, and when the time is right, even get an attractive mortgage loan.

4. Chose debit over credit. For college students, it’s often easier to stash the cash for fast food and use a credit card for necessities like books and meal plans. Unfortunately, racking up a credit card bill larger than your teen can handle is easier to do than to undo. So, talk to your teen about the importance of spending within their means and using a debit card over a credit card whenever and wherever possible.

5. Understand all possible fees. However, when using a debit card instead of a credit card for college expenses, make sure your college student understands all possible bank fees. Teach them to avoid overdrawing their bank account and give them the resources they need to secure overdraft protection if it’s available.

6. Check your bank statements regularly. One of the best ways for your teen to avoid overdrawing their bank account is to teach them to check their bank statements regularly and balance their checkbook, if they keep one. With many online banking services, it’s easier than ever to track spending, pay bills and stick to a college-sized budget with the convenience of a laptop computer.

7. Beware of identity theft. Keeping an eye on your bank statements can also be the first defense against identity theft. However, it’s also vital to teach your teen the importance of online privacy. Whether through their profiles on Facebook, Twitter or other social sites, reiterate the importance of keeping personal information private, to always shred paperwork that includes personal details and to never share passwords or PIN’s with anyone, including close friends.

8. Begin saving today. It’s never too early to start a savings account. Once they’ve learned the banking basics, it is now time to encourage your teen to start saving for the future. While your college student may not have a lot of money to put away right now, it’s important to show them the importance of setting and reaching long-term goals. With an online savings account that accrues valuable compound interest, it’s easier than ever to earn more on the money you save.

Whether they choose to save a percentage of every paycheck from their part-time college job, or put away some of that food allowance you send each month for a future goal, use a goal-based savings calculator to see how a little bit goes a long way when it comes to saving for the future.

9. Start an emergency fund. Once a savings account is started, it’s also a good idea to ensure that your student has a little bit of cash in the bank in case of an emergency. From a car that needs a tow to a shop near the dorm, to an unexpected fee in a particular class, it’s always smart to put a few hundred dollars away for the unexpected expenses that are sure to come up. This is also a great money management tip to teach your college student to take with them well past graduation.

Teaching money management tips to your college-bound students is an important part of preparing them for the real world outside your home. This is the first time they will most likely be managing their own finances and will certainly benefit from the money management tips you offer them free of charge! If not now, they’ll surely come to appreciate your financial wisdom to help make smart decisions with their money.

Article by Jessica Penick has a degree in English/Creative Writing from Cleveland State University. Originally from Cleveland, OH, she has also lived in London, England, as well as Tanzania and Uganda in East Africa. Jessica is not endorsed by or affiliated with LPL Financial.