Saturday, 07 April 2012 10:46

Hunt Down College Money

Written by  Dave Ramsey
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Question: I’m 24, and I don’t have any debt except for a small student loan. I’m going to law school to study international law, and I have a scholarship that pays 25 percent. However, I won’t really be able to work much while I’m studying. How can I do this without taking on more debt?


Answer: If I were you I’d do some online research on all the governmental agencies out there. I’ll bet there’s one that’s willing to pay for your law school if you would agree to work for them for a few years after you get out. It’s kind of an indentured servitude deal, but that’s a lot better than taking on $150,000 or more in debt.

The scholarship is a good thing, but we both know it will only scratch the surface when you’re talking about law school. Think about this. You got the scholarship by finding a good opportunity and asking for it, right? There’s a ton of scholarship money out there, and millions of dollars of it goes unclaimed every year.

If I were you, I’d get into the business of hunting money. Track down every possibility you can, and use every honest thing to your advantage!

Question: How do you know when you’ve found your true calling when it comes to your job or your career?

Answer: I’ve met a few people who’ve had a spiritual experience in this area. Something has happened, almost like they were struck by lightning, and they knew what they were supposed to do with their lives. This isn’t the normal way people come to realization about their futures, but it does happen from time to time.

Usually, I believe this kind of revelation starts out as a simple idea that gradually grows into a job and then into a career. Then, it evolves over time into a calling. That’s how I stepped into what I’m doing today. I can’t honestly tell you that when I started on radio, or began writing and teaching, that I knew it was God’s purpose for my life. But I felt the weight and the drawing of it, almost like a magnetic pull.

I’ve been doing it for 20 years, so it definitely evolved over time into what it is today. Still, I’m positive it’s the reason I’m on this planet!

Question: I was wondering why you recommend doing a fresh budget every month. Once you’ve figured out your expenses and income, won’t the same budget work month to month?

Answer: I understand what you’re saying, but if you look closely at every month, you’ll see pretty quickly that they’re not all created equal in terms of expenses. On top of that, if you work a commission-based job, your monthly income will fluctuate throughout the year.

Now, there are some things that will remain pretty standard. A few things like your rent or mortgage payment will probably be the same month to month. But what about things like utilities and food? Chances are your electric or gas bills will be higher during certain months as you heat and cool your home depending on the weather. What about holidays and special occasions? It’s likely you’ll end up spending more on food, gifts and related items around Thanksgiving and Christmas or other months when family and friends have birthdays and other events.

These are just a few of the reasons it’s a good idea to customize your budget every month. A good, accurate monthly budget should always reflect your reality. Not only will this give you a more realistic idea of where your money is going, but the knowledge also helps you control your money instead of it controlling you!

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