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As a recent college graduate, how should I proceed to build a stable foundation of wealth for myself?
I am currently living with and taking care of my mother. I am also jobless at the moment because of this. I am not too sure if I should first try to secure a job or if I should continue my education and enter a masters program. As someone with a degree in music and education, I was considering a job as a Music Teacher. However, my interests have shifted away from that.
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9 answers
Updated
Jerome’s Answer
I highly recommend working while you go to school if you choose to enter a masters program. Too many people are graduating and looking for a job. At the very least, find an organization you can volunteer with so you enter the market with some practical experience and potential references.
Excellent suggestion!!
Helena Prado
Updated
Daysha’s Answer
Hey George,
Here's a plan to help you move forward with your goals:
1. Start by researching and identifying part-time job opportunities in your field of interest. This will allow you to gain practical experience, earn income, and still spend time with your mother.
2. Create a monthly budget to track your income and expenses. Prioritize saving a percentage of your income each month to build up an emergency fund and prepare for future investments.
3. Research various investment opportunities, such as stocks, bonds, or real estate, and come up with a plan that aligns with your financial goals and risk tolerance.
4. Begin exploring master's degree programs and courses that interest you. You can start with taking one or two classes per semester to make the workload more manageable and maintain a balance between work, school, and family life.
5. Reflect on the aspects of a job that bring you happiness and satisfaction. This can include factors such as work environment, company culture, and job responsibilities. Use this information to guide your job search and future career choices.
By following these steps, you'll be in a better position to achieve your goals and create a fulfilling life for yourself.
Here's a plan to help you move forward with your goals:
1. Start by researching and identifying part-time job opportunities in your field of interest. This will allow you to gain practical experience, earn income, and still spend time with your mother.
2. Create a monthly budget to track your income and expenses. Prioritize saving a percentage of your income each month to build up an emergency fund and prepare for future investments.
3. Research various investment opportunities, such as stocks, bonds, or real estate, and come up with a plan that aligns with your financial goals and risk tolerance.
4. Begin exploring master's degree programs and courses that interest you. You can start with taking one or two classes per semester to make the workload more manageable and maintain a balance between work, school, and family life.
5. Reflect on the aspects of a job that bring you happiness and satisfaction. This can include factors such as work environment, company culture, and job responsibilities. Use this information to guide your job search and future career choices.
By following these steps, you'll be in a better position to achieve your goals and create a fulfilling life for yourself.
Thank you so much! This was really helpful and thorough. I'll give this a try as soon as possible!
George
Updated
Diana’s Answer
Hi there,
I admire you are taking care of your mother. You are a good person. Now, while you are taking care of your mom, you need to start sending resumes to all the places, business, organizations you want to work with.
It depends on your situation, if you got savings, it's okay to be unemployed; otherwise, you need to try to find a job even though it is not in your field so you can see money coming in.
You can be successful in your career or in a different one, but you need to be resilient and persistent.
Good luck,
Diana Collins
I admire you are taking care of your mother. You are a good person. Now, while you are taking care of your mom, you need to start sending resumes to all the places, business, organizations you want to work with.
It depends on your situation, if you got savings, it's okay to be unemployed; otherwise, you need to try to find a job even though it is not in your field so you can see money coming in.
You can be successful in your career or in a different one, but you need to be resilient and persistent.
Good luck,
Diana Collins
Updated
Scott’s Answer
As someone who has also navigated post-college life, I understand the challenges of building a stable foundation of wealth. It's important to remember that wealth is not just money, but also knowledge. My first piece of advice would be to continue educating yourself and seeking out resources to help you understand personal finance and investing.
One book that I highly recommend is "Rich Dad Poor Dad" by Robert Kiyosaki. This book provides a great foundation for understanding the basics of personal finance and investing and can help you develop a long-term strategy for building wealth.
In terms of your job search, it's important to take action and start exploring potential opportunities. While a Masters's program may be a great option down the line, securing a job first can provide you with valuable experience and financial stability. Don't limit yourself to only positions in your field of study - consider exploring other industries and positions that may align with your interests and skills.
Additionally, I recommend setting financial goals for yourself and creating a budget to help you stay on track. This can include saving for emergencies, paying off any debt, and investing for your future.
Remember, building wealth is a journey, not a destination. Stay persistent, continue learning, and take action towards your goals. You got this!
One book that I highly recommend is "Rich Dad Poor Dad" by Robert Kiyosaki. This book provides a great foundation for understanding the basics of personal finance and investing and can help you develop a long-term strategy for building wealth.
In terms of your job search, it's important to take action and start exploring potential opportunities. While a Masters's program may be a great option down the line, securing a job first can provide you with valuable experience and financial stability. Don't limit yourself to only positions in your field of study - consider exploring other industries and positions that may align with your interests and skills.
Additionally, I recommend setting financial goals for yourself and creating a budget to help you stay on track. This can include saving for emergencies, paying off any debt, and investing for your future.
Remember, building wealth is a journey, not a destination. Stay persistent, continue learning, and take action towards your goals. You got this!
Updated
Sarah’s Answer
To make your answer more actionable, start by identifying your interests and passions. Research different careers and industries related to your interests and evaluate the skills and education required for those positions.
Next, create a plan to obtain the necessary training or education for your chosen career path. Look for online courses, certifications, or degree programs that you can complete while taking care of your mother. Set realistic timelines and goals for completing these courses.
While working towards your desired qualifications, actively search for part-time work or internships in your chosen field. This will provide you with valuable work experience, networking opportunities, and potentially future job prospects. To find these opportunities, network with professionals in the industry, attend job fairs, or join online communities specific to your career interest.
Remember to update your resume and LinkedIn profile with your new skills and experience as you progress in your training or education. Additionally, practice your interviewing skills to help you stand out when applying for full-time positions in the future.
In summary, follow these actionable steps:
1. Identify your interests and passions.
2. Research different careers and required skills.
3. Create a plan for obtaining necessary training or education.
4. Look for part-time work or internships in your chosen field.
5. Update your resume and LinkedIn profile.
6. Practice your interviewing skills.
Next, create a plan to obtain the necessary training or education for your chosen career path. Look for online courses, certifications, or degree programs that you can complete while taking care of your mother. Set realistic timelines and goals for completing these courses.
While working towards your desired qualifications, actively search for part-time work or internships in your chosen field. This will provide you with valuable work experience, networking opportunities, and potentially future job prospects. To find these opportunities, network with professionals in the industry, attend job fairs, or join online communities specific to your career interest.
Remember to update your resume and LinkedIn profile with your new skills and experience as you progress in your training or education. Additionally, practice your interviewing skills to help you stand out when applying for full-time positions in the future.
In summary, follow these actionable steps:
1. Identify your interests and passions.
2. Research different careers and required skills.
3. Create a plan for obtaining necessary training or education.
4. Look for part-time work or internships in your chosen field.
5. Update your resume and LinkedIn profile.
6. Practice your interviewing skills.
Updated
Dino’s Answer
Hi George, first of all I am proud of you for taking care of your mom! You are gaining something by doing a great job with someone who raised you up to be a good person. I understand that you have a lot in your plate. But, remember that things will get better along the way. You are not alone in this journey. You were given a very comprehensive options already by the people responded to your queries.
Try again to think, the big Y you majored in Music and Education?
Nowadays many people are working online you may want to see yourself making money through music coaching with small kids who love singing or play with instruments.
Making or creating money is a trend nowadays try to explore them and while you are taking care of your mom you are creating wealth from home.
Here is what I learned in life. When you are a giver you will receive hundred folds. Be happy that you have the chance serving your mom others had no chance to do it especially to the person who gave that precious life to them.
Dino recommends the following next steps:
Updated
Sara Miller’s Answer
Taking care of your mom at your age is tough! You are right to be thinking of your future now.
If caring for your mother is a full time job (in the case that she cannot be left alone for the day, or is bedridden), please sit down with her and other family members who can help out to review her finances and options for sharing the burden of her care. It should not all be on you. From my experience, this may be a difficult conversation, but if neither of you or your mom have much income, there will be struggle ahead.
To build wealth, you need to get to work and generate some income. Do not spend all the money you make. Aggressively pay down any debt you have, starting with credit card debt which is the most expensive. Then save part of your earnings and invest it in something simple so your money starts to grow without you having to work for every dollar. Example, short term CDs (6mo to a year) are paying a few percent now with interest rates on the rise. Read a book by Dave Ramsey -- or go to his website -- to learn how to manage debt, and use money to get it working for you.
If you don't know what you want to do for a career, I would pursue entry level positions in any small professional company (accounting firm, marketing firm, school, etc.) which could give you a lot of experience, or work for a larger company that will offer health benefits and a 401K. Get experiences, and build out your resume with credentials and practical skills.
Immediately, there are a lot of side-hustles you could pursue to help you figure out where you want your career to take you: Could you give private music lessons? Substitute teach? Work part-time in child care, tutoring?
I would advise against going back for a master's program now -- and urge you not to do it if you have to borrow the money to make it happen. Find your direction first, and maybe a company with educational benefits to help you pay for your additional schooling. You have a degree and can leverage that achievement to land your next job.
You are a strong, caring person. You got this.
If caring for your mother is a full time job (in the case that she cannot be left alone for the day, or is bedridden), please sit down with her and other family members who can help out to review her finances and options for sharing the burden of her care. It should not all be on you. From my experience, this may be a difficult conversation, but if neither of you or your mom have much income, there will be struggle ahead.
To build wealth, you need to get to work and generate some income. Do not spend all the money you make. Aggressively pay down any debt you have, starting with credit card debt which is the most expensive. Then save part of your earnings and invest it in something simple so your money starts to grow without you having to work for every dollar. Example, short term CDs (6mo to a year) are paying a few percent now with interest rates on the rise. Read a book by Dave Ramsey -- or go to his website -- to learn how to manage debt, and use money to get it working for you.
If you don't know what you want to do for a career, I would pursue entry level positions in any small professional company (accounting firm, marketing firm, school, etc.) which could give you a lot of experience, or work for a larger company that will offer health benefits and a 401K. Get experiences, and build out your resume with credentials and practical skills.
Immediately, there are a lot of side-hustles you could pursue to help you figure out where you want your career to take you: Could you give private music lessons? Substitute teach? Work part-time in child care, tutoring?
I would advise against going back for a master's program now -- and urge you not to do it if you have to borrow the money to make it happen. Find your direction first, and maybe a company with educational benefits to help you pay for your additional schooling. You have a degree and can leverage that achievement to land your next job.
You are a strong, caring person. You got this.
Updated
Hormuzd’s Answer
Hi George,
1) Kudos to you on taking care of your mother even though you are un-employed. That by itself is a full time job.
2) At this point you should continue to look for a job in your field via job sites, networking sites (LinkedIn) etc. and put a hold on your Masters program. Once you are employed may be the employer can pay for your Master's program.
3) Right now the job market is extremely tough as more and more employers are shedding jobs. However, don't give up on searching . Sooner or later you will find one.
I wish you nothing but the best on your job search.
Hormuzd
1) Kudos to you on taking care of your mother even though you are un-employed. That by itself is a full time job.
2) At this point you should continue to look for a job in your field via job sites, networking sites (LinkedIn) etc. and put a hold on your Masters program. Once you are employed may be the employer can pay for your Master's program.
3) Right now the job market is extremely tough as more and more employers are shedding jobs. However, don't give up on searching . Sooner or later you will find one.
I wish you nothing but the best on your job search.
Hormuzd
Updated
Shalyse’s Answer
Hello dear.
My suggestions are.
1) Get an interest-bearing savings account.
2) Find a part-time or gig job. Put 10% minimum in savings. Put up to 50% if you do not need it for LIVING expenses. You can use:
-door dash
-fiver for freelance work) ( tutoring, virtual assistant, editing)
- rover for pet sitting
-task rabbit
-lifeguarding
-childcare
If you do freelance work, turn it into a small business by your Junior year.
You won't see much interest until your savings is $1000+.
3) Start an investment portfolio. You can start on C ashAp p to learn basic skills with a $10 minimum per stock.
4) Once you build small savings with your part-time job ($500 -$1000) put $100 to open an IRA. This is just a start so be mindful that you need to increase the amount. Try Robinhood, Betterment, or Fidelity to start.
My suggestions are.
1) Get an interest-bearing savings account.
2) Find a part-time or gig job. Put 10% minimum in savings. Put up to 50% if you do not need it for LIVING expenses. You can use:
-door dash
-fiver for freelance work) ( tutoring, virtual assistant, editing)
- rover for pet sitting
-task rabbit
-lifeguarding
-childcare
If you do freelance work, turn it into a small business by your Junior year.
You won't see much interest until your savings is $1000+.
3) Start an investment portfolio. You can start on C ashAp p to learn basic skills with a $10 minimum per stock.
4) Once you build small savings with your part-time job ($500 -$1000) put $100 to open an IRA. This is just a start so be mindful that you need to increase the amount. Try Robinhood, Betterment, or Fidelity to start.