The economy might be turning around for those nearing graduation, but that doesn’t mean that the job market is hiring left and right. One of the best ways to have an edge over your competition is to have an internships in your field. But is it economical to take an unpaid internship? Before considering whether or not to accept the unpaid internship, please review whether or not it is legal to be unpaid.
Firstly, think about the opportunity cost of accepting this position. That is, will taking the internship limit you from doing other fantastic, money making jobs, or high quality projects that will boost your resume? The unpaid internship should come last if there is a better job or project opportunity.
Next, think about what you’re paying for this internship. Many pay over $1000 a credit for the college to accept the internship. Furthermore, there is the price of gas, lodging, eating off campus, and professional work attire. In summary, the internship is not only unpaid, but will also cost you. Be prepared for that.
However, unpaid internships have the potential lead to phenomenal resume boosters, professional contacts, and maybe even a job offer after college. I do not know a student who would argue that an internship who did that for him/her regretted it, which brings me to my next point.
Would you love the work that you would be doing? If so, take it. You only live once.
Recently, I was accepted into the national honors society “Mortar Board,” or Pi Sigma Alpha (ΠΣΑ). Joining a Greek national honors society has benefits, and for many the benefits outweigh the costs. However, most people do not take the time to sit down and really think about how much those costs might affect them.
The Pros
Fellowship
Greek societies are known for promoting brotherhood (and sisterhood) among its members. Companionship based on similar interests has the potential to last not only in college, but well into the future as well.
Community Service
Most fraternities and sororities have a community service component, which allows for its members to give back to the world. Not only do fraternities tend to give back to the community, stewardship to society opens doors to networking and personal character development.
Future Career Opportunities
Because of the academic nature of Mortar Board, being a member reflects well on me. For example, if I list Mortar Board on my resume, an interviewer or recruiter may be familiar with or even a previous member of the society; my membership would give me an edge over other candidates. Mortar Board, along with many other Greek organizations, also has an alumnae job board.
The Cons
Dues
Most Greek societies have a fee involved for joining their fraternity or sorority, and many tend to renew their dues every year. Mortar Board has a fee of $75 for each member. Luckily, as a senior, I only have to pay it once. Many fraternities and sororities have a dress code for events, and don’t think that clothes don’t cost money. In addition, if they have a house, they have to pay for upkeep and rent. Cha-ching!
Time
In order to be an active part of Greek life, one is expected to attend all of their fraternity’s events and sometimes even live in their 
“house.” That means giving up valuable time normally set aside for work and play to the fraternity.
Rushing, recruitment, hazing, and drinking
Though the TV version of Greek life is a little outdated and exaggerated, there does tend to be an association with hazing and alcoholism with some fraternities and sororities (please note: not all). Also, initiated members of the chapter have the power to pick new members; if they don’t like you, tough luck. Rushing can be stressful and hazing can be nasty; if you are not up to it and the fraternity/sorority participates in such endeavors, I don’t recommend trying.
After considering the pros and cons of joining Mortar Board, I signed my $75 check and turned it in. However, I know that many of my peers who were accepted decided not to join after realizing the cost of dues. I, personally, don’t blame them.
This morning, the market jumped 2% in reaction to President Obama’s call to the end of the War in Iraq. He is refocusing his efforts on the economy, which means that it is likely time for us to start translating market vernacular into layman’s terms and using it to our advantage.
The Wall Street Journal announced that the stock market “kicked off September on a bullish note.” I’m sure that you’ve heard the terms “bull” and “bear,” but what do they mean? Well because we know that the market went up 2%, that must mean that bull (or in this case “bullish”) means an upward trend. A bull market means that investors are showing faith in the current market. Prices go up, share trades increase, and things are looking up. For a true bull market, the rise of value in the 
market must go up by at least 20%. I remember it this way: bull markets charge ahead.
We like bull. We want a lot of bull. We want to try to avoid the bull’s opposite, the bear. A bear market is a market where investors have little faith in the current market. Prices and share trades decrease. For a true bear market, the fall of value in the market must go down by at least 20%. I remember it this way: bear markets are bad news bears!
Next time: Stocks, Bonds, and Mutual Funds, Oh My!
Everyone, it is that time of the year when textbook fees are slamming college students young and old. Have no fear; there are ways to ensure that you are buying your textbooks at the cheapest price (and you don’t always have to skimp on quality either).
- Do not buy from your campus bookstore unless your textbook is impossible to find.
- Use isbn.nu. Don’t know your book’s ISBN number? Look it up on Amazon and scroll halfway down the page. I’ve found that ISBN-13 is better than ISBN-10.
- Calculate shipping costs. Remember that Amazon has free shipping for college students.
- Used saves… a lot! However, you don’t want your textbooks to be unreadable; try sticking to “Very Good” and “Like New” books only.
- If you are only planning on using your textbooks for one semester, consider renting. Chegg has the best prices that I’ve found.
- Unless you are planning on keeping them for life, resell your books at the end of the semester. You will have the most luck selling your book to students within your university first, amazon marketplace/ebay etc second, and sites like Cash4Books or your college bookstore third.
Happy reading!
I am finally back in Washington, DC, deflating from the excellent weekend at Monster DLP: Atlanta. The focus of the weekend was to pinpoint one’s own form of leadership, and how to work with diverse individuals. On that note, I’d like to layout some money personalities that may play into how you use your money… and how to adjust for the wiser.
These types were scandalously jacked from MSN.com.
- The Guardian is always alert and careful. They fear losing money and prefer ultraconservative assets such as CDs and bonds. Tends to trade too much to avoid losses.
- The Pleasure Seeker prioritizes pleasure and enjoyment in the here and now. Their net worth is overly concentrated in lifestyle assets such as cars, boats, or luxurious homes.
- The Idealist places the greatest value on creativity, compassion, social justice or spiritual growth. They like to buy artwork and socially screened funds.
- The Saver seeks security and abundance by accumulating more financial assets. They tend to micromanage investments and look at performance too often.
- The Star spends, invests or gives away money to be recognized, feel hip or classy, and increase self-esteem. Investments are chosen because they’re in vogue, such as tech stocks in the late 1990’s, real estate and hedge funds in the past few years or “green” companies going forward.
- The Innocent avoids paying significant attention to money, believing (or hoping) that life will work out for the best. They are more likely to be in debt than to have investments, and can be overly trusting and optimistic.
- The Caretaker gives and lends money to express compassion and generosity. Most of their assets are used for others.
- The Empire Builder thrives on power and innovation to create something of enduring value. They tend to have more than 75% of their net worth tied up in a privately-held business or real estate.
Each money type has its benefits and weaknesses, especially when it comes to stocks. Pick out which type(s) fit you best, and then heed the following words:
- The Guardian: Create a long-term investment plan that requires very little meddling, and stick to it!
- The Pleasure Seeker: Sure your assets can be fun, but why not make your money work a bit for you? Shift more of your net worth into assets that appreciate, such as stocks or investment real estate.
- The Idealist: Build a diversified, disciplined portfolio of socially screened mutual funds, or invest in income property that supports your social ideals.
- The Saver: You need rules. Ground rules. Set how often you’ll review your portfolio, and under what circumstance you’ll make changes, in order to avoid rash decisions.
- The Star: Though it can be fun to pick and choose those fabulous stocks, you should invest 90% of your net worth in a “boring,” disciplined portfolio, and 10% in whatever you want.
- The Innocent: Empower someone close to you with a more skeptical or skittish view of money (*cough THE GUARDIAN cough*) to help you put together an investment program, even if it means starting very small.
- The Caretaker: Create an investment or retirement plan that will secure your future, not just those of whom you care about.
- The Empire Builder: Take money off the table each and every year to avoid allowing your “empire” to crumble.
If you so choose, use these tips to become a more-efficient spender, saver, and investor. You can never be too young or have too little to start investing in yourself and your care for your money!
Check back Wednesday for two in depth resume critiques!
Cheers,
Suzie
Ya’ll, I’m in Georgia getting ready for Monster DLP! The Monster Diversity Leadership Program “helps top-tier college students bridge the gap in the transition from college to entry-level career. This dynamic, energy-filled program gives students the opportunity to build life and career skills and network with industry-leading employers while forging lifelong relationships with other high-achieving peers.” Like I said in my last post on how to attend a career fair, I’m going to treat this leadership program as a recruiting event.
In preparation, I have researched the sponsors and their job openings. After narrowing down what jobs I would actually be interested in, I took my standard resume and molded it to fit key words and phrases that the job description calls for. On a side note: don’t forget that I am reviewing resumes for FREE this week! Email savingsuzie@gmail.com. Details here.
I think that the DLP will be a great experience, and maybe I can find a job out of it!
Oh, and on the career fair I went to on Wednesday. There were long lines, and a lot of careers that I wasn’t interested in, but after talking to a few enthusiastic recruiters, I am definitely going to apply to some federal internships made for recent grads after college. Overall: worthwhile to go to, but nothing worth getting your hopes up for.
See you Monday!
~Suz
Later on today, I will be attending the 2010 Public Service Career and Internship Fair in Washington, DC. I’m hoping to meet with a variety of employers who will want me after college. In preparing for the fair, I stumbled upon a variety of sites dictating how to land that job ASAP in four steps or less. I’ll be upfront: there is more to career fairs than dressing up and perusing job opportunities.
Disclaimer: Career fairs are not for everyone and will definitely not guarantee you a job!
Step 1: Make sure you pair yourself up with the right career fair
Would a student with a major in anthropology really want to explore a career fair geared towards mid-level IT professionals? Doubtfully. Be sure that your interests line up with what is available at the fair.
Step 2: Really make sure you pair yourself up with the right career fair
If the fair’s theme is broad or you are looking for a particular company, have no fear in emailing or calling the organizers for a list of participating companies. Research and highlight the companies you intend to interview for.
Step 3: Find those jobs!
The internet is a beautiful thing in that it can give you a preview for what the recruiters are looking for. You don’t want to waste your time looking at a company only to find that they’re hiring for a COO instead of an accountant!
Step 4: Tailor yourself to your potential employers
Print out doubles of your resume for each job you intend to apply for, and tailor those resumes to the company’s mission statement and job description. Not sure what a good resume looks like? I will review yours for free, this week only. Email savingsuzie@gmail.com.
Also, create your 30-second to a minute personal pitch. Cover your major, a few strengths, and what kind of job you’re looking for. You don’t want a recruiter to ask you “tell me about yourself” and to respond with “uhhhh… well I was born in Tahoe and my mom is a teacher and I like lemonade…” Wrong! Remember the three C’s: clear, concise, and concrete.
Step 5: Personalize
Have a great list of references? A portfolio of your graphic designs? A knock-out transcript? Bring them, and many copies.
Step 6: Dress nicely
I do not care if this career fair is held on a pirate-themed party boat, you should look your best. That means business to business casual, and definitely lean towards business. Ladies, put make-up on, gentlemen, iron your shirts. Repeat after me: I shall not look like a slob.
Step 7: Attend!
Communications is the heart of all career fairs. Smile, be polite, don’t fidget, and act like you want to be there and build a personal relationship with the recruiters. Pass out your resume like candy. Be sure to grab business cards from every recruiter you talked to with a position you are interested in.
Step 8: Follow Up
With those handy-dandy business cards, write a thank you letter to each recruiter you talked to with a position that you’re
interested in. Thank them for their time and interest. Remember that a hand-written note is more personable than an email. Wait two weeks. If the recruiter has not yet contacted you, follow up again. Tell them that you are still interested in their company, that you think you would be an asset, and ask what the next steps are in the process.
Step 9: Do it again
Recruiters may tell you to contact them in another few weeks. Mark it on your calendar and follow up once again. Then hopefully, you’ll land a job! If not, there are plenty of career fairs around the country that are just begging for folks to fill an entry-level position. That could be you!
I will update you folks on how my experience with this career fair was. Also, this weekend I am attending the Monster DLP program in Decatur, Georgia, which I will also be treating like a career fair. Wish me luck!
I’m going to be frank: a resume can make or break a job offer. Right now, the competition is so high and the job opportunities are so low that we cannot afford to skimp on a disorganized, ugly resume. But for some of us, it isn’t the lack of organization or eye rolling fonts that is losing us the job: it’s content. Some of us just don’t have the work experience that our peers do.
Let’s think about the job market: even internships are highly competitive, and a lot of them are not even paid! It’s not uncommon for seniors to graduate with less than three internships and jobs combined. So when your experience is lacking, you’re not the only one. However, there are lots of other students ready to fill that position at your dream job. That’s when you have to dig, deep, to find some personal assets and experiences to make your resume count. Here are some ideas: 
- Work study
- Volunteer organizations
- Honors society
- Research
- Student clubs
- Sports teams (especially leadership)
- Jobs and internships
It’s not enough to simply list your experiences though. Nowadays, recruiters can electronically scan your resume to look for buzzwords. That’s why you must tailor your resume to the job offer. Here’s an example:
- “Increased student interest in the fitness center with a personally designed flyer.”
- “Designed a flyer that increased fitness center sales by 20%.”
Which sounds better? The second one. Why? Because it has a concrete figure and the buzzword “sales” in the description.
Of course, skills are another area that can always impress a recruiter. Take three years of Spanish? Sounds like you have intermediate Spanish skills. Can you crunch numbers on an excel sheet? Then you can perform analytic spreadsheet tasks! Never forget to include these on a resume.
One final note: I encourage everyone to make their own resumes, and then offer it to other people for revision. I believe it is a waste of money to spend $100-$300 on a site like Monster.com or ResumeWriters.com to write the resume for you; most recruiters say that these resumes are too flashy. Write the resume yourself and then take it to your college’s career planning office—it’s what they’re there for, and it’s free!
FREE RESUME REVIEW
I’m willing to offer edits to five resumes for free. Send your resumes to savingsuzie@gmail.com and I will offer edits and suggestions. Please note that if your resume is selected for review, I will anonymize it (or leave your name upon request) and then post it on this blog. Last day to enter: July 19th, 2010. Must be a college student or recent (2010) graduate to enter.
I’m in the middle of Nice Girls Don’t Get Rich by Dr. Lois P. Frankel, and I have to say my overall impression is that the book is definitely made for an older generation. Frankel does a good job of addressing issues for to-be divorcées, widows, and other typical older lady stuff, but not topics that particularly pertain to college women, like buying a first car, apartment, or paying off student loans.
The book is founded in psychology— Dr. Frankel received her PHD in psychology— and focuses on internal battles that women in particular must fight in order to get to the higher ground of richdom. Some barriers to entry include:
- Women are still not normally the breadwinners within the family
- They can be blind to what the family actually has
- They grow up hearing “it’s just as easy to marry rich as it is to marry poor,” “it’s better to do good than be rich,” “talking about money is crass,” and “money doesn’t buy you happiness”
- Women statistically succumb to impulse shopping and going over budget
Frankel provides psychological techniques to overcome these habitual issues. Unfortunately, she doesn’t give a whole lot of concrete advice in how to invest, or how to make money to begin with. This book is written for privileged moms and housewives who dote on their children and men. It’s probably not the best for college students.
As for my personal financial life, I am getting nervous. First off, I cut my last check ever for my tuition payment this past week. Yay for me, but it means that I’m out even more money for the summer. I’m also trying to save $280 a month for both Acorn Stash and my after-graduation account, and I have two phone bills left (about $70 each) until I start making an income again. I’m still trying to make up the $150 I lost on swipebids, and have yet to be successful. Poop.
Luckily, after going a week without spending, I haven’t been as tempted to go shopping on an impulse anymore, so I know that the money in my bank will, hopefully, not change on a whim.
I wish my internship was paid…
Cheers,
~Suz
Hello savers! I have some bad news, and some great news. The bad news is that Suzie Savings is going to be moving to a different website within the next few months, and that might mean a loss of traffic (boo). The good, no, fantastic news is that in moving, the site will be far more dynamic, and hopefully turn into something much bigger than it already is. Excited? I am. Oh, the site is Acorn Stash for all who are interested, but I’m certainly not done building it yet! In order to get some regularity on the site, I am going to begin posting regularly on Mondays, Wednesdays, and Fridays. There are so many topics to cover hat I’m going to be backlogged for weeks!
I hope everyone had a fantastic 4th of July! I filled it with free activities, like playing soccer in the park, watching some stunning fireworks go off from my parent’s back porch, and devoting some appreciation for America, God Bless. Do I love me some US of A? Yes I do!
Today I went to Old Alexandria to tour the Torpedo Factory. Okay, it’s not really a torpedo factory anymore, but a great location for indie artists to sell to curious tourists and show off their wares. I’ve found that though I went in knowing that I wouldn’t buy anything, I really enjoyed looking at what everyone had to offer. Ahh the benefits of being financially cautious!
After returning from the torpedo factory, I played a 4.5 hour long game of Monopoly. Okay, so in all honesty, I hate this game, and I lost again. I have always found it slow and frustrating, and I have never been able to win. So why did I agree to play in the first place? I’ve been reading Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money by Dr. Lois Frankel, and she claims that women don’t win at Monopoly due to childhood conditioning when it comes to how to deal with, and invest, one’s money. Of course, I attempted to prove her wrong, and my 10-year-old brother creamed me. Ouch.
Though there was (or I perceive there was) a great deal of luck involved, the loss got me thinking. Maybe women are conditioned to handle their money poorly. More on this topic later this week.
Hope all is well!
- Suz
