5 No Cost Things You Can Do to be Financially Stable

People that teach financial education often talk about lowering your expenses and increasing your income to increase your financial stability. Of course those things are good but today I want to focus on the five free things you can do to increase your financial stability.

For all of my personal finance tips, order my book “10 Things College Students Need to Know About Money“. If you already have a few challenges, order my Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook“.

 

#1 Open an Account at a Credit Union

One of the best financial decisions you can make is to open a checking account at a credit union. It costs nothing to open an account and the benefits are many: better customer service, often lower account fees, usually cheaper car loans, mortgages, and credit cards, and the opportunity to build a relationship with a financial institution with all these great benefits before you need to ask for a loan. Check here to find the credit union closest to you.

 

#2 Check Your Credit Reports

You may know that there are three credit reports and three credit scores for each of us but did you know that you can have free access to your reports? The credit bureaus have the right to control who has access to the scores that they’ve created the mathematical formulas to create, BUT the records …  the information that make up the data those formulas use is your data and is free for you to access. Visit AnnualCreditReport.com to get a free copy of your reports once every 12 months.

 

#3 Collect Your Change

For years I’ve told people that an easy way to find money to build up your Emergency Fund or invest in a no-load mutual fund was to throw your spare change in a jar. I still believe it’s true. On average, you’ll have about $50 per month is quarters, dimes, nickels, and pennies. Instead of that spare change ending up under the couch cushions, in your car’s ashtray, and at the bottom of your purse throw it in an empty water jug or an actual piggy bank. Don’t believe me? Check out this blog.

 

 

#4 Open a High Yield Savings Account

Since I’ve been badgering you to create an Emergency Savings Account, I thought I’d help you out by providing you with the latest lists of accounts with the highest interest rates (you’ll earn more money than at your local financial institution) across the US. Check out the highest yielding savings accounts here.

 

#5 Choose You

This is the hardest free thing you might ever have to do: choose yourself over everything. Choose to save some money for an emergency instead of eating out. Choose to invest some money in a mutual fund instead of purchasing an extra excursion on a trip. Choose to think you’re going to create the exact life you’d like to have …   and then do the prep work so when your opportunity comes, you’re ready.

 

 

 

 

 

 

College Basics for Parents: Helping your kid graduate debt free

Bigger Than Your Block is pleased to announce a new FREE webinar for the parents of college students. Scholarship guru, and mom who used these strategies to get her daughter through undergrad with NO student loan debt, Gwen Richardson, will present College Basics for Parents: Helping your kid graduate debt free with the most dynamic financial education speaker working today, Shay Olivarria.

 

In this FREE webinar Gwen Richardson, author of 101 Scholarship Applications: What It Takes to Obtain a Debt-Free Education, and Shay Olivarria, author of 10 Things College Students Need to Know About Money, will help you navigate the money side of undergrad.

The webinar will cover:

• How to find scholarships to apply to.
• Strategies to help your student with scholarships.
• Which two accounts your student needs to open to create financial wealth.
• Tips and tricks to help your student learn to manage money while in school (in preparation for life).

 

Please join us:

Saturday, September 8th

or

Monday, September 10th

Want to read the books before the webinar? You can order a copy of both for $30 total, including shipping. 10 Things College Students Need to Know About Money sells on Amazon for $15 plus shipping on its own. If I were you, I’d run to get both for $30.

See you at the webinar!

$10,000 African American Study Abroad Scholarship

Did you know that the United Negro College Fund had a $10,000 scholarship to help Black students in the United States study at a University on the continent of Africa?

The Joseph A. Towles African Study Abroad Scholarship is named in memory of Dr. Joseph A. Towles, a black social anthropologist and specialist in the study of African cultures. Dr. Towles, a native of Virginia, earned his doctorate at the Makerere University in Kampala, Uganda.

This makes me wish I was still in school so I could apply for this scholarship. I’ve been to twenty countries on five continents but I’ve never had the pleasure of studying at a university abroad. There are only three more days to get your application in. Hurry. This is a great opportunity.

African American Study Abroad Scholarship
United Negro College Fund
Deadline to Apply: Nov. 3, 2017
Award Amount: up to $10,000

By providing financial assistance for UNCF students to study at an established university within the continent of Africa, The Joseph A. Towles Scholarship will allow students to receive an incredible academic experience and exposure to the rich traditions within African cultures.

Click here to visit the United Negro College Fund’s page.

FREE Webinar for College Freshman

Click photo to register

Have a high school grad that’s headed to college? Did you learn some financial lessons the hard way and prefer that your child not make the same mistakes? You’re in luck! This September financial education speaker and author Shay Olivarria is hosting a FREE (yes, that’s f-r-e-e) webinar to give college freshman a leg up.

 

Freshman Facts: 5 Things College Freshman Should Do to Build Wealth

 

 

Engage in this dynamic, fast-paced webinar with financial
education speaker and author Shay Olivarria. Participants will learn:

– Where to put financial aid money for best money management practices.                           – How to spend money, have fun, and be responsible.
– What accounts to open to build credit scores.
– Where to put your pennies to become wealthy.
– Pros and cons of available personal finance apps to leverage your current behaviors.

 

 

Shay Olivarria is the most dynamic financial education speaker working today. Previous clients include: SCE Credit Union, American Airlines Credit Union, the Yorba Linda Water District, Verizon, among others. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times.The 2nd edition of “10 Things College Students Need to Know About Money” is available now.

 

Facebook Chat for High School Seniors

To celebrate Financial Education Month Bigger Than Your Block will offer a free Facebook chat with high school seniors. Shay Olivarria the author of “10 Things College Students Need to Know About Money (2nd edition)” will be on hand. The one hour chat will allow students to  ask any questions they have about personal finance including:

• Choosing a credit union.
• Opening a checking account.
• Opening an investment or retirement account.
• Accepting financial aid monies.
• Locating scholarships.
• Creating a spending plan for college.
• Anything else you can come up with!

Wednesday, April 5th 6pm PST

#BTYBChat for High School Seniors

Join the chat

 

Shay Olivarria Slated to Present Two Sessions at Adelante Mujer Latina Conference.

Financial education speaker Shay Olivarria will be presenting two sessions of “Goal Boarding Your Financial Future” at Adelante Mujer Latina 2017. The 10am and 11am sessions will teach participants learn 5 vital personal finance concepts and help participants create an executable plan for reaching the financial goals she sets for herself.

The conference will take place at Pasadena City College in southern California.

 

Call (323) 596-1843 to talk with Shay Olivarria about setting up a financial education workshop for your group.

Shay Olivarria is the most dynamic financial education speaker working today. Previous clients include: the Yorba Linda Water District, Verizon, and Friends of Allensworth, among others. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times.

 

 

myRA Might Be the Solution for High School and College Students

If you’ve read “10 Things College Students Need to Know About Money” you know that I am a HUGE advocate of young people investing from retirement as soon as they have earned income. For many people that time is while in high school or college while you’re working part-time or eeking a living out of financial aid. Often, young people don’t know how to open an Individual Retirement Account (IRA) or don’t think they have enough money to open one (get my list of investment accounts you can open for less than $100 here).

The United States government is here to help with the new myRA (my retirement account, get it?). According to the U.S. Treasury,  these accounts are:

• Easy to set up (you can have the money deducted from your payroll check if you wish)
• Designed to help people with little money or no access to a retirement plan from work.
• No risk of losing money (funds are invested in a Thrift Savings Plan-like account)
• The funds you invest are NOT tax-deductible but you also can take them out whenever you like without penalty.

The best part? There is no minimum amount required to start an account and according to Forbes, ” additional contributions only have a minimum of $5.” The goal is really to get you into the habit of investing when you are young and have few dollars. The return isn’t great (think 1% or 2% per year) compared to a regular traditional or Roth IRA or 401(k)/403(b) but starting now with a few dollars and little interest is better than not doing anything.

Fool.com also notes:

Account holders can contribute up to $5,500 per year ($6,500 if over 50) and may continue to contribute until their total account balance reaches $15,000. All funds are invested in a newly created Treasury bond

Once you’ve grown a nest egg big enough to open a traditional or Roth IRA, or you have a job that provides a 401(k) or 401(b) hopefully with matching, you can roll the money over into a new account.

Click here to find out more about myRA accounts.

 

 

Financial Resources for Foster Care Students

I attended undergrad and grad school.

I started my company, Bigger Than Your Block, back in 2008.

I have traveled to 18 countries on 5 continents.

I was a foster kid that aged out of the system at 17 years old.

Fewer than 3% of foster kids earn a degree. I was one of the lucky ones. There shouldn’t be “lucky ones”. We have to do better.

I found this list of scholarships and grants for college students that are wards of the state. The Fostering Access to College Education (FACE) page has tons of good stuff.

First, eligible current and former foster youth may apply online for the Chafee Grant at www.chafee.csac.ca.gov. Grants are for eligible applicants ages 18-23 for up to $5,000 to assist with college tuition or job training. Youth must have been in foster care at or after the age of 16 to be eligible.

Other valuable sources for scholarship money are as follows: 

• Promises2Kids Guardian Scholars Program (www.promises2kids.org). The Program provides scholarships also up to $5000 per year to former foster youth enrolling in two and four-year colleges. Applicants should apply at the same time as their FAFSA filing (between Jan. 1 and Mar. 2). 
• Just in Time for Foster Youth: www.jitfosteryouth.org (approximate deadline is May 1–check website for updates). Its “College Bound” program provides laptops, printers, school supplies and/or dorm room/apartment furnishings for selected youth.
• Fostering Opportunities Dollars for Scholars: www.mydollar.org (approximate deadline is July 1 for fall semester and October 1 for spring semester–check website for updates). A $500 grant per semester is available to former foster youth enrolling in San Diego colleges or universities.
• San Diego Foundation (http://www.sdfoundation.org/GrantsScholarships/Scholarships/ForStudents.aspx) or call 619-814-1307. The San Diego Foundation is a clearinghouse for a large number of private scholarships, each with different sets of criteria. Scholarship applications may be filed online between Dec. 1 and February 9th (for first-time users). All application  materials are due February 13, 2012 at 5 PM. Check the website for details.
• Change A Life Foundation: http://www.changealife.org/how_to_apply/default.aspx. You may file your scholarship application between Dec. 1 and March 15. San Diego residents with questions may contact Cat Gomez-Holly at cgomezholly@changealife.org.
• Orphan Foundation of America (OFA): www.orphan.org (approximate deadline is Mar. 31–check website for updates). OFA serves foster teens throughout the country and provides college scholarships.
• Gates Millennium Scholars Program: www.gmsp.org (early January deadline for outstanding African American, Native American, Hispanic American and Asian Pacific Islander American students)
• Hispanic Scholarship Fund: www.hsf.net (for Latina/Latino students–deadlines vary)
• UNCF: www.uncf.org (for African-American students–deadlines vary)

 

 

Finally, you may search the internet for other private scholarships by using a free Web–based search engine. Try www.fastweb.com or www.collegeboard.com/pay. You should never pay to find, apply, or receive a scholarship.

6 Tips to Help Your Child Become Wealthy

Do you remember when the hospital staff put that little bundle of new baby into your arms? Perhaps you met your child in an office somewhere or maybe it was a park. Regardless of how your child came into your life, I bet you promised yourself that you would make the best life you could for your child. A big part of making a good life for your child, means educating them about personal finance and setting their feet on the path to wealth. Here are six things you can do while your child is still young to help them do well.

#1 Open a savings account at a credit union

Credit unions have great customer service, lower loan rates, and are smaller than many banks. Opening an account a credit union allows the child to start developing a relationship with a financial institution and helps the child understand that money go into an account before one can swipe a card. Many credit unions also make an effort to reach out to youth, so they may offer incentives to open an account and yearly incentives to contribute more during Financial Literacy Month (April).

#2 Buy individual stocks for birthdays holidays

There are multiple sites where adults can buy individual stocks, complete with attractive stock certificates, for children. If the child is old enough, have them help by thinking about what products they use every day and why certain stocks might be a better investment than others. Place the stock certificates where they can view them often and bring it up in conversation.

#3 Encourage friends and family to contribute to a 529 plan

Most friends and family love to purchase new clothes or new toys for children. While any gift is certainly appreciated, a gift of $10 that could triple its value is much more helpful. Most 529 plans have a way for friends and family to put a few dollars in for milestones.

#4 Let the kid grocery shop with a spending plan and coupons

Kids see adults buying things all the time, but rarely do they understand why we choose one item over another. Including the child in grocery shopping helps the child to understand value over cost, that things do cost money, money is not infinite, and how money moves from a checking account to a vendor (through cash, check, debit card or credit card).

#5 Set limits at  amusement parks

When you arrive at an amusement park, hand each child a specific amount and tell them that once they spend it, there will be no more money. As they spend, try to guide them by explaining the rationale behind each choice but do not force them to spend the way you want. If they run out of money and become upset, it’s a tough lesson to learn but would you rather have them learn this lesson at nine years old or twenty-nine year old?

#6 Sock the college fund in a Roth IRA

Investing for your child’s college education is good, but depending on where you put the money, the funds could count against the child with the financial aid office. A Roth IRA is a great place to park the money because it’s counted differently than other college investment plans, you can take out the principle with no fees whenever you want, and if there is money left over, that money can grow tax deferred until retirement. Talk with your fee-only financial advisor about this option.

Enjoy the article? Like more just like it? Register to get emails sent to your inbox.

Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com.

 

 

DREAMers Leave Scholarship Money on the Table

“Overall, roughly a third of financial awards for illegal immigrant students attending state or public schools went unused in 2015 …. ” Business Insider says.

According to ImmigrationPolicy.org, there are 1.5 million people that could consider themselves DREAMers. The DREAM Act is explained a bit below:

A new analysis casts some much-needed light on the question of exactly who might be eligible for the Obama Administration’s “deferred action” initiative for unauthorized youth who were brought to this country as children. This initiative, announced by Homeland Security Secretary Janet Napolitano on June 15, offers a two-year, renewable reprieve from deportation to unauthorized immigrants who are under the age of 31; entered the United States before age 16; have lived continuously in the country for at least five years; have not been convicted of a felony, a “significant” misdemeanor, or three other misdemeanors; and are currently in school, graduated from high school, earned a GED, or served in the military. Immigrants who meet these criteria are commonly referred to as “DREAMers” because they comprise most (though not all) of the individuals who meet the general requirements of the Development, Relief, and Education for Alien Minors (DREAM) Act.

That means that there are students that eligible for money to attend college, but they are not applying for it. Some say that they are concerned about providing their parent’s tax information. They don’t want to be deported.

Many DREAMers came here are kids and would have no idea what to do if deported to their “home” country. Some don’t speak the language of that country. Some have no relatives or contact in that country. The DREAM Act is allowing students that are good kids to further their education. Students have to do well in school and cannot commit crimes.

“Moreover, Ed Source reports that many students were disqualified from Dream ACT scholarships for not obtaining the requisite 2.0 grade point average for community colleges and 3.0 for state school .. “. Business Insider has more about students not getting the funds that are available to them.

I want to share some places that offer scholarships to undocumented students:

Scholarships on Generation Progress Undergrad, grad school

Golden Door Scholarships Undergrad

United We Dream Undergrad

 

Do you know of more scholarships for undocumented students?

Leave ’em in the comments section. Thanks! =)

 

 

 

Another Reason to Open a Roth IRA: Paying for College

I was reading the business section of the LA Times when I came across this nugget:

Because you make Roth IRA contributions with after-tax dollars, you can withdraw them at any time without taxes or penalties, just like 529 plans.

I knew that. I’ve done that, but it never occurred to me to contribute with the intention of using that money for college costs. Do you know what that nugget means? It means that:

• Instead of opening two accounts and having to schedule two contributions, you can open one.
• You can take out the money you put in, not the interest that you’ve earned, to pay for college costs after letting it grow for years and years.
• If you don’t end up using it for college expenses you can let it continue to grow until retirement.
• If you do want to use the money for college costs, the money in your Roth IRA with not count against your child for financial aid like a 529 plan would.

That is revolutionary. You can contribute, let the money grow, it won’t count against your kid when you apply for financial aid (FAFSA, scholarships, loans, etc.), and you can leave it there to continue to grow until you need it for retirement. The absolute best part? You can leave the funds left in the account after you die to your spouse OR any beneficiary that you designate and that money can continue to grow.

There seems to be no downside to opening a Roth IRA.

 

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Virtual Book Launch June 8th

As you all know, I am ecstatic about the printing of the 2nd edition of 10 Things College Students Need to Know about Money! I’m so excited that for the first time ever I’m hosting a virtual book launch on Facebook. What is a virtual book launch you ask? Good question.  *wink*

A virtual book launch is an opportunity for you to ask me about the book, win some cool gifts and score an AMAZING discount on the book. I’m so excited.

Sign up to receive my emails and get another gift.

Subscribe to our mailing list

See you Wednesday, June 8th between 6:30pm and 8:30pm Pacific Standard Time.

Graduating? A few financial tips.

Shay Olivarria, financial education speaker and the author of 10 Things College Students Need to Know About Money 2nd edition, was included in the an article geared towards sharing a few tips for students that graduating this year. Nine women were included. Shay’s tips:

“Keep your credit scores high by taking a look at your credit reports for free at AnnualCreditReport.com (the only place you can get them for free). [Also] learn about the five parts of a credit score and leverage your scores to save money (and deposit fees on utilities) on car loans and home loans in the upcoming years.”

“You created a plan to graduate from college and you worked that plan to bring graduation to fruition. You can do the exact same thing with personal finances. Make a plan and execute that plan. Welcome to adulthood.”

Read the rest of the advice by visiting Student Loan Hero.

 

Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com. 

 

 

A Young Mother’s Dream Scholarship

I just saw this message on Facebook:

If you know of any high school seniors (entering their Senior year this Fall) that would be a candidate for the scholarship program POSSE, please please send an email to geneva@youngmothersdream.org!Today is the FINAL day for submissions Great opportunity for a full 4-year college scholarship… Please share & recommend! Thank you

The scholarship is from an organization call A Young Mother’s Dream. Get your application in today.

WEBINAR: Using Your Financial Aid Check to Build Wealth

The second free webinar in the series (check out the first one here) is Using Your Financial Aid Check to Build Wealth. In this dynamic webinar you’ll learn how to leverage the money you have to build wealth. We’ll talk about student loans, checking accounts and investing for retirement using compound interest. You’ll learn how to turn $100 from your financial aid into $36k. This webinar is free, but there are only 25 spaces.

REGISTER HERE

 

Update:

In case you missed the live event, you can watch the replay here https://www.anymeeting.com/WebConference-beta/RecordingDefault.aspx?c_psrid=EF52D9848549