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Category: Scholarships

  • A Closer Look at a Career as a Financial Advisor

    A Closer Look at a Career as a Financial Advisor

    At first glance, the job of a financial advisor does not seem to be in high demand compared to jobs in the skilled trades or in the healthcare industry. However, with consumerism so widespread these days, everyone can benefit from being finance-savvy—yes, even those who assume they don’t have a lot of earnings or budget to work with. The trouble is, not everyone has what it takes and therefore for them hiring the services of a financial advisor can make a lot of difference. This is the reason why financial advisors has become one of the fastest-growing industry in Canada.

    If you are passionate about financial planning, this profession is a good one to pursue. Apart from it being financially rewarding, it also affords one numerous opportunities in various industries. Read on to learn more about this lucrative career.

    Financial Advisors – What You Need to Know

    The financial advisors’ main objective is to work with private individuals or institutional clients (from banks, insurance companies, or mutual fund organizations) to assess their financial needs, lay out a financial plan, establish short-term and long-term financial goals, and recommend investment options such as stocks and bonds. Due of the nature of their job, financial advisors must possess high-level knowledge in the financial and investment fields and have expert familiarity with relevant tax laws that are associated with such options.

    Salary

    According to PayScale.com, a financial advisor can earn an average of $48,483 per year with potential for bonuses, profit sharing, and commission. According to the Financial Planning Standards Council, 65% of financial advisors earn over $100,000.

    Skills

    To prosper as a financial advisor, a bachelor’s degree in accounting, business, finance, or any related field is a huge advantage, although not explicitly required. Aspiring financial advisors should also work to acquire a comprehensive knowledge of government (federal, state, and local) laws and regulations and Security Exchange Commission (SEC) rules and guidelines. It is always beneficial to consistently brush up on monetary rules and regulations as well.

    To be technology-savvy is a recommendation for all financial advisors, and it’s a huge boost if they can employ the use of new self-serve tools such as automated portfolio management to accommodate their client base.

    To practice as a financial advisor, registration is a must for all provinces and territories although there are financial advisors who go into this profession without obtaining the proper registration. This is why consumers are advised to check the Canadian Securities Administrators’ National Registrant Search to check the advisors’ qualifications. Everywhere in Canada except Quebec, financial advisors and financial planners can be used interchangeably. In Quebec, one can only refer to themselves as financial planners if they have a certificate issued by the Autorité des marchés financiers or are members of a professional association where the Autorité des marchés financiers is part of the agreement.

    Pros and Cons

    A career as a financial advisor is extremely rewarding financially speaking and professionally speaking. They have flexible employment opportunities as they can work with banks, securities, mutual funds, insurance, credit unions, law firms, accounting firms, and even entrepreneurial businesses. It allows one to immerse themselves in a wide range of financial options and interact with various individuals across all socio-economic backgrounds.

    The expectations from financial advisors are ever-evolving, however, and it is easy to falter in this field if you rest on your laurels. This is why financial advisors should work hard to adapt to the business climate especially in terms of technology improvements, stricter regulations, and market volatility.

    SOURCES:

    https://www.payscale.com/research/CA/Job=Financial_Advisor/Salary

    http://www.fpsc.ca/beaplanner/statistics-about-the-profession

    https://news.efinancialcareers.com/us-en/15316/in-canada-strong-demand-for-financial-advisors

    http://www.huffingtonpost.ca/rick-hyde/financial-advisor-future_b_8076868.html

  • March 2018 Scholarships: Apply Now!

    March 2018 Scholarships: Apply Now!

    RBC Students Leading Change Scholarships

    Amount:  $10,000

    Provided by:  RBC Royal Bank

    Deadline : March 29, 2018

    Donor :RBC Royal Bank

    Renewable: No

    Number Available: 15

    Type of Award: Scholarship

    Automatic Consideration: No

    http://scholarships.rbc.com/scholarship-program-for-the-children-of-rbc-employees/

     

    Retail As A Career Scholarship Program

    Amoun:t $1,000

    Provided by: Retail Council of Canada

    Deadline: April 03, 2018

    Donor: Retail Council

    Renewable :No

    Number Available: 20

    Type of Award: Scholarship

    Automatic Consideration: No

    https://www.storeconference.ca/

     

    $5,500 Pinecone Research Sweepstakes

    Amount: $5,500

    Provided by: Nielsen

    Deadline: March 31, 2018

    Renewable: No

    Number Available: 1

    Type of Award :Contest

    Automatic Consideration: No

    https://www.pineconeresearch.ca/SignupCA/Signup_Form.aspx

     

    FormSwift Scholarship

    Scholarship Value: $1,000

    Awards Available: 1

    Award Deadline: March 15, 2018

    https://formswift.com/startup-scholarship

     

    Nature-Saving Scholarships

    Scholarship Value: $1,000

    Awards Available: 2

    Award Deadline: March 11, 2018

    https://hikeandcycle.com/scholarship/

     

    Optimist International Oratorical Contest

    Scholarship Value: $15,000

    Awards Available: 100

    Award Deadline: March 15, 2018

    https://www.optimist.org/member/scholarships4.cfm?

     

    Odenza Marketing Group Scholarship

    Scholarship Value: $500

    Awards Available: 1

    Award Deadline: March 30, 2018

    http://www.odenzascholarships.com/

     

    Kezian Science Scholarship

    Scholarship Value: $1,200

    Awards Available: 1

    Award Deadline: March 31, 2018

    https://www.drkezian.com/science-scholarship/

     

    Ranald and Vera Shean Memorial Scholarships

    Scholarship Value: $4,000

    Awards Available: 6

    Award Deadline: March 31, 2018

    http://ecf.getopenfield.com/ranald-vera-shean-memorial-scholarships/

     

    ALPA Scholarship

    Scholarship Value: $12,000

    Awards Available: 1

    Award Deadline: April 1, 2018

    http://www.alpa.org/campaigns/alpa-scholarship-program

  • February 2018 Scholarships: Apply Now!

    Do you know your credit score? Monitor it for free + win $250!

    Amount: $250

    Provided by: Borrowell

    Deadline: February 28, 2018

    Renewable: No

    Number Available: 1

    Type of Award: Contest

    Automatic Consideration: No

    Address: Borrowell Inc.: hello@borrowell.com

     

    Metis Education Foundation Entrance Bursary

    Amount: $6,800

    Provided by: University of Calgary

    Deadline: March 01, 2018

    Donor: Metis Education Foundation in partnership with the University of Calgary

    Renewable: No

    Number Available: 3

    Type of Award: Bursary

    Automatic Consideration:No

     

    $600 Pinecone Research Sweepstakes bi-Weekly

    Amount: $600

    Provided by: Nielsen

    Deadline: February 09, 2018

    Renewable: No

    Number Available: 1

    Type of Award: Scholarship

    Automatic Consideration: No

    Address: https://www.pineconeresearch.ca/SignupCA/Signup_Form.aspx

     

    Techsploration

    Amount: $20,000 in scholarships

    What: bursary for its alumnae and young women pursuing post-secondary education in science, trades, and technology.

    Address and Information: http://techsploration.ca/20scholarships/

    Contact
    Emily Boucher
    Manager, Communications and Strategic Partnerships
    Techsploration
    O: 902-491-3535  C: 902-817-6428
    E: emily.boucher@techsploration.ca

     

    *Free Tuition Entrance Scholarships at Lakehead University

    Monthly Views – Very High

    Amount: $30,000

    Provided by: Lakehead University – Thunder Bay

    Renewable: Yes, 4 year(s)

    Type of Award: Scholarship

    Automatic Consideration: Yes

    Address: https://www.lakeheadu.ca/studentcentral/financing-budgeting/entrance-scholarships-for-future-new-students

     

    ExploraVision Awards

    Scholarship Value: $10,000

    Awards Available: 40

    Award Deadline: February 8, 2018

    Address: https://www.exploravision.org/rules-requirements

     

    Len Assante Scholarship Fund

    Scholarship Value: $5,000

    Awards Available: 10

    Award Deadline: February 15, 2018

    Address: http://www.ngwa.org/Foundation/assante/Pages/default.aspx

     

    Price Gouging Scholarship Essay Contest

    Scholarship Value: $1,500

    Awards Available: 87

    Award Deadline: February 16, 2018

    Address: http://stosselintheclassroom.org/essay_contest/

     

    Shred Nations Scholarship Program

    Scholarship Value: $5,000

    Awards Available: 1

    Award Deadline: February 26, 2018

    Address: https://www.shrednations.com/scholarship/

     

    GreenIS Award

    Scholarship Value: $2,500

    Awards Available: 3

    Award Deadline: March 1, 2018

    Address: http://www.connecther.org/gitw/gallery?tab=greenis

  • Saving Money for School

    Saving Money for School

    When it comes to saving money in high school or university, there are a lot of students out there who don’t know where to start. I’ve known friends of mine whose parents didn’t want them working in high school to avoid splitting their focus, which led to them not knowing how to budget later in life. I, myself, had a job in high school and in university but I was never good with saving money. Now, into my final year of university, I’m painfully aware of how much money I owe back to the government, and how little of that amount I actually have saved. However, there are ways to get better at budgeting and saving money…

    First thing’s first: you need to ask people for help. It’s like anything – if you don’t know how to do something, swallow your pride and ask someone for help. This is your future after all. Many universities have workshops on how to save money and how to properly budget for your future. Parents, friends, or even professors would be able to help you with figuring out how to ensure that balance stays in the green.

    I also know that being on campus is pretty tempting when cafeteria food calls your name. It may not be very good but it’s there, you’re hungry, and you’re too busy in the mornings to pack food. Well, it’s time to make some sacrifices. Wake up a little early and pack a lunch for the day. You can even make it the day before or pack leftovers from dinner. Same goes for other expenses while in school; textbooks, even if a newer version is required, can always be bought from someone else or another site that may have it for a much cheaper price- EBay is great.

    Now, I know you may be thinking that this advice is good for those who live at home and who can actually budget. But, what about those living in residence or on their own? Well, for you guys there are lots of external resources to help you with your work. Mymoneycoach.ca offers tips on how to save, where to make cuts, and gives realistic advice on how to properly save funds. For example, they’re quoted as saying:

    “One of the best saving strategies is to pay yourself, first. What this means is that you designate a certain amount of your paycheque as your pay and you pay that money to yourself before you pay your bills or anyone else. […] It can be any amount that you decide. The important part is that you pay yourself first rather than last. Most people pay all of the bills first and then save anything that might be left over. For most people, that method of saving doesn’t really work because nothing is left over to save.”

    The most important thing is that you need to be willing to save and make sacrifices because this is your future and it’s better to be good at these things now.

  • Thinking of Studying Abroad? Scholarships Can Help Make It Possible

    Thinking of Studying Abroad? Scholarships Can Help Make It Possible

    If you’re a student who likes to travel, or dreams of living in a foreign country, then choosing to study abroad could be an ideal opportunity.  The experience is hard to beat, enabling students to learn while experiencing other cultures.  Studying abroad can be expensive, however – often quite a bit more costly than studying in Canada. Luckily, there are lots of scholarships available to help.

    There are a number of different places to look to find scholarships for international study, and chances are there are multiple scholarships to study in just about any country that interests you.  Before you start your search, however, you should do some research on the total costs of studying abroad for the program and school you want.  This way, you will be able to look for the scholarships that will go the farthest toward covering these costs.

    Directly Through the University or College

    If you already have your heart and mind set on a specific international school, investigate whether that university or college offers scholarships or grants to help Canadian students come there to study.  Depending on the school and their facilities, some scholarships can also include things like living arrangements in a dorm or residence, help covering your travel costs, and other financial assistance beyond simply tuition and textbooks.

    If you’re already one or two years into a degree at a Canadian university, check with your current school’s financial aid office to see what scholarships they might be able to provide.  Many universities have academic relationships with international institutions, and can offer unique opportunities.

    Scholarships Funded By the Canadian Government

    There are also a number of scholarships funded by the Ministry of Education and Government of Canada.  These are available to browse through and apply to online at www.scholarships-bourses.gc.ca. These scholarships range in amount and which countries they will help you study in, but can offer some excellent opportunities.  While some of them are geared toward graduate research, there are still many that are available to help undergraduates enjoy the experience of international study.

    Search Online Scholarship Databases

    As with any other kind of scholarship, there are lots to find and apply to online.  Databases and websites do a great job bringing a wide variety of scholarships together into one spot, making it easy to search for and find ones that will help you study in the country you want.

    The scholarship database at ScholarshipsCanada.ca is a great place to start, with more than 85,000 scholarships available for a wide range of international schools and programs.

    Look Around Your Home Town or City

    While online scholarship listings are definitely useful, remember that you can also find scholarships locally through businesses, cultural groups, and religious organizations in your community.  Many of these groups are interested in helping students travel for international study, especially those students who have a specific connection or interest in another country or culture.

    SOURCES:

    http://www.scholarships-bourses.gc.ca/scholarships-bourses/can/opportunities-opportunites.aspx?lang=eng

    http://cbie.ca/what-we-do/scholarship-management/

    http://www.scholarships-bourses.gc.ca/scholarships-bourses/index.aspx?lang=eng

    https://www.topuniversities.com/student-info/scholarship-advice/international-graduate-scholarships-canadian-students

    http://www.scholarshipscanada.com/News/1/4199/Scholarships-Can-Make-Studying-Abroad-a-Reality-%E2%80%93-Here%E2%80%99s-How!#Matching-Articles-Title

  • Money Management Essentials

    Money Management Essentials

    If you are anything like me, you will often find yourself thinking, “Just one more small purchase won’t matter.” And if you’re even more like me, you will soon realize that maybe that small purchase did matter when you discover that your bank account is now empty. It would be silly to think that one small coffee made you broke, but when you figure out that maybe having one every day is a little excessive, you have the first step toward money management down: awareness.

    Take stock of your funds. Figure out how much you will earn each month, and write it down. Next, find a little notebook and start keeping track of everything you buy. Write down where you bought it, on which date, and how much you spent. This serves the purpose of telling you where all the money goes. It might even serve the extra purpose of telling you that you have a caffeine addiction, and maybe you should cut back a little. Starbucks four days in a row, five dollars each time? There are twenty dollars, gone. Kind of scary, isn’t it?

    Keep that spending diary for three months so that you can get a good idea for the average you spend on each kind of purchase. Doing so will then assist you to start making changes in your lifestyle: this is where you have to start limiting yourself and have self-control.

    Trust me; I know it is not easy to break a spending habit. When you do something so often that it becomes routine, breaking that routine throws off the rest of your day. That being said, it is now time to break out a coloured pen or highlighter. Circle or highlight every habitual purchase you made in the last three months, and calculate the total cost. Then think of how many hours it took to earn that money. A little sobering, right? Once you realize that your time equals money, it becomes a lot easier to make good decisions regarding your spending.

    Now that you have figured out what you can cut back on, it is time to make a budget. Figure out the main categories your purchases fall under. For some, those might be their cell phone bill, car payments and gas, entertainment such as movies, music, and video games, going out to eat, savings, and so on. Certain bills will always remain the same, such as car payments and your cell phone bill. Some put 10% of their entire paycheque into a savings account which they do not use under any circumstances. With everything else, though, allocate a certain percentage of your remaining funds to each category.

    For example: let’s say that you make $750 per month. 10% of that is $75 which goes into your savings. Your car insurance payment costs $100, so now you have $575. Your cell phone bill costs $50, and the remainder is $525. Now you can assign a percent to everything else. You may calculate it so that you have extra money left over for emergencies or unexpected nights out. As long as you never go over your allotted limits for each category, then you won’t find yourself with an unexpectedly empty bank account again.

  • January 2018 Scholarships: Apply Now!

    January 2018 Scholarships: Apply Now!

    Herbert H. Carnegie Future Aces Foundation Scholarship

    Scholarship Value: $1,000

    Awards Available: 60

    Award Deadline: January 15, 2018

    Address: http://futureaces.org/what-we-do/3-2-scholarships/

     

    DECA Student Scholarship

    Scholarship Value: $3,000

    Awards Available: 100

    Award Deadline: January 19, 2018

    Address: https://www.deca.org/high-school-programs/scholarships/

     

    BCTGM International Scholarship

    Scholarship Value: $2,000

    Awards Available: 5

    Award Deadline: January 31, 201

    Address: http://www.bctgm.org/

     

    Foresters Competitive Scholarship Program

    Scholarship Value: $8,000

    Awards Available: 250

    Award Deadline: February 1, 2018

    Address: https://www.foresters.com/en-ca/foresters-difference/grants-and-scholarship/foresters-competitive-scholarship

     

    ExploraVision Awards

    Scholarship Value: $10,000

    Awards Available: 40

    Award Deadline: February 8, 2018

    Address: https://www.exploravision.org/rules-requirements

     

    Ipsos i-Say Survey

    Amount: $500

    Provided by: Ipsos – North America

    Deadline: January 18, 2018

    Renewable: No

    Type of Award: Contest

    Automatic Consideration: No

    Address: https://rec.i-say.com/survey/ca/en/standard/2/cfc1f61e1f9d38903d9bd00e05b6e57b/?utm_source=Edge&aid=FeaturedScholarship&vid

     

    Schulich Leader Scholarships

    Amount: $100,000

    Provided by: Schulich Leader Scholarships

    Deadline: February 01, 2018

    Donor: The Schulich Foundation

    Renewable: Yes, 3 year(s)

    Number Available: 50

    Type of Award: Scholarship

    Automatic Consideration: No

    Address: http://www.schulichleaders.com/application

     

    RBC Indigenous Student Awards

    Amount: $4000

    Provided by: RBC Bank

    Deadline: Undetermined ( 2018)

    Application: https://goto-apply.ca/RBCASAP/RBCASAP_English_2018.pdf

    Address: https://www.rbc.com/careers/indigenous-peoples.html#

     

    Feldco Windows, Siding and Doors Scholarship

    Amount: $1000

    Address: https://www.4feldco.com/scholarship/

     

    CIBC Opportunity Fund Bursary

    Provider Name: University of Winnipeg

    Field of Study:   Applies to all areas of study

    Value:  $1,500

    Province/Territory: Manitoba

    Awards Available: 6

    Address: https://www.uwinnipeg.ca/awards/index.html

  • Current Trade Scholarships in Ontario

    Current Trade Scholarships in Ontario

    The Digital Revolution may be more evident than ever with more and more well-known retail establishments like Shoppers Drug Mart and Sobey’s embracing automated checkouts, leaving little room for live cashiers. However, it can’t be denied that there are some skills and talents that simply can’t be replaced by automated devices, and this is true about the skilled trades industry.

    In fact, according to a report titled Talent in Transition: Addressing the Skills Mismatch in Ontario prepared by the Ontario Chamber of Commerce in partnership with the Greater Kingston Chamber of Commerce, the province currently has an unemployment rate of 5.8 per cent as businesses that deal with skilled trades are finding themselves in a bind to locate qualified professionals who can fill in the gaps. As a result, there is a shortage of professionals in the skilled trades industry.

    If you’re considering you’d like to do your part to help address this shortage, the good news is there are numerous options for trade scholarships to get you started. Here is a look into some of them:

    Employment Ontario

    https://www.ontario.ca/page/finish-apprenticeship

    With funding in part by the Government of Canada, Employment Ontario provides taxable cash grants of up to $1,000 per year to a maximum of $2,000 per year for those who are training in a Red Seal trade. A Red Seal qualifies aspiring skilled trades professionals to work in provinces and territories they prefer without having to do additional tests and paperwork. For more information, visit https://www.canada.ca/en/employment-social-development/services/apprentices/grants.html

    Skills Ontario

    http://www.skillsontario.com/scholarships-and-awards

    Skills Ontario is dedicated to building the province’s skilled trades and technologies workforce. They provide a $1,000 scholarship to students who are pursuing a career in the skilled trades and technologies through a post-secondary education. For more information, visit http://www.skillsontario.com/scholarships-and-awards

    Horticultural Trades Association

    https://horttrades.com/

    Those who aim to enter the horticultural trades such as landscaping and gardening can look into this association. The group provides a $600 apprenticeship scholarship for students who are in a horticulture apprenticeship program at an accredited college or university. For more details, you can go to https://horttrades.com/upper-canada-chapter-scholarships-now-available

    Canadian Association of Women in Construction

    http://www.cawic.ca/page-494148?

    This organization is determined to help dispel the myth that skilled trades, particularly construction, are only meant for males. They provide bursaries to females with the same headstrong mindset that women can succeed in the skilled trades as their male counterparts regardless of the physical differences. CAWIC holds several fundraising events throughout the year to raise amounts for bursaries which are provided to a short list of candidates who meet their criteria. Those who are interested to apply or know more about the bursaries can go to http://www.cawic.ca/resources/Pictures/Criteria_2017.03.13.pdf for application requirements and http://www.cawic.ca/resources/Pictures/Application%20Form_2017.03.13.pdf for the application form.

    Dwyer Group

    https://www.dwyergroup.com/about-us/women-in-the-trades/

    The Dwyer Group is another organization holding a strong belief that women can excel in the skilled trades industry. The company is founded by Don Dwyer, Sr. who envisioned a corporation that specialize in buying and building businesses centred on high-quality residential and light commercial services. Although based in Texas, the group awards a $1,500 worth of scholarship to deserving applicants from both the US and Canada who aspire to go into HVAC, Plumbing, Electrical Repair, Glass Repair, Appliance Repair, Fire and Flood Restoration, Landscaping, Residential Cleaning, and Handyman Services. For more information, interested applicants can go to https://form.jotform.com/73037194507154.

    There you have it, a brief look into the available trade scholarships in Ontario. Be sure to check on the links provided so you can prepare the requirements accordingly and meet the deadline. Good luck!

    SOURCES:

    http://www.collegeoftrades.ca/resources-for-women

    http://www.cawic.ca/page-494148?

    http://www.thewhig.com/2017/06/20/skilled-trade-workers-in-short-supply-report

  • December 2017 Scholarships: Apply Now!

    December 2017 Scholarships: Apply Now!

    Canadian Women in Municipal Government Scholarship

    Amount: $1,000

    Provided by: Federation of Canadian Municipalities

    Deadline: December 15, 2017

    Donor: Federation of Canadian Municipalities

    Renewable:  No

    Number Available: 5

    Type of Award: Scholarship

    Automatic: Consideration No

    Address: https://fcm.ca/home/awards/canadian-women-in-municipal-government-scholarship/eligibility.htm

    Via scholarshipscanada.com

     

    $5,000 CollegeWeekLive Fall Scholarship Giveaway!

    Amount: $5,000

    Provided: by College Week Live

    Deadline: December 31, 2017

    Donor: College Week Live

    Renewable: No

    Number: Available 1

    Type of Award: Contest

    Automatic Consideration: No

    Address: https://www.collegeweeklive.com/go/scholarships?refcode=INT_INTSTUDENT_WEB_OCT17

    Via studentscholarshipscanada.com

     

    Illustrators of the Future Scholarship

    Scholarship Value: $5,000

    Awards Available: 4

    Award Deadline: December 31, 2017

    Address: http://www.writersofthefuture.com/Contest-Rules-Illustrators/

    Via student scholarships.org

     

    Burger King Scholars Program

    Scholarship Value: $50,000

    Awards Available: 10

    Award Deadline: December 15, 2017

    Address: http://www.burgerkingscholarship.com/financial-aid/burger-king-application/

    Via studentscholarships.org

     

    Zeqr Scholarship

    Scholarship Value: $1,000

    Awards Available: 1

    Award Deadline: December 15, 2017

    Address: https://www.zeqr.com/scholarship

    via studentscholarships.org

     

    Technicians in Residential Plumbing, HVAC or Electrical Scholarship

    Scholarship Value: $1,000

    Awards Available: 1

    Award Deadline: December 31, 2017

    Address: https://nexstarscholars.communityforce.com/Funds/Search.aspx#4371597136646D517975544F5976596D4E73384E69673D3D

    Via studentscholarships.org

     

    Thiel Fellowship

    Scholarship Value: $100,000

    Awards Available: 30

    Award Deadline: December 31, 2017

    Address: http://thielfellowship.org/faq/

    Via studentscholarships.org

     

    Youth Scholarship Program

    Scholarship Value: $850

    Awards Available: 3

    Award Deadline: December 31, 2017

    Address: http://www.wildernessproject.org/volunteer_apprentice_ecologist#scholarship

    Via studentscholarships.org

     

    Herbert H. Carnegie Future Aces Foundation Scholarship

    Scholarship Value: $1,000

    Awards Available: 60

    Award Deadline: January 15, 2018

    Address: http://futureaces.org/what-we-do/3-2-scholarships/

     

    DECA Student Scholarship

    Scholarship Value: $3,000

    Awards Available: 100

    Award Deadline: January 19, 2018

    Address: https://www.deca.org/high-school-programs/scholarships/

    Via studentscholarshios.org

  • Your Debt Versus Your Future

    Your Debt Versus Your Future

    The very idea of debt is terrifying. It is a trap, an emotional burden, and in many cases, a fiscal necessity. Careful planning now can help you avoid pitfalls further down the road. Many people think they can forego and defer saving money and taking on a reasonable amount of debt. That short-term decision can have some troubling long-term consequences. Let us take a look at some of those future problems and how to avoid them.

    Life Goals

    Accumulating debt can put your grand plans on hold for far longer than you might expect. Undergraduates take on tens of thousands of dollars of debt. That can mean delaying or perhaps never attending graduate school. It can crush that dream of a life-changing trip to the other side of the world. By setting up a savings account and devoting some hours to a part-time job while still completing your undergrad, you can help keep those dreams intact. You may not remove the debt entirely, but can make it manageable and ensure it does not stand in the way of your goals.

    Work-Life Balance

    When you let debt grow without tackling it right away, you will be forced to battle a staggering amount with frightening interest at some point in the future. Statistically, households with college graduates who eliminated their student debt end up with a net worth many times more than those still trapped in debt. The latter can mean second or third jobs, as well as various freelance work. There will be less focus on the career and dreams you want to pursue. You will have less time for friends and family due to random jobs to ensure you make enough. Your work-life balance will crumble. By setting aside a reasonable amount of time in the present, you can create a better balance in the future.

    Your Health

    Stress has an extraordinary impact on your physical and mental well-being. Eating well and exercising can only do so much. An American Psychological Association study found that finances are one of the biggest stress factors. Your impacted credit score keeping you from your dream home, your ideal career feeling out of reach, and lack of control over your life can cause severe depression and anxiety. This will inevitably affect your physical health as well, from aches and pains to diseases and conditions later in life. Take the right steps now while you are healthy. You can ensure many years of good health to come.

    Debt itself may not be avoidable in many circumstances, but the negative repercussions are a different matter. Devote time and energy right now to manage debt you currently have or plan to have in the future. Monitor your expenses, take on a part-time job, and invest your savings. The sooner you start means the sooner better money habits will develop. This can help you meet your life goals, achieve a good work-life balance, and maintain your health. This is a lifelong challenge for all of us. Debt may be scary, but careful planning is your best weapon to defeat it.

    Sources:

    Brown, Ron. “How Can Debt Have a Negative Effect on your Life? R.L. Brown Wealth Management. https://rlbrownwealth.com/how-can-debt-have-a-negative-affect-on-your-life/

    Williams, Terri. “10 Ways Student Debt Can Destroy Your Life.” Investopedia. https://www.investopedia.com/articles/personal-finance/100515/10-ways-student-debt-can-destroy-your-life.asp