Advice for an 18 year old?

**BMEPhDinCO** · 07-18-2012, 08:37 AM

Originally posted by LimeInfinity View Post

I just stumbled across this site on google, seeing some good discussions I decided to join. I am looking for some advice on the best way I should get my foot out the door when it comes to my career.
I will be starting college this fall, pursuing a degree in Business Administration. I'll be 22 when I graduate (23 if any delays), and I want to get a good paying full time job when I earn my degree. However I know most jobs want someone with 3-5 years experience, not just a degree. So I'm planning on working as well as going to school. I'm currently working at a Fortune 500 company, and looking to be applying for a part time supervisor position. Is this a good idea?
Any tips on what I should do to be most attractive to employers when I get my degree would be appreciated. Also, any other saving tips or tricks.

Also, I live in an area where it is almost required to be making 100k a year (combined income) if you have any thoughts about owning a home and raising a family.

Welcome, hopefully you'll get a lot out of what's already here. My thoughts:

1. Business experience is good, but starting college is very tough and I would consider not working your first year, just to get your feet wet first. If you do want to work, don't go for a supervisor position, that'll be more demanding and might be too tough.

2. If you are ok with taking more time, consider doing a co-op your junior year (and then 5 years for degree).

3. You can contribute into a RothIRA any "earned income" that you have - so no scholarship money, but if you have a job, you can open and use one. Open one as soon as you can and put at least $100 a month into it ($433 is the max).

4. College is expensive - how are you paying for it? Minimize your loans as much as you can and buy books online, not at the bookstore. Housemates are good to help keep costs down. You do NOT need to spend a lot to enjoy college, don't get sucked into that trap.

5. Are you going for an MBA as well? If so, start planning for that too - where? how will you pay for it? What will you do between degrees (usually you want 3-5 years experience before going back for it)?

Finally - the most important thing is to network. Go to all the business department functions, get to know your professors, get out in the community - make contacts now and keep in touch with them. Keep your resume updated and plan on working at a company every summer (perhaps a different one? now isn't the time to get a lifelong job, it's the time to explore options).

Best of luck to you!

**snafu** · 07-18-2012, 11:02 AM

Understand that 1st year is General Studies and will be a totally different experience than High School. Excellent time management skills are easy to acquire whether you prefer an electronic or written planner at this point in your life. There are multiple opportunities to earn money but you can't manufacture more than 24 hours in a day. I hope you've researched, sought and applied for every scholarship, bursary and grant you might possibly qualify for. If not, plan on doing so for 2nd year. Many are small but cumulatively they add up and anything free - is helpful. University is also an excellent place to hone your social skills, making friends since a lot depends on who you know and who knows you to be a terrific guy who can be counted upon.

Be very careful with Student Loans, they must be repaid and not even bankruptcy releases that debt.

**MonkeyMama** · 07-18-2012, 11:19 AM

Job experience is good. Network network network is also good advice.

Employers look at GPA, extra-curriculars, and job experience. They want to know you have experience as an employee and can handle school and work. Join clubs and become an officer to show leadership.

I think the job is important - maybe you can transfter to a less stressful position if you find it to be too much. As a business major one decade ago the hardest part was to get that foot in the door. Though I networked I lucked out getting a job around junior year with a CPA willing to mentor and help college students (like an ad in Craigslist?). I can't tell you how many job interviews I got through networking but the interviews were always inevitably, "You don't have this specific experience? We can't use you/don't want to train from scratch." Kind of frustrating because no one read my resume until interview time. That said, I am not sure how much the "business" experience really mattered - I was also self-employed through college and I think might have gotten me the same multitude of job offers post college. I felt post-graduate employers were just happy with my grades, club affiliations and the fact that I worked while keeping up my grades and juggling various responsibilities.

I'd worry about the degree for now. Worry about retirement and houses later - like after graduation.

**LimeInfinity** · 07-18-2012, 03:56 PM

Thanks for the advice guys. I really like the advice about the emergency funds and 25% down payment. However on the subject of college, I should have mentioned that I am fortunate enough to be a single child from an upper-middle class family. My parents will be paying for 100% of college unless I go back for my Masters degree (which I plan to do so). In this case I believe my dad will help me pay for it, but not 100% of it. I'm thinking he will split it, since a Masters program is about $40,000 at one of the best Business Universities around.

But also, on the subject of buying a home. I was thinking about saving a large amount of money up through my twenties. I'll be living at home throughout college, but when I move out I'll definitely be getting something cheap with a few friends so I can save my cash. I was thinking around late twenties of getting a home and making a large down payment on it. I know this is a huge amount of speculation though because I have no idea where my career is going to take me in terms of salary yet. But one question is, why should I get a 15 year loan for a house and not a 30 year?

**papa_squat** · 07-18-2012, 04:50 PM

Originally posted by LimeInfinity View Post

But one question is, why should I get a 15 year loan for a house and not a 30 year?

A 15-year loan will give you a lower interest rate, but I wouldn't worry too much about getting a 15-year over a 30-year. A 15-year loan means you have a larger mortgage payment that you have to make, but you pay less interest because you pay the loan off in half the time AND 15-yr loans have lower interest rates. They are a little risky though because the payment is higher; a job loss or any other large expenses you encounter later (car repair, medical bill, etc.) can make it that much harder to make the larger payment you're committed to each month. You don't get as good a deal on the interest rate with a 30-year loan, but you can typically make extra payments on the principal to pay the loan off faster without being committed to a high mortgage payment.

My husband and I bought our house in our late 20s and started out with a 30-year loan and refinanced to a 20-year loan a couple years later once interested rates dropped some more and we had paid off a car loan. I'd say wait until you're closer to the end of college before you start thinking about mortgages, but start saving that downpayment now. You're off to a great start!

**jpg7n16** · 07-18-2012, 06:23 PM

Originally posted by LimeInfinity View Post

I will be starting college this fall, pursuing a degree in Business Administration.

And how did you choose Business Administration?

I would say step 1 to finding a good career - is to make it a career worth finding. Something you'd enjoy.

I mean, how much would you have to make to hate what you do every day? There's more to life than money.

Find something you enjoy, find a job that lets you do it, get the degree to excel at that job, and let the salary be what it will be.

And if you think it's "required" to make $100k to live somewhere, then live somewhere else. There's a big world out there.

Advice for an 18 year old?