by Melissa Brock | Jan 26, 2020 | College Money Tips |
Are you a college student who’s ready to be able to answer the question, “What is an internship?” with a personalized answer?
You want to be able to say, “So, this one summer, I dissected mice in a lab,” or “I spent all summer editing for a website…” or “I engineered farm equipment last semester…” or whatever your interests may be!
Did you know that grit is often more important to success than IQ? In other words, no matter how many tries it takes you to be able to answer the question, “What is an internship?” with firsthand experience, keep persevering. It’ll help you later on.
What is an internship?
An internship is work experience offered by an employer to give you exposure to a particular industry related to your field of study. Internships can be as short (a week!) or long (12 months or more!).
What an internship can do for you
You probably don’t have gobs of experience in your chosen field and this is the only way to get it. (Unless, of course, you have another connection — maybe your mom’s an accountant with her own practice and you’re majoring in accounting.)
Here are five ways an internship can do a lot for you.
1. You’ll understand the roles in a particular job or your chosen field.
Internships are a way to see and experience the different roles that people play so you know exactly what it’s like to work in that industry.
You also understand how teamwork happens. You’ll be able to ask a lot of questions, too! You might learn about:
- How people work together on projects
- The roles people play in a work setting
- The way a job day-to-day activities function
- Characteristics it takes for people to be successful in a particular career
2. You can put a lot of skills into practice.
You’re not officially “on the job,” so you have a lot of freedom to try new things when you’re an intern. Internships are a time to maybe make a tiny mistake or two. Your supervisor knows you won’t be perfect. Still, your supervisor probably expect you to learn something from it and get better on other tasks before the end of your internship. Once you’ve landed a real job, you’ll have learned a lot about what to do (and what not to do) and can take that knowledge with you.
3. That confidence thing!
Whether you give a presentation or need to get over your fear of speaking up during meetings, an internship will build your confidence. Be confident, but remember that successfully completing an internship doesn’t make you king of the world. Nobody likes an arrogant colleague or fellow student.
You’ll also feel more confident communicating with different individuals. You might even feel a rush of confidence if you’re ever given the opportunity to interact with a CEO or other VIP.
6. You’ll get exposure to different industries.
The company you intern for might offer exposure to a few different fields, like sales and marketing. You might be able to find out if you can get a feel for both. This is a great option if you’re totally not sure which career path you want to take. It can also help you stick a few more skills on your resume.
5. It can help you get a job.
This one is a no-brainer. Obviously, the point of an internship is to get experience so you can prove to a hiring manager that you have what it takes to do the job someday.
You’ll develop all sorts of working relationships when you have an internship. These people will write your letters of recommendation someday. That’s why you need to be as professional as possible with everyone you work with during an internship.
Oh, and one more thing — a paid internship can help you make money in college. You may even be able to save money in college if you’re really motivated.
How to get an internship
There are lots of ways to get an internship, and one of the easiest is to have a connection with someone ahead of time. For example, maybe your uncle’s a financial advisor and he lets you work in his firm for the summer. Or maybe you get an internship through someone who graduated from the college you attend. Alumni are great connections. They usually always want to help young people from their alma mater.
So let’s dive in. Here are the steps you can take to get an internship.
Step 1: Visit your college’s career center.
Your career center is the best place to visit to start looking for the perfect internship for you. Sure, you can take advantage of its online job listings, but actually have a conversation with the people in the career center. They’re experts! They may have job openings that major job boards don’t because of their abundance of area connections. Remember, in their spare time, they usually meet with employers during campus job fairs and make connections for their students.
A career center advisor will sit down and meet with you when you arrive at the career center.
Step 2: Clarify your interests and identify some of the skills you hope gain from an internship.
When you sit down with an advisor at the career center, here’s one of the first questions they may ask you: “What are your interests?” The second may be, “What do you want to learn?”
Take some time to think about what you really want out of an internship because it will help the career center staff direct you to the right potential internship.
Your college’s career center can direct you to a few jobs, offer some connections and help you get your resume in order. Note: Career center personnel won’t do all of this for you. You have to get that resume pasted together — career center staff can help you tweak it.
Categorize any relevant work experiences on a Google doc. Include the dates you completed this work and give editing permission to career center staff. Ask the individual to do suggested edits so you can see what he or she has done to help you. You may not agree with everything, so that’s why suggested edits are a smart idea. When you’re putting together your resume:
- Format it effectively
- Identify accomplishments
- Write in a way that appeals to the industry
- Include all experience, especially relevant skills you have
- Put all experience in date order
- Remove background from your photo to keep the focus on you
Step 3: Check online resources and network.
Make your search successful by using all the resources available to you: online postings, company websites, online classified ads and more. Check out Internships.com. Talk with everyone in your network. You may think you’ve tapped out your network, but think about other people you may not have considered:
- Older students who have completed the internship you’re after
- Professors
- Family and family friends and their business associates
- Those alumni we mentioned? Yeah, it’s time to network with them!
- Neighbors
- Teachers from high school
- Professionals you know at businesses you or your parents already frequent (financial advisor, photography studio, utility company, vet clinic — whatever!)
Kind of like writing a scholarship thank you letter, write a thank-you note when you meet with these people or whenever else it’s appropriate.
Step 4: Don’t wait to apply!
Pay close attention to application deadlines, and if you see a position you’re interested in, apply right away. It’s really easy to say, “I’ll keep it on my radar and go after my top choice instead.” What happens if your top choice gets picked up by someone else and this second choice gets snapped up, too?
Kind of like applying for admission to college (what is rolling admission, anyway?!), you want to make sure you apply way before the deadline.
Step 5: Create your own internship.
Don’t be afraid to reach out directly to an organization you admire and ask about internship opportunities that may be available. This is especially true with smaller organizations and nonprofits. They may not even have internships on their radar, but you may spark their interest! You may not find the highest-paying internship this way but you never know.
Get the best internship for you
Did you know that the best internship might do exactly the opposite of helping you find out what you want to do with your life? It might show you what you don’t want to do forever! Yeah! That’s considered a total win.
In other words, all of this can help you avoid a career path that’s not a fit. Wouldn’t you rather know that now, rather than later? It’s true that you can change career paths, but why not nip it in the bud with an internship?
So, do two things:
- Think about what you want.
- Head to your college’s career center and have a great discussion.
Both will help you get an internship so you can identify your career path or help you decide what you don’t want to do with your life. It’s not a guarantee because you still have to put in some hard work. But these are two great steps in the right direction.
by Melissa Brock | Dec 20, 2019 | College Money Tips |
How to save money in college?! The title of this post might seem laughable to you. Especially since you’re probably praying that your holey underwear will last till Christmas. (Thank goodness for your mama’s yearly Hanes stocking stuffer.)
But you can save money in college, and there are smart ways to do it. And those savings can even benefit you beyond your college years. Let’s explore how you can save money in college.
Step 1: Understand your goals.
First of all, what are you saving for? Maybe you’d like to propose to your girlfriend at the end of senior year or purchase a car once you graduate. Know what you’re saving for and why.
Zoom in on your immediate short-term goals. These might be anything you want to accomplish in the next week or over the next three months (or more), like:
- Pay your brother back the $50 you owe him.
- Save for textbooks for next semester.
- Have $1,000 in the bank for the next time your car’s alternator decides to crap out.
You may also want to identify some long-term savings goals, which could be six months away or up to retirement. These could be:
- Pay off student loans and credit card debt.
- Save for a down payment for a small condo after graduation if you’re really opposed to renting.
- Plan a special vacation after you graduate.
Be sure to write it down! There’s huge power in writing down your goals. Do a thorough exercise in jotting down your goals and be very specific. It can look something like this:
- Goal: Save $5,000 for a spring break trip by March 2020.
- Goal: Pay off $30,000 in student loans by December 2025.
Finally, post those goals somewhere where you’ll see them every single day — on your bathroom mirror, on the refrigerator — wherever you can see it.
Step 2: Seek scholarships and grants.
Scholarships and grants are an excellent way to save money because you don’t have to pay them back. This is less money you’ll have to funnel toward college tuition. That might equal fewer loans to repay later, too.
Scholarships and grants are more accessible than you think. Visit your school’s financial aid office and talk to a financial aid professional in person. They are good resources to help you investigate available and upcoming opportunities. You’ll also learn more about your school’s application requirements and deadlines.
Step 3: Set a budget.
Budgeting can be a groan-worthy endeavor… spreadsheets and subtraction… blech! But mapping out your goals will help you set a budget so you can get to the gold. In fact, track your spending to see where you’re spending your money.
Don’t alter your spending habits for one week. If you normally buy a latte and croissant from the coffee shop every morning, do it. Then decide which part of your budget you really can give up. Is that delicious breakfast costing you too much money? You could be eating yogurt and brewing your own coffee for $1 in your dorm room.
Set your budget so you know where you should be spending. And you can schedule that occasional professional brew as a reward for saving.
Can’t stand putting pen to paper? If that’s not your thing, it’s time to join the 21st century and use a budgeting tool. You can plan a budget and track your spending from the comfort of your smartphone. You can even increase your accountability by budgeting with a friend.
Step 4: Make money — and save it
You have so many resources at your fingertips. There are a gazillion ways to make money in college and save it.
Internet money-making opportunities are plentiful. Do you have a knack for marketing? Social media managing? Photography? Blogging? Some other undiscovered skill you can hone? Use the internet to your advantage.
You might even want to save more than you spend so that with the excess money you’ve banked, you can pay your tuition down. Why not start early? Let’s say you land an incredible sales job between classes and make extra in commissions. Why not apply that toward your tuition?
Invest while in college
So, that money you save has to go somewhere. Why not invest it? Stuffing your money under your mattress won’t benefit you. Your money can (and should) be making money. A penny saved truly can be two pennies earned.
There are lots of different ways you can invest when you have some serious savings built up — or even if your savings only fills a backpack pocket.
Sometimes it’s a good idea to look for a reputable financial advisor or broker near campus who can help with your investment plans. They can introduce you to options, explain terms and guide you through selecting the best path for your savings goals. If you are more familiar with investing, you can find online brokers that offer services as well. Do your research carefully and ask financial advisors how much they charge.
Investment Options
Have you determined how much you have left over at the end of the month? Great! Put that money to work for you into an investment account. The amount you can invest per month might vary but at least you’ll have an idea of a general amount you’re able to contribute.
Do you have a short-term investing goal? You could always sling your money into a savings account. However, you might not be too into a savings account’s lackluster return. In that case, here are a few more options for short-term savings vehicles.
Short-Term Bond Funds
Short-term bond funds are safer investments because they usually mature in one to three years. They’re less volatile and invest in high-quality bond holdings across various issuers and industries. They’re a great option if you don’t want to risk your money.
Money Market Accounts
A money market account is like the hybrid cousin of a checking and savings account. You can make debit purchases and write checks. Best of all, you’ll earn a higher interest rate than you would through a checking or savings account.
Certificates of deposit (CDs)
CDs are fixed income investments that pay a set interest rate over a specific (fixed) time period. For example, you may be able to put money into a CD and take it out after three months and earn 1.75 percent interest on it. Typically, the longer you keep your CD in the bank or with your broker, the higher your interest rate will be.
Thinking way, way ahead? In that case, here are some great opportunities.
Roth or Traditional IRAs
Roth and Traditional IRAs are both good choices if you want to earmark money for retirement — even if it’s 40 or more years away! A Roth IRA offers excellent tax-free advantages, which means you don’t have to pay taxes on the money during retirement. For 2020, your total contribution to all traditional and Roth IRAs cannot be more than $6,000.
Index Funds
ndex funds can offer more risk, which is what you want when you have a longer time horizon. Index funds offer you a hands-off, diversified, low-cost method of long-term investing.
Exchange-Traded Funds (ETFs)
An ETF is a basket of securities you buy or sell through a brokerage firm on a stock exchange. Exchange-traded funds (ETFs) track an index and usually offer low expense ratios. This means you’ll get plenty of diversification. In other words, your money will be spread out instead of exposed to risk like you would be when your money is invested in a single stock. ETFs trade like a stock and cover all asset classes, ranging from traditional investments to alternative assets like commodities or currencies.
Mutual Funds
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. Mutual funds also offer diversification. A disadvantage of mutual funds is that they’re typically more expensive to invest in because they’re professionally managed. You can end up paying a fund manager a lot of money to manage those mutual funds over a number of years!
Stocks
Stocks are securities that represent an ownership share in a company. They’re much riskier than funds that are bundled together.
Parent tip: Consider offering match your student’s money in an investment account if you want to motivate your college-aged kiddo!
Save Money in College Like a Pro
Being successful in college is about more than getting the grades you need for graduate school. We’ve given you some ways for how to save money in college. Obviously, you need a way to start your savings. Whether you get a part-time job, an internship, search for a work-study job, dive into a creative side gig or sell some of your stuff online, there are lots of ways to make it happen.
Learn to be smart with your choices and multiply your resources. You can be financially savvy starting now. With a little know-how and determination — and planning ahead! — you can make saving money in college happen. You can even set your sights on post-college financial success. Your 60-year-old self will thank you!
