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Latest post 11-29-2008 2:26 PM by Jessica. 13 replies.
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  • 11-17-2008 9:01 PM

    • Rich
    • Top 75 Contributor
    • Joined on 10-13-2007
    • 'lanta, Georgia
    • Posts 466
    • Philosopher King

    How to be financially independent at 18

    One of my biggest regrets is not being financially independent at 18 years old.  My history with my family with regards to finances was unhealthy to say the least.  They held my savings accounts, college, and possessions over my head and unfortunately I bought into their financial carrots until I was 23.  They had convinced me that I couldn't make it by myself and so I subjected myself to 5 more years than I was legally required to be living with them.

    It is my desire to help young adults become financially independent sooner.  I would like to solicit your feedback to create a project around this subject.  This project could be a series of posts on my blog, a good thread here at FDR or even an entire website dedicated to this subject.  This project is all up to the feedback I receive from you, so I encourage your feedback so I can make an awesome resource to help 18 year olds gain independence faster so they can start to make their own decisions without fear of being “cut off” financially.

    Since I did not escape my parents house until I was 23, I would like to get the following feedback from those of you that are on your own financially:

    • Starting early
      • How did you prepare yourself for the job world before you were 18?
      • How did you prepare yourself for college?
    • Jobs
      • What are good resources to look for jobs?
      • How did you build your resume?
      • What made interviews successful/unsuccessful?
      • How do you get your foot in the door if you haven’t had a job before and/or have few references?
      • Are references always necessary if you are just starting out?  If so, how do you get them?
    • Shelter
      • What are the best housing options for someone starting off?
      • What do you look for in roommates?
      • How do you find a place to rent?
    • Food
      • How do you live on a budget without destroying your health?
      • Any good, inexpensive recipes that don't involve ramen noodles?
    • Clothes
      • Where do you shop for clothes?
    • Transportation
      • Finance a car?  Buy a motorbike?  Bike?  Bus?  Train?  What transportation has worked for you?
    • School
      • How do you finance college without your parents help?
      • How do you decide and research what you want to do before going to college?
      • How do you find the right college for you?
    • Other expenses
      • How do you get health insurance?  What kind?
      • How do you afford therapy?
      • What other expenses did you encounter starting off?
    Any feedback would be helpful!  Please reply to this post with your thoughts and you can be involved in helping others become financially independent more quickly. Even if you didn't get out of the house at 18, I am sure any life experience would be helpful to others.  Thanks! Big Smile

    Until this project moves forward, I would like to offer a link to a budget calculator I created for myself and others to manage their monthly expenses.  You can view and save this budget calculator here.  Also, if you use a credit card or debit card for most of your transactions, mint.com is an excellent resource for managing your budget.

  • 11-17-2008 10:21 PM In reply to

    • Jessen
    • Top 100 Contributor
    • Joined on 10-17-2007
    • NSW, Australia
    • Posts 353

    Re: How to be financially independent at 18

     This is absolutely excellent Rich. I'll write out my responses tonight.:)

    If it's not honest, helpful, or true, don't speak it.

    Don't try to be better than others, only better than yesterday.

     

    Blog

    Art

     

     

  • 11-18-2008 1:28 AM In reply to

    Re: How to be financially independent at 18

    • Starting early
      • How did you prepare yourself for the job world before you were 18?

      I got a job at age 16 and saved all the money I could. I also learned - really learned - how to use a computer, and not just surf the web. Took design and programming classes in high school.
      • How did you prepare yourself for college?

        I didn't, in any real way. Didn't even bother applying for colleges. I sort of drifed into the University of Houston at age 18, and then drifted out again half a year later after not taking my final exams. (Sound familiar?) 2 years passed and I thought of going back to school, and saw an ad for Columbia University's program for people who have taken time off from their studies - the School of General Studies. You take the same classes and get the same degree as normal Columbia students. So I applied and - to my great surprise - was accepted.

    • Jobs
      • What are good resources to look for jobs?

        Don't bother with Monster - it's generally crap unless you want a big corporate job or a job through a recruiter. If you want a job at a small company where you can make a difference and actually see what you're contributing, go for Craigslist. I got all my tech jobs through there. There are industry-specific sites, of course - I'll let others handle the technical jobs ones, since I'm pretty out of the loop.

      • How did you build your resume?

        I always took the attitude that if I could do it, it didn't matter whether I had experience or not. So, frankly, I embellished. Just don't put down anything implausible - i.e. that you have 5 years of industrial Photoshop experience if you're 18. Initially, when I had only ever had 1 job (customer service) and wanted to go for an office job without going through the trial-by-shit that is temping, I put down some volunteer experience that I had. Doesn't matter if it was paid or not - if you did it, and did a good job, it counts.

        Also, if you're going for design jobs and stuff, build up a portfolio before you apply. Do free and/or cheap work for people who will give you good references and something to show to your future boss. It's all about showing people the value you're going to create for them.


      • What made interviews successful/unsuccessful?

        Confidence. That's what HR people want to say. When it came down to meeting possible bosses and such - technical people, especially - I was blunt and to the point. "Here's how I can help your bottom line." Confidence, being personable, and looking to them like you've got something valuable to contribute. Obviously if you're going for a job there you think they can contribute value to you - and so show them how you can do likewise. I've been offered every job I've ever interviewed for - save one. That was an interview with a company that it was really obvious I didn't want to work at, so I didn't try in the interview at all.

      • How do you get your foot in the door if you haven’t had a job before and/or have few references?

        A combination of luck and personal qualities. Don't walk in the door looking like a supplicant. Never say the words "I know I haven't had much experience, but..." because jobs aren't charities! You DO have something to give to the company, even if it's only your enthusiasm. If you have few references, make sure that the ones you do have are going to give you stellar ratings.


      • Are references always necessary if you are just starting out?  If so, how do you get them?

        For jobs in big companies, yes. For jobs with small companies, not always. Try to go for a job at a small company initially. The people at small companies - I've found - are generally more entrepreneurial and willing to trust their judgment. The HR people at big companies don't have any individual judgment. They have a process to follow. If you need some references, get them from people you've done free and/or cheap work from, or even friends (though this is sub-optimal) who know you, your skills, and your work ethic.

    • Shelter
      • What are the best housing options for someone starting off?

        If you're in a place (TX for example) with apartment complexes that always have apartments that are available, just go in and apply. Unless you have absolutely 0 or very bad credit, they can probably do something for you. I initially rented an apartment with friends, but then moved to my own apartment - as sole signer on my lease - at age 19. It was SOOOOOO good to finally be living on my own.


      • What do you look for in roommates?

        Try to find people who have a similar attitude towards things like cleaning, partying, etc. Even if the attitude is "Screw cleaning, let's party!" you'll be happier with living with them if you have the same attitude. (Your place will look like a sty, but at least you'd be cool with that.) I've lived with people who have had completely opposite views from me on politics, philosophy, economics, drinking and drugs, etc... but because we all agreed that having people over to the house was Not Cool and that we'd all clean the bathroom and living room whenever it got dirty, it was never a problem. It never got weird - because our lives didn't intersect that much. As long as you're a personality match (i.e. both low-key, or both extremely sociable) and have the same desires as to how to keep the place, then there shouldn't be much of a problem.


      • How do you find a place to rent?

        In most places, Craigslist. For southern states, Rent.com

    • Food
      • How do you live on a budget without destroying your health?

        By fresh or frozen whole food and cook yourself. Not kidding. You can buy a bag of pasta for $1, a bag of frozen veg for $2, some pepper and salt, and a tin of sauce... and that's like 4 meals right there. For things like meat, shop sales. Eat whatever's on sale that week. Chicken for $2/lb? Ok, eat chicken. When next week chicken is back up to $6/lb, eat ground beef instead. Things like rice and beans are dirt cheap, good for you, and can be cooked 6,000 different ways.


        Consider investing in a crock pot, as well.


      • Any good, inexpensive recipes that don't involve ramen noodles?

        A bunch. Google for them. :)


    • Clothes
      • Where do you shop for clothes?

        I don't. Here's my tip for saving money on clothes: DON'T GO SHOPPING, STUPID. Shopping is not entertainment. If you go shopping because you have nothing else to do, you're going to spend money. Don't put yourself in a situation where you can spend money you don't have. Don't even give yourself the temptation.

        That said, if you need some clothes, go to a consignment shop or Goodwill. Oftentimes you'll find clothes that haven't even had the tags removed from them. This works especially well if you're a normal size. Also, you can sign up to get spammed by clothing companies like Gap, etc, that'll send you 20% off coupons. Save these coupons and go shopping at Gap when there's a sale on. And you'll get 20% off the sale price. Marshall's and other clothing discounters are ok too.


    • Transportation
      • Finance a car?  Buy a motorbike?  Bike?  Bus?  Train?  What transportation has worked for you?

        There's only one situation in which you'd want to finance a car: if there's no other way for you to get around. A car is a depreciating asset. That is, it loses value. If you're going to buy a car, buy a late-model used car of a brand that lasts forever, like Toyota. Your car is not an ego substitute. Nobody needs a Porsche to get around. A nice car does not increase your penis size. :)

        If you live in a city (e.g. NYC, London, Moscow) with good public transport, use that. If you live in a bikeable city (e.g. NYC or London) then use a bike.


    • School
      • How do you finance college without your parents help?

        You wait until you're 24 and don't need a FAFSA any more, and then apply for every scholarship, grant, and everything else on the planet. Also consider going for the first 2 years to community college and then transferring to the college of your choice. Before you do this, make sure all your credits are transferrable.


      • How do you decide and research what you want to do before going to college?

        I think that this will invariably change as you're exposed to new things at school, or as your desires and ideas change. Be open. Smile


      • How do you find the right college for you?

        I don't know.


    • Other expenses
      • How do you get health insurance?  What kind?

        Through work, if you possibly can. Through your university as a second choice.


      • How do you afford therapy?

        Often therapists will provide a sliding scale for people who cannot afford their regular rate. Universities (even if you're not a student) will often offer discounted sessions with students who are in their last year of graduate school for psychology, doing their residency/practicum.


      • What other expenses did you encounter starting off?

        Furnishing an apartment: get the minimum. A bed. A chair. Two plates, two bowls, two cups, and a set of silverware. Cheap as hell at Ikea. Don't think you need to furnish the entire place. You don't. Also check Craigslist for used furniture - often it hasn't been used for very long.

        Entertainment: use the library. Go to the cheap movies - you know, the theatres with slightly dodgy seats that show movies which came out 4 months ago. Don't buy a tv - it's not a penis replacement. Watch DVDs on your computer



        Check out The Simple Dollar for some good tips. Trent is a late-20s family man, but his advice is applicable to a lot of situations.


        Best advice EVER?

        Wait for it...

        Wait for it..



        YOU ARE NOT YOUR STUFF.


        Really. Think about it. How much do you really need? How much of what you want to buy is to impress others, or avoid your own anxiety? You don't need to do either.

    We have reached the open sea, with some charts, and the firmament.

    http://montaignesheiress.wordpress.com/

  • 11-18-2008 2:29 PM In reply to

    • Jessen
    • Top 100 Contributor
    • Joined on 10-17-2007
    • NSW, Australia
    • Posts 353

    Re: How to be financially independent at 18

     

    o  Starting early

    § How did you prepare yourself for the job world before you were 18? I took some courses at TAFE, which I think is like community college. I also did work experience, which is basically volunteering at places like grocers for a short time to gain skills. I volunteered at animal shelters.

    § How did you prepare yourself for college? I didn't

    o  Jobs

    § What are good resources to look for jobs? online websites such as seek.com.au. I imagine there are similar in the US. Youth drop-in centers can also help you find jobs.

    § How did you build your resume? I have trouble with resumes, I usually grab a template on-line and just fill in the relevant details.

    § What made interviews successful/unsuccessful? Confidence or lack of confidence

    § How do you get your foot in the door if you haven’t had a job before and/or have few references? My first job my boss didn't really care for resumes, but that's rare.

    § Are references always necessary if you are just starting out?  If so, how do you get them? Volunteer work is a good one. Caseworkers at youth centers or youth refuges will provide references for you.

    o  Shelter

    § What are the best housing options for someone starting off? It depends. Refuges, backpacker motels and boarding houses can be quite cheap, but sometimes not very pleasant.

    § What do you look for in roommates? I prefer to live on my own.

    § How do you find a place to rent? Signs posted on telegraph poles, online at places like gumtree.com.au, newspapers

    o  Food

    § How do you live on a budget without destroying your health? DON'T eat junk food and take out! it is more expensive than it seems, even macdonalds. Buy name brand food. it is just as good as brand food usually. buy meat only  when its on special, you can ge it really cheap that way. make your own food.

    § Any good, inexpensive recipes that don't involve ramen noodles? You can live pretty much indefinitely on beans, rice and oranges for vitamin c. beans and rice can be made quite tasty with the addition of some butter or olive oil and herbs or garlic. Pasta too, but I can't eat that myself. dried peas and lentils are generally cheap, and they make a whole lot of tasty food. bread is good - all these things are cheap, pretty filling, and healthy. sushi can be made easily and cheaper than you get it at a sushi restaurant, extremely healthy. there's a wealth of budget recipes on google, even for people who require special diets such as gluten free or vegan.

    o  Clothes

    § Where do you shop for clothes? thrift stores, i've gotten some really nice clothes like leather jackets for $2 at thrift stores. some chairities provide clothes. also weekend markets, there are some markets around where people trade for items like bartering, look up those.

    o  Transportation

    § Finance a car?  Buy a motorbike?  Bike?  Bus?  Train?  What transportation has worked for you? I walk pretty much everywhere. I also skateboard or take the train/bus.

    o  School

    § How do you finance college without your parents help? n/a

    § How do you decide and research what you want to do before going to college? n/a

    § How do you find the right college for you? n/a

    o  Other expenses

    § How do you get health insurance?  What kind? We have public healthcare in australia, so i don't need to get insurance.

    § How do you afford therapy? I went once a fortnight or once a month. my therapist allowed me to have sessions half price because I'm poor. There are also medicare rebates for therapy in Aus. I'm currently looking for a new therapist though so I'm not in therapy atm.

    § What other expenses did you encounter starting off? Rent deposit has been the hardest so far. Deposits even for just a room are generally around $700-$800.

     

    If it's not honest, helpful, or true, don't speak it.

    Don't try to be better than others, only better than yesterday.

     

    Blog

    Art

     

     

  • 11-18-2008 6:26 PM In reply to

    Re: How to be financially independent at 18

    • Jobs
      • How do you get your foot in the door if you haven’t had a job before and/or have few references? Persistence! I landed my first full-time job by taking the owner out for coffee and pleading my case. He pointed out what skills he thought I needed and I went out and fostered them in my free time.
      • Are references always necessary if you are just starting out?  If so, how do you get them? One thing I found useful when looking for my first few jobs was that any adult I interacted with could act as a viable reference. For example, I did a bunch of community theater in high school, so I got a few of the directors to vouch for me.
    • Shelter
      • What are the best housing options for someone starting off? Getting an affordable place to live is definitely the major obstacle to financial independence. The approach I took certainly wouldn't work for many, but it went really well for me and may help others. I wanted to get out of Mississippi as soon as humanly possible and was told about the Student Conservation Association, which places yougins  into national parks as interns. The pay is dismal, of course, but through the program I was able to get a free place to stay in San Francisco for five months while I looked for other jobs and taught myself basic web design.
      • What do you look for in roommates? Old and quiet. I had a few roommates over twice my age, and found them to be pretty private and easy to get along with.
      • How do you find a place to rent? If possible, find something privately owned by a single individual rather than a large complex. (Craigslist is definitely a good resource for this) People who just happen to own an extra place that they rent out tend to be more flexible on the price (though they can be a bit more intrusive)
    • Clothes
      • Where do you shop for clothes? Great for clothes, thrift stores are also great places to find cheap books. For other entertainment, I would recommend many of the swapping options available. For instance, buy from a used book store then sell it right back when you're done.
    • School
      • How do you finance college without your parents help? Take some money back from the G Men, and check out programs like My Rich Uncle. And, of course, there's always credit.

  • 11-18-2008 6:44 PM In reply to

    Re: How to be financially independent at 18

    Charlotte:
    Don't buy a tv - it's not a penis replacement.

    I'm getting rid of my TV since I already have a penis...

     

     

    Indifferent

  • 11-18-2008 8:34 PM In reply to

    Re: How to be financially independent at 18

    Thanks for the tips guys. I'm twenty now, and trying to figure out how to be free from the parents. I really appreciate it.

     

    Give me a lever long enough and a fulcrum on which to place it, and I shall move the world. -Archimedes

  • 11-19-2008 6:29 AM In reply to

    Re: How to be financially independent at 18

    Those are really useful tips.  I'm 20 now, but I'm not sure if I want to move out soon.  I go to a Community College right down the street, so I don't really see the point of getting an apartment or anything.  If I decide to go to a four year after that, maybe I'll have to move out.  It does save a lot on rent though.

     

  • 11-28-2008 2:45 PM In reply to

    • Jessica
    • Top 200 Contributor
    • Joined on 10-29-2008
    • Mississippi
    • Posts 147
    • Diamond Donator

    Re: How to be financially independent at 18

     Jobs
     What are good resources to look for jobs?
     The paper sometimes. However, take into account that most jobs are posted, but the ones who are hiring many times already have an idea of someone within the company that they would like for the job, so nothing but extraordinary can come from the first impressions of yourself from this resource. Most of my jobs that were good ones, came from word of mouth and internal references. 

     How did you build your resume?
     Okay. This is sad. My mother. However, I had it revised by a secretary.

    What made interviews successful/unsuccessful?
     Knowing beforehand, who I was dealing with and the company helped out a lot. Being able to know beforehand, what the job entails. Likewise, prepare yourself to be questioned on what you are and are not willing to work on holidays, emergencies, and whether or not this is a temporary job. Most places are very weary about hiring people who are still in school, but usually when the major is drastically different from the place you are applying. One more thing: I have been asked, in many interviews I have had, a question like this," Name a time, when you were in a difficult situation with another employee, or with an employer and how you handled it. "
    •    Also, "What do you have, that you feel you could bring to this company." Two questions where honesty is required, but your salesmanship comes in to play. I'm not tooting my own horn, but I have managed to score every job I have interviewed for that asked these two questions.
    •    I do know, that age does make a difference. Legally, it is not supposed to. However, I know of one job I reaaaaally wanted, that I did not get because I was only 18. Its unfortunate that the world views 18 as "legal" but also view 18 as a child still, with a guaranteed lack of work ethics. Bring forth the work ethics to the table if the opportunity arises. Seriously.


     How do you get your foot in the door if you haven't had a job before and/or have few references?
     In my experience, my jobs at younger ages came from referrals. So I don't too much know what I have to say for this one.


     Are references always necessary if you are just starting out?  If so, how do you get them?
     I would have to say yes. I know everyone starts somewhere though. It helps to look back at the volunteer experience you may have, or any skills/hobbies you may have. Computer skills, if you have them, can make a world of difference. People skills too. Most of my jobs have been with direct customer service, so I harp on that one pretty big. Eye contact, and confidence of your capacity to be of use to the company, and your natural drive.


    Shelter
    What are the best housing options for someone starting off?
     Roomates can be good, but not always dependable. So, special care on that one. I know in my area which is pretty rural, there are more options available for a decent price. My best situation, I have to admit to facilitate school and finances has been my trailer. I paid 5000 for it, and only 125 bucks a month for rent. Trailers must be maintained though, and if it is heating/cooling, or water involved it can get not only expensive but darn right inconvenient if you were not prepared for it. Also, apartments are great when it comes to "predictability" which you will really appreciate when you start managing your own money. It is much better to know what you are going to have to pay, factor in renters insurance too, but you don't have to pay for the place when something breaks. Well, unless you very obviously broke it. Like say… holes in the wall.

      What do you look for in roommates?
     I have only had one roommate. He was a good roommate, because he had been pretty self sufficient for awhile, before I moved in. We both respected "quiet times" and we also respected privacy and space boundaries.


     How do you find a place to rent?
    The paper, and word of mouth. Some places are available the same way the best jobs are. Its all in who you know sometimes. Unfortunately. But, the best deals take hard work to find, because everyone is looking for it, and the ones that are easily found? Usually are cheap for a reason. Also, recognize some sacrifices are made regardless when you are first starting out, but weigh out what you are willing to give up for awhile, and how you will feel about those things after a while of not having them.Example: Think about it before you are bringing your laundry to the 7th floor, where you fight with hundreds of residents to use the five working washing machines in the building, before signing a years lease. Big Smile


     Food
    How do you live on a budget without destroying your health?
     ME? Hmmm. I stick to the staple necessities before having fun, but then realize that not all fun takes money either. Likewise, never forget to enjoy the fruits of the labor. Otherwise, the parents house sometimes seems tempting to go crawling back to…
    Also I feel it should be added to the list, that it takes time to realize how much groceries are. Its really tempting to bite off groceries piece by piece throughout the week, but its actually more expensive in the long run. Planning beforehand, what is best to cook or have already made upon your schedule works wonders.


     Any good, inexpensive recipes that don't involve ramen noodles?
    Plenty! Um.. well, something I have noticed works well for me, is to get a bulk meat item which most grocery stores have such as chicken, and alternate meats and carbs day to day. Veggies really are pretty cheap, and from a nursing standpoint they can do wonders for all of your body if you keep it regularly in your diet. Also, chicken and fish are great supplements for protein and are less heavy and lower in fat.
    cheap essentials for flavor: Soy sauce, lemon juice, salt and pepper, garlic(in a shaker), and spicy brown mustard. Seriously. Remember, even on a tight budget, great flavor can be found in the strangest places too. I have found creativity in the kitchen to be fun, but also it can break your taste buds of possibly an acquired flavor you might have for home cooking, or fast food. Cheap does not always equal bad. If you have a choice, what you should focus on is getting your fish, veggies, and fruits the freshest. The rest pretty much is just as good either way. Instead of getting soda by the case which can grow expensive, if you have to have "flavor" go for crystal light and tea. It just seems to last forever!!! Oh yeah. A recipe. My bad.
    In a pan, sizzle up some soy sauce and spicy brown mustard, until it is a thicker and homogenous consistency, and then thoroughly cook any meat. Chicken. Fish. Red meat. What's really cool about this is that the "thickness" of this rue once cooked, makes the outside kind of crispy but just bursts with flavor. Likewise, you can put it on a bed of lettuce, noodles, or by itself; I always suggest adding veggies for the texture contrast.

    Clothes
    Where do you shop for clothes?

    Sales racks!! JC Penney does seasonal clearance sales, sometimes as cheap as a 1.99-4.99 for really good stuff.
    Transportation
    Finance a car?  Buy a motorbike?  Bike?  Bus?  Train?  What transportation has worked for you?
     Well… I have always had a car. I have not always had a "Great" car. But always a car. No major public transit in my area.
    School

    How do you finance college without your parents help?
    The key to financing college without parents is that first, you cannot be living under their roof. Second, I believe you HAVE to file your taxes yourself one time before you legitimately qualify for applying for your government grants, and financial aid. I strongly recommend saving up for at least one semester on your own, if you plan to go directly to college after leaving your parents home. That way, you have enough time for tax season to roll around just in case you fell under the category of, "But your parents income still counts."
    Scholarships, are available. Even for someone who didn't graduate top 10 in their class can get scholarships. All it takes is looking for them. Government grants are usually pretty generous. The more broke you are, the less influence your parents income has on your application, the better. I know, it sounds horrible. But the fact of the matter is, you DO pay for it and it is not keeping people in a consistent state of poverty. You are bettering yourself, and I would not have been able to do it had it not been for it. Also, if you do pay for college, you are eligible for a tax credit up to 1500 dollars for two times, called a "hope credit."
    The state also offers programs. My state actually offered two different ones. One paid for all books, classes, and dr. fees for my nursing program. Talk about helpful!! Also, it didn't even require that I be handicapped, poor, supporting multiple children, or pregnant.
    •    Student loans can be a brilliantly wonderful thing, but they can also be a pain in the butt. Use them wisely. Don't take all that you are granted, only what you need. Realize that student loans do not disappear through bankruptcy either. However, if you have a choice between using your credit card, or a student loan? TAKE THE STUDENT LOAN. It doesn't have to be paid back until six months after not attending classes, and the interest rates are so much lower. Credit cards will eat you alive, and the stress of them can affect your everyday happiness and progress.

    •   
    How do you find the right college for you?
     I would suggest community college to anyone who wants to save  money while taking core classes that transfer to universities. Do your research for what does transfer though. Most community colleges have this readily available for nearby universities, or universities in the state in the counselors office. This also buys you time to make sure you still want to do what you originally set out to do.  Many core classes apply to multiple programs, so you are not wasting your time taking them. It's a win-win situation.
    Other expenses
    How do you get health insurance?  What kind?
    Well, for students there are sometimes "bare minimum" insurance plans available at the counselors offices. Also, the best insurance plans are offered by your employer. There are plenty of different options available, but many places only offer plans for full time employees. Some places do offer part-time insurance though. Just keep in mind, that some insurance is better  than no insurance, and If you are accident prone, pick the lower deductible. Insurance terminology can be tricky, and sometimes when you sign up you either get too much, or get too little. It would be wise to investigate the plan online, because they can give you details that are not always right there in front of you, and they can offer a wealth of information as to what each term means.
    •    I went through the insurance clueless phase, it can be mind boggling.

     How do you afford therapy?
    Still trying to figure this one out. I know if you have insurance though, it will pay for usually six visits. After that though depends upon your plan. If you smoke, quit smoking. That ought to pay for at least one visit monthly!! That's my plan.


    What other expenses did you encounter starting off?
    Getting started off is the toughest I think. Because if you have saved money, it is hard to separate what is necessary, and what is something you just want to have. It will surprise you how much it costs to pay for cable tv, internet, cellphone, and the initial cleaning supplies, dishes, eating utensils, cups. Always always always, if you have carpet, invest in a vacuum cleaner. It will be your best friend. I recommend the bissel powerforce. I think I paid fifty for it, and man.. does it suck. Yes. That was attempt at humor.

  • 11-28-2008 5:28 PM In reply to

    • tanya
    • Not Ranked
    • Joined on 11-20-2008
    • kent,uk
    • Posts 6

    Re: How to be financially independent at 18

    These are all great tips but i think the big step is to say to yourself.... 'that's it..i won't expect anything else, my debts are mine, my mistakes are mine, my future is mine'  that's scary!  i'm thinking I might not go to university, it costs too much and i'm fed up with feeling grateful...

     

  • 11-28-2008 5:34 PM In reply to

    • Rich
    • Top 75 Contributor
    • Joined on 10-13-2007
    • 'lanta, Georgia
    • Posts 466
    • Philosopher King

    Re: How to be financially independent at 18

    tanya:

    These are all great tips but i think the big step is to say to yourself.... 'that's it..i won't expect anything else, my debts are mine, my mistakes are mine, my future is mine'  that's scary!  i'm thinking I might not go to university, it costs too much and i'm fed up with feeling grateful...

    I'd surely rather be in debt than be in a bad relationship.  Of course you don't always have to choose between the two, because there are viable options available to young people to survive just fine on their own.  That is what I am trying to show with this thread.

     

  • 11-29-2008 12:31 PM In reply to

    • MarisaO
    • Top 100 Contributor
    • Joined on 07-17-2008
    • Torrance, California
    • Posts 303
    • Philosopher King

    Re: How to be financially independent at 18

    # Starting early

        * How did you prepare yourself for the job world before you were 18?  I worked part-time at a sushi restaurant when I was in highschool. 
        * How did you prepare yourself for college?  I didn't

    # Jobs

        * What are good resources to look for jobs?  I used dailybreeze.com, which is a local newspaper.
        * How did you build your resume?  My mom helped me (I know this isn't very helpful for the theme of doing this stuff independently.)
        * What made interviews successful/unsuccessful?  Confidence = success.
        * How do you get your foot in the door if you haven't had a job before and/or have few references?  It helps if you know someone who works at the company.
        * Are references always necessary if you are just starting out?  If so, how do you get them?  I suppose it really depends on the job your looking for.  I've done mostly waitressing and office work.  These places usually ask for refereces but I never got the impression they actually called.

    # Shelter

        * What are the best housing options for someone starting off?  Definitely get a roomate.  I would suggest craigslist.com
        * What do you look for in roommates?  I've only had one experience with a roomate, besides my husband and it wasn't very pleasant.  She was very passive aggressive but I don't really know how you could avoid something like that.
        * How do you find a place to rent?  craigslist.com

    # Food

        * How do you live on a budget without destroying your health?  I'm vegan and found a ton of really delicious and cheap meals on vegweb.com.  HIGHLY RECOMMENDED
        * Any good, inexpensive recipes that don't involve ramen noodles?  vegweb.com.  Seriously.

    # Clothes

        * Where do you shop for clothes?  Thrift stores or ebay.

    # Transportation

        * Finance a car?  Buy a motorbike?  Bike?  Bus?  Train?  What transportation has worked for you?  My husband and I share a car right now.  I take the bus if the car is unavailable and I'm thinking of buying a scooter soon as I understand they are pretty cheap.

    # School

        * How do you finance college without your parents help?  n/a
        * How do you decide and research what you want to do before going to college? n/a
        * How do you find the right college for you? n/a

    # Other expenses

        * How do you get health insurance?  What kind?  My job offers me health insurance.
        * How do you afford therapy?  Through my company's health plan
        * What other expenses did you encounter starting off?  Definitely deposits for my apartment.  Ouch!

  • 11-29-2008 1:45 PM In reply to

    Re: How to be financially independent at 18

    • Starting early
      • How did you prepare yourself for the job world before you were 18?
      I consciously chose a profession at a relatively young age and prepared myself for it on an almost daily basis. Self-identifying as your "future" profession helps tremendously.
      • How did you prepare yourself for college?
      My family was wealthy and marginally well-connected. I went to a private school, had extensive outside college counseling and worked at a variety of internships over the summer. I should add that all of that helped me get in to college, but I dropped out of two of them.
    • Jobs
      • What are good resources to look for jobs?
      Craigslist to start, but after that, look for special listing sites that are particular to your profession or interests. Walk along the streets looking for help wanted advertisements. Don't think that you can get a job if you only send out a few applications. Aside from one "lucky break," when I had less experience, it took me probably between four to eight hours of doing nothing but applying for jobs for a few days at a time to get anything at all. Even now, I probably only get about 20% of the jobs that I apply for.
      • How did you build your resume?
      School related activities, internships.
      • What made interviews successful/unsuccessful?
      It depended on how confident I was and how much I knew about the job I was getting in to.
      • How do you get your foot in the door if you haven’t had a job before and/or have few references?
      Write a cover letter that demonstrates your passion and interest in the field. This really can't be faked. Employers can tell if you really care or are just saying that you are "passionate" about something. Show your interest, don't just say that you're interested.
      • Are references always necessary if you are just starting out?  If so, how do you get them?
      Try using adult friends, professors, teachers, mentors.
    • Shelter
      • What are the best housing options for someone starting off?
      Get roommates. Get used to living without much stuff.
      • What do you look for in roommates?
      No drunks, drug addicts, hopefully a bit older and employed.
      • How do you find a place to rent?
      I use Craigslist, but I think in the future I will either go through a broker or through Owner-Pays listings. I am sick of bad apartments.
    • Food
      • How do you live on a budget without destroying your health?
      I am bad at this, but trying to get better. You won't die if you work out regularly.
      • Any good, inexpensive recipes that don't involve ramen noodles?
    • Clothes
      • Where do you shop for clothes?
      I haven't done this in a while, but what I can say is to avoid cheap clothing. $20 jeans will fall apart in a month or two, for example. You end up spending more on it over the long term. Learn how to sew and apply patches. I'm really bad at it, but at least I know how.
    • Transportation
      • Finance a car?  Buy a motorbike?  Bike?  Bus?  Train?  What transportation has worked for you?
      I live in NYC and use public transportation. I've also gotten used to walking and running long distances.
    • School
      • How do you finance college without your parents help?
      I dropped out. I couldn't get FAFSA filled out without parental tax information. I could have probably just guessed and lied, though. Part of the problem was that my mother had evaded income tax, so she hadn't filed. Mostly, I no longer wanted to attend. I could have easily funded it if I had transferred to a public school or worked harder to find financing alternatives.
      • How do you decide and research what you want to do before going to college?
      I did this very poorly. I did not care where I went to college so long as it was sufficiently prestigious.
      • How do you find the right college for you?
      With a bit of hindsight now, I would choose a college more based on the quality of the department that I intended to major in.
    • Other expenses
      • How do you get health insurance?  What kind?
      Health insurance seems prohibitively expensive to me. I would rather save or spend the money. If I get hit by a truck, it strikes me that the injury itself will be the bigger problem than the financial aspect of it. That may change for me in the future. If insurance starts costing below 3% of my monthly budget, then I will consider getting it.
      • How do you afford therapy?
      I keep expenses low. Therapy takes up nearly a third of my monthly budget.
      • What other expenses did you encounter starting off?
      Mostly, it was a struggle to get my spending down to less than 10% of what it had been before.

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  • 11-29-2008 2:26 PM In reply to

    • Jessica
    • Top 200 Contributor
    • Joined on 10-29-2008
    • Mississippi
    • Posts 147
    • Diamond Donator

    Re: How to be financially independent at 18

    Charlotte:
    Best advice EVER?

    Wait for it...

    Wait for it..



    YOU ARE NOT YOUR STUFF.


    Really. Think about it. How much do you really need? How much of what you want to buy is to impress others, or avoid your own anxiety? You don't need to do either.

     

    ABSOLUTELY!!!!! This is so true.

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