Learn What Makes Cents

‘6 Ways You’re Wasting Gas’

I read an article on CNNMoney.com on the driving habits of people and they concluded that these are 6 ways they are wasting gas.

1. Racing away from green lights

When the light turns green, you don’t have to take off as quickly as possible. That pedal under your right foot is called the “gas pedal” for a good reason. The more you press down on it, the more gas you’re pumping into the engine.

Press lightly on the gas pedal, and you’ll still accelerate, and you’ll still get where you’re going. You might be surprised at how little pressure it takes to get your car up to speed in a reasonable time.

2. Racing up to red lights

When you’re driving down the street, and you see a light red light or stop sign up ahead, you should lay off the gas sooner rather than later.

There’s no point in keeping your foot on the gas until just before you reach the intersection. Let off the pedal sooner and give your engine a rest as you coast to the stop while braking gently. As an added benefit, your brake pads will last longer, too.

By themselves, these first two tips can improve your fuel economy around town by as much as 35 percent, according to tests conducted by automotive information Web site Edmunds.com.

3. Confusing the highway with a speedway

Even if it doesn’t involve hard acceleration, speeding wastes gas. The faster you go, the more air your vehicle has to push out of the way. It’s like moving your hand through water. The faster you try to move your hand, the harder the water pushes back.

In tests by Consumer Reports, going 75 instead of 65 miles per hour reduced fuel economy by between 3 and 5 miles per gallon, depending on the vehicle.

4. Bumper-buzzing

Tailgating is a bad move for many reasons. First of all, it’s unsafe. You reduce your ability to react if the car in front of you slows or stops. It also means you have to pay ultra-close attention to that car which reduces your ability to scan for other hazards ahead of you and to the sides.

And tailgating wastes gas. Every time the driver ahead taps his brakes, you have to slow down even more than he did. (That’s because you can’t react immediately so you have to slow even more because you’re slowing down later.) Then you accelerate again to get back up to speed and resume your bumper-buzzing routine.

Hang back and you’ll be safer - plus you’ll be able to drive more smoothly and use less fuel. A good rule of thumb is to allow two seconds of space between your car and the one ahead. You can figure that out by counting off two seconds after the car in front of you passes an obvious landmark like an overpass.

5. Driving standing still

You’ve probably heard that it takes more gas to restart a car than to let it run. Maybe that used to be true, but it isn’t anymore. With modern fuel-injection engines, it takes very little extra gas to restart a car once it’s warmed up.

Idling, meanwhile, burns about a half-mile worth of gas every minute, according to the California Energy Commission. That’s why hybrid cars shut down their gasoline engines whenever they stop, even for a moment.

Now you don’t want to shut your engine down for every little stop in your regular, non-hybrid car - it’s not designed for that - but if you’re waiting for someone to run in and out of a convenience store, turn off the engine.

And don’t go through the drive-through at fast food restaurants. You’re already paying enough for the oil in those chicken nuggets.

Bonus tip: Don’t idle your engine to let it warm up before driving. It does your engine no good and it wastes gas. Instead, start driving right away, but drive gently until the engine is warm.

6. Short hops

For really short trips, take advantage of the opportunity to get some exercise. Try walking to the store instead of driving. You can save gas and burn a few calories instead.

If you can’t hoof it, save up your errands. A lot of short hops that let the engine cool down at home between trips can use twice as much gas as starting the car once and making a big sweep to all your stops, according to the U.S. Department of Energy.

Go to your farthest destination first so your engine has a chance to reach its optimal operating temperature. Then make your other stops on the way back. With the engine warmed up, the car will restart easily and run efficiently all the way home.

At a time when gas hovers around $130 a barrel and 1 gallon at the gas station is easily over $4, any little thing can help. It’s always the little things here and there that add up in the end.

Posted in Frugality | No Comments »

These Past Four Years..

There have been many, and I repeat, MANY articles, blogs, and links based on the “maximization” of your time in college. This stage of my scholastic career is almost over and it makes me wonder as to if I did make the most of the college experience. As much as people may think now, college is not a given. There are still millions of Americans and millions more that may not have an opportunity to go to college. It should be thought of as a privilege to be in a university. Now that it is understood that it is a privilege, what options are there to maximize your time with your school? Here are a few things I’ve listed that people emphacize in college. None of these are mutually exclusive. In fact, it would be amazing if you can do as much as possible, but that is determined by your time, your resources, and your overall personality.

Education

The ultimate and main purpose of going to college is to receive an education. Now, I’ve heard debates on picking a major to specialize in or that your major does not dictate the future field you will be confined in and both have valid points. It is up to the individual and how they want to pursue their education in the first place. If you know where you want to go then by all means specialize. If not, college is the prime opportunity to explore various fields of interest. Jobs now almost require a college degree at this point so this is just another step in that direction.

Experience

College is also a prime opportunity to get into the workforce. Internships are a great way in additionally exploring your interests or to build up your resume in the particular field you are going into. Even the fact that you are working shows a sign of responsibility and time management. The extra money doesn’t hurt either, if you are paying your way through college or to just have some extra cash left over. Working also provides an introductory look on the workforce and to make note of any specifics in workplace etiquette you may have not noticed.

Involvements/Activities

There are many pros in being involved on campus. There are teams, clubs, and organizations that can aid in your social and networking aspects of college. It teaches you how to work with different people, teaches people skills, and creates a way for you to reach people outside of the university. Many clubs and organizations have alumni networks or know of people in high places in a specific industry so it never hurts to get involved. Also, being involved gets you more exposed on campus, meet new people, and open up more opportunities for you.

Networking/Volunteering

In getting to the nuts and bolts of networking, being in college is a prime time in getting into contact with professors, teacher’s assistants, and faculty members that may have more insight or influence in a field than you do. They can help in finding you a job, getting you into grad school, or to broaden your circle of friends. I grouped volunteering and networking together as in many instances you would be doing these things for free, but in the long run, these endeavors and very worthwhile.

Community Service/Cultural and Political Exposure

Universities usually have a rich diverse population, many of whom are very informed and passionate of their culture. This provides an opportunity to take a more worldly view on the how the world is perceived by different people. You will meet people from various backgrounds and experiences that will differ from your own and can teach you things that you may not realize yourself. College is about obtaining an education, but not just to get a degree. College prepares people to be informed citizens and well rounded individuals, all of which are important to the further development of yourselves.

Social Aspects

The social aspect of college is very apparent. In fact, it is easy to get caught up in the social aspect that you put off the pursuit of education and the plan on what to do after college, but that’s not to say that you should completely ignore it. Many people find their future spouse in college, meet lifelong friends, and interact with future business associates. Being involved socially is fun and it teaches you how to talk to people. The balance is needed where you don’t forget the purpose of college and to time manage things correctly.

Really though, it depends on the individual and how they want to pursue their college experience. The main contention is that you leave knowing you wanted to accomplish everything you wanted in college and to leave with no regrets.

This are some links to articles that all have a different view on the college experience.

Timeless Tips for College Students
Career Advice for the College Graduate
How to Get the Most Out of a College Job
Your College is Not a Technical School
Little Income, Big Debts: Managing Your Money in Your College Years
Thinking About College After High School? Four Points of Advice That You Probably Won’t Hear From Your Guidance Counselor
Is College Worth It?

Posted in Branding, Education, Networking, Time Optimization | No Comments »

‘Language of the Perpetual Poor’

Hamed Saber: Flickr.com

This is an interesting post from Frugal Dad in the mindset and language of the poor. This provides an interesting view on how people perceive money and how they think money would change how they perceive everything else. One of the more interesting reads I’ve had in a while.

Do you know someone who is “perpetual poor?” You know the type - constantly complaining, poor-mouthing, griping about the price of everything and jealous of everything others have. I think we all know at least one or two of those types. I’ve had the displeasure of knowing many, and over time I have heard my share of sob stories related to their personal finances. I recognize that some people are generally down on their luck, or going through a rough patch. Maybe they have faced a debilitating illness, or a job layoff, or some other tragic event that has derailed them from leading successful, productive lives. Those are not the people I am referring to when I attach the label “perpetual poor.”

Perpetual poor people have a language of their own - a way of speaking that almost immediately identifies them as members of this class. When kids are young and they use an inappropriate word parents remind them to “watch their language.” As adults we still need an occasional reminder when we utter a financial expletive. I recognize that the words that follow will likely step on some toes, so put on a pair of steel-toe boots and read on.

“The poor man just can’t get ahead”

Quite possibly my all-time favorite statement of those with a poor attitude. This one is often muttered by someone insecure in their own abilities, and lacking any aspiration to improve their lot in life. They go around knocking “rich” people, minimizing their efforts by insinuating that they are rich because they are lucky, or because their parents were rich. In some cases, both may be true, but the average millionaire in America started with nothing and built a successful career through hard work, dedication and a never-ending willingness to acquire new knowledge. Remember, there are no financial Cinderellas.

How to identify members of this group:

• Can recite the last five winners of American Idle (that’s not a typo) from memory
• Haven’ t picked up a book since high school
• Never stretched to learn a new skill at work, but complain about being passed over for promotions

“We struggle just to make ends meet”

A close cousin of “poor man” who can’t get ahead, this group thinks it could get ahead if it weren’t for a variety of external forces holding them back. Rising gas prices, a shrinking economy, and the President of the United States all conspire to keep them down. They spend up to their income (and then some), save virtually nothing and frequently splurge on unnecessary items because “they deserve it” (see below).

How to identify members of this group:

• They can frequently be spotted moving about new car lots on Sunday afternoons leaving a trail of drool in their wake
• Convenience stores are a hot spot for picking up the weekly supply of beer and cigarettes
• Several times a year their habitats go dark while they retreat to the nearest beach for a much-deserved break

“Everyone has a car payment - it is a fact of life”

Speaking of new car lots, if you manage to run across a member of the perpetual poor species here and asked them to justify their presence you’ll hear that everyone has to have a car payment. They are too expensive to buy with cash! That may be the smartest thing these types will ever admit. New cars are too expensive to buy with cash, that’s why I choose to buy used cars in good mechanical condition and drive them until the lug nuts fall off.

How to identify members of this group:

• The easiest way to spot members of this group is to look around parking lots at crowded shopping malls. They usually park at least 100ft from the building and perpendicular to the parking spot’s stripes, making sure to take up three spots. This is to lessen the chances of dings from car doors and shopping carts. After all, they pay nearly as much for this automobile as they do for their homes so it makes sense to protect such an “investment.”
• Revving engines, sunburned foreheads in convertibles and Mercedes symbol key chains are other common signs

“The only way to get rich in America is to hit the lottery”

Another personal favorite of mine. The lottery is effectively a government sponsored tax on poor people. Don’t believe me? Check out lottery sales by zip code of any participating state and you will discover that the majority of lottery tickets are sold in the poorest sections of town. It is no secret, really. If you are ever around a gas station on Friday night you see them lined up at the counter forking over $20 of their hard-earned paycheck for their chance at financial glory. And just try telling them that $20 a week in a mutual fund averaging 8% growth for 30 years adds up to $130,000. Who can afford to invest in mutual funds?

How to identify members of this group:

• Frequently spotted at convenience stores, bingo halls and anywhere video poker is allowed
• Usually absent one week out of the year for the annual pilgrimage to Las Vegas, Biloxi or Atlantic City
• Excluded from this category: Otherwise financially independent individuals who play the lottery, or bingo as a hobby

“I work hard so I deserve it”

One of the most common statements of the perpetual poor class. These people typically do work hard, but believe their lavish lifestyles are justified because they are such hard workers, as if no one else is out here hustling for a dollar. Perhaps if they “deserved” less they wouldn’t have to work so hard. The fact is there have been many before you, and many who will come after, who have worked much harder, for much longer periods of time without ever getting a break or a material reward. My great-grandmother raised nine children during the depression era, hand-washing cloth diapers for twenty-two years in a row, preparing meals for eleven people from scratch (and not much scratch to work with), and ironing by candle light late into the night. Sitting in an air conditioned office all day playing with computers would have seemed like a vacation to her.

How to identify members of this group:

• Often seen double parked in front of a Best Buy store trying to squeeze a 52? plasma television into their hatchback.
• Male species frequently spotted driving huge pickup trucks with six tires, dual exhaust, and an ATV loaded in the back.

“You Can’t Take It With You”

A review of the lifetime earnings statement of this class of perpetual poor would reveal lifetime spending well in excess of lifetime earnings, leaving nothing saved for a rainy day or a future retirement. They expect to work late and die young, leaving little reason to save for their golden years. If they should happen to be forced to retire early they will live on social insecurity, complaining about the benefits all the while. No, we can’t take it with us, but we can be responsible adults and save to support our future selves rather than being a financial burden to our loved ones. We can also use the opportunity to help our loved ones, who will become our legacy, get on solid financial footing and continue the tradition of passing generational wealth to the new branches of our family tree.

How to identify members of this group:

• Savings account balance: $52.29
• Retirement Funds: $0.00 (cashed it out after leaving last job to pay off credit card debt)
• Life insurance coverage: $0.00 - can’t afford the premiums

At various points in my life I have probably been a member of each of the above classes, which inherently qualifies me to make fun of them. However, if you find yourself a member of one of the these perpetual poor classes it doesn’t have to be a permanent diagnosis. It is possible to overcome a perpetual poor mentality, but it involves some heavy-duty lifting on our part to rise above our circumstances. It also takes a complete attitude overhaul, so watch your language!

It all just goes to show how powerful a change in perception can be.

Posted in Frugality | 1 Comment »

Never Eat Alone - Keith Ferrazzi with Tahl Raz

tailored.com

One of the passions I have for Learn What Makes Cents is to not just focus on personal finance but with marketing, entrepreneruialship, and networking. There are plenty of personal finance blogs out there and I definitely try my best to read them, along with postings, books, and such. But at the moment I want to devote some time to studying networking. It’s not necessarily a subject one learns in school, but one of those life skills that really pays dividends later in life, in whatever field or occupation you get into.

Never Eat Alone by Keith Ferrazzi with Tahl Raz is one of those staple marketing books that is a good place to build a foundation for developing networking skills. It is a definite interesting read that reflects on the human aspect of professionalism. The book is divided into four sections.

• The Mindset
• The Skill Set
• Turning Connections into Compatriots
• Trading Up and Giving Back

The first section is The Mindset and it refers to the inner state of mind needed before engaging in the act of networking. It begins with the discovery of skills in building and fostering relationships and Keith noted how networking is both good for you and whom you work for. This set involves a few things.

• Finding a mentor
  • A mentor is the best way to find someone willing to aid and guide you in fostering your development. It could be someone older taking you under their wing or something you admire and try to emulate. If it’s someone currently out of reach, it may be your first networking task to get to that person and have him or her mentor you.
• Offering help
  • One of the basic principles of networking in this age is to offer help and to help people before asking for something in return. It is the idea of building a network before you need it that is important to understand. By offering help first, it shows the recipient your sincerely and lets them see you for who you are and not just someone schmoozing for a connection.
• Realizing that you are a brand
  • It is no longer enough to follow traditional conventions of getting hired and climbing the corporate ladder. It’s much more difficult to just submit a resume and assume things will pan out. It is increasingly important to differentiate yourself from the pack as a leader and not another faceless graduate or the weakest link in the company. You do this by establishing a brand. Almost like developing a reputation for something, you want your name to be synonymous with something like professionalism, leadership, hard working, loyal, etc. And to do this, you need a network to support it.

One of the main things the author talks about is to have a mission and purpose in networking. He highlights the importance of finding your passion, putting your goals on paper, and finding a “board of advisors” who will help you achieve your goals.

Posted in Networking | No Comments »

“New Kid on the Job”

dailyemerald.com

I found this interesting post on Fabulous Financials about workplace conduct. This is something recent graduates should look into when entering the workforce as there is different conduct to follow and a post I want to add to Learn What Makes Cents

I ran across an article in this month’s issue of Black Enterprise and loved it. It isn’t available online yet, but I wanted to share anyway…

Entering a new job can be overwhelming. Below are three strategies to gain confidence from your potential clients, colleagues, and managers:

1. Learn the Corporate Culture

Before setting goals, learn your environment. Learn how employees conduct business and view success. Learn how the company rewards achievement.

Single Ma’s thoughts: Learning what the new organization values is key to your success. What was important at your last job may not be as important at your current job. Spend some time figuring out what’s important to those around you, then set your eye on the prize.

2. Build Your Network

Get to know the influencers within your company - immediately. Ask someone to lunch. Have drinks after work. Use this time to ask specific questions about the work environment. Build your network and start developing your reputation.

Single Ma’s thoughts: Assume everyone is equally important, never underestimate the power of a secretary and never assume an executive is well respected. Build allies above and below, but closely observe those who are on the fast track. Take mental notes on what it takes to make a name for yourself.

3. Organize Your Work Space

Communicate your eagerness to be a contributing member of the team, but always remain focused on your professional development. Employees tend to see further development for the job, but not their careers. Think of your new job as an assignment during which you are being paid to learn a new task and increase your experience level in case you must leave your job.

Single Ma’s Thoughts: The title of this one is odd, but the last sentence took the words right out of my mouth. I view every job as a learning opportunity that will prepare me for the next level.

As I embark on this new journey, I plan to consider the above tips. Learn the culture, build my network, and prepare for the next level. Yep, that’s my plan.

It may take a little while to get acclimated, but I can already tell what the organization values. As for my network, I’ve pegged a few I’d like to know better and a few have pegged me as someone they should know. Last but not least, considering the fast pace of the environment, I’ll have no problem gaining the experience I need for the next level. Consequently, formal classroom training may be a challenge. I’ll have to figure something out.

In the meantime and in between time, I’ve established 3 objectives based on my observations and documents I’ve reviewed so far. Two are related to process improvements and the other is related to career development. A department can’t ‘exceed’ goals without efficient processes and the quality of output is dependent upon a fully trained and capable staff. In a few months, I will make recommendations, get buy-in from leadership, and implement. That’s easy. Convincing others to embrace change without sparking World War III will be the greatest challenge, but I think I can handle it. Then I’ll use the experience to secure my next promotion.

One year baby. ONE YEAR. Trust me!

Posted in Careers, Education | No Comments »