Every twenty-something knows who Mike “The Situation” is from the Jersey Shore. Many people mock his infamous views on “GTL” and the dating world. What most of us don’t know is that The Situation is set to earn FIVE MILLION DOLLARS this year. Yes you heard that right. That’s a lot of money.

How will The Situation earn this gigantic some of money?

• Cost per episode. Apparently this number is at $60K per episode. Yes their drama is worth that much per episode.
• Dancing With The Stars. Not sure what this pays.
• Biography. A biography already.
• Workout book. The world needs another fitness book.
• Event appearances.  Supposedly Mike can earn anywhere from $15K-50K per appearance.

Instead of making fun of him today I wanted to try a different approach. So now let’s talk about what we can all learn from The Situation:

Branding is important.

We often hear about “personal branding” and “creating a brand.” This type of thinking may come off as “scammy,” but it’s exactly what happened with The Situation. Instead of being another character, he created a brand around his name and his unique presence. This is what us 20-something folks need to do as we attempt to make our marks on the world. We need to create a brand and perhaps a following of sorts.

Be yourself.

This may sound lame but its completely true. Instead of trying to change his image to appear more sophisticated or something that he’s not, he showed his true colors. This can apply to many of us young people out there. Our parents may want to push us to conform to some sort of a “corporate” image when in reality being ourselves could be much more beneficial. Being yourself may not always be the greatest idea to land you that respectable corporate position, but it could potentially elevate you to bigger and better things.

Stand out.

Over the last few years I’ve realized how truly important it is to stick out. To be honest, being a college student in a major lecture hall, keeping quiet may seem like the best option at times. However, this could end up being the worst option because we all know that the squeaky wheel gets the grease. Those that go out of their way to stick out can often benefit from additional recognition from the peers and superiors. I learned this early on in my academic career. I figured that being the quiet guy that studied hard was the way to go. In reality, my grades didn’t really excel until I became outgoing and started speaking more frequently with my professors. I’m sure we’ve all experience how standing out can be beneficial.

Timing is everything.

Some opportunities will only come once in a life time. Whether it be the opportunity to appear on a reality television show or the chance to present in front of highly respected professors. I’ve taken advantage of great opportunities to join groups around my college campus that are highly involved. I’ve also missed excellent networking events simply because I didn’t feel like sticking around the campus for a few extra hours. It seems like timing is everything and we need to learn how to take advantage of time-sensitive opportunities.

As easy as it is to make fun of the Jersey Shore I’m sure that we’ve all learned something from the whacky cast of characters. What have you guys picked up?

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It’s not feasible for some situations, but it can make a huge difference with one adjustment.

Advantages of No Car Payments

No car payments has freed up our monthly budget a bit and we’ve redirected the funds to other financial goals. We have fortunately had a decent track record with car repairs. Even when we had to replace the clutch and had electrical work done for my husband’s old car, the monthly average of owning the car was about $150/month, much less than the average of car payment of $479 /month.

The extra money can be reallocated to other goals:

• paying off credit card debt
• building an emergency fund
• investing more in your 401(k) and/or IRA
• saving for a vacation
• house down payment

You can also use the money to bump up your lifestyle. You’ll have a bit more to eat out for example or go on some more mini-vacations. The flexibility of having that money available is a huge advantage.

“I Don’t Want a Clunker!”

I completely understand that people don’t want to buy cash for a car because they worry about getting a beater or worse, a lemon. It is possible to find a solid used car for you. It pays to do your homework when you’re hunting for your car.

• Create a list of your must-haves and wants for the car
• Decide on your budget for the car
• Use Consumer Reports and similar sites to find a list of vehicles that are on your list
• Check Kelley Blue Book to get an idea of the cars you can afford

When you buy from a private seller, you should be careful to ask questions about their history with the car and have them provide paperwork. Anyone can say they’ve maintained the car, but having the documentation shows that they have actually done it.

Check with CarFax for the vehicle’s VIN for when you find a car that you like. Take the car to your regular mechanic to have it thoroughly checked.

Save for the Next Car

While you’re saving on car payments, don’t forget to transfer some of it into savings for your next vehicle. Depending on how long your current vehicle lasts, you may have a sizeable car fund in place. If you’re interested in seeing how you can upgrade your cars with cash, Dave Ramsey has a video explaining how it works in detail.

Your Thoughts

Buying a car with cash isn’t an option for some, but I think it’s something to seriously consider as you start off in your career. I’d like to hear your thoughts on it. Did you pay cash for your car? What are the pros and cons of it?

This guest post was written by Go Banking Rates, bringing you informative personal finance content and helpful tools, as well as the best interest rates on financial services nationwide. Visit them online to read more articles on savings and personal finance

Let’s face it: Young adults tend to be pretty careless about a lot of things, including their finances. It has to do with that unpredictable, in-the-now, still-kind-of-rebelling attitude that lingers for longer than it probably should. If you’re young and broke and can’t figure out why, you may be making one of the following most common, but easily avoidable, financial mistakes.

Buying on Impulse

Think about every store you’ve ever shopped at. What surrounds the checkout line? Usually, as you wait to step up to the register and make your purchase, you have to spend a few minutes standing next to racks of stuff–random, inexpensive, needless stuff–like candy, sodas, batteries, tabloids and lip balm. This is where retailers hope you will impulsively grab a few more things you “forgot” you needed before leaving.

Maybe you’re good at avoiding impulse buys and don’t pay any attention to them, but it seems most people in their teens and 20s live in one long check-out lane. There’s no separating wants and needs, just an open wallet whenever the mood to make a purchase strikes. Breaking this habit of buying impulsively will not only curb overspending, but also prevent you from accumulating a bunch of useless clutter over time.

Overdrawing

Keeping track of your account balance is not exactly rocket science, especially since just about every financial institution offers 24/7 online banking, yet it seems most people pay the majority of overdraft charges early on in life.

Why is it so hard to maintain a positive balance as a youth? It’s really not, but you do have to stay on top of your transactions to prevent an overdraft. Balancing your checkbook is really the way to go. However, the practice is becoming somewhat passe, so at the very least, regularly check your balance online.

Charging Everything

A credit card is not a magical piece of plastic that lets you have everything you want for free. There will be a bill involved and somebody (you) will have to pay it. Most young cardholders know this, yet act like the former is true.

While it’s important to establish credit early in life, it’s also easy to take things too far. Don’t charge purchases to your credit card unless you already have the funds available to pay it off right away or it’s unavoidable.

Saving Nothing

When you’ve barely emerged from adolescence, retirement can seem like such a long way off. You believe you have plenty of time to save up some dough.

Unfortunately, this mindset prevents a lot of people from experiencing true financial security. A lack of savings sets you up for disaster. On one hand, you never have any emergency savings for when an expense you hadn’t counted on pops up. On the other, there’s your future; your happiness years down the road is heavily dependent upon your savings habits now.

Don’t believe it? Try using a retirement calculator. It’s terrifying.

Keeping up with the Jones’

This problem is not reserved for WASPy suburban families anymore. Young people endlessly struggle to top each other with the latest and trendiest possessions. Your friend has an iPhone 3G, so you need an iPhone 4G. Your classmate wears Ray-Bans, so you need Dolce and Gabbanas. What you really need is a reality check.

The truth is, nobody cares about what you own as much as you do, so save yourself the trouble and quit competing financially with your peers. You’re better off saving and investing your income so you can enjoy being the most successful person in your circle of friends later.

Some of the above habits can be tough to break, but you’ll thank yourself for turning things around now. You can still make up for any mistakes you’ve made so far by putting better financial behavior into practice today.

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Life after college. Some of you will be going back to college next month for the last time ever. Some of you have a few years left. Others are completely done with college. Regardless of where you stand I thought that it would be important to cover the many options for life after college.

I was going to cover standard topics revolving around interviews and business cards (I will do this eventually), but after reading the recent review of Escape Cubicle Nation on this blog, I wanted to try something different. I wanted to look at a few outside-the-box ideas for life after college:

Work for free.

Volunteering is an excellent way to get your foot in the door at the company of your choice. Of course this is also the least attractive option for most college graduates. After spending so many years working extensive hours to complete your studies in hopes of making big money after college, it can be discouraging to work for free. However, the reality is that volunteering is an excellent opportunity to get your foot in the door at a young age and during a time were many companies are not hiring in high volumes. Plus it’s much easier to work for free when your expenses are really low and you only have a few bills to pay.

Work abroad.

There are many excellent opportunities for working abroad available. Whether you want to find a job in your field or if you want to teach English in a foreign country, there are opportunities available that will allow you to earn money while you leave the country for a little while. This unique option allows you to earn a living while you step outside of your comfort zone. Being far away from home is also the perfect catalyst for learning a new language and adopting to a new culture.

Long term travel.

A friend of mine just graduated from college and is now backpacking through Europe for the next few months. Long term travel can sometimes be the most life changing experience. After spending many years living within the structured college system, it can be a harsh reality check to have to care for yourself as you travel foreign places all on your own, far from home. Long term travel may not provide you with the needed income but it will give you valuable life advice that you couldn’t find anywhere else. You might also end up finding a new job in a different country if things work out.

Start making money on your own.

If you’re still living at home with your expenses and responsibilities both very low, this might be the perfect time to start your own business. If you always wanted to venture off on your own then this could be the best time. It’s going to be extremely difficult to attempt to start your own business when you have a family relying on you for income. This is also likely the direction that me and a few of my friends will head in. There’s nothing like attempting to start your own business after leaving the confines of college.

I didn’t put “take time off to find yourself” or any other crap like that because quite frankly I don’t believe in it. I wanted to include a few outside-the-box options for college graduates. Please let me know if I missed anything.

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Escape from Cubicle Nation from Pamela Slim is a wonderful book on entrepreneurship and something that many college students should consider. I want to review the book and you can decide if it’s something you’re interested in.

The book is a culmination of work Pam has been doing for years – helping people start a business based on what they love. She has a wonderful blog where she interacts with readers and their experiences. Her book grabs some of her best material, includes a ton of case studies, and has mini-interviews with those that have taken the plunge.

It’s a very accessible and informative book.  Pam offers a practical guide for those making the transition from employee to entrepreneurs. If you’re curious as to the topics she discusses, here are the chapters.

Escape from Cubicle Nation Overview

1. I have a fancy title, steady paycheck, & good benefits. Why am I so miserable?
2. If it is so bad, then why am I so afraid to leave?
3. Detox from corporate life
4. What’s really involved in moving from employee to entrepreneur?
5. What are all the ways to be self-employed?
6. How do I choose a good business idea?
7. Recruit your tribe
8. Rethink your life: Options for scaling back, downshifting, & relocating
9. Do I really have to do a business plan?
10. Define the spirit of your brand
11. Test often & fail fast: The art of prototypes & samples
12. Look your finances in the eye
13. How to shop for benefits
14. Dealing with your friends & family
15. Line your ducks in a row
16. When is it time to leave?

I appreciate that she covers the realities of having your own business. some people have this unrealistic and romantic notion that it’ll be a breeze to run a business based on something that you love. That’s usually not the case- a business has to be maintained well if it’s to succeed. Many times that means hard work.

Pam covers topics such as developing a business plan, handling the financial side of your business, and how to properly market it later in the book.

My Take on Escape from Cubicle Nation

Your Take