Here are the articles I managed to read and gather for today’s roundup. A lot of great financial pieces here!

How To Waste Money While On Vacation, Investments To Avoid

BillShrink shares with us five investments to avoid for the long term.

Wise Bread tells us how to deal with recession anxiety.

Lazy Man and Money was in Washington D.C. and he talks about how he wasted $55 there by taking a bus tour. Aw c’mon. Bus tours are fun!

Check out the Tax Carnival hosted by Don’t Mess With Taxes. Our post on H&R Block Tax Products was kindly featured in this week’s edition!

At the Carnival of Debt Reduction held at Mighty Bargain Hunter, you’ll find our post on the Total Money Makeover by Dave Ramsey featured among many other financial reads.

The Festival of Frugality is at Canadian Finance Blog, where they featured my post on how to save money on groceries.

And finally, the Carnival of Personal Finance was held at Being Frugal, one of my favorite PF blogs by a female blogger. My post on H&R Block Tax Products made it to this edition.

Enjoy these carnivals and articles!

This is a post from The Smarter Wallet.

How To Waste Money While On Vacation, Investments To Avoid

Our Chase credit cards review covers top Chase cards including Sapphire, Freedom and Slate.

For years, my business and personal accounts were with Washington Mutual. Now that Chase has been my bank for a few months, I decided to shop around and see what they have to offer. I’ve noted that cards that have rewards programs such as Chase and Discover credit cards can offer you quite a bit more than just convenience and a regular monthly bill.

Chase Sapphire Credit Card

Chase Sapphire has no annual fee and gives you one point for every $1 spent on the credit card wherever you go. You can shop online for additional points at more than 300 merchants and earn extra points per $1 when you shop online at the Ultimate Rewards Mall through Chase.

Your points are also worth more when you use your card to book flights through the Chase Online Travel Booking Tool (via the Ultimate Rewards site). Airfare booked through this tool earns you points on a 2:1 basis. There are no limits on the points you can earn and the points never expire. Rewards points can be transferred at full value to top frequent flyer and hotel programs you might already belong to so you can use them to offset the cost of your next vacation or business trip. There are no blackout dates or travel restrictions when you redeem your rewards.

When you sign up for Chase Sapphire, you get 10,000 bonus points as a new card member, which is the equivalent of $100 in rewards or cash. Points can be redeemed for merchandise, travel, gift cards and cash back.

Gift cards for leading retailers such as Macy’s and Home Depot are available, and you can also get access to airlines, hotels, cruises, car rental certificates and merchandise such as music downloads and HDTVs. You’ll also receive unique travel opportunities and access to events such as VIP passes to fashion week and American Idol.

The card also offers unmatched service: an advisor is available and on call any time you need to contact someone regarding your account. There’s also a lot of insurance built into the card, such as purchase protection, extended warranty and zero liability coverage.

Chase Freedom Credit Card

The Chase Freedom card is the cash back rewards card offering from Chase. It has no annual fee and at the most basic level, you’ll get 1% cash back on all your purchases, everywhere and every time you use it. But even better, you’ll receive 5% cash back for spending in popular categories such as groceries, airlines, gas, home improvement and more. There are no limits nor expiration dates to the cash back you earn through this card. You’ll also earn up to 20% Bonus Cash Back when you shop at certain online merchants through Chase’s Ultimate Rewards Mall.

As mentioned, you can earn 5% cash back on rotating categories. For example, between October and December you can earn 5% cash back for shopping at discount stores, bookstores and computer/electronics stores. The following months after, you can get a 5% bonus cash back on groceries, gas and fast food. Another great benefit is that you’ll earn 0% intro APR for purchases for the first 6 months of carrying the card (based on your credit rating). It’s also a 0% balance transfer credit card where you get 0% intro APR for up to 12 months for balance transfers, again based on how good your credit rating is.

On top of this, the card allows you the flexibility of managing your credit card account via Chase Blueprint. This is a free set of features that Chase offers its customers to help them manage their own finances on their terms.

Chase Slate Credit Card

Chase Slate is a streamlined, simple credit card with no annual fee and no rewards program. Much like with the Chase Freedom credit card, you’ll also get access to Chase Blueprint, which is a unique financial program that allows you to pay your bill your way. Here are some ways you can manage your credit card account with the help of Chase Blueprint:

• The Full Pay option lets you avoid paying interest on everyday items purchased on your card by allowing you to pay your expenses in full every month. These things are separated on your monthly bill.
• The Split option lets you pay off larger balances on your own terms by separating them from other purchases and setting up a target date or a schedule for monthly payments.
• Finish It allows you to pay down your balance faster. You select a monthly amount or target date and Chase does the work of setting up the plan for you.
• Track It gives you the chance to review your spending trends and track your progress against your financial goals.

This is a post from The Smarter Wallet.

Chase Credit Cards Review: List of Top Chase Cards

So you’ve saved enough in your online savings account to finally afford that digital camera. Well here are some things to consider before making your purchase!

I was way behind the curve when I bought a digital camera. I had put off buying one for too long and had done absolutely no research, but ended up needing one in a hurry right before going on a cruise. I logged on to eBay and found a cute little used lavender Fuji camera that fit my budget and met the requirements for some of my mystery shopping assignments as well. So I made it mine. Only after I was on the cruise did I realize that I had gotten a bonus: the camera takes movies too!

Although I am happy with my camera, I realize that I did not go about buying it the right way. It is important to know exactly what you are buying before you purchase. There are scads of cameras out there in different price ranges and with various bells and whistles. So how do you make a decision? Price will always be a factor of course, and so will be intended use. Also, it’s important to comparison shop, so visiting stores and sites where you can buy electronics on discount can help you find the products you need at great prices. You may also want to consider online auction sites for affordable merchandise; just make sure you do your due diligence when you order online.

If you are a professional photographer, you probably already know everything I’m going to mention below. But if you are just starting out, then here are some helpful hints and terms to be familiar with when you do your camera shopping:

How To Buy A Digital Camera: Know These Terms!

• Megapixels: Refers to the camera’s resolution. The higher the megapixel number, the better, larger prints you can make.
• Aperture and shutter modes: Available on most cameras; these enable you to override the automatic settings and allow you to customize for low light, depth of field, and movement shots.
• Focal range and manual focus override: Cameras with a large focal range can zoom far out to capture more of the environment, or zoom in to focus tightly on the subject. If you want to use a powerful zoom, it can make photos blurry, so you might want to get a camera with optical image stabilization. Some cameras have a focus ring that allows you a wide range of manual focus, but compact point-and-shoot cameras may have a button that only lets you adjust the focus manually to a few settings.
• Speaking of focus, if you are going to take a lot of indoor photos, you might want a camera that has a low light focusing aid. Trust me on this one.
• Digital zoom: Does not produce the same quality of photos as does optical zoom, so don’t buy a particular model based on claims of high digital zoom.

So do your research. Read up on cameras that interest you and know what features are important to you. Go to a brick and mortar store to try out a camera before buying one online. You might find that certain features on some cameras are easier or harder to use than you thought. Give it a test run.

Most importantly, have fun! Photography is a great hobby that you can enjoy and develop in so many ways. You might even find a new career!

So what are you waiting for? Let’s go shopping!

 
Contributing Writer: BEM

This is a post from The Smarter Wallet.

How To Buy A Digital Camera

When it comes to food shopping, I now keep an open mind. Doing so has helped me save money on a good diet! There are cheap meals you can cook at home to stay frugal.

I’ve got a new pact with myself when it comes to doing the food shopping each week. I’ve agreed I will not go within ten feet of any prepared ready meals.

Now don’t get me wrong — they’re nice as far as convenience is concerned. But you can never be sure of what’s in them, and when it comes to the price, I know I can cook meals that are far cheaper and more nutritious any day of the week.

The one thing I had to do before I actually swore off ready-made meals and got more creative with my food shopping was to clean out my refrigerator. I’ll sheepishly admit that I don’t do this nearly as often as I should. But half the time, stuff gets pushed to the back of my fridge and forgotten about –- even though it is still in date and perfectly good to use.

Versatile Food Shopping: Tips To Save Money on a Good Diet

So here’s how I started. I cleared out the refrigerator and made a list of what was still in there. I defrosted the freezer and did the same thing there. Then I went shopping and stocked up on cheap essential items that can be used as basics for lots of different meals. This is how you can save a lot of money every time you go food shopping.

Take the humble potato for example. You can use this in so many ways, and if you buy more, they’re generally cheaper. I chip them to create huge oven chips with the skins on. Add a splash of olive oil, salt and pepper, cook them on a high heat for a half hour or so and they’re better than any shop bought high priced chips you’ll ever buy.

Basic vegetables and organic food can be used in plenty of different ways too. One of my latest favorites –- and it goes a long way too –- is to slice up some raw potatoes, throw in some shallots (or sliced red onions if you like, as they’re cheaper) and make up a sauce to pour over the top. And this sauce is dead easy –- I put some milk, grated cheese, salt and pepper into a saucepan and add a bit of flour to thicken it. Then I stir it until it thickens and pour it over the top of the potatoes and onions.

Once it’s cooked it provides an alternative to basic potatoes and a nice side dish to lots of different meals too. And you can freeze it in portions and defrost it whenever you need some. This is how I think about every meal I make and cook now: how many portions will I get out of it? Can I make it using basic ingredients? And do I need to buy any new basic ingredients for future reference and use? Here are a couple of creative dishes you can try on your own: check out this healthy breakfast idea using oatmeal and this easy meal idea involving frugal soups.

I can’t tell you how much this has transformed both my food shopping and my cooking. I used to go down the same aisles and pick up all the same things constantly, without even giving a thought to buying anything new or different. But now I don’t miss a trick, just in case it provides something cheaper for my cupboard and a good idea for a new recipe or two.

Try it yourself –- you never know how buying some new and wholesome ingredients can save you money as well as inspiring some great new dinners.

This is a post from The Smarter Wallet.

Versatile Food Shopping: Save Money on a Good Diet

Some great reads this week, from a whole bunch of carnivals and blogs I had a chance to visit. Here were some of my favorite stops:

Wise Bread covers some tips on managing your loans, if you’re one to be worried about debt. Some effective tips include checking your credit score, doing your own debt management and consolidating your debt.

Lazy Man and Money is asking readers this very interesting question: what’s your favorite “speculative” investment right now? Mine would be real estate, foreign currency CDs (our EverBank review covers such products) and leveraged ETFs.

The Great Green Finds Carnival has some coverage on reducing plastic in our lives. It also has a story that covers tools and tips for compost making, along with how to make your own laundry soap. If you want to be self-sufficient, you can start by reading about how others have done it.

Then there’s the Festival of Frugality at FIRE Finance, where our own article, Break Bad Habits When Managing Your Finances, was selected as an Editor’s Pick! Woohoo! I also particularly enjoyed these top 6 mindless money wasters and this post on five things you can do when people beg for financial help.

For more great reads, make sure you visit these weekly personal finance carnivals!

The Carnival of Personal Finance at SimplyForties had a lot of things covered, including a look at human capital and investment. And what about using coupons on a date night — is this something you feel you can do?

This is a post from The Smarter Wallet.

From Speculative Investments To Compost Making: The Roundup

Are you looking to compare credit card offers? Here’s one review of a great American Express credit card.

If you aren’t currently enrolled in a rewards program or if you’re looking for an alternative to your current one, then you might want to consider the American Express Blue Cash credit card. It’s a credit card with a cash rewards program that makes it simple to earn its benefits.

American Express Blue Cash Review

To start off, when your total year-to-date purchases fall between $0 and $6,500 you can earn 1% cash back on items that are designated as Everyday Purchases. Everyday Purchases are classified as items purchased at supermarkets and drugstores as well as gas purchased from gas stations. This means that you can earn cash back on the things that you pick up for dinner or your next fill up if you drive a vehicle. All other eligible purchases will earn you cash back at the rate of .50%.

The program gets even better when your year-to-date spending increases to over $6,500. The rate for Everyday Purchases rises to a generous 5%. For other purchases, you’ll earn 1.25%. In other words, the more you use your Blue Cash card, the more you’ll earn back.

To help you visualize how much cash back you can earn, you can investigate the Blue Cash Calculator. When I selected the Moderate Spender tab, the calculator suggested I could earn up to $960 per year in cash back for my gas purchases. For groceries, it says I could earn almost $2,000 back in a year. You can do some comparisons among the different spending styles or use the Set It Yourself tab for more customized results.

Credit Card Rewards Made Easy

Unlike some credit card rewards programs, you don’t have to scramble to meet a minimum spending limit before you can earn your cash back. Also, there isn’t a ceiling on how much you can earn. That way, you don’t have to worry about hitting the rewards program’s maximum when you’re about to embark on a lengthy shopping list, say around the holidays.

So how do you get your hands on that glorious cash back? It’s easy as checking your statement. A month past your anniversary date with the card, look for a credit on your statement. You won’t have to fill out fifteen forms, clamor for attention from customer service, or play detective on the trail of your rewards because it will be there in plain print on your statement.

If you’re interested in beefing up your cash back, you can add your family members and friends to your account. Their eligible purchases will build your cash back, too. There’s no extra fee for adding on additional members.

Another easy tactic to build up your rewards is to enroll in the Automatic Bill Pay program. For instance, I already have automatic bill pay on my checking account for things like my phone and Internet bill and some utilities. If such spending is eligible for cash back, then I could shift these accounts to a Blue Cash card to earn cash back each month I pay these bills.

For some people, keeping track of a rewards program might be as involved as a long session of Monopoly. In contrast, the Cash Tracker tools can help you keep tabs on your rewards amount and the date of your rebate, and provide you with advice on getting ahead with your Everyday Purchases.

0% APR for Purchases to Start

The APR for purchases is 0% for the first six months. Then it can be as low as the Prime Rate plus 13.99%. Also, you won’t have an annual fee.

You’re the recipient of travel benefits, too. When you’re looking to book a trip, you can make your plans with American Express Travel, which offers good rates on flights, hotel rooms, car rentals, and other services. The card also offers car rental insurance, a Global Assist Hotline, guaranteed room reservations, and travel accident insurance.

Additional benefits include extended warranties on certain purchases, access to special deals, and entertainment exclusives and discounts.

In the past, I’ve avoided credit card rewards programs because they seemed to put consumers through a lot of effort to track and redeem rewards. However, American Express Blue Cash appears to make the rewards process user friendly. The fact that this card isn’t weighted down with an annual fee makes it that much more appealing.

For more on credit cards, you can check out our reviews here:

• Discover Credit Card Review: Get Cash Back From Discover
• How 0% Balance Transfer Credit Cards Can Save You Money
• How To Get A Credit Card That’s Right For You

This is a post from The Smarter Wallet.

American Express Blue Cash Review

As insurance costs become more and more expensive, people are cutting corners in order to feel protected without paying the high price for coverage. Those who have already been diagnosed with medical conditions are especially susceptible to making costly mistakes when it comes to medical coverage. These costly mistakes occur when consumers see advertisements for so-called discount health plans that promise affordable health care with no deductibles or co-pays. These plans also promote heavy discounts on care and pharmacy bills.

Image from sfgate.com

Discount Health Plans: The Real Story

Those of you who are drawn in to signing up for these discount health plans are many times under the illusion that they are actually buying health insurance. However, the discount health plans which are also known as medical discount plans are NOT insurance. In their own right, the plans may have some use because of the discounts they do offer, but it’s also a good thing that the Federal Trade Commission (FTC) is stepping in to alert consumers about the differences. Consumers need to be aware of the fine line between what they think they’re getting and what they are actually getting.

What Are the Differences?

There are two general types of discount health plans offered. The first is usually specific to a category of care such as dental only or vision only. The second is a group of health plans that include different categories and forms of health care in one plan. The plans charge on a monthly basis and essentially offer discounts on health care costs. By contrast, with insurance coverage, you still pay a monthly premium and depending on your specific plan, medical care is also paid for by the provider.

Are Discount Health Plans Worth It?

For those of you who have pre-existing conditions or find insurance just too expensive to afford, discount medical plans may be an option. But the answer will come down to the reality of whether you need insurance or a discount heath plan. Research is the best method for making this determination. Here are a few tips for figuring out what you need:

• Shop Around — You may think that you can’t afford insurance but it may be worth it to look around at what is being offered. There are many affordable health insurance plans online and many sites even provide a free quote without obligation. Before you say you can’t afford it, check around. Also, check with the Better Business Bureau for information on companies with which you are not familiar. Here are some sites that offer health insurance quotes, products or leads that you may want to pursue:
  • eHealthInsurance: Offers Individual & Family plans, Small Business plans, Short Term Insurance and Medicare Options.
  • InsureMe Health Insurance: Get health insurance quotes from StateFarm, Farmers’, Kaiser Permanente, etc.
  • USInsuranceOnline.com: Get free health insurance quotes.
  • NetQuote: The smartest way to save on insurance.
  • 2Insure4Less.com: Save 50% or more on health insurance.
• Speak With Your Doctor — If you have a regular physician, contact their offices and ask if a discount medical plan would help your situation. The office should be able to answer your questions about the difference between how discounts vs insurance works. They should be able to tell you how their own filing and billing system works. TIP: Some medical providers will actually give you a decent discount if you inquire, therefore allowing you to skip the need to purchase a discount plan altogether.
• Look at the Provider List — When researching a particular discount health plan, find the list of providers for your locality on their website. If that information is not listed, then call the company directly to ask for the list. There is no point paying for a plan that you can’t use.
• Don’t Sign Before Reading — Any contract being offered will contain fine print. Identify the clauses that deal with refunds and cancellations to ensure that if the discount plan is not beneficial to you, then there is a way out.

For more on health care topics, check out:

• Our National Health Care System Needs An Overhaul
• No Medical Insurance, No Health Care
• Thoughts On Health Insurance and Health Care Reform
• H1N1 Flu Vaccine Shortage: All Flu Vaccines In Short Supply!

 
This guest post is by Arjun Rudra, who runs the site Investing Thesis: Credits Towards Financial Freedom. If you enjoyed this post, please consider subscribing to his feed.

This is a post from The Smarter Wallet.

Discount Health Plans vs Health Insurance: Pros and Cons

What’s more affordable than hiring a tax advisor? Check out our tax software review and find out!

About a decade ago, I realized that doing taxes on my own calls for more than a calculator, pencils, and a fistful of erasers. This time, I’m taking a look at H&R Block At Home (formerly TaxCut). Like TurboTax, H&R Block At Home offers tax services and popular tax preparation software. The desktop versions are available on Windows XP and Vista, as well as for Macs. Here’s a look at some of H&R Block’s services and products.

H&R Block At Home Review: Online Services

As its name suggests, the H&R Block At Home Free Federal + e-File version is available at no cost. It includes helpful step-by-step guidance for tax preparation, ensures correct entry of your information and allows for 1 federal e-file. If you’ve got a simple return, then this is a service you can use. For state tax preparation, you’ll have to pay extra.

Meanwhile, the H&R Block At Home Deluxe is billed as “best for investors and homeowners”. It has all the features of the Free version, but also has personalized tax guidance and support for deductions and investment management requirements. You can also receive audit assistance from a tax professional when you utilize this particular solution.

With the H&R Premium Federal + E-file (State extra) version, you can enter your information and be guided through the various steps of filling out your federal tax forms. This version offers help for business owners, the self-employed and rental property owners. Business owners and the self-employed can take advantage of tax advice and specific forms for their needs. Additional support can be found for investment income, stock options, rental income, and expenses. Self-employed tax payers can also get business expense assistance, rental income assistance, access to advanced tax calculators and as mentioned, one session of live tax advice (a $19.95 value).

This version covers forms such as the Form 1040 Individual Tax Return; Schedule C Profit or Loss from Business; Schedule E Rents, Royalties, Partnerships, and many others. Worksheets include those for Capital Gains, Charitable Contributions, Tuition Payments, and more. In addition, you can get online support for state tax preparation too, if you pay an additional fee.

What H&R Block At Home Offers

H&R Block At Home will help you avoid errors by conducting an in-depth interview with you and by double-checking your entries. This can be a big time-saver, as anyone who’s had to amend a return can agree.

Marriage, buying a home, retirement, and having college-bound dependents can all trigger tax milestones in our lives. H&R Block At Home can help you navigate the tax-related questions you may have about these events. If you want, you can also have an H&R Block tax professional actually prepare your taxes online: they’ll review, certify and file your return for $79.95. You’re also entitled to full access to a tax professional anytime you have tax questions or need tax advice. Your questions can be answered via email or phone.

For those who’ve used H&R Block At Home (or TaxCut) before, you can import your data into the new version. You can also import data from programs like TurboTax, Microsoft Money, Quicken, and DeductionPro. Import options can save you a lot of time. Please bear in mind that it costs extra to e-file for a state return.

Support & Guarantees

In the event that you’re audited on your H&R Block At Home-filed return, you can fall back on Worry-free Audit Support. This means that H&R Block will send an enrolled agent to represent you. There’s also an “Accurate Calculations Guarantee”, meaning that you’ll be reimbursed for any IRS penalties and interest charges if it’s determined that H&R Block made incorrect calculations on your return. They also have the self-explanatory “Maximum Refund Guarantee”, which promises to yield you the maximum refund that you’re entitled to, or your return is free.

You can file up to five electronic federal returns for free, and you can expect to receive your refund in as little as eight days — a big improvement over the days when you’d need to wait for weeks on end. If you don’t want to file electronically, then you can print out your forms and mail them. Either way, with these H&R Block services/software programs, you won’t have to hunt down the forms you need from the post office or library and fight the crowds for them.

Given all this, H&R Block At Home seems like a reasonably priced way to get your taxes done.

This is a post from The Smarter Wallet.

H&R Block Tax Products & Online Services (Formerly TaxCut)

When I read this article on how our health care system was frittering away money, it annoyed me to no end. I’m one of those people who feels I’ve done a lot of things right when it comes to personal finance, but I have an Achilles’ heel — it’s the necessary spending that I’ve had to do to ensure the good health of my family. You see, when it comes to one’s health, there’s a lot of things here that can be out of our control — accidents happen, infections happen, and even incurable diseases can alight upon you one day when you least suspect it and change your life forever. No matter how much saving, investing and earning you’ve done in your life, you may end up having to spend your hard-earned money on ridiculous things such as $1,000 tooth brushes and $140 tylenol pills, if you aren’t careful. And this is through no fault of your own.

I may sometimes come across as someone with a morbid sense of humor (black humor is my defense mechanism and my way of coping with tough issues), but I’ve always believed that if you’re a resident of the United States, one of the best ways to preserve your net worth is to simply STAY HEALTHY. Time and time again, I’ve seen the sick in this country suffer all the more — not just from their health problems, but also due to the games that health insurance companies and the medical industry play. I’ve read that the #1 cause of bankruptcy for many households is ill health, especially when it’s experienced by the breadwinners of the family.

Our National Health Care System Needs An Overhaul

Here’s why getting sick or falling ill spells doom to the financial well-being of many Americans: if you’re a breadwinner and you get sick, you may qualify for disability insurance — that is, if your employer has this to offer. But tons of people don’t have such insurance, much less have ANY kind of insurance to cover them when they do fall ill. So if you ever suffer the misfortune of developing a chronic or life-threatening illness, you may not only lose your livelihood, but you could also drain your life’s savings once you find yourself in the grip of the U.S. health care industry. So it’s simple then, isn’t it? My advice is just this: avoid bankruptcy by taking care of your health. I’m sorry to say if it doesn’t seem all that practical. I’ll admit that it isn’t, since sooner or later, our health will eventually falter. What we really need desperately is health care reform!

For more on this matter, please check my articles:

• Thoughts On Health Insurance and Health Care Reform
• No Medical Insurance, No Health Care

Personal Finance Articles

• Wise Bread: 10 Tips To Lower The Cost of Banking
• Bargain Babe: Dealing With Banks? Read The Fine Print First
• Lazy Man and Money: The Key To Living Frugally
• CoDR: Carnival of Debt Reduction
• Simply Forties: Carnival of Money Stories
• Taking Charge: Carnival of Personal Finance
• Miss Thrifty: Festival of Frugality

This is a post from The Smarter Wallet.

Our National Health Care System Needs An Overhaul

I wish somebody had given me some advice when I first settled in the U.S. I landed here in the early 60’s. Instead, I had to fend for myself during the mini-depression of those days jumping at any opportunity to work. Then, of course, Uncle Sam came visiting (the draft was on) and I spent a few years in uniform hurrying and waiting as is the norm in any army. Whether you are just graduating from high school or college, you are facing the same difficult employment situation and there are a few facts you should know, “ye impatient youngsters.”

5 Career Planning Tips For College Graduates

1. The most important value is not to feel entitled. Just because you came out of a good school doesn’t mean automatic job offers will be piling up in your mail box. The opposite is also true; if you graduated from a regular school that’s not on the excellence map, do not feel that you’ll only get crappy jobs.

2. Focus on one particular skill. When I first arrived in the United States, I had no special ability and my English was suspect at best. As expected, the jobs I encountered were at the lowest level of pay and position, though I was grateful to have one at all. If you jump into the job market with only a general diploma, the same thing will happen to you. Develop one particular skill (we all have one at least) and take additional classes or training, even if you are already working. Some of my high school graduates (I am a teacher) have a knack for all things mechanical, so I advise them to concentrate on one particular area such as aviation, where salaries are higher. Another option is to join the Armed Forces or the National Guard and get a free specialization.

3. Find out what kind of jobs are in demand. Nowadays, there are at least three areas which are booming in the midst of the economic slowdown: health, education and government. You may already know that the Obama administration is pouring tons of money in green industries, in energy, and in the environment. If you have an interest in any of these, find out what the requirements are and start training. According to Yahoo! Finance, the best places to find a job are in metro areas with more than 200,000 inhabitants. As a recent graduate, it would be a lot easier for you to relocate, before you start a family and settle down. And where they have professional jobs, there’s also a myriad of technical jobs which don’t require a college degree. Time to find a career in these top cities?

4. Get information! Once you have zeroed in on the specialized area that you believe fits your skills, find out all you can about that industry. The internet is an excellent source of information, but you might want to talk to somebody you know who works in that area or who has recently retired. That will give you a head start on the competition; believe me, there are hundreds if not thousands of recent graduates who want the same job. Get serious about your search. Companies place a premium on intense and dedicated candidates who do their homework. Such job seekers are likely to be hired even over more qualified people who appear too relaxed.

5. Do not reject low-level positions. If you are offered a low paying entry job in your area of interest, by all means take it! I don’t care if you have to get in as a mail clerk. If you show strong dedication and continue to learn (e.g. via evening classes), your company won’t “waste” your skills or time for very long. Many very successful people who started at the bottom have reached high level executive positions. They’ve worked on studying all there is to know about their business and that’s what makes them so special and valuable.

Now go out there and hit the ground running. Time is money after all!

This is a post from The Smarter Wallet.

5 Career Planning Tips For College Graduates