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Today on MyMoneyLife with Chuck Bentley

Thursday, July 2, 2009

Cost-Effective Career Change

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Chuck Bentley

Would you ever believe there’s an “upside” to the recession and 2 million people losing their jobs since the first of the year?

Well, there is a silver lining, because a lot of these unemployed folks are actually headed back to school and preparing for new careers.

Now, the question is—how do you pay for it all? Well, obviously, you can borrow the money, but we don’t think that’s a good idea. So today, here are 3 ways to help make going back to school cost-effective, and this is from Money Magazine:

First, squeeze the budget. Wring every dime you can from discretionary spending—now, that’s what’s left over after you pay all of your monthly obligations and tithe. Try to cut your budget by 10% to start. Cut any 401(k) contributions that are beyond the company match.
Shop for bargains. Look for nearby colleges that can provide the necessary coursework, or go to the web for online courses that allow you the flexibility to work your own hours.
And finally, filter the tuition through a 529 plan for tax benefits. If you’ve already contributed to a child’s 529 plan, make yourself the beneficiary—and then pay your fund back once you’re employed.

And if you’re not sure what field to pursue, a career assessment can be very helpful. Crown has an excellent career assessment tool called Career Direct, and it’s available online to help with college or career choices.

And for more advice on handling your finances God’s way, I hope you’ll take 60 seconds and visit us online at Crown.org.

Vocation and Income

The vast majority of people who make career decisions early in life are motivated by income expectations.

Borrowing for Education

If it is truly God’s will for individuals or their children to attend college, He will supply the funds.

What Sort of Home Should I Buy?

You may be sure of the kind of home you want now, but think about the future as you begin your search for a new or different home.

Owning vs. Renting

Obviously, if a family can afford to buy a home, this is by far one of the best investments available.