Our Kids’ Financial Futures Are At Stake

Our Kids’ Financial Futures Are At Stake

The sky is falling. We hear about it every day. The stock market is plunging, the housing bubble has exploded, and the list of doom and gloom goes on and on. How did we get here? We consider ourselves a bright nation. Why then, didn’t we see this coming? Did we get too greedy? Did we lose our common sense? Perhaps it was a little of both. What is important is what we have learned from our mistakes and the knowledge we pass down to our children to help them avoid a similar fate.

Unfortunately our children may end up sinking in our same boat. Even if they go to college, the personal finance education they will receive will be slim to none. While in college, our children are finding themselves more in debt than any past generations. Think about some of the financial statistics for our youth:

  • 76% of undergraduate students have credit cards, while carrying a balance of over $2000, according to Nellie Mae. 28% percent of students roll over their debt each month.
  • College graduates are finding that they are over $20,000 in debt, according to Creditcards.com.
  • Charles Schwab reported in a 2007 survey that 45% of teens have credit cards but only 26% know how to understand how their fees and interest payments.

Whether we are looking at Generation Y, Echo Boomers, Millenials or any of the other names given to those born after 1982, it is important to understand that they have been raised to expect immediate gratification. Sixty Minutes did a recent feature discussing how companies are even bending over backwards to meet the demands of this high-expectation generation.

If everybody is bending over backward to meet their needs, what is going to happen when they have to be financially responsible for themselves? Why aren’t we bending over backwards to help them learn to be financially independent? We have seen that past generations (their parents) have been poorly educated and are apparently in no position to teach them. If it is not to be taught by parents who are uneducated themselves, where will they get this knowledge?

Currently many colleges and universities are rethinking their position in including personal finance education. Unfortunately these classes are mostly electives or only required by business majors. It costs upward of $6000/year average to pay for a child’s college tuition. What are they getting out of that to prepare them for their adult life?

What can be done?

  • Colleges can create more course offerings to include personal finance education. Within the courses, texts need to be appropriate for all majors. Many colleges offer texts for these courses that are math-intensive, which can turn off the student who is not a math genius.
  • As parents we can help our children by sharing our mistakes and explaining what we ourselves have learned in the process.
  • K-12 Guidelines can be updated to include more specifics as to amount of “time” devoted to the financial literacy information our schools are supposed to be teaching.
  • Personal finance books for younger students could be created in a story-telling format that would allow for them to relate the importance of what they are learning to their own lives.

If future generations are not taught to become financially responsible, who is going to bail them out? Are we going to have to just keep relying on the government to come to the rescue? It certainly isn’t going to be their parents, as they have lost their retirement nest eggs. In fact, their parents may be looking at this generation to take care of them.

Guest post by Diane Hamilton, who has a BS, MA and Ph.D. in Business Management. Her experience includes working in several industries including pharmaceuticals, banking and real estate. She has trained corporations in areas such as time management, emotional intelligence and Myers Briggs. She currently works as an online professor, working for 5 different universities. She teaches mostly business-related courses to bachelor, master and doctoral level students as well as mentors doctoral learners. She is in the process of writing a personal finance book for the young adult. Diane can be reached through www.drdianehamilton.com

via mytwodollars.com

New Book Explains 10 Things Online Students Need To Know

Are you currently taking an online course or considering taking one? The Online Student’s User Manual provides some answers, other books about online learning have neglected. Even if you feel comfortable writing an essay or uploading documents, there is a lot more that you need to know to be a successful student. In the book, you will learn:

1. What you need to know about computer and software requirements

2. How to use the search engines

3. How to upload assignments

4. How to organize and manage your time

5. How to track and schedule your assignments

6. How to communicate to professors and fellow students

7. How to maximize your grade

8. What mistakes to avoid

9. How to create measurable goals and stay motivated

10. How to prepare for tests . . . and so much more

Online is the future of education. If you or someone you know is considering taking an online course, The Online Student’s User Manual provides the answers needed for success.  If you are interested in receiving a free newsletter with tips and suggestions from the book, click here.

Thinking of Taking Online Classes? What to Know Before You Start

My new book is now available . . . to see full press release, click here.
“Here’s something you should know – Dr. Hamilton has provided the most comprehensive “soup to nuts” book about online education on the planet. It’s a real hand-holder to get you started, guide you to a degree and beyond into the workforce.”     Josh Clark and Chuck Bryant  “Stuff You Should Know” Podcast

“Here’s something you should know – Dr. Hamilton has provided the most comprehensive “soup to nuts” book about online education on the planet. It’s a real hand-holder to get you started, guide you to a degree and beyond into the workforce.” Josh Clark and Chuck Bryant “Stuff You Should Know” Podcast

Quote start“Nearly 12 million post-secondary students in the United States take some or all of their classes online right now. But this will skyrocket to more than 22 million in the next five years.(Campustechnology.com, 2010)Quote end

Tempe, AZ (PRWEB) August 17, 2010

College and university fall-semester classes will be starting soon. With the popularity of online education, many courses are now being presented in an online format. This has left students looking for answers for how to be successful in the online classroom. Are they getting the help they need? According to Dr. Diane Hamilton, author of The Online Student’s User Manual, many students could use more helpful advice.

There is no mistaking the popularity of online education. Even Bill Gates praised online learning in his 2010 Annual Letter stating, “A lot of people, including me, think this is the next place where the internet will surprise people in how it can improve things.” With a predicted 22 million students taking some form of online courses, are students getting the help they need to understand this new form of learning? Apparently they are not, if the dropout rate is any indication. Karen Frankola with BNET (2010) reported, “Chronicle of Higher Education found that institutions are seeing dropout rates that range from 20 to 50 percent for distance learners. And administrators of online courses concur that dropout rates are often 10 to 20 percentage points higher than in their face-to-face counterparts.”

As online learning becomes the future of education, more and more students are finding they have plenty of questions about online learning but many are not receiving the answers. There is no shortage of books that explain the value of an online education. However, the typical book about online learning leaves out helpful advice about how to be a successful online student. This has left learners floundering in their first year of college.

“Other books for the online college student have failed to explain some of the most important skills that the new learner will have to possess once they enter the online classroom” explained Dr. Hamilton, who has also written books about understanding personalities in the workforce and how to reinvent your career. “I have taken my many years of experience teaching first time students and compiled what I’ve learned into The Online Student’s User Manual. This book is designed for those who are looking to understand key terminology and want answers to questions that other books about online learning have neglected to answer. For the first-time online college student, this book contains all they need for optimal success. For the experienced online student and online professor, this book is also an excellent resource, with tips on time management, goal planning, test preparation, writing guidelines, and document preparation techniques.”

There are plenty of books that will help you decide on the right school or find the money you need to finance your higher education. But if you want answers to all your other questions as well, The Online Student User’s Manual takes you where no other manual has gone before—deeply into the online learning experience. Not sure if you have enough computer skills or know how to navigate in cyberspace? Intimidated by all the new terminology? The Online Student User’s Manual will allay your fears and frustrations, as it provides you with information that will make you able to successfully traverse the online halls of learning.

About the Author
Diane Hamilton currently teaches bachelor-, master-, and doctoral-level courses for six online universities. Along with her teaching experience, she has a Doctorate Degree in Business Management and more than twenty-five years of business and management-related experience. To find out more about her writing or to schedule an interview, visit her website at https://drdianehamilton.com or her blog at http://drdianehamilton.wordpress.com/. Review copies are available.

The Online Student’s User Manual–August, 2010 ($14.95/Amazon). ISBN: 0982742800/9780982742808 Approximately –184 pages

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Ask Dr. Diane: How to Become an Online Professor

Ask Dr. Diane:  How Do I Become an Online Professor?
 
Today’s Question:  One of my goals is to teach for an online university. Is a Masters enough or do I need a PhD? What can I do to enhance my chances? Do I need teaching experience or does work experience with education qualify me?

These are all very good questions.  A lot of these questions are answered in a book by Dr. Danielle Babb called Make Money Teaching Online.   http://www.amazon.com/Make-Money-Teaching-Online-Credibility/dp/0470100877/ref=ntt_at_ep_dpi_1.  Dr. Dani gives some great advice.  She was on my doctoral committee and she really knows her business.  I highly recommend getting a copy of her book. 

There are some schools that allow you to teach with a Masters.  Some schools do prefer a PhD – especially for teaching higher level courses.  I think the best site to find online teaching jobs is www.higheredjobs.com.  Your best bet to enhance your chances of getting accepted is to apply for actual jobs that are listed on sites like Higheredjobs as well as through other sites like www.monster.com.  I have seen the University of Phoenix on Monster but not on Higheredjobs – so it is important to look at several sites to find all of the jobs out there. It is good to have online teaching experience but not all schools require it.  They like to see that you have real world working experience which is helpful when you are participating and sharing in the classroom.    

10 Tips If You Want To Be A Pharmaceutical Sales Representative

            I was in pharmaceutical sales for 15 years so a lot of people ask me about how to get a job in that industry.  Many people see being a pharmaceutical representative as a glamorous job.  It can be.  I write about my experiences with pharmaceutical sales in my book How to Reinvent Your Career.  Being in pharmaceutical sales was not a good fit for me personally.  However, it can be a good job for a lot of people.  There are good and bad aspects to any job. 

            Pharmaceutical sales may be a good job if you:

  • Like driving
  • Like not being at a desk
  • Like being in sales
  • Like traveling
  • Like making decent money
  • Like having a company car
  • Like having good benefits
  • Don’t mind having a boss riding with you watching you work at times
  • Enjoy taking doctors out for dinners/lectures

I can remember sitting at round table discussions with other representatives where we would talk about the things we liked about the job. Many people would say they liked driving and be away from an office.  I personally like office-based jobs, as long as you are not required to always be there 9-6 every single day.  But it can be nice to get out and about once in a while.

Pharmaceutical sales may not be a good job if you:

  • Don’t like driving
  • Like to work in an office
  • Like administrative work
  • Don’t like traveling
  • Don’t like the pressure of sales
  • Don’t handle rejection well
  • Don’t like to have a boss riding with you watching you work at times
  • Don’t like to hold a lot of luncheons and give presentations
  • Don’t enjoy having to take doctors out for dinners/lectures.

I live in Arizona where it is HOT HOT HOT!  It could be very difficult to do that job in the summer.  I think it could be just as tough to do that job if you lived in Seattle where it was always raining or Michigan in the winter.  Any job where you are going in and out of your trunk a lot out in bad conditions can be tough to do day in and day out. 

Pharmaceutical sales was not the best fit for me personally because I prefer to do administrative tasks rather than drive around and go from office to office.  In fact, I was happiest when I was doing my expense reports and other tasks that most sales people would hate.  The key is to find out what types of tasks you enjoy and pick your career based upon those.

If you think that a pharmaceutical sale is a good fit for your personality, you should consider the following:

  1. Realize every guy/gal and their brother/sister seems to be looking for a pharma job so you will need to stand out in the crowd.  Rev up your resume with bulleted points about things you have done in past jobs that showed you increased business, won awards, etc.
  2. They want sales people.  If you don’t have any sales experience, you should consider getting at least a year of experience before applying.
  3. Don’t start with Merck if you have no experience.  Certain companies like Merck hire the cream of the crop people that have had experience, possibly have a pharmacy degree, etc.
  4. You MUST have a college degree.  Usually they do not really specify a certain degree.  When I first started, they preferred science degrees.  Later they decided having a business degree was preferable.  I have seen everything from a sociology to a law degree as acceptable in the industry.  The main point is that you just have one.
  5. You have a better chance of getting into pharma sales if you can find a representative that is already working for a company.  Reps may actually get paid a referral fee should they recommend someone who gets hired.  It behooves them to submit your resume.
  6. If you don’t know a pharma rep., you should still apply to all jobs listings on the major sites such as Monster, Careerbuilder, etc.  but also look at some of the pharmaceutical specific job sites like Medzilla, PharmaceuticalCrossing, Biospace, and Pharmaopportunities. You can also go to this link for a more complete list: http://www.pharmaceuticalwork.com/Links.html
  7. If you get an interview, be sure you know your stuff!  Do not go into the interview without knowing everything about the company and their products.  Be prepared to answer why you want to work there vs. somewhere else.  Know what they have in R&D and are working on in the future.
  8. Be prepared for a lot of interviews.  When I was in the industry, they would first screen your resume, then do a phone interview and then do at least one face to face interview.
  9. Expect to take some sort of personality assessment.  They are looking for true sales professionals and they want to see that your personality fits that profile.
  10. Be prepared that you will need to pass a physical exam, you cannot  have a bad driving record and you can be sure they will Google you to see if there is anything bad about you on the Internet.Â