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The Worst Financial Mistake I’ve made + 2 Keys to Consider in Going to College

So, I’m Jacob Brad Johnson, I’m a ginger, I’m a Personal Financial Planner major at Utah Valley University(UVU), but was a Computer Science major at Brigham Young University (BYU) for 3 semesters before.

High School

After I graduated High School and I applied for many schools with my 3.86 GPA and 30 ACT score, I figured it’d be a cinch to get scholarships. I wanted to go to BYU, I wanted to study computers.

4 years later, I was wrong, and the worst financial mistake of my life was made.

“Congratulations Jacob on your submission to Utah Valley University,” the letter began. Later on it exclaimed these proud words, “The University would love to extend the Presidential Scholarship to you as you attend… This scholarship is renewable each year pending academic resilience each school year”

Presidential! I looked it up, screaming with delight at what I saw. This scholarship included full tuition, books, and partial housing reimbursement ($300 a month or something, as I recall for the housing portion).
2 days later I was reading another letter from BYU, my dream school. “You have been accepted to Brigham Young University, beginning Summer of 2012,” The words jumped out at me. YES! I’m IN!
I read the rest.
Reread it.
One last time to check for errors.
There was no scholarship, no anything. Oh. wait.
Nope, nothing. I received notification via email a few days later that I’d received a $300 book scholarship per semester for being a relative of some person who’d made a large scholarship fund for his descendants. That was good. ‘good’.

You Already Know What I Did

This is the moment where you all already know what happened. “Jacob, you’re such an idiot”, “What were you thinking!” “…” or other thoughts may have passed through your head.
Here’s the kicker, I had a 1/2 tuition scholarship to anywhere in the state because of the New Century Scholarship program, for graduating High School with an Associate Degree from a University. I’d have been PAID to go to UVU.

Mistake is made. BYU was attended. Computer Science studied. After a few years I didn’t like it. It wasn’t my cup of tea. Ended up transferring. Where to?

Back to Utah Valley University, studying Personal Financial Planning, sans scholarship.

Now, Money mistakes are a super common occurence, and there are much bigger mistakes that one can make (I’m talking more than $40,000 decisions). When you make one of those, you’ll know.

Do These 2 Things Before You Choose Your University

1. Know your Major. 

If you haven’t determined your major, how will you know what school is best? BYU had a better computer science program. UVU has a better Financial Planning major. If you still aren’t sure, try going to a community college or other cheaper college. Why pay the price of the expensive colleges when you can get the undergrad cheap at your local community college? It sometimes may make sense to get your associates from a different school before going to the one you’ve chosen to attend for your bachelor’s or higher degree.

If you don’t know which major to choose, or are struggling between a few, Act on THIS article I wrote recently. Basically, its how to get the thoughts and who you are down on paper to make decisions easier and with more knowledge out loud.

2. Know your scholarships. What are the implications of attending your school of choice? How will you pay for it? UVU gave me scholarships, BYU didn’t. Do you have to take on debt, is the cost that significant.

Will your major pay for the cost of going to school?  You need to know How Much Your Degree Makes to consider how much debt you could take on if you don’t have the scholarships.

Here is what I mean: Determine how much income your major going to bring, and how much debt it’ll take. Can that justify the debt you would get from going to the more expensive school? Here are 8 majors that just don’t justify their cost.

What’s your biggest financial mistake you’ve made! Share your confession with me here or tweet it at me @FinancialGinger and I’ll make it into a post you’ll see featured on my twitter and Facebook.

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Personal Vision: Part 2 – Vision Boards

Your Vision is in hand, but now what do you do with it? This is how to take your vision from paper, to action items.

Money is important. But your “why” behind your money is almost more important. Infact, It is more important.

I want money for a few reasons, I want to provide for a family I hope to have, I intend to use money to create a foundation to increase financial literacy in Utah, I want to be involved in Scouting and christian missionary work. There are reasons to the money. “Money for the Sake of Money” isn’t happiness. As I talked about in an earlier article, Experiences bring happiness, not “Plastic Crap”.

Many friends of mine have come to me asking, “How do you figure out what you want to do?”

Here is my answer.

How I Chose Financial Planning

I went to a small school, graduated from high school with an associate’s degree, then moved to Brigham Young University (BYU) studying Computer Science. I thought it was what I loved. My whole family works in computers, Dad, Brother, Little Brother. I’m different. During 2 years as a service missionary and proselyting minister for Jesus Christ to the wonderful people of New Zealand, I learned a thing or two about myself. This insight is a blessing. Jacob Johnson is a people man, he loves working with people, helping them, teaching them, breaking down their big ideas into pieces, which he then builds up into good points. Ideation, Maximzation, Includer, Communication, “Woo”-factor. When I jumped back into school, the answer wasn’t computer science. Quick talks with people sent me to try global supply chain management, marketing, and financial planning. Marketing people I interviewed all hated what they did, unless they were in charge of their work or ran their own firm. Supply chain was awesome except I don’t want to travel 6-10 months a year, not in the ropes for having a family. My old ballroom dance partner’s father was a financial guy. He loved his job. Dude from my girlfriends work did finances. Loved his job. Everyone I talked to that worked in financials loved what they did. Private firm, big company, RIA, Broker/Dealer, Insurance agents, 9 co-workers, 1 co-worker, 80 co-workers. They each loved it. They also did what I thought was great. They taught, they did technical work, they moved around, they left the office to visit and help, they weren’t stagnant, they were involved in the community, they were happy fun loving people; the people around them were happy.
The signs were enough. I knew where I belonged. So, I packed up from BYU and moved over to Utah Valley University (UVU) where tuition was $20 more expensive and the Financial Planning program has topped the charts since it’s been around with three times as many students as any other program in the U.S. only 400.

Gainz
This Should Be On Every Vision Board

How a Vision Board Got Me There

I’ll be honest, My vision was in pieces on my phone, in my wallet, papers on my desk, notes in other odd places, bits of my memory. AKA it was a disaster. I finally straightened out my vision board.

Purpose of a Vision Board

Vision boards connect actions with goals. Sometimes we are doing the right things, but it’s getting us no-where because it isn’t connected to our vision. Sometimes we have a vision, but no actions connected. The vision board is the intersection. It’s a logically and conveniently placed object that contains our current dreams and goals.

Daily as you consider the actions you will take, consider your board. Do they align with your goal? If not, 1) remove it from your to-do list, 2) add a new goal to your vision board, 3) do it anyways and wonder why you’re still where you’re at.

Nightly as you review what you’ve done. Consider your progress on your vision. Did your actions connect? Do you need to adjust any of your dreams?

Basically, the vision board removes waste, and focuses your efforts. Efficiency.

Creating A Vision board

Remember your vision statement you made in A Personal Vision? Whip that bad boy out, and read it. I’d recommend making reading your final vision statement daily as part of your confidence building routine. That should be a good base to start off. What is written on that that ties to things you want to achieve. Is a degree part of that? Is starting a company, changing industries, going to the gym, starting a blog, selling to 20 new clients, getting 3 computer monitors, etc on that?

Consider 5 areas:

  1. Financial – Where is my money going, how will I make it, how will I manage it.
  2. Physical – Fitness, eating, outdoor activities
  3. Social – Friendships, spouses, old friends, building a business network
  4. Emotional –
  5. Intellectual – reading books, developing your business skills, utilizing your brain, how do you waste time on your phone.

Also, Consider your Big Rocks. What are your responsibilities and titles? Parent, CEO, Small Business Consultant, Teacher, Brother, Minister, Soccer Coach, Student, ETC. What are the big visions you have for them?

Where to put it

It goes wherever you will see it the absolute most. Mine is right by my bed. Blue tape boarder, with pictures taped inside it. Maybe it needs to be in the kitchen on the fridge, or by your front door (though it can be hard to make it personal there)

Vision Board - Draft #1
An Early Version of My vision boards – Painters Tape and Photos

Areas of My Board – Money Gets Everywhere!

Now you might say, Jacob. This isn’t financial. YES IT IS. If you don’t have mastery of your vision and actions, you will never have control of your finances. It doesn’t make a difference if you make $25,000, or $250,000. I know people in both who are millionaires, I know people in both who still live paycheck to paycheck.

Every single task I do that makes me money is somehow connected to my vision board. That’s how simple it is.

Control your actions, create your vision. Utilize it daily. Happiness will ensue.

Share with me a picture of your vision board, or a copy of your vision statement and I’ll feature it in an article! Email me on my contact page or Here

-Jacob Johnson

Jacob is a crazy Vision Board wielder who also dabbles with small business review software, and financial counseling at UVU. He is an avid supporter of financial education and loves to work with event groups to get finances incorporated. Want me to speak or teach a class? Ask me Here

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