Me: “Hey ___ whatcha doin?”
Fiancée: “Hey, I’m getting coffee at Starbucks.”
Me: “What are you getting?”
Fiancée: “I’m getting an Americano.”
Me: “Hey how much is a extra shot of espresso?”
Fiancée: “It’s 65 cents.”
Me: “You know what I was thinking the other day?”
Fiancée: “What?”
Me: “What if I walked in with a thermos with hot water and asked for just a extra shot of espresso?”
Fiancée: “Um…I don’t think that’s going to work.”
Me: “Well if a shot of espresso is 65 cents, then they’re charging $1.15 for a cup of hot water.”
Fiancée: “Hah, you’re the only person I know that would even realize that.”
Me: “Well it’s because I’m always looking for ways to save a buck.”
Fiancée: “Well for Starbucks that’s how they make money, because people are willing to pay for it.”
Me: “So true.”

Just read about this on lifehacker.  Jott is a free service that transcribes your messages and sends the text to people’s e-mails.  Studentl.inc has a how-to guide to set-up your gmail account to automatically filter and label your messages so you can have a functional to-do list.

I tried out the service yesterday and its pretty good.  I recorded two messages and they came into my e-mail account after 5-10 minutes.  The website says they use a combination of computers and humans to transcribe each message.  What an interesting job… I guess I won’t send out messages that are too personal to have transcribed.

The next time I’m driving on the freeway and I think of something I need to do, I’ll use Jott.  Often times I think of things I need to get done, but I don’t have a computer or pen/paper handy to write it down.  I set the phone number to Jott on my speed dial so now I’m set to go.

Check it out over at Jott.

Okay maybe I’m a little quick to pass judgment. Last night I was at Borders reading the book Getting Things Done by David Allen for almost two hours. The book has had a cult following ever since its publishing back in 2001. A lot of people subscribe to its tenants and techniques and swear that it has revolutionized the way they manage their daily life. One finance blogger has even claimed that GTD has completely changed his life. If the methods for time management found in this book have been helpful to others, I was hoping that it would be helpful to me as well.

Unfortunately I only got through a quarter of the book last night. I tried utilizing speed reading techniques but I still feel like I’m a slow reader. Darn it, I hate how I subvocalize as I read. From what I’ve read so far, the GTD system seems a little clunky. Allen does a great job of writing clearly and concisely, but so far, the system itself comes off as being complex and convoluted.  It would take me some time to set up the system and even more time to get comfortable with it until it becomes second nature.
I’m going back to Borders again tonight and committing to read more of the book. In the end I guess I can’t truly comment on whether this book deserves high regard until this GTD system is tested in the real world.

I’ll report back in a couple weeks and if I see significant improvements in my time management and productivity, I’ll write a full review for the book.  Until then time is money, so go and get things done!

So I just purchased 72 bottles of wine for my wedding. I bought 36 bottles of a Chardonnay and 36 bottles of a Cabernet Sauvignon, enough for each table at my reception. I’ll probably buy some more right before the wedding.

I shopped around and found out that most grocery stores give you a ten percent discount when you buy six or more or a case of wine. So I ordered 72 bottles from my local grocer. When the store manager called and told me that the shipment had arrived he said that he had six cases waiting for me. For some reason I had thought only six bottles came in a case instead of twelve. I told the manager he made a mistake and that I needed twelve cases.

I drove over to the store and the manager was scrambling to put together six more cases of wine for me. He managed to get them ready and I went to check out. But at the register the cashier asked me how many bottles I was planning to purchase and I told her 72. She looked over at the twelve cases and told me that I only needed six cases because each case has twelve bottles. Oops! I apologized for the misunderstanding and for the extra work I had made them go through. They probably thought I was trying to sneak out with twice as much wine.

Beringer Founder’s Estate Chardonnay = $6.30
Beringer Founder’s Estate Cabernet Sauvignon = $6.30
Total Price + Tax = $491.02
Credit Card Reward (5% cash back at grocery store) = $24.55

That’s a lot of wine.

My church is continuing through a Sunday School series called Managing Finances God’s Way. We went through the fifth lesson today on the topic of saving and investing. The lesson was taught by Ron Blue who is the president of Christian Financial Professionals Network.

Blue begins this lesson with a few Biblical principles that ought to govern our savings and investing.

Proverbs 28:20, “A faithful man will be richly blessed, but one eager to get rich will not go unpunished.”

Principle: “The world says, ‘Get rich quick.’ The Bible says, ‘Get rich slow.”

Luke 14:28, “Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it?”

Principle: “Take a long-term perspective on all of your investment decisions.”

Ecclesiastes 11:2, “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”

Principle: The Bible teaches us to diversify out investments.

Wealth comes from long-term investing and using a strategy of diversification. Einstein has been reported to have said that “compound interest is the most powerful force in the universe.” You don’t have to earn a lot to necessarily accumulate wealth. The key is to be consistent in saving and to start early.

Blue gives a five-step sequence to invest wisely. Let’s take a look at each step:
1. Pay off consumer debt.
Paying off credit card debt is one of the first priorities in saving and investing. I agree with Blue that this ought to be the first step. Sometimes big sacrifices need to be made, or even a lifestyle change in order to attack the problem of consumer debt.

2. Set money aside for an emergency fund.
Although Blue sets this as step 2, I am tempted to say that this should be done in conjunction with step 1. If setting aside money for an emergency fund is difficult, one can set a goal to save just a few hundred dollars. Even a few hundred dollars can be a comforting buffer as you work to get out of debt.

3. Save for major purchases.
The next step Blue gives is to set goals and save for major purchases. Whether saving for a down-payment or a new vehicle, creating a savings plan can help attain your goals.

4. Diversify your investments to meet long-term needs.
This next step is a must-do for both short-term and long-term investments. It is true that you shouldn’t place all you eggs in one basket.

5. Begin taking calculated financial risk.
I think this step can be applied any time as you begin to invest and save for the future. The amount of risk you take should depend primarily on your time frame of investing. If you have a long time horizon, you can be willing to take more risk. But if your time horizon is short, you don’t have the luxury to risk losing your money. Your investment choices should be more conservative with less time.

This week I’m looking at the issue of missions and student debt. A 2004 issue of Missions Frontier devoted a full issue on the topic, and I hope to glean some helpful advice from the various articles.

Today we look at the last article on this issue of missions and student debt. “A New Paradigm For Education Without Debt“, is written by Rebecca Lewis.

Lewis begins the article by exploring the motivation behind student debt. She quotes Suze Orman from the book “The 9 Steps to Financial Freedom” and reasons that parents are often not honest and upfront about how much contribution they can offer to their children. Instead Lewis recommends implementing an early and realistic budget for college.

“How much better to sit down with your family and calculate in advance how much the student can earn, how much the parents can realistically contribute (without going into debt or cheating the other children), and to set the goal of graduation without loans.”

Although some may disagree, Lewis also recommends taking a hard look at Ivy League school and other universities with status to decide whether the additional cost for “name brand” is worth it.

“It’s a myth that students get a significantly better education and greater earning power from “high status” schools.”

Often times, advantages such as job experience or internships can give you a similar edge out on the job market. Work experience may also help the student realize their career interests at an earlier age.

Another suggestion that Lewis gives that some may disagree with is this: reconsider the college degree. Although studies show a higher earning potential, a college degree does not guarantee you a career job. Not everyone is meant to attend a traditional four-year program.

Yet for the thousands that do attend university each year, what is the best solution? Lewis gives an answer and some pointers. “By far the best option is to avoid debt in the first place by reducing the cost of getting the degree.” Early planning and family discussion is the key to any plan.

Lewis suggests a few methods to reduce the cost of education. One method is to reduce the course units needed at the four-year university. Whether through Advance Placement courses in high school, or transferable courses taken at a community college can greatly reduce the cost of full tuition.

Another method is to consider low-costing universities that are comparable to other universities with similar degree programs. There are in fact universities that offer significantly discounted tuition rates, or even programs that are free.

Some universities Lewis names are: Bethany School of Missions in Minneapolis, Central Christian College of the Bible, Prairie Bible Institute, and Thomas Edison State College.

There are schools that may also offer unique opportunities such as offering credit for missions trips and overseas experiences; “Organizations like Global Learning Strategies are willing to guide students through the process of getting their bachelor’s degrees for less than $10,000 for all educational costs, while earning credit for mission trips and other unusual apprenticeships.”

As more choice opportunities like these emerge, Lewis encourages both parents and students to fully explore their options. “Mission agencies, churches, and parents should take advantage of such new freedoms in higher education to encourage students to obtain relevant training for missionary service while simultaneously.”

I wholeheartedly agree with Lewis and would even recommend including overseas experiences in any college experiences. Instead of a regular summer vacation, why not a unique cross-cultural experience in a distant land all the while accruing university credits.

This week I’m looking at the issue of missions and student debt. A 2004 issue of Missions Frontier devoted a full issue on the topic, and I hope to glean some helpful advice from the various articles.

Today we look at the article, “Release The Indentured Generation!” It’s written by Linda Dorr, who has served at the U.S. Center for World Missions for a number of years. She addresses the issue of student debts among college grads in this generation.

Only 46% of college students graduated with and financial debt ten years ago. The percentage is closer to 70% now. This comes as no shock considering that tuition fees have risen dramatically in recent years. Median income for most families have not been able to keep up. On top of this federal aid in the form of grants have steadily decreased over the years.

Federal and private student loans have become all to common to compensate for the changing times. According to Dorr’s study, 23% of students have accumulated an upwards of $40,000 in debt after four years in college.

“Such levels of debt constitute a form of indentured servitude for today’s student generation. For ten or more years after graduation, much of the family budget must be spent on debt repayment.”

There are options to consolidate loans and lock in low interest rates. But if you choose a longer repayment period, you might still be paying off your student loans by the time your own children are entering college.

The issue of student debt has also begun to influence the area of career choices. “A 2003 study released by Collegiate Funding Services found that more than 30% of college graduates said they had to take a job other than the one they really wanted in order to pay off their loans. This trend has disproportionately impacted the public-service sector (social service, public-service law, teaching, religious service) because of the traditionally lower-paid jobs in this sector. Those recent graduates who do enter public service often find that their student debt well exceeds their annual salaries.”

Missions agencies have tried to address this issue by allowing potential missionaries to allocate a portion of their fund raising to student debt. For example, “Wycliffe Bible Translators allows up to $24,000 in individual student debt or $36,000 in total family student debt.”

Although most missions organizations encourage beginning missionary service earlier in life than later, raising enough financial support could prove to be difficult if one has significant student debt.

So what’s a college grad to do? Dorr gives a few helpful suggestions.

First, make every effort to pay off all the debt in three years. “This could mean tremendous sacrifice for a few years, but wonderful freedom thereafter – freedom to follow their desired careers, and freedom to support missionaries wholeheartedly and open-handedly.” After I graduated, I committed to paying off my student loans in three years. Actually since my original timeline didn’t include saving for a wedding, my plan has been spread out to a little over four years.
Second, if you haven’t accumulated debt yet, make every effort to avoid it. Apply for scholarships and get those FAFSA applications turned in early.

Finally, Dorr comments on how the education system also needs revamping. Some schools such as Rice University have already begun to cap student debt. Hopefully other universities will follow suit. Until then, wise financial planning and budgeting will help ease the burden of student debt.

This week I’m looking at the issue of missions and student debt. A 2004 issue of Missions Frontier devoted a full issue on the topic, and I hope to glean some helpful advice from the various articles.

Today we look at the article, “Student Debt: A Hurdle Too High for ‘Impact’ Missionaries”. It’s written by Ben Sells, a Senior VP for a student training organization.

Sells begins his article with the reality that too many students are graduating with high amounts of student debt. The debt is putting them on the “sidelines” for world missions because of high monthly payments that can’t be paid on a missionary salary alone. To Sells, this trend is very worrisome because the unique giftings and talents of college grads aren’t being realized if hindered by student debt. He states three specific gifts that young adults have to offer:

1. Younger missionaries are bolder. They seem more willing to take risks, doing whatever it takes to share the gospel.
2. Younger missionaries are teachable. They seem more “trainable,” quickly applying what works in church planting.
3. Younger missionaries are linguists. They seem more efficient and effective in learning language and culture.

The impact that college grads can have is being hindered by student indebtedness. So what can students and parents do? Sells offers three tips in this area.

1. Start earlier on your college career by taking Advanced Placement classes that will gain you college credit. The less classes you are required to take, the sooner you can graduate.
3. Begin your college career at a community college. Many lower division course credits can be transferred to four-year university. Taking a portion of your classes at a community college can significantly reduce your tuition expenses.
4. Ask for more grants. Find out all you can for the various scholarships and grants you may qualify for.

Sells also addresses the potential helps the Christian community can also offer:
1. Churches and Missions organizations should work intimately with students to tackle these issues early on.
2. Churches and organizations provide sponsorship programs where students will receive financial help in return for different missions commitments. This is similar to how the government offers subsidies to public school teachers who are taking classes for credentials.
3. Addressing the issue of student debt is only one aspect of preparing young people for ministry. Churches and organizations should help to train in develop students in a holistic manner.

I agree with much of what Sells has to say in this article. I wish that I had these sort of helps during my college years. I regret taking out some of my student loans when it might have been unnecessary. I could have “survived” financially with a few thousand less each year. Ideally developing a budget early on in my college career would have given me a better picture of how much money I need to borrow. Now I know that having a clearer financial picture and teaching basic finances would greatly be beneficial to students in this generation.

The Festival Of Frugality #66 is hosted this week by The Frugal Duchess.

Make sure to check out my post about car fresheners.

This week I’m looking at the issue of student debt and how it affects those who desire to serve overseas as missionaries or even in the States as traditional pastors. In either scenario, students who want to enter full-time ministry often find themselves deterred by hefty debts they have to pay back for a number of years.

I write with a keen awareness that I fall into this category as well. Fortunately my fiancée has finished paying off her student loans, but I’ve still have a ways to go looking at my recent net worth.

My fiancée and I both have a desire to live and serve overseas for a portion of our lives. We aren’t exactly sure what the timing will be, but we do know that for the time-being we are committed to becoming debt-free and striving to be good stewards of what God has given to us.

Mission Frontiers is a bimonthly magazine that highlights mission trends and current issues. An entire issue was devoted to the topic of student debt back in 2004. By reviewing the various articles from this issue, I hope to bring to light solutions and strategies on the issue of student debt.

This July/Aug issue begins with a dialogue between Ralph Winter, the general editor, and Steven Shadrach a youth worker. A typical college students graduates with an average student debt of about $18,000. The cost of attending university continues to rise from year to year. It is no surprise that even with the financial contribution of parents, students will still have significant debt when they graduate. Why, Shadrach asks, is this an issue of concern?

“Many of these graduates never fulfill that initial calling because (dur­ing the period of time they are paying off their school loan) they get married, buy (and owe on) a house, have kids, advance in their job, etc. and now have such deep roots they are not able (or willing) to go into missions.”

Shadrach distinguishes the difference between consumer debt and school debt. He advises those with significant consumer debt to work hard and pay off the debt as quickly as possible, even if it means a second or third job. “Kill it, then begin support raising. Never accumulate consumer debt again.”

For those with student debt, Shadrach advises a different approach: “School debt? Build it into your budget, go raise your support. Never look back.” Although some may disagree with this, Shadrach probably gives this advice with the fear that people’s passion for missions may die out with the American Dream if they defer going on missions until they finish paying off all their loans.

Winter is mostly in agreement with these thoughts, but adds a few thoughts of his own. Although an $18,000 debt may be justified, what if it was $78,000? “Could that additional $60,000 be avoided from the start? If a student uses borrowed money to pay for more expensive school choices (which school, which dorm, which vacation trips), is that not somewhat in the consumer debt category?” Winter also places value on work experience and how it can provide growth and maturity.

I tend to agree with Winter in the value of work experience. These past few years working as an engineer has given me unique experiences that will prove to be useful in the future. I also believe that the goal of paying off my student loans is my own responsibility and not of potential supporters.

Click here for this article.