Managing Risk

Managing Risk

It took me awhile to understand the idea of managing income risk after college. The first couple years of my college career, I cared more about getting by, having a good time, and not spending much time worrying about what my future holds. I was an undeclared major, and didn't make a transfer until junior year. Again, this was because of the lack of time spent thinking about what the best major for my future could be. 

I took out many loans to pay for tuition and joined a fraternity, both of which I am still in debt for. I applied for a credit card simply so I can spend money on a new pair of speakers for my room, so as to make for a louder and more fun year. It is obvious that I was careless, and thought in the present as opposed to the future. Now, I still need to pay off my debts, and in order to do so, I need to secure a job where I am well-off enough to do so. 

So, I decided to major in Economics. I am currently a senior, and am still not entirely sure what I want to do, but Economics seemed to be the safest choice in terms of applying it to a wide variety of careers. Not only that, but it interests me. I was considering advertising as well, as in a way, I consider myself a creative and I enjoyed the advertising class I took freshman year very much. However, I think I was thinking more about the long term when making the decision. I knew the amount of debt I have, and I know the type of life I want to live after college. I want to be able to pay off my debt as quickly as possible, and still be able to go on vacations, and eventually start a family. I think majoring in Economics was one off the first steps I made towards managing my income risk. 

My summers, on the other hand, were wasted in my opinion. Since starting college, my summers always consisted of working at retail stores or restaurants, making money here and there to save for the school year and have a decent summer, but not giving much to talk about with future employers. At this point, I will have to sell my experiences as much as possible. One experience I did choose that benefits me is studying abroad. Last semester, I studied in Vienna, Austria and studied at the Vienna University of Economics and Business. The experience was incredible, and certainly gives me plenty to talk about with future employers and recruiters. It came at a price, however. My program was one of the longest running programs available, and I wasn't able to return home until mid-June. This was a problem, as I missed out on potential summer internships, a path that many took. Some would say that this puts me at a disadvantage for getting a job. 

My siblings aren't the greatest example for someone to look up to. I was the first out of my three siblings, two being older than me, to apply for and attend a four-year university. I had to be my own role model, because I have different goals than they do. My friends are probably the best example, as I have seen many of them graduate and obtain jobs months before they do. Many have chosen to live at home with their parents for a little while after college to save money, something that I certainly don't prefer to do as I want to live in a big city, but something that might be necessary. Along their college career, many were involved in clubs or other organizations that added to their success, a reminder that I should take as much initiative and get more involved with the time I have left.