Hello from England

[NICK870123]

Hi people, or should i say fellow future millionaires

Right now I've got myself into a fairly sticky situation.

Heres a little snippet about my self.

I come from England, i have NEVER had a job in my LIFE and i don't know what to do.

I just graduated from doing a BSc in Computing. and i am currently looking for a job, the problem with that is that where ever i apply no one wants to give me a job because i have no experience. I've argued to the employers that- "how can i get experience when you wont give me a job", lol but in some way i agree with them as experience is a key. Now im not a rich person, the opposite really, im quite broke with $45,000 in debt (to cover the degree). so im now gonna start a new degree by getting a loan from the bank $20,000 to be precise, i told them im currently looking 4 a job and they said ok thats fine. So i was surprised to get the loan.

The thing is i dont know what to do as a career, all i know is that i want 2 make a lot of money, but lets face it so does everyone else in the world. I just dont know what i want 2 do, as i am deeply in debt.

Anyway...

So i have now decided to do a masters.

so i would really appreciate it if you would give me advice on what to do?

Thanks

Much help is needed.

 

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[Runum]

Hi people, or should i say fellow future millionaires

Right now I've got myself into a fairly sticky situation.

Heres a little snippet about my self.

I come from England, i have NEVER had a job in my LIFE i just turned 21 two weeks ago and i don't know what to do.

I just graduated from doing a BSc in Computing with Business Management with a First class degree. and i am currently looking for a job, the problem with that is that where ever i apply no one wants to give me a job because i have no experience. I've argued to the employers that- "how can i get experience when you wont give me a job", lol but in some way i agree with them as experience is a key. Now im not a rich person, the opposite really, im quite broke with $45,000 in debt (to cover the degree). so im now gonna start a new degree by getting a loan from the bank $20,000 to be precise, i told them im currently looking 4 a job and they said ok thats fine. So i was surprised to get the loan.

The thing is i dont know what to do as a career, all i know is that i want 2 make a lot of money, but lets face it so does everyone else in the world. I just dont know what i want 2 do, as i am deeply in debt.

Anyway...

So i have now decided to do: MSc in Technology Entrepreneurship at a top university which is ranked as the 9th best university in the world.

For my dissertation i have to do a business plan, but currently i dont know what to do it on. I can do it on anything i want. so i would really appreciate it if you would give me advice on what to do?

Thanks

Much help is needed.

OK, I'll jump in on this one. Welcome to the forum. I understand you just graduated and now have $45k of student debt and no job. You don't know what you want to do so your going to go borrow $20k more for more education. How is going $20,000 more in debt going to help you figure out what you want to do?

You have completed 4 years of school and still have no idea what interests you? You never had a job through college? Why not?

My suggestion would be to go to the job placement department of your college and take one of those aptitude tests. Maybe they have some interest tests as well. I would also see if there are any jobs posted there and start getting better at your interviewing skills.

Since you asked, I don't think you should go deeper into debt until you have some kind of plan. We do have a great thread about plans here, but it's more oriented to figuring out what resources you have.

http://www.thefastlanetomillions.com/your-goals-your-fastlane-plan/544-how-develop-your-plan.html

Good luck.

 

[NICK870123]

thanks for your speedy reply.

Well the $45,000 student debt can only be paid once i start to earn at least $30,000 a year and then only $90 will be taken out of my account each year that i earn at least $30,000. If i earn under $30,000 then i don't have to pay anything back. So the $45,000 debt can only be paid once i get a job which pays $30,000 a year.

The $20,000 loan from the bank i have 5 years to pay off, so i thought that i would get another degree with that money and invest in my education for a year and after i graduate next year, i can get a good job.

Problem with that is what kind of job. Admittingly i have gone a bit lazy cause i havent had a job in my life. And my thoughts are that if i get an extra degree than people would pay me more money to do what they want me to do.

Also the reason why i never had a job through college was that the student loan of $15,000 a year helped me out. So i just lived on the loan and that made me lazy and job terms.

So i thought that the entrepreneurship aspect of the course would give me ideas to set up a company, i had an ebook business but that barely broke even, but i did learn alot from it. So i thought that the new course would help me out in some way.

Thanks for your advice though i really appreciate it.

Anyone else who wants to comment on this subject would be great.

 

[Runum]

So, just because you don't have to pay any payments on the $45,000 does that mean it won't be accruing interest? By your logic just keep your reported income below $30,000 a year and you never have to pay back the loan. Doesn't sound right to me.

So, you want advice but you're not giving enough information? You haven't told us your major in college. You haven't explained clearly, to me, what another $20,000 debt is going to get you that you can't already get. Sorry, I know you can get a job. It may not be doing what you want but you can get a job.

You have internet experience and you broke even. Congratulations. Figure out what worked and what didn't work and try again. Do more of what worked and less of what didn't work.

Did you read the thread about the plan? Have you read any of the success stories here? Don't get the illusion this is easy. Many of us have started from nothing and eaten a lot of sparse meals.

 

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[NICK870123]

About the loan payments, it does incur interest but only a small amount no more than 3%. And as mentioned if you earn less than $30,000 a year than you don't have to pay anything back. Its the best type of loan that you can get in the UK.

I majored in COMPUTING with BUSINESS MANAGEMENT and $20,000 is going to pay my tuition fees and accommodation costs. And yes you are right i can get a job like a pizza boy or a cleaner, but thats just de-motivating for me and ain't going to help me. My current rent is $2,500 a month for a 2 bed flat. and working for those kinds of jobs isnt gonna help me much in the short term.

About my internet ventures, it was going great, i spent 5 months building the business day and night and when it finally took off PayPal blocked my account and i had no say in it what so ever, one of the reasons for unemployment in one of my college years was because of the internet business, i actually thought that it would sort out everything for me, but without paypal i lost the best payment method from my customers. so that de motivated me- i spent so much time and effort on it thorugh selling on amazon and writing business e-zines and after the account got blocked the business went down with it.

This is the last info on the business from my ebay profile:

[REMOVED]

ive read some of the success stories and they are inspiring for me, im just stuck in the middle right know on what to do.

 

[Runum]

If your living place costs $2500 a month and the $20000 loan goes to cover tuition fees and living expenses you aren't going to make it through the year. $2500 x 8 =$20000

So, in 8 months and $20,000 more in debt, what job will it get you?

You really need to read more of those stories. Lot's of successful people have worked in crappy jobs that were beneath their abilities just to keep food on the table.

Let me put it to you as nicely as I can, you sound like you are not prepared to do whatever it takes to succeed. You sound like you want someone to knock on the door and give you a job paying X amount just because you have a degree. You sound desperate and confused but not willing to work. Why are you living in a 2 bedroom place? Why not a 1 bedroom? Married, kids?

My prediction is that you are going to have to do some things you don't want to in order to get where you want.

You said don't know what you want, correct? How can I help you find what you want? What caused you to major in COMPUTING with BUSINESS MANAGEMENT?

 

[Kung Fu Steve]

Well nice to meet you, but Runum is right.

Education while great and all, it is a great investment, but the best education I've had has never been in school.

I learn from people like these guys, I have several mentors outside. Going further in to debt is plain ridiculous in your situation. You will be back to step one: where you are at now. You can't get a job because you don't have the experience. You can't pay your rent because you can't get a job. You "don't have to" pay back your loan because you don't have any money now, what happens when you actually get a job? Yeah it's $90 a month but that won't even put a dent in $45,000!!!

I may ask some goofy questions on this board but I KNOW I have the right mindset. This is what you need to change in my humble opinion.

Two suggestions:

1. change your vocabulary. Every time you say "I can't" it's true. Find a way. Like Runum said some of us on here had no choice but to be successful, it was either that or shrivel up and die.

2. learn about financial statements and the flow of money. Basic rule number 1 is don't spend more than you earn. Don't spend money you don't have! This is why most Americans are in so much trouble. They spend more than they earn!

 

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[NICK870123]

I'm sharing the flat with my friend, he pays $1,700 a month and i pay $800 a month, he doesn't mind paying more because he comes from a wealthy background.

Yes i will keep reading the stories, i only joined this forum yesterday so it may take some time to read all of them.

Yes you are right that i sound like i am not bothered to work for a job that is "beneath" me. I need to get that out of my head and find a job that would keep me going. even if it is below me. I need to be more pro-active and less pessimistic. Its just a little daunting to get that job when u havent worked for anyone and you want 2 b your own boss.

I do sound desperate and confused but not willing to work, i need to change that and work on it if i am to get to where i want to be in the future. I know it isn't an easy ride, and i need to change myself because my view is a bit arrogant like "ive got a degree, now give me x amount of money", i need to change that mentality.

What caused me to major in both was that i was interested in both topics, i was interested in computers, but i hated programming. the business side of it i liked, and helped in day to day in the e-business. plus i thought that after i graduate i have 2 options to go to instead of one, and now it is the business option. So i thought taking the extra degree will enhance and broaden my business skills. as i wanted to be a business analyst after i graduated. But know im not sure and just want to be my own boss. cause i dont want to work for anyone.

i know i need to change this attitude, i just dont know where to start.

 

[Kung Fu Steve]

degrees don't help you own your own business

 

[Runum]

Thanks for the back up Steve. :icon_super: You got it right.

NICK870123, congratulations, we now have common ground! Yep, got it, want to be your own boss, want to be rich. Don't know what to do.

Well, I'm glad you stuck it out this far. That counts for something. How long until you have to make a final decision on the loan? I know that I would not do that loan unless I had a fool proof, guaranteed plan as to how it was going to benefit me. More debt and no plan sucks.

Yep, you're right, reading those stories is going to take some time. Well, you don't know what you want to do but you want someone else to fix it for you. Sorry, this isn't college, this is life. No one tells you what direction to take anymore. These stories were put here but successful, hard working people. People that paid their dues. These people put those stories out there for people just like you.

In order to get help with your decisions you have to help yourself. Do some more research find out where your interests lie. You have to take an active part in your future.

I do know that being an employee can have it bad sides but starving because you want to be the boss really isn't cool.

What turns your crank? What just gets you all fired up?:fastlane:

 

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[NICK870123]

Hey Steve i know that the degree wont help me own my own business, that i need to do by myself. But what it will give me is something to fall back on if my business venture doesn't work out. If it doesn't work out than im sure some small company is going to wanna employ me, even for an admin job. I have until the end of august to make my mind up.

Another option is get a $10,000 5 year loan and work part time during the degree. this way i can kinda do both and after i finish the degree i have 4 years to pay off the loan.

More debt and no plan sucks big time. But at the uni interview the course director said that i would meet potential investors and that i can show them my business plan, if they liked it, they would invest in it. I know that it aint guaranteed that they would invest on the business plan, but thats why i have 6 months to do it in. That i one possible benefit in doing the course. Its the networking involved in it.

I need to do more research in what i want to do and how i can achieve in doing it. I mean its my future and i need to say where its going to go, cause for many years i ask my mates and they tell me where they think i should go. I need to change that.

What i want to achieve is to be a success in my family. As i am the first person in the family ever to get a degree. And they have high hopes on me. They are pushing me to get a job, they are also happy that im doing an extra degree, Its just hard to meet their expectations when i dont even know what to do. Thats part of what gets me fired up, that i want to proof to them that i can be a success i the family, but not in the way that they want me to be (jobs).

I shall start looking for jobs on the net from now on, and find a job that a monkey can do that pays peanuts, but its something i guess.:coffee:

 

[veli]

Nick: I dont have any good suggestions other that I agree with whats already been posted by runum etc.
I see from your last post that you want success to show your family that you can do it.
I think first and foremost you shouldn't really care about what others think. Do it FOR YOURSELF! Only way you will succeed. And dont allow yourself to be "bullied" around for what you should do etc, find it out yourself. Easier said than done, I know, but once you get something down in writing (like someone posted earlier, PLAN), you will see that you will be more alert to ideas, and from not knowing where you are going, you will probably end up having too many ideas.
Keep the faith, but work hard! Good luck man.

 

[Runum]

I need to do more research in what i want to do and how i can achieve in doing it. I mean its my future and i need to say where its going to go, cause for many years i ask my mates and they tell me where they think i should go. I need to change that.

What i want to achieve is to be a success in my family. As i am the first person in the family ever to get a degree. And they have high hopes on me. They are pushing me to get a job, they are also happy that im doing an extra degree, Its just hard to meet their expectations when i dont even know what to do. Thats part of what gets me fired up, that i want to proof to them that i can be a success i the family, but not in the way that they want me to be (jobs).

I shall start looking for jobs on the net from now on, and find a job that a monkey can do that pays peanuts, but its something i guess.:coffee:

See the bold print above. From reading this I am concerned that you are transferring that to us. First they tell you what they want and you did it. You may be so mentally trained that you are always wanting someone to tell you what to do or what they expect of you. Now you want us, new people in your lives, to tell you what to do.

This is the big leagues, you are going to have to develop a backbone and some balls and make your own decisions. You are going to have to do the reading and research and stick your neck out. Yep, you will screw up. You learn from the mistakes and go on.

What you seem to be doing is allowing and wanting someone to make the decisions for you. This is safe. You can always gripe and moan if it doesn't work out because "they" told me to do this or that.

I really wish you well on this. You are a smart, capable person. If you decide to get a lower paying job then you do it because you chose it either voluntarily or by past mistakes, not because I told you to.

While you are working the menial job you can be working on your business to prove to your relatives. Good luck.:cheers:

 

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[NICK870123]

hey, no im not transferring anything to you guys. i just want a different perspective in my situation. about the people telling me on what to do including families, well ive been in a bubble for all these years where i haven't worried about money or the future because i just lived with my parents and after moving out to go uni, all this happened. I always thought i still have a couple of years to make my mind up on what i want 2 do in the future. I mean your right i gotta start acting like an adult and stop complaining about everything.

Need to be more optimistic. Stop letting people tell me what to do cause i dont have a clue, need to make it by myself, cant blame others for my downfall. Look for a low pay job at around $16-18 an hour. Use that and research where i want to go next, set up a plan for the future, need to write it down, and how can i improve my position and get to where i want it to be.

Just need to get a better attitude and do what i need to do to get there. Cant wait for a "miracle" to happen, need to go out there and make it work. No matter what it takes because there are a lot of people out there that are in a worser situation than mines.

 

[Runum]

+++speed

Good for you. I know from your perspective things look like they aren't well. Give yourself some credit. By completing your degree you do have some credibility. You have demonstrated that you have the ability to do what it takes to see tasks through to the end. You must have the ability to do some reading, calculating, and research.

Unfortunately you ran up some sizable debt while demonstrating and developing these skills.

Now you need to take those skills and use them in different ways.

You need to develop a PLAN. http://www.thefastlanetomillions.com/your-goals-your-fastlane-plan/544-how-develop-your-plan.html

You may think things are bad now but these days make you who you are. Spend some time figuring out what you want, what you have, and where you want to go. You have some time to do this. Write it all down. Yeah it will change as you progress. Do it for you and no one else.:cheers:

 

[NICK870123]

Thanks for the advice, i was reading the plan post, and is really insightful to me and is perfect for developing a plan on any level.

Now i need to spend the next couple of days wisely in determining what do in the next chapter of my life. as i haven't really sat down and wrote things down ever, i just take every day as it comes along, i don't really plan for the future.

That i must do now, and the next step logically should be how to reduce the debt that i already have. Interest rates on that loan is actually 4% than 3%. I need to take care of that than running into more debt, id just be digging myself into a much bigger hole. With the new loan.

I just gotta spend the next days to outline what i want to do next without listening to anyone about it. It has to be my decision, and i gotta follow it, of course it might change as i go along but i need something solid that i can work on, at least thats a start.

 

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[Runum]

Great to hear.:great: After you write your plan down and you go over it some, if you feel like some constructive criticism, post it on a new thread or on the make a plan thread. You need to know your why's and as much of your how's as you can.:icon_super:

 

[NICK870123]

Thanks Runum.

I hope to finish the plan by this Friday and if i finish it sooner i will post it up for your constructive criticism. Why do i want to do it and more importantly how will i be able to achieve them. I just watched the Randy Pausch video on youtube and it was very inspiring. Hopefully i can take a few things that he said and and write a list of all the things that i have always wanted to do, and this will help me develop my plan and keep me in the right direction.

Need to plan for the future. I will start tomorrow morning, i just hope that i don't procrastinate to much and get to the point of it with no distractions.

 

[Beepers]

Go and do the 30 day challenge.
www.thethirtydaychallenge.com

Learn how to make your first money online.
Then repeat in another niche.
Then repeat.

Crazy going into more debt. And the time you'll waste.

 

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[MJ DeMarco]

Welcome to the board Nick.

 

[HenkHolland]

Hi Nick. Welcome.

You were looking for a job with your BSc degree and every potential employer you turned to did not hire you because you don't have experience. If you go for the MSc degree in Technology Entrepreneurship you will be one year older and still won't have any work experience. So, that degree is not going to help you imho. On the contrary, it loads more debt on your shoulders.

As recommended by others: get a (lower level) job in an industry that appeals to you and learn as much as possible. In the meantime you can start working on your own business plan and start your own business on the side. Then, at some point you should be able to quit the job and live from your business income.

 

[NICK870123]

Thanks for the info HenkHolland, by the way beepers, i went to the thethirtydaychallenge website and it was parked. ah well ill find another website like it.

And runum, ive finished the first part of my plan. which sets out the goals that i want to achieve, its about 3 pages long wight now in bullet point format. The second part i will be working on is the finance, how much is it going to cost me to run everything from domain registration to hosting to adwords and so on. The third and final part is how am i going to implement the the goals, like what actions i need to take to MAKE IT HAPPEN.

There are 10 separate businesses that i want to implement. Now i have to do the2 parts that i have left to complete my business plan. Ill post it up when im finished. Atleast im making progress i guess, just taking time though but well worth it rather than going in without a plan.

About the loan issue, ive decided that i will NOT be taking up another loan from the bank to get myself further into debt. But i have decided that i DO want to do the extra course as it would help me develop my business plans more throughly.

To resolve the issue, i will take up a "low level" job near the uni to finance my studies as well as my new business on the side. This way i can learn both ways without going further into debt doing what i love best- learning from books as well as learning from practical experiences.

what do you think?

 

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[Runum]

Wow, what an attitude turnaround. Most impressive.:great: It's cool about the other class and your strategy to pay for it is great. I hope it works out for you Nick. Keep us posted on your progress.:cheers: