Live Richer

Meet With a Career Counselor

If you’re not sure what the ideal job is for you, start by meeting with a career counselor who can help you identify jobs your skills would be a fit for, as well as the types of roles that would enable you to live the life you want.

Get Organized

Come up with a checklist of all the things you need to do to prepare for your job search, and set target dates for achieving each one. This will ensure you’re ready to go when it’s time to apply.

Research the Industry You Want To Be In

If your goal is to work in a different industry, start by doing your research. “Get a feel for the way the industry and respective companies function in the world, the services they provide to others and the types of jobs in that industry that could pose as a potential new career,” said Matthew Warzel, president of MJW Careers. “I love using Google News, Google alerts, Salary.com, Glassdoor, Indeed and LinkedIn to uncover industry and job research.”

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1. Find Out How Much Debt You Have

Having a clear view of how much you owe and to whom will help you to tackle your debt, and could even make it seem more manageable. Compile a list of all your debts that includes the following:

• The name of each creditor
• How much you owe
• The interest rate on the debt
• The minimum monthly payment
• Your credit card statements also show how much you’ll need to pay each month to pay off all your debt within three years. Include this number on your list as well.

2. Lower Your Interest Rates, If Possible

With high interest rates, your debt will continue to rise more quickly, making it harder to pay off. One way to lower your interest rate is to make a balance transfer to a credit card with another bank. Some credit cards have 0% APR for 18 months, so you can use this time period to pay off your balances without your debt rising every month. However, it’s important to note that there is sometimes a 3% to 5% fee for balance transfers.

Other ways to lower your interest rate is to call your credit card company or lender directly and ask for an interest-rate reduction, or you could use a debt consolidation loan to combine all of your credit card payments into one single payment with a lower interest rate. However, keep in mind that a longer loan term means you’ll be paying interest over a longer amount of time, which could end up costing you more. Do the math to make sure consolidating is worth it before you commit.

3. Calculate Your Monthly Payments

Go back to your list. Add up the three-year payoff amount for each of your credit cards, plus the monthly payments for all of your other debts. This is the total monthly payment you should aim to make each month.

4. Come Up With an Action Plan

Once you know your total monthly payment, determine if this is something you can realistically pay each month. If making this monthly payment is not feasible, meet with a bankruptcy attorney or credit counseling agency to figure out your next steps.

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How To Live Richer in Your 20s

• Build Good Financial Habits
• Build Up an Emergency Fund
• Save For Retirement
• Start Investing

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How To Live Richer in Your 30s

• Define What a ‘Rich Life’ Looks Like for You
• Negotiate Your Salary Whenever You Are Given the Opportunity
• Make a Plan for Paying Off Your Remaining Student Loans
• Be Dedicated About Paying Down Your Other Debts

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How To Live Richer in Your 40s

• Start Setting Firm Retirement Plans and Goals
• Maximize Your 401(k) Contribution
• Be Prepared for the Unexpected
• Invest in Your Health

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