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Chapter 16: Life Skills 101

Being an Informed Consumer

Here are our top tips for shopping the right way:

Ask yourself the big question. "Do I really need this item?" should always be your first line of thought. At the heart of informed consumerism is the ability to parcel out impulse from need.
Comparison shop. There's always someone selling something cheaper-you just have to look around. Online auction houses like Ebay can offer extraordinary values. Online shopping bots-search engines that look for best prices and values-are also worth checking. See the Web Links section of this chapter for more information.
Know the market. To get a really good buy on something, you need to do some preliminary general research. Factors like rarity, seasonality, and public demand can influence the price.
Take your time. Never let a salesperson rush you or intimidate you. You'll come to a decision when you're ready. Until then, they'll just have to sit by and wait.
Keep your receipt. Always…for whatever you buy. Getting into the habit of keeping and filing away your receipts offers an excellent form of insurance against getting burned if the goods turn out to be the bads.
Be skeptical. Read the fine print. Ask the hard questions. If something sounds too good to be true, it probably is. Don't expect miracles.
Know the return policy. Thinking that you can return an item for a full refund and then discovering that you can only get store credit is a distinctly unpleasant surprise. When you're considering making a purchase, ask about the return policy and if you don't like the terms, move on.
Get it in writing. As far as promises, claims, and warranties go, they should always be in writing. By the same token, if you're having an item repaired, get a written estimate before the fact, not afterward.

This is just a start on a complicated subject, but it's a good start. Remember-we all get burned now and then. Learning from our mistakes is the real key to becoming a better consumer.

Reflections on Being a Consumer
Shopping calls upon some of the primordial skills we honed way back when we were all hunters and gatherers. We have to use our eyes, our ears, our noses, and our sixth sense to make a killing. How do you see yourself as a consumer? Does it interest you? Do you consciously work at improving your skills? Have you ever really negotiated for something? Have you ever been "taken"? Reflect on the subject, and see where you can exult and where you can improve.

Understanding Your Rights as a Tenant

Sadly but truly, many students are compelled to move into housing that is distinctly sub-par. The ceiling may be stained, the windows won't stay open, and the bathtub doesn't invite a long soak. While you may be willing to put up with some things that are not aesthetic, you don't have to sit by quietly if your landlord is exposing you to conditions that are unsafe or unsanitary. Broken windows or damaged plaster, insect or vermin infestation, excessive noise, lack of garbage collection, heating problems, and broken locks on doors are all situations that call for action.

As a tenant, you have both clear-cut rights and responsibilities. You are entitled to:

Safe and sanitary living conditions.
A lease that stipulates the conditions and length of your tenancy.
The right to withhold rent if your landlord refuses to make necessary repairs in a reasonable amount of time.

The landlord's responsibilities include:

Making necessary repairs in a timely fashion.
Insuring that the premises, including the exterior grounds of the building, are kept safe and sanitary.
Paying interest on deposit monies.
Entering the premises only at an agreed-upon time to make repairs (unless there is an emergency) or to show the apartment to potential renters if you have given notice that you are moving out.

The relationship of landlord and renter doesn't have to be adversarial. A cooperative feeling between the two parties will make everyone's life easier and will help you enjoy your new freedom and independence. Failing that, look to the Web Links in this chapter for additional resources on tenants' rights.

Safe While Out and About

Of course, you want to go for walks, jogs, and have the freedom you're entitled to. Here are some ways to protect yourself in these circumstances:

Choose well-lit, busy places for your outdoor exercise.
Wear brightly colored clothes and walk or jog while facing traffic. That way, you can see approaching cars.
Do not walk alone, especially after dark. Most campuses have programs where they can match you up with an escort for walks home from the library or wherever. Take advantage of these programs.
Familiarize yourself with emergency campus phones-what they look like and where they're located.
Trust your instincts. If you get a bad vibe, you probably are getting it for a good reason. If you suspect that you're being followed, duck into a store or a restaurant, and call a friend or family member to come and escort you home. If you're not near a store, just go up to the next person you see, explain the situation, and enlist that person's help.
Walk assertively. Look like you're alert and aware. Give off strong body language. If you're in doubt as to what kind of body language you're giving off, ask a friend to assess you and give you pointers.
When riding a bike, always use a bike light at night, wear a helmet, and use a U-lock to secure your bike.

Long-term Financial Planning

Long-term financial planning is critical, but it is something that people find very difficult to do. The sooner you start to plan and invest for the future, the better off you'll be. If you start young, the amounts you need to invest will be smaller because they have more time to grow. If you start late, you will have to invest large amounts each year, which may seriously interfere with your lifestyle. It is crucial to get in the habit of investing regularly, even if the amounts are small. Some of the most common long-term investments are:

Stocks. When you buy stock, you become a part-owner of a corporation. Your profit may come from dividends paid when the company does well, or from selling the stock at a price higher than you paid. Needless to say, you may not profit but may lose instead. Still, over the long run, stocks have been the best choice for long-term increases in value.
Bonds. When you buy a bond, you are lending money and will be repaid on a specific date, often with interest payments in the meantime. Bonds usually involve less risk than stocks, but they do not have as much profit potential.
Mutual funds. Mutual funds pool the money of a group of people and make investments on their behalf. There are stock mutual funds and bond mutual funds as well as funds that combine various types of investments.
IRAs, Keoghs, and 401(k) plans. These are all plans for retirement savings. The money in these plans is usually invested through mutual funds or banks.
Education Savings Accounts. Coverdell and other education savings accounts are designed to encourage people to save for tuition and other school expenses. The money in these accounts grows tax-free and is not taxed when withdrawn for educational expenses.

Keep in mind that all these forms of investment pose some risk. Unlike money in a savings account in a bank, the money you invest in stocks, bonds, and mutual funds is not insured by the federal government. Therefore, when you invest you must be prepared to lose money as well as to make money. Choosing the right types of investments for you means balancing risk and reward. One way to decrease risk is to diversify. That means you spread your investments in different types of stocks, bonds, and mutual funds. If one of your investments does poorly, it is likely to be balanced by another doing well.

From Reaching Your Potential: Personal and Professional Development, 3rd edition by Robert K. Throop and Marion B. Castellucci. Copyright © 2004 Thomson Delmar Learning, a division of Thomson Learning, Inc. All rights reserved.

Building Lifelong Relationships

Networking-also called information gathering-is one way to find out what skills are needed where, what jobs may be opening up, and where you might be able to fit in. You are also trying to build lifelong relationships. If a target area interests you, get to know the people in it and let them get to know you. As time passes, the people you've met hear of things or develop needs themselves. If you keep in touch, they will tell you what's happening. It is a long-term process but an effective one.

The Networking Process
Determine your purpose. Decide what information you want or what contacts you want to build.
Make a list of people you know. Don't say you don't know enough appropriate people. If you know one person, that's enough for a start. Don't discard the names of potential contacts because they are not in a position to hire you. These contacts can be helpful, may provide information, and most likely have other friends or contacts that will move you closer and closer to your targets.
Contact the people you want to meet. In the beginning of your search, practice on people who know you well. If you say a few things wrong, it won't matter. You can see them again later. But as you progress, extend your network beyond those people with whom you are comfortable. As you go further out, you are generally getting closer to where the jobs are.

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