Today’s post comes from guest blogger and former Biz Kid$ host Austin Siedentopf.
Hey there Biz Kid$,
Not too long ago I had to make a really tough decision, but taking control of my personal finances made the decision much easier. Let me lay it all out for you.
I received two pieces of really good news in the same week. First of all, I had been accepted into a study abroad program in Prague. I would get to live and study in Europe for three whole months! And then the other piece of good news hit: I was being offered my first real adult job at my university’s television station! A major step up from my student-job. But then I realized something. I couldn’t do both…
My position was set to start just as I would be leaving for Prague. If I left, they would have to hire someone else, and there’s no way to get my work done from the other side of the earth. I had to pick one. Would it be a dream first-job, or an experience I would never forget?
Sounds like a pretty tough choice doesn’t it? I knew that I was going to have to think long and hard about my personal finances in order to sort all this out, so I opened up my spreadsheets and started to get to work.
I won’t bore you with all the facts and figures, but I realized a couple of things once I looked at all of my personal finances. First, studying abroad is really expensive; more expensive than I thought it would be. I couldn’t cover the costs all by myself and I was going to have to take out a loan if I wanted to go. Second, there would be major opportunity costs. I wouldn’t be able to make any money working my student-job while living abroad, and once I got back I still wouldn’t have a job at the station. Who knows how long it would take me to get another job, or a job that would be as cool as working in TV?
Then I looked at the costs of taking the job, and then I realized that there was only one cost. I wouldn’t be able to go to Prague right now. Prague would still be there if I took the job, and if I did a little bit of saving I could go there in a few years with no problems. The costs of traveling right now far outweighed the costs of taking the job.
So I decided to take the job and start saving up for travel. And you know what? I’m really happy with my decision. I was able to use my awareness of my financial situation to start managing the big choices in my life. After all, that’s what money is all about. And now I get to look forward to walking the beautiful streets of Prague someday. I’m proud to feel so responsible, and
I hope that one day you will feel just the same. Take it easy, Biz Kid$