by Ryan on March 18, 2010
Are you concerned with the highest paying jobs and top careers, or are you more concerned with job satisfaction?
Right or wrong, one of the first criteria many college students look at when choosing a college major is how much the job pays right out of college. It’s always a good idea to know how much you can earn in any given field, but choosing your career path based solely on potential income is probably not the best way to make major life decisions – and when you look at the list of the 10 highest paying college degrees, you will see why. It takes a special mindset and skill set to get a degree in most of these fields.
Top 10 Highest Paying College Degrees
This list covers the starting salary for the top 10 paying undergraduate degrees for 2010. It does not cover the top paying 2 year degrees (such as some nursing degrees), or starting salaries for those with professional degrees, such as doctors, lawyers, MBAs, etc.
The starting salary information was provided by National Association of Colleges and Employers (NACE) which analyzed data from 200 college career centers at public and private institutions across the United States.
- Petroleum Engineering ($86,220)
- Chemical Engineering ($65,142)
- Mining & Mineral Engineering (incl. Geological) ($64,552)
- Computer Science ($61,205)
- Computer Engineering ($60,879)
- Electrical/Electronics & Communications Engineering ($59,074)
- Mechanical Engineering ($58,392)
- Industrial/Manufacturing Engineering ($57,734)
- Aerospace/Aeronautical/Astronautical Engineering ($57,231)
- Information Sciences & Systems ($54,038)
Best Undergrad College Majors By Starting Salary
This is another salary chart, this time breaking down the salary ranges into starting median salaries (Blue) and mid-career median salary (Gray). Methodology Used: Annual pay for Bachelors graduates without higher degrees. Typical starting graduates have 2 years of experience; mid-career have 15 years. See full methodology at PayScale for more information.
Engineering & computer degrees have highest starting salaries
Regardless of which of these two lists you use, it is clear that the top 10 college majors, as far as entry level salary are concerned, share a common denominator: they are all based in science or engineering. In the NACE starting salary report eight of the top 10 highest paying college degrees are engineering degrees and the other two are related to computers and information sciences. The Pay scale report lists 7 of the top 10 as engineering degrees, two related to computers, and economics (though it appears economics makes this list based on the mid-career salary than starting salary).
What are the highest paying jobs?
The jobs in these lists are some of the top career choices for starting salary, but that does not mean they are the highest paying jobs overall. These lists were compiled to compare starting salaries of jobs requiring a four year degree. Some jobs that require additional degrees, skills or certifications may pay more than these jobs, even at the mid-career salaries you will find on the PayScale chart. Some examples of higher paying jobs can be found in the medical field (doctors, anesthesiologists, surgeons), lawyers, MBAs, and similar jobs. Many people who get into top management or run a profitable small business also earn more than the top salaries you can earn in the jobs listed above.
Chase your passions – don’t let starting salary be your guide
Starting salary is important, but it shouldn’t guide your life or every decision you make. Engineering and computer science are great fields to get into, but unless you are passionate about the subject, you probably won’t enjoy the required schooling or the job. You will probably be much better off in the long run if you go after the career that offers you the most job satisfaction.
by Ryan on March 17, 2010
If you are a small business owner looking to outsource something you either don’t have the time or the skills to do, or if you are a freelancer or contractor looking for work, then I highly recommend checking out oDesk.
oDesk is an online marketplace that unites Providers (freelancers or contractors) with Buyers, people looking for skilled workers to fill specific tasks or needs. The needs of Buyers and the range of skills featured by the freelancers is very diverse, so there is probably something for just about anyone looking to outsource a job or make a little extra cash.
oDesk – bringing freelancers and businesses together
What is oDesk? oDesk provides a venue for Buyers to list jobs and Providers to list skills and services. oDesk receives 10% of the transaction in return for hosting the venue and providing a rating system for the freelancers and series of checks and balances to safeguard both the Buyer and the Provider. More on this in a moment.
Who is oDesk for? Basically anyone who is looking outsource personal or business tasks, or any freelancer or contractor with skills to offer.
Benefits of using oDesk – Buyer’s perspective
oDesk brings together thousands of freelancers and contractors with a wide variety of skills and price ranges to fit the needs of your task. Simply open a free account, list a job, review the bids, interview the applicant, hire the best fit for your job, and get results. There are no listing fees or ongoing fees and you only pay when you hire someone. You can also submit jobs to be completed at an hourly or fixed rate, so you know what your rough costs will be before you accept a bid.
Reviewing applicants. You have access to a lot of information when hiring a freelancer on oDesk, including the Provider’s oDesk ratings, work history, examples of past work, and list of current assignments. oDesk also offers over 140 online skills tests freelancers can take that show their proficiency in various skills such as computer programming, software programs, SEO, various technical skills, and the English language (many freelance workers are overseas).
Hire contractors – not employees. This is a major item for small business owners. The oDesk terms and agreements stipulate all work sourced via the oDesk platform is contracted work and under no circumstances constitutes employment. That means you aren’t liable for any employment taxes, benefits or other issues that arise from hiring employees.
Benefits of using oDesk – Provider’s perspective
Freelancers and contractors can offer their services at the rates they desire and can bid on any job they are qualified for. This allows the freelancer to bid for jobs based on their skill level, availability, and hourly rate and only accept the jobs they have the time and expertise for.
Guaranteed weekly payment. Freelancers also have guaranteed payment for their hourly work. oDesk uses an online software program called the oDesk Team application to track worker’s progress. This is in place to protect both the Buyer and the Provider.
What kind of services do oDesk users provide?
Just about anything you want or need – technical skills, web or logo design, programming in various languages, article writing, and more. Here is a small sampling of the skills you can find on oDesk:
- Web Development: Computer programming (26 programming languages/formats listed), custom coding, eCommerce, project management, user interface design, etc.
- Design and Multimedia: Logos, graphic design, audio visual production, 3D modeling and CAD, and more.
- Writing and Translation: Technical writing, Article writing, Website content, Copywriting, translation, and more
- Software development: Desktop applications, gaming, software plugins (including custom WordPress plugins), mobile apps (iPhone, BlackBerry, Google Android, etc.), VoIP, etc.
- Customer Service: Phone support, customer service, tech support, etc.
- Sales and Marketing: Press releases, advertising, SEO, SEM, Public relations, online surveys, and more
- Network & Information Systems: Database development and management, network support and more
- Business Services: Accounting, bookkeeping, payroll, financial planning, etc.
- Virtual Assistants
Overall thoughts on oDesk
I love it. I have outsourced a lot of things for my small business in the past, but usually to people I had a direct relationship with or through a friend of a friend. This is the first time I have gone onto the marketplace to solicit bids for technical or design work, and I am happy with the process and the results.
I will definitely use oDesk for future needs, and I have no problem recommending it to both individuals or small businesses looking to outsource specific tasks, or freelancers who are looking to make a little extra money. I think there is something for everyone and at just about any price level. Sign up for a free oDesk account to get started.
by Craig on March 16, 2010
Does your teen need a student credit card?
In the financial field, there is a lot of debate on the topic of teenagers and credit cards.
On one hand, some people advise that teens get credit cards so they can learn how to use them responsibly. On the other hand, some think that this is like handing a teenager a loaded gun.
I’m of the opinion that teens should learn important credit card facts. However, teens should learn important money lessons before they start using credit. That doesn’t mean you need to get a credit card for your teen, but they should be educated about credit cards so they are prepared to use them if they ever get one.
Important Note: With the new Credit CARD Act, a person must be 21 years old to get a credit card unless someone co-signs for the credit card, or they can show proof of income and ability to repay loans.
10 Facts Teens Should Know About Credit Cards
- A credit card is a contract. When you sign up for a credit card, you agree to certain terms and conditions. When you buy something, you have already agreed that you will pay them for every dollar you spend.
- Unpaid bills put you further and further behind. They lower your FICO score which may be important to your financial future. In your teenage years, you should be getting ahead financially, not falling behind.
- A credit card offer in the mail does not make you special or important. Owning a credit card does not make you cool. I remember the teen years – everything is about status. Somehow our teens are being taught that a credit card is a status of adulthood.
- The minimum payment is not what you should pay – pay the balance in full. It really sounds like the credit card company is cutting you a deal. “You owe me $150, but I’ll just take $25 for now.” Never pay the minimums. Pay your balance in full every month.
- Grace period is not an act of kindness. This is another deceptive term. Once again, they make it sound like the credit card company wants to buddy up. I’ve found that if I don’t pay the bill right away, I’m more likely to forget to pay the bill. As a result, I pay the balance when I get the bill.
- Get the right credit card for you. The best way to get a credit card is to match your needs with credit card features. This typically does not come in the form of a direct mailing. If you want a credit card, shop around and find the card that has the best features for your needs, not the logo of your favorite sports team (for example a 0% APR credit card, a 0% balance transfer, or rewards credit card).
- A higher credit limit is not the goal. In many ways, a high credit limit can be dangerous. Instead, decide how much you might need and ask the credit card company to lower your limit to that amount. Typically, a teen’s limit does not need to be above $500.
- Interest rates and fees. Credit card companies make their money by charging interest and fees. The more interest you pay, the less money you have to save towards your future. Believe me, your future self won’t be too happy if all he or she can do is pay interest.
- Never lend your credit card or credit card number. Also, credit card companies will never ask for your account information. If someone calls and asks for your credit card information, hang up the phone and dial the 1800 number on the back of the credit card. If they need something, they will help you through that number.
- People spend more money with credit cards than cash. I’ve tracked my own spending, and I agree that people do spend more with credit than cash. So why do people keep using credit cards? Basically, because credit cards have advantages over cash.
Credit Card Considerations For Parents
With the new CARD Act, a person must be 21 years old to get a credit card unless someone co-signs for their credit card o they can show proof of income. Don’t get them their own credit card and co-sign. If you do, they have the card, but you are financially liable. If you want them to have a card, add them to your account so you can monitor all their transactions. Take away their right to use the card the first time they violate a spending limit.
Alternatives if you are not comfortable with giving your teen a credit card:
- Debit card – Open an account in their name and get a debit card for that account. This way they cannot spend more money than is in the account.
- Prepaid credit card – you will have higher fees with a prepaid credit card, but at least you can control the spending.
- Teach them to use cash – there is nothing wrong with the old cash system.
Anything else you think teens should know before using a credit card? Should teens be permitted to use credit cards?
by Ryan on March 15, 2010
I have a special presentation today – the 42nd edition of the Best of Money Carnival. The BoM Carnival is a gathering of personal finance articles submitted by bloggers from around the world. The host site then has the task of reading through the entries and selecting the 10 best to share with his or her readers. This is actually a fun task and not as easy as it sounds because there are usually quite a few great articles. But it is certainly rewarding to be introduced to new websites and bloggers through events such as this.
There were 46 entries this week, so I had the pleasure of reading a wide variety of personal finance articles this weekend.
Something for everyone. We’ve got topics covering college education, careers, retirement planning, estate planning, real estate, investing, making money, money management, charitable gifting, fables and more. There should be something for just about everyone!
Below are the 10 best articles from this week’s entries. The articles I selected were those that offered a unique perspective or idea on personal finance. I tried to include a variety of articles and perspectives. I hope you enjoy them.
Note: the host blog is required to pick a weekly winner, which is not an easy task! I listed my favorite from this week first, then listed the other article in no particular article. They should all offer readers a valuable perspective or bit of information.
Best of Money Carnival – March 15 Edition
Learning Financial Lessons From Aesop’s Fables posted at The Amateur Financier.
The Amateur Financier shares an entry about about some of the useful financial lessons hidden in plain sight in the fables of Aesop.
Sunk Costs and Underwater Mortgages posted at The Oblivious Investor.
Mike Piper writes: If you’re considering selling your house, how should the price you paid for it factor into the decision? (It shouldn’t.)
Dollars Spent posted at Do You Dave Ramsey?
Dave Ozment reminds us that spending money is dynamic and isn’t just a once or twice a month event. Maybe it’s time some of us review our spending patterns.
Easy Money: Good and Not So Great Ways to Get Money Fast posted at PT Money.
PT Money presents: How can you get cash quick if you needed it badly? Let’s say some unfortunate event happened and you needed a large sum of cash immediately (within a day or two). You’ve got no time to actually get a job to earn or make extra money. How could you get some easy money?
Top Tools for Analyzing Your Salary posted at Free Money Finance.
FMF shares some tools to help you find out how much others in your position make so you can potentially ask for a raise.
Great Financial Advice From The In-Flight Safety Handbook posted at Enemy of Debt.
Brad Chaffee shares a post for the person who is always helping others but struggles to get ahead themselves. If they were to read the in-flight safety instructions about how to use the oxygen mask on an airplane, they would learn why they are going about it all wrong. (Hint: Take care of yourself first).
Charitable Gifting Rules for Baby Boomers posted at Consumer Boomer.
Consumer Boomer presents: If you’re considering leaving a legacy to your favorite charity, here’s a rundown of the gifting rules on some of the more popular options.
Financial Retirement Planning For A Life Expectancy of 100 posted at The Digerati Life.
Silicon Valley Blogger asks: How long do you think you’ll live? The real question here is whether we are financially prepared to address our requirements as we age.
How To Make Sure Your IRA Beneficiary Gets Your Money When You Go posted at Wealth Pilgrim.
Wealth Pilgrim helps us prepare: If you make any one of a list of mistakes completing your IRA beneficiary forms, your IRA beneficiary could be very upset…and broke. Here’s how to make sure that doesn’t happen.
Why Parents Shouldn’t Pay For Their Kids’ College Education posted at Studenomics.com.
MD @ Studenomics shares his perspective on why parents shouldn’t pay for their kids college education. There is a good debate in the comments section worth reading.
Thanks for joining us for this edition of the Best of Money Carnival. For more information about the BoM Carnival, visit the Best of Money Carnival home page or the blogcarnival page. Next week’s edition will be held at ErikFolgate.com.
by Guest Contributor on March 12, 2010
In an earlier post I addressed the moral obligations of making your mortgage payments and not walking away from a home when you can afford the monthly payments. But, I also mentioned that there are people out there who really can’t afford their payments.
There are many homeowners out there who want to stay in their homes, can’t afford the mortgage and don’t know where to turn. While there’s no guarantee of a mortgage modification, there are options out there that many struggling homeowners aren’t aware of.
Housing counseling
Homeowners who can’t make their mortgage payment have options. The first person they should seek out is a housing counselor. The U.S. Department of Housing and Urban Development has a list of certified housing counselors in every state. These counselors are trained to help homeowners assess their financial situation and explore every option available to help them stay in their home, including working directly with your lender. Plus, the counseling is free.
Government programs are available
There are federal programs to help some homeowners. The most known program is the Making Home Affordable Program, which aims to assist homeowners through refinancing or a mortgage modification. One important benefit of the Making Home Affordable Program is that borrowers do not have to be delinquent on their mortgage to get help. In fact, to get a refinance the borrower cannot be delinquent.
Loans held by Fannie Mae or Freddie Mac may be eligible for refinancing. Other loan servicers may also participate in this program. A list of participating loan servicers can be found on the program’s web site.
If refinancing isn’t an option, there is also the option of a mortgage modification under the Making Home Affordable Program. The modification options may include the lender lowering the borrower’s interest rate, extending the term of the loan to up to 40 years or deferring the principal of loan.
It is important to note that accepting a mortgage modification could have a negative impact on your FICO credit score and you could end up with a balloon payment due at some point.
In addition to the federal program, some states have programs available to help homeowners who are facing foreclosure. Housing counselors in your state should be aware of these programs.
Work directly with your lender
Just because your loan isn’t held by a service provider that is working with the federal program, that doesn’t mean you don’t have options. You can call your lender’s loss mitigation department on your own; however, working with your lender through their loss mitigation department can be a difficult and frustrating experience. Housing counselors have experience dealing with lenders and navigating the process to get a mortgage modification.
Some mortgage modification options are similar to the federal program options such as stretching the length of the loan or allowing for a deferment of the principal of the loan. In very limited cases, the lender may be willing to forgive a portion of the loan. However, this isn’t very likely, especially if there isn’t a case of extreme hardship.
Get help now
Mortgage modifications are very complicated. There are many variables that factor into whether or not a borrower can get a modification based on each individual’s situation. The biggest thing I can stress – besides getting help from a HUD-certified housing counselor – is to get help as soon as you realize you may not be able to make your mortgage payment. Don’t wait until you’re behind on your payments to get assistance. And, if you are already behind and haven’t talking to a housing counselor, do so immediately. Working with a professional is the best way to ensure that you’ve explored every option to help you stay in your home.
Links to Resources:
Find out if your home loan is held by Fannie Mae or Freddie Mac
Kristen Doerschner is the public relations coordinator for a non-profit debt relief agency and a freelance writer. Through her writing, Kristen covers a variety of topics, but specializes in issues related to financial education.
