Advertising
Advertising

Four Tips to Find Easy Scholarships to Apply For

Four Tips to Find Easy Scholarships to Apply For

Some scholarships will be easier to apply for than others. Keep in mind that if they are really easy to apply for, e.g. if they just require a couple of sentences by way of application (instead of requesting an essay, personal statement, proof of grades, a CV, examples of extra-curricular activities of sports or volunteering) then there will probably be more competition for that scholarship. Everyone wants an easy option and the scholarship may not amount to a high financial reward. That said, you must to be in it to win it and even small scholarships here and there can help.

There are many ways to pay for college. This article focuses on making the scholarship search as easy as possible for you, whilst trying to keep it realistic and relevant to your needs.

Advertising

1. Be prepared.

Be prepared to thoroughly research relevant scholarships yourself and send in the applications. Do not pay someone to do this research for you. Both searching for and completing the applications is time consuming, and it may feel like you are having to repeat a lot of information in slightly different ways, but it’s worth it when successful. If you are put off by applying, other people will be, too. If you actually get your applications in, then you are already one step ahead of most of them. The more you apply for the better. If you have done your research before you start, you’ll have already decided which scholarships are worth your while applying for. You will have checked that you meet all their requirements and therefore stand a better chance of success.

2. Know the amount you want.

To some extent, it depends on how much scholarship money would be beneficial to you. Some weird scholarships are for a lower amount of money, and may not require you to submit such a lengthy essay response, but may offer a $500, $1,000 or $2,000 dollar scholarship to the successful candidate. These may be easy to apply for and easy to find online with a quick Internet search. You can specifically search for “no-essay scholarships.”

Advertising

3. Think outside of the box.

Do you belong to a club or church, or  do you work for a business that funds private scholarships? Are there big businesses near where you live that may offer a scholarship (and perhaps future employment once you have graduated)? It may depend on what sort of study you are interested in, i.e. if it is something like chemistry or engineering then look at large organizations/industries connected to them near where you are located. If they do have scholarships, enquire whether you’re eligible to apply.

There are big companies that offer scholarships. For example: Dr Pepper offers $100,000 to students ages 18-24 years and gives four awards. The entry for this is a 350-word response. Then students need to get friends to vote for them, submit a video, and attend a college football conference championship game. There’s a $20,000 Foot Locker Scholar Athletes Scholarship that gives 20 awards per year; this requires applicants to demonstrate the good skills of being motivated and showing good morals, plus good sportsmanship with a desire to lead. There are certain scholarships affiliated with certain religions such as the Christian College Scholarship worth $2,500.

Advertising

There will be universities that are local to you, universities that teach specific courses that are highly relevant to your chosen area of study, and universities that have outstanding reputations that you’d like to attend. In all of these cases, go directly to the university’s main website and type “scholarships” into the search-box. If they’re good, reputable universities, with a quick search you’ll find all the scholarship opportunities that they have to offer. Some university websites will break this down specifically into subject/department areas for scholarships. If the government of the country you live in funds any research (for example in the UK they have research councils), they’re likely to pay this funding directly to universities, and then they distribute that money as scholarships.

4. Pick the right scholarships.

Just like when choosing college, ensure that the scholarship you are applying for is for something that you are really passionate about and enjoy. If you enjoy what you are applying to do, the application for it will seem easy and not hard work at all. For example, if creative writing is your passion and you want to study that at university, having to complete a creative writing task for your scholarship application should actually be a pleasure. We often excel at what we enjoy, so your application may stand out from the rest. You may find the scholarship application task easy, whereas another person may struggle with it.

Advertising

Many “Easy Scholarships” mean that you don’t have to do a lengthy application form, essay, or show grades, but many students will apply for these. Generally the amount you could get isn’t as great as some other more traditional scholarships unless it’s a promotional one, such as the Dr. Pepper one mentioned in point four above. You can look for many easy scholarships online from scholarship websites. Remember, the more you find and apply for the better.

College life is not easy, but having scholarships will definitely help you financially and that will make your life much easier.

Featured photo credit: StartupStockPhotos via pixabay.com

More by this author

Liem Nguyen

Entrepreneur

Knowledge Is Power: 6 Rules Successful People Live by to Teach Themselves Everything The Common Quality Successful People Have: High Self Awareness Beach in Pattaya Thailand 6 Things To Do When Visiting Pattaya in Thailand Choose a Pefect Name For Your Cat How to Choose a Pefect Name For Your Cat Snake Boat Races in Kerala Six Exciting Attractions and Activities to Enjoy in Kerala

Trending in Budget Activity

1 6 Easy Ways to Treat Yourself 2 7 Websites to Sell Used Stuff Profitably 3 Seven Tips to Save Money While Renovating Your Home 4 4 Ways to Make Every Penny Stretch in 2017 5 Getting Out of Debt in 4 Simple Steps

Read Next

Advertising
Advertising
Advertising

Published on May 7, 2019

How to Invest for Retirement (The Smart and Stress-Free Way)

How to Invest for Retirement (The Smart and Stress-Free Way)

When it comes to stocks, I bet you feel like you have no idea what you’re doing.

Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

Here’s how to invest for retirement the smart and stress-free way:

1. Know Clearly Why You Invest

Odds are you already know why should invest for retirement.

But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

  • Will you spend more time with your family?
  • What does retirement mean to you?
  • Are you looking to launch that business you’ve been holding off for years?

Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

2. Figure out When to Invest

“The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

Advertising

A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

Investing your money well depends on your emotions.

Why?

Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

4. Open a Reliable Retirement Account

Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

  1. Vanguard
  2. TD Ameritrade
  3. Charles Schwab

5. Challenge Yourself to Invest Consistently

Committing to invest for retirement is hard, but continuing to do so is harder.

Advertising

Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

6. Consider Where to Invest Your Money

The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

Robo Advisors

Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

Bonds

Think of bonds as “IOUs” to whomever you buy them from.

Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

Here are the different types of bond categories:[5]

  1. Treasury bonds
  2. Government bonds
  3. Corporate bonds
  4. Foreign bonds
  5. Mortgage-backed bonds
  6. Municipal bonds

Mutual Funds

Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

Advertising

Real Estate

Yes, buying a home is an investment when done correctly.

Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

Savings Accounts

Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

7. Master Disincline to Dodge Short Success

Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

So how can you master delayed gratification?

By building your discipline.

Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

8. Aggressively Invest on This One Investment

I’ve mentioned several types of investments but haven’t covered the most important one.

It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

Advertising

More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

But, how can you invest yourself?

Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

Retire Happy with Excess Money

The key to a secure financial future doesn’t only belong to financial experts.

It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

More Articles About Making Wise Investment

Featured photo credit: Matthew Bennett via unsplash.com

Reference

Read Next