Exclusive Interview With Andrew Schrage, co-owner of Money Crashers Personal Finance

INTRODUCTION: Time is money, they say, and here at Typesy we know that’s true – fast and accurate typists can save hours every week on their keyboard-related tasks, and those hours can be spent focused on earning more money, or managing current assets. Unfortunately, many people just don’t know where to start when it comes to managing their money, and that’s where the crowd sourced website MoneyCrashers.com will help. Founder Andrew Schrage hopes that their site will be the first place people turn for real-life financial stories, tips, and advice.

Typesy: Your first of eleven “Indispensable Principles of Money Crashers” is this: always spend less than you make. How does that work when someone is facing a large financial outlay, like graduate school tuition, a new home mortgage, or an upgrade to the family car to handle the increased demands of a family with children?

The concept of spending less than you make when you’re facing a large financial outlay simply underscores the need to take that monthly surplus when your purchasing is lower than your income, and set it aside in a dedicated bank account. Investing for the future is important (such as for retirement), but so is saving for these types of expenses, such as a down payment on a home or grad school tuition. Normally, these expenses do not come up unexpectedly, therefore, if you always have a savings mindset (and stick to your plan) it makes paying for those items that much more doable.

Typesy: You talk about “financial predators” on your website. Who, or what, are they?

One good example of a financial predator is an investment advisor who may contact you out of the blue offering you a so-called “can’t miss” investment opportunity. If the pitch comes with a guaranteed huge return and no risk, stay away. Another example is if you get a call from a debt collection company that claims you owe a past due bill that isn’t yours. If this ever happens, contact the company in question directly to find out if the debt is valid. Financial predators are everywhere these days, but with a little common sense and good  judgment, you can avoid becoming a victim.

Typesy: Student loan debt is an issue that many people struggle with, and it’s hard to find ways to finance higher education without taking out at least one line of credit. What resources did you draw on while you were at Brown University?

One good example of a financial predator is an investment advisor who may contact you out of the blue offering you a so-called “can’t miss” investment opportunity. If the pitch comes with a guaranteed huge return and no risk, stay away. Another example is if you get a call from a debt collection company that claims you owe a past due bill that isn’t yours. If this ever happens, contact the company in question directly to find out if the debt is valid. Financial predators are everywhere these days, but with a little common sense and good  judgment, you can avoid becoming a victim.

Typesy: Student loan debt is an issue that many people struggle with, and it’s hard to find ways to finance higher education without taking out at least one line of credit. What resources did you draw on while you were at Brown University?

Student loans are important to most people’s ability to finance their higher education. Beyond that, I bought a good amount of my textbooks used rather than at the campus bookstore, and I worked while I was in school as well. I also recommend taking advantage of as much financial aid as there was available.

Typesy: A lot of our readers are working on improving their typing skills so that they can stay competitive in today’s computer-driven workplace, but it’s not just secretaries and other people with typing-focused jobs who benefit from more efficient work habits. What other skills do you recommend that people learn or improve in order to keep ahead of the curve?

Time management is a must no matter the career you’re in. Work from a daily To Do list, and write it out each day with three categories in mind. The first is for things that need to be completed that day, and the second is for items that need your attention but can be put off for a bit. Then, use the third category for minor stuff you can get to if you have slow day. Whatever isn’t crossed off your list simply goes on to the one you write the next morning. Also, limit the amount of online distractions during your work day. Set aside some scheduled time after your work is done for checking emails and social media surfing and if you need to, use software like Anti-Social or Stay focused, which lets you block access to websites that might be keeping you from being productive.