FINDING YOUR PASSION: ONE SIZE DOESN’T FIT ALL

Q. I’m a 23-year-old single mon and I’m completing my degree. Now that I’m a mother I feel  pressured to pick a career path and be successful. After much self-analysis, I’ve realised that while I am enthusiastic, energetic, and adventurious, I have the tendency to lose interest on the job after a short time. I’m scared to step out for fear of making the wrong decision. Please help.

A: Certainly, one size doesn’t fit all. If you know that one job for the rest of your life won’t do, then it’s time to pursue your passion. One place to start is by picking up a copy of Create a Life That Tickles Your Soul: Finding Peace, Passion and Purpose by Suzanne Zoglio. By reading this book and doing the exercises within, you’ll find that the secret to a fulfilling life begins with you, and not others’ expectations of you.

Try this self-analysis exercise:
Write down five things that you enjoy doing and five things you are good at. For example, if you like to help people and you’re good at math, then consider becoming a teacher or even a stock broker. To put your passions to practical use, work with a temporary agency doing different types of jobs. Also, volunteer your time and services at local organisations. You never know, something in your off time may pique your interest for making a possible career choice.

TRANSFER OR PAY IT OFF?

Q: I currently have a Visa card with a $1,500 balance and a 10.9 percent interest rate. I’m considering obtaining a Visa with my credit union with a rate of 8.9 percent and transferring the balance. Would this negatively affect my credit score? Would it be better to use my savings to pay off the balance? N Powell

A: If you have enough savings, it is always better to pay-off your debt. This will improve your credit score and save you the monthly 10.9 percent interest you would have to pay on any balances. Over the course of a year, those interest payments add up to hundreds of dollars. It may also be beneficial for you to obtain the lower interest rate credit card purchases, and it is always better to obtain a lower interest credit vehicle before you really need it.

If you obtain the credit union card and transfer the balance from your original Visa, it would be viewed as a pay-off of your original Visa card, which is favourable, and will not hurt your credit score. If the balance transfer includes a promotional zero interest rate, you could then pay-off your debt over a period of months without incurring interest. Paying off the balance of your new credit union card would also be viewed as responsible debt handling — another plus for your credit score. However, the addition of a new line of credit could also hurt your credit score.