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A word on my math skills, or lack thereof

May 25, 2011 By 3 Comments

Math Matters, by Simona

My recent spate of studying for the GMAT was extremely frustrating.  I went on the official site and downloaded their study materials so I could get a couple of different ways to re-learn all the stuff I have clearly forgotten.  They make a point of telling you on the site and in the materials that the math on the test is low-level high-school math.  I was heartened by this comment until I started to plow through the stuff.

Here’s the thing; I did fine in math in high school.  I had some problems with geometry that were quickly cleared up with a little private tutoring, but otherwise I was pretty much an A student.  I did better in math on the ACT and SAT than I did the other subjects.  It wasn’t my favorite, but I made an effort while in class.

However, I have not done any factoring of equations for over twenty years.  And somewhere along the line, I forgot most of the geometry I worked so hard to master (I remember how to get the area of a square, a cube, and a circle – that’s it.)

Now, I can appreciate that all the math I learned way back then helped me with logical thinking.  (Ok, that’s debatable, but think how much worse I could have been without it.)  I also appreciate that when dealing with math, there is usually one correct answer, and that’s it.  Your grade does not depend on agreeing with the teacher, or what kind of mood he or she was in that day. 

Despite my high school math teacher’s continual assertions that I would need it, I have yet to find a practical use for advanced math.  In my twenty-odd years since my last math class I have never had the occasion to solve for x, figure the square root of a number, or calculate the mass of an object outside of the occasional trivia question.  The only reason I’m trying to learn this stuff again is because the GMAT is required by the schools I’m applying to. 

If I had done this right after college, it would have been no problem.  I’d still be in the study-regurgitate mode, and only four years away from high school math.  But, I’ve been in the real world a long time now and my brain has decided to remember other things – like commercials I enjoyed in 4th grade.  I can’t help it; I feel somehow penalized for not rushing into a degree I didn’t know I’d want or need when I was younger.

I want to get into business school, and I understand that business requires math for things like accounting.  I also know that if I get in a program I will have to take business math classes because I did not take them in college.  Even if I slam dunk the GMAT I will still have to take those classes.  So, what does it matter? 

Hell if I know. 

I’m fairly convinced that if I manage to get a decent score, get into grad school and make it through all the business math, I’ll still use only basic math and programmed formulae on computers once I start a real job.

Meanwhile, I’ll plug along feeling brain-dead and stupid, humming old tunes I haven’t heard in thirty years.

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Back from vacation: Any good advice out there?

December 28, 2010 By 2 Comments

It’s taken me all day to sit down and write a new blog post.  I have been incredibly lazy for the past week, and it has been heavenly.  I am wholly unrepentant that I did nothing but tweet a little and comment on Facebook.  However, all good things must come to an end; especially in my situation.

Today was supposed to be the beginning of such tasks as making a new budget for 2011 and getting a credit counselor.   I did make a phone call to the company my employer has contracted to help with such things, but that turned out to be a bust.  The woman on the phone was very nice, but had nothing useful for me.  Apparently, I can get psychological counseling, career counseling, and access to the “resources” aspect of their website, but no actual help with finances.  The resources section basically said get a budget and find a reputable credit counselor; stuff I had already figured out on my own.  There were no referrals, no real hints (“don’t spend so much” wasn’t quite what I was looking for.)

The lack of help pretty much took the wind out of my sails.  It’s hard enough to call up a total stranger and tell them I’m in need of financial relief, let alone have them say they can do nothing.  I’d like to know if I have any options, but my online research is leading me to believe all the companies are out to rip me off.  So, here’s request #1 for all you readers; is there a credit counseling company out there that can actually help?

I’m also hoping there’s a nice program out there that helps you fill out a budget – for free, of course, I can’t be spending any more to get this straightened out.  So if anyone knows of something, pass it on in the comments. 

This year was all about identifying the wounds and stopping the bleeding.  I really want to make 2011 the year I begin healing.

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Turkey’s gone; better tighten your belt

November 29, 2010 By 2 Comments

Thanksgiving has now come and gone and the pressures of the real world descend again.  It was nice being able to take some time off with family, but now it’s time to deal with all the everyday stuff.  We found out last week that Alex’s contract runs out on December 31st, so we’re back to one (small) income at that point.  December is usually a terrible time to be job hunting; even the temporary holiday work has usually been filled by now.  It’s put a damper on moving possibilities.  Even though we knew it was coming, I still had hopes that the job would last long enough for Alex to seamlessly find something else and that we would be in our own place by mid-December.  Silly me; I have no idea what made me think that I could make plans.  Whenever I try these days they end up getting changed.  Sure, sometimes for the better, but it would be nice for something to go smoothly for once.  With just a cursory look at our finances, I can see that losing what he’s making and adding in a rent payment would cause us to eat away at our savings at a pretty alarming rate. 

So, my next move is to see if I can somehow get our debt reduced.  I’ve been trying to put a little extra toward each bill every month in hopes of getting out quicker and reducing our monthly need.  This isn’t going to be possible much longer, so I’m looking into one of those reduction programs.  I have my doubts, but a friend is in one right now, so I’m hoping he can advise me on which program actually works.  If I can get the credit cards under control (I stopped using them ages ago, now it’s just trying to get rid of what’s there) it should help our monthly output quite a bit.

Looking online, there seems to be a difference of opinion on whether or not those programs work, or if you can do the same thing yourself.  The key, of course, is to stop spending like crazy and once you’re out of debt, not turn around and sink yourself into the mire again.  Therefore, it’s time to look at our spending again and tighten the belt a little more.  I’d love to say we’ve already cut to the bone, but we both sure like to eat out and buy books.  Ah, well.  It won’t hurt my waistline to eat in and I won a Kindle in a drawing, so the books will be cheaper, or even free (better start revisiting the classics to do that.)

All this just in time for Christmas!  Yaaay!  Guess all my gifts will be made of macaroni and popsicle sticks this year.

(Completely off subject, but speaking of Christmas; I saw a Dear Prudence column where a lady had decided to knit socks for all the kids in her son’s preschool class.  Who in the world thinks that would be a good idea?  Even if hand-knit socks were comfy, what kid wants socks for Christmas?  She wanted to know if it was ok to ask that the kids return the socks if they didn’t like them so she could give them to someone who would.  I’m thinking she was going to end up with a big bag of little kiddie socks.    Maybe she could get a chihuahua and make it wear them.  It’s wrong on so many levels.)

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How to survive a short sale: Part 4 -Wait

November 15, 2010 By Leave a Comment

Send in your stuff and wait

And wait, and wait some more.

To start, here’s a few packet submission hints:

  • Try your best to send absolutely everything in at one time.  You have a much bigger chance of something going astray if you do this process piecemeal.  Don’t give the lender any opportunity to reject you because something is missing.
  • Put your loan number on everything.  Many lenders require this, but I suggest you go ahead even if they don’t.  Again, you want this to go as smoothly as possible; both for yourself, and the mortgage company.  This way if something gets dropped on the floor or set aside, it can easily be traced back to your packet.
  • Keep copies of your entire packet.  There’s a good chance something will get lost and you don’t want to have to take the time to recreate anything.
  • Don’t send originals!  You may need them for something else later.  None of the materials you send off are going to be returned to you.

Once you have submitted your packet, your next step is to bide your time until an answer comes.  Barring some sort of last-minute force-through, your short sale will not be approved quickly.  It’s nerve-wracking, but don’t panic if you haven’t heard anything in the first few weeks.  Millions of homes are in foreclosure and pre-foreclosure right now.  That’s a lot for the mortgage companies to wade through, and in certain respects, you really are just another number.

Some mortgage companies have very strict rules on communicating at this point.  Your realtor will have read the materials (right, guys?) and will know if the company expects you to wait a full month before contacting anyone.  This is mainly because your packet has to be received, sorted, and input before anyone with authority even looks at the information with an analytical eye.  If you call too early, you are only going to be frustrated by talking to the poor person who sits in front of a computer all day, trying to calm down panicked homeowners by means of a badly-written script.

If you are lucky, you will have a company that employs someone to confirm that all your materials have arrived.  Companies that ask you to fax your documents are often the ones with this service.  (And thank heaven for that; faxing is not my favorite way of sending anything important.  Too often not all the pages go through or you can’t read half of them, or someone forgets and chucks them in the garbage.  I’ll fax then snail-mail the documents just to be sure.)  Wait about a week and a half before calling to check up on your documents.  Then, if anything is missing, you can get those things in as quickly as possible.

Your realtor will have taken point on negotiations with the lender, so let her/him do it, don’t muddle things by calling constantly without them knowing.  Be sure to keep them in the loop.  If you have questions, ask your realtor first, then go to the mortgage company if you need more information or you’re advised to do so.  Whatever you do, try not to let this part of the process weigh on you.  At this point there is nothing you can do, so you should try to relax.

The takeaway advice:

  •  Sellers,  If you’ve put together your packet properly, you should have no reason to panic.  I can’t say you’ll be able to kick back and enjoy the wait period, but it isn’t a time for excessive worry.  You’ve done your best and now it’s up to others. 
  • Realtors, be patient with edgy clients.  You’ve guided them this far, but they still have an unresolved problem on their minds.  Please be sure to check the lender’s rules on communications, but don’t let too much time pass before you check in.  Be sure that you keep your client in the loop, too.  Establish a communications pattern with your client.  Let them know you will call once a week on a certain day, and they won’t be as inclined to hound you for information you don’t have.

With any luck, the end of your wait period will come with a confirmed contract for sale.  Good luck!

Next week: What to do when the sale fails.

The Waiting – Tom Petty and the Heartbreakers

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