The countdown has begun. On July 1, you can expect your student loans to suddenly cost a whole lot more. The Feds are raising the interest rate; Bush approves, passing bills of his own. So much for helping the poor guys out here.

Here’s how you can expect your student loans to jump from their current rate:
– Stafford in repayment: +1.5%
– Stafford in-school or grace period: +1.9%
– PLUS: +2.4%

Though wait, you can lock in the low interest rates today, which is your weekend homework. You may already be getting endless fliers in the mail from companies urging you to consolidate your loans. Give them a call or check the advertisements we have in the lower left ads on occasion. I did it this week’too easy!

Why should you consolidate?
Loans like Stafford and PLUS are variable, meaning that the interest rate fluctuates, which is great for dropping interest rates. Too bad interest rates are expected to go UP, UP, UP. Consolidating your loan(s) basically means your government loan will be paid by the consolidating company, and now you’ll owe them the payments at a fixed rate. They throw in little incentives like .25% less interest rate for automatic payments from your bank and 1% less interest after paying on time for 36 months.

So consolidate your loans, whether you’re in school, in your 6 month deferment/grace period, or out digging the ditches to pay those suckers off. Just like that, you’ll be saving yourself thousands in interest payments. Not a bad way to reach those millions. (It’s like those Geico commercials– 15 minutes or less could save you thousands on your…)

Yesterday I talked about drawing your own guidelines to create your own unique set of virtues and values. Today, I want you to do exactly that.

Defining what you believe in will allow you to stay true to yourself no matter what the case. With that, let’s get started. I’ll put in a value that I try to live by.

Step 1: Identify and clarify your values – What is important to how you live and how you want to live?

Thrifty – To me money management is important because with it you are able to accomplish dreams and work towards goals. Therefore it is important to keep it managed well.

Step 2: Turn your values into behavioral goals – What can you do to turn your values into measurable goals?

Buy items only out of necessity or sustainable value. Avoid unnecessary spending.

With that I have given my value, Thriftiness, a definition that I can strive for. In the end my definition looks like…

Thrifty – Make purchases out of necessity, wealth building, and goodwill.

Okay, there is my first one. What values are important to you?

Earlier this week, I saw a church billboard that read, “Beat the Easter rush! Come to church this Sunday.”

Aren’t most of us attempting to do the same thing with wealth’discover it today before everyone has a mad dash toward big jobs and big wealth? The key, of course, is to keep on learning. This weekend, consider expanding your knowledge (and wealth) in persuit of these directions:

1. Read essays and books. My favorite book is Rich Dad, Poor Dad, and Charlie Munger (partner with Warren Buffet) always has intellectual ideas.

2. Keep going to school. The local university is offering a comprehensive summer course on how to run/start/manage a business when you’ve never been a business major. Know anything you’d find interesting?

3. Throw a certification or two under your belt. Your state government website will list gobs of professional licenses you can earn like property manager or licensed addiction counselor. A side job, maybe?
All I know is that most lending institutions require an appraisal before they’re willing to offer a prospective buyer a home loan. Guess what’appraisers charge a minimum of $400. For most certifications, you have to take a certain number of course hours, pay annual fees, and log a certain number of hours/projects.

I messed up this week. It was like I ordered the soup of the day, yesterday’s soup of the day, and I couldn’t figure out why the waitress didn’t bring me the soup. I’m kicking myself. Why wasn’t I at the cafe yesterday?  Why wasn’t I at the cafe before everyone else yesterday?

Needless to say, I’ve learned my lesson. If you and I want to play with the big dogs, we have to be thinking like them. They’re the people that are always a buck ahead, a step in the lead, and forever laughing at our lags… unless we change.

In whatever financial avenue you’re hoping to strike it rich in, I’m making some adjustments in my strategy that you might want to consider, too.

1. Network: someone’s always going to know something before you.  Buddy up so they’ll share with you. And if you have to pay them a little, I still think it’s worth it.

2. Have your documents lined up: if you want a stock, have money ready to invest ASAP. If you’re buying a huge investment, establish pre-approval with a bank before the deal pops up. Update your income statements, cash flow statements, balance sheet, checkbook; you want to be ready to go by knowing what you have and showing others what you have, too.

3. Be persistent: don’t let one slip slow you. The soup I wanted was sold out; now I’m watching for when it’s the flavor of the day again.

4. Be ready to drop everything NOW: good deals disappear in minutes. You’ve seen how the stock market fluctuates throughout the day. Other markets do the same. Waiting until the time works for you doesn’t work when you want a deal.

Some people obsessed with Cramer on Mad Money dump all of their money into each stock he recommends that day. The following day, those stocks shoot up as everyone wants to buy. None of those people really makes money, though. How could they expect to? They’re ordering yesterday’s soup.
As for everyone who bought the stock right before Cramer’s tip? Oh yeah, they’re stuffing their faces and smirking at us.

Wouldn’t you prefer to pick your soup and eat it, too?