hello everyone I feel very privileged to be here and speak with you all today and
be here and speak with you all today and
be here and speak with you all today and present tips and tools from my budgeting
present tips and tools from my budgeting
present tips and tools from my budgeting for life after college
for life after college
for life after college essentially strategy tools to guide you
essentially strategy tools to guide you
essentially strategy tools to guide you along the road to financial freedom it
along the road to financial freedom it
along the road to financial freedom it isn’t I hope today that you’ll be able
isn’t I hope today that you’ll be able
isn’t I hope today that you’ll be able to leverage some of these tips and tools
to leverage some of these tips and tools
to leverage some of these tips and tools you’ll be able to rethink some of your
you’ll be able to rethink some of your
you’ll be able to rethink some of your own you’ll come up with new ones and
own you’ll come up with new ones and
own you’ll come up with new ones and inspire the ones around you to do the
inspire the ones around you to do the
inspire the ones around you to do the same
same
same most of these served as reality checks
most of these served as reality checks
most of these served as reality checks for me as I entered what is considered
for me as I entered what is considered
for me as I entered what is considered the real world and some of them I took
the real world and some of them I took
the real world and some of them I took the initiative to research and share
the initiative to research and share
the initiative to research and share with the people around me and ask them
with the people around me and ask them
with the people around me and ask them to do the same so we’ll jump right into
to do the same so we’ll jump right into
to do the same so we’ll jump right into saving and budgeting then we’ll go to
saving and budgeting then we’ll go to
saving and budgeting then we’ll go to depth and retirement and I’ll give this
depth and retirement and I’ll give this
depth and retirement and I’ll give this an 8 what I think is easy-to-follow
an 8 what I think is easy-to-follow
an 8 what I think is easy-to-follow steps for you to leverage today so tip
steps for you to leverage today so tip
steps for you to leverage today so tip number one is just a projection you want
number one is just a projection you want
number one is just a projection you want to have a realistic number that you’re
to have a realistic number that you’re
to have a realistic number that you’re dealing with in terms of your income
dealing with in terms of your income
dealing with in terms of your income this includes your salary your
this includes your salary your
this includes your salary your Commission any funds that you plan to
Commission any funds that you plan to
Commission any funds that you plan to receive so you have a number to be
receive so you have a number to be
receive so you have a number to be working with tip number two is your
working with tip number two is your
working with tip number two is your expense tracking lock must take notes
expense tracking lock must take notes
expense tracking lock must take notes when we go out and we actually spend you
when we go out and we actually spend you
when we go out and we actually spend you date the time what when and why we never
date the time what when and why we never
date the time what when and why we never do that one can give receipt will common
do that one can give receipt will common
do that one can give receipt will common category
category
category and feel sorry that you feel limiting
and feel sorry that you feel limiting
and feel sorry that you feel limiting that leads us to your forecasting
that leads us to your forecasting
that leads us to your forecasting abundance that projected pain that
abundance that projected pain that
abundance that projected pain that you’re dealing with and your expense
you’re dealing with and your expense
you’re dealing with and your expense categories you want to take per sentence
categories you want to take per sentence
categories you want to take per sentence and allow them to the different expense
and allow them to the different expense
and allow them to the different expense categories you have a number to help you
categories you have a number to help you
categories you have a number to help you some tangible everyone for example if I
some tangible everyone for example if I
some tangible everyone for example if I see five hundred dollars of monthly
see five hundred dollars of monthly
see five hundred dollars of monthly income I know that I have $750 a lot
income I know that I have $750 a lot
income I know that I have $750 a lot towards how you want to hold yourself
towards how you want to hold yourself
towards how you want to hold yourself account
account
account that way you know where the rest of your
that way you know where the rest of your
that way you know where the rest of your findings come work to create all the
findings come work to create all the
findings come work to create all the habits it is a constantly eliminate such
habits it is a constantly eliminate such
habits it is a constantly eliminate such as that we really don’t need how he
as that we really don’t need how he
as that we really don’t need how he knows can be hit on when you does it
knows can be hit on when you does it
knows can be hit on when you does it comes on the down
comes on the down
comes on the down scone coupons before you shop and what a
scone coupons before you shop and what a
scone coupons before you shop and what a black paper I’m sorry about that I
black paper I’m sorry about that I
black paper I’m sorry about that I thought you all could hear me number
thought you all could hear me number
thought you all could hear me number four is create healthy habits this is
four is create healthy habits this is
four is create healthy habits this is running a tighter ship think of ways
running a tighter ship think of ways
running a tighter ship think of ways that you can eliminate expenses next
that you can eliminate expenses next
that you can eliminate expenses next I’ll step into depth credit cards and
I’ll step into depth credit cards and
I’ll step into depth credit cards and financial aid make more than the minimum
financial aid make more than the minimum
financial aid make more than the minimum payment on your bill with the highest
payment on your bill with the highest
payment on your bill with the highest interest rate and make minimum payments
interest rate and make minimum payments
interest rate and make minimum payments on everything else and I want to
on everything else and I want to
on everything else and I want to illustrate an example of why it’s
illustrate an example of why it’s
illustrate an example of why it’s important to pay more than a minimum on
important to pay more than a minimum on
important to pay more than a minimum on your debt bills in this example you have
your debt bills in this example you have
your debt bills in this example you have three individuals for up with the $4,000
three individuals for up with the $4,000
three individuals for up with the $4,000 credit balance one plays the minimum
credit balance one plays the minimum
credit balance one plays the minimum balance and it costs them over $2,000 to
balance and it costs them over $2,000 to
balance and it costs them over $2,000 to borrow $4,000 worth of credit it takes
borrow $4,000 worth of credit it takes
borrow $4,000 worth of credit it takes them over seven years to do so and as
them over seven years to do so and as
them over seven years to do so and as you can see in the last example this
you can see in the last example this
you can see in the last example this person borrows the same $4,000 and it
person borrows the same $4,000 and it
person borrows the same $4,000 and it only takes them two years to pay back
only takes them two years to pay back
only takes them two years to pay back their debt and they borrowed the same
their debt and they borrowed the same
their debt and they borrowed the same amount for only five hundred and eighty
amount for only five hundred and eighty
amount for only five hundred and eighty four dollars worth of interest you want
four dollars worth of interest you want
four dollars worth of interest you want to be the person that’s all the way to
to be the person that’s all the way to
to be the person that’s all the way to the left
the left
the left who pays the littlest and takes the
who pays the littlest and takes the
who pays the littlest and takes the shortest amount of time to pay back
shortest amount of time to pay back
shortest amount of time to pay back their debt for the same amount
number six is borrow efficiently I want
number six is borrow efficiently I want to bring special attention to the last
to bring special attention to the last
to bring special attention to the last one which is read the fine print before
one which is read the fine print before
one which is read the fine print before you sign your name on the dotted line
you sign your name on the dotted line
you sign your name on the dotted line you want to understand your full terms
you want to understand your full terms
you want to understand your full terms of your credit card agreement this one
of your credit card agreement this one
of your credit card agreement this one serves as the shock to me as there were
serves as the shock to me as there were
serves as the shock to me as there were balloons and some agreements I didn’t
balloons and some agreements I didn’t
balloons and some agreements I didn’t know what I was the full terms of my
know what I was the full terms of my
know what I was the full terms of my agreement and what what happened under
agreement and what what happened under
agreement and what what happened under penalty if I was to default on some of
penalty if I was to default on some of
penalty if I was to default on some of my payments so you want it may be
my payments so you want it may be
my payments so you want it may be tedious but you want to read the fine
tedious but you want to read the fine
tedious but you want to read the fine print financial aid this one is near and
print financial aid this one is near and
print financial aid this one is near and dear to me because going on going into
dear to me because going on going into
dear to me because going on going into graduate school application processes I
graduate school application processes I
graduate school application processes I didn’t know how I was going to finance
didn’t know how I was going to finance
didn’t know how I was going to finance my graduate education and sometimes we
my graduate education and sometimes we
my graduate education and sometimes we have to go above and beyond to secure
have to go above and beyond to secure
have to go above and beyond to secure these funds acquire them and keep them I
these funds acquire them and keep them I
these funds acquire them and keep them I was accepted into the school I’m now at
was accepted into the school I’m now at
was accepted into the school I’m now at which is NYU and I first I received my
which is NYU and I first I received my
which is NYU and I first I received my acceptance letter with no award reward
acceptance letter with no award reward
acceptance letter with no award reward for funding and I had to think about how
for funding and I had to think about how
for funding and I had to think about how am I going to finance it took searching
am I going to finance it took searching
am I going to finance it took searching researching emailing the president and
researching emailing the president and
researching emailing the president and not until that happened and I did those
not until that happened and I did those
not until that happened and I did those things that I received a new letter that
things that I received a new letter that
things that I received a new letter that gave me a full tuition scholarship that
gave me a full tuition scholarship that
gave me a full tuition scholarship that I’m able to leverage today so you want
I’m able to leverage today so you want
I’m able to leverage today so you want to go the extra mile and really really
to go the extra mile and really really
to go the extra mile and really really think of all the ways that you can
think of all the ways that you can
think of all the ways that you can finance your education and leverage
finance your education and leverage
finance your education and leverage financial aid lastly I want to talk
financial aid lastly I want to talk
financial aid lastly I want to talk about retirement and give you a quick
about retirement and give you a quick
about retirement and give you a quick statistic in 2014 thirty percent of
statistic in 2014 thirty percent of
statistic in 2014 thirty percent of private workers who had access to a
private workers who had access to a
private workers who had access to a defined contribution plan such as a 401k
defined contribution plan such as a 401k
defined contribution plan such as a 401k did not participate it is important to
did not participate it is important to
did not participate it is important to think about retirement saving and
think about retirement saving and
think about retirement saving and leveraging these tools such as
leveraging these tools such as
leveraging these tools such as investment retirement accounts sooner
investment retirement accounts sooner
investment retirement accounts sooner than later and in this example we have
than later and in this example we have
than later and in this example we have early Aaron and late Lucy era begins at
early Aaron and late Lucy era begins at
early Aaron and late Lucy era begins at age 23 he invests for ten years so when
age 23 he invests for ten years so when
age 23 he invests for ten years so when he has this lump sum of $20,000 at age
he has this lump sum of $20,000 at age
he has this lump sum of $20,000 at age 33 he has over $30,000 when he accrues
33 he has over $30,000 when he accrues
33 he has over $30,000 when he accrues interest however he stops at age 33 but
interest however he stops at age 33 but
interest however he stops at age 33 but that lump sum accrues interest all the
that lump sum accrues interest all the
that lump sum accrues interest all the way till his age 65 and when he turned
way till his age 65 and when he turned
way till his age 65 and when he turned 65 he has close to $500,000 and it’s a
65 he has close to $500,000 and it’s a
65 he has close to $500,000 and it’s a retirement account where as late Lucy
retirement account where as late Lucy
retirement account where as late Lucy starts at age 35
starts at age 35
starts at age 35 she invests all the way contributes all
she invests all the way contributes all
she invests all the way contributes all the way until age 65 in she has $60,000
the way until age 65 in she has $60,000
the way until age 65 in she has $60,000 in his account to accrue interest when
in his account to accrue interest when
in his account to accrue interest when she retires at age 65 she only has two
she retires at age 65 she only has two
she retires at age 65 she only has two hundred and seventy two thousand six
hundred and seventy two thousand six
hundred and seventy two thousand six hundred and fifteen dollars which
hundred and fifteen dollars which
hundred and fifteen dollars which doesn’t really compare to Erin’s who
doesn’t really compare to Erin’s who
doesn’t really compare to Erin’s who hadn’t been investing in this account or
hadn’t been investing in this account or
hadn’t been investing in this account or contributing to this account since he
contributing to this account since he
contributing to this account since he was age 33 so it pays more to start
was age 33 so it pays more to start
was age 33 so it pays more to start earlier and let that money accrue
earlier and let that money accrue
earlier and let that money accrue interest due to the time value of money
interest due to the time value of money
interest due to the time value of money money received today is worth more in
money received today is worth more in
money received today is worth more in the future so it’s more valuable to get
the future so it’s more valuable to get
the future so it’s more valuable to get started sooner than later tip number
started sooner than later tip number
started sooner than later tip number eight and the last is just continue to
eight and the last is just continue to
eight and the last is just continue to increase your ways of making saving a
increase your ways of making saving a
increase your ways of making saving a priority my favorite is pay yourself
priority my favorite is pay yourself
priority my favorite is pay yourself first whether this is you setting a
first whether this is you setting a
first whether this is you setting a money envelope if when you get paid you
money envelope if when you get paid you
money envelope if when you get paid you have a deposit account that’s going to
have a deposit account that’s going to
have a deposit account that’s going to deduct funds automatically however you
deduct funds automatically however you
deduct funds automatically however you find ways to pay yourself when you pay
find ways to pay yourself when you pay
find ways to pay yourself when you pay others and pay your bills you want to
others and pay your bills you want to
others and pay your bills you want to make it a priority to make sure that you
make it a priority to make sure that you
make it a priority to make sure that you receive some of that money that you’re
receive some of that money that you’re
receive some of that money that you’re taking in for your future loved ones for
taking in for your future loved ones for
taking in for your future loved ones for yourself or your family whatever reasons
yourself or your family whatever reasons
yourself or your family whatever reasons you have you want to pay yourself worth
you have you want to pay yourself worth
you have you want to pay yourself worth so now what acts that you leverage one
so now what acts that you leverage one
so now what acts that you leverage one of these tips if not all of them you
of these tips if not all of them you
of these tips if not all of them you think of the ones that you’re using
think of the ones that you’re using
think of the ones that you’re using today in 2017 and you revamp them you
today in 2017 and you revamp them you
today in 2017 and you revamp them you inspire others you share them with
inspire others you share them with
inspire others you share them with everyone that you know so you can be
everyone that you know so you can be
everyone that you know so you can be more financially literate and sounded
more financially literate and sounded
more financially literate and sounded free than you already are today I’m your
free than you already are today I’m your
free than you already are today I’m your financial literacy advocate and it’s
financial literacy advocate and it’s
financial literacy advocate and it’s been a pleasure to speak with you all
been a pleasure to speak with you all
been a pleasure to speak with you all thank you
”
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