Taking Charge (2nd ed.), Chapter 3.3
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The document discusses several tips for handling money wisely after getting a new career and salary, including avoiding overspending, paying down debts, contributing to savings and retirement funds, taking advantage of employer benefits, maintaining insurance, and creating a financial plan to balance spending, saving, and investing. It emphasizes avoiding debt, reevaluating financial goals regularly, and having a solid long-term plan to prevent financial stress.
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Taking Charge (2nd ed.), Chapter 3.3
- 1. Handling Your Money Wisely Section 3.3: Professional Financial Management Taking Charge: Chapter 3 © 2010 TSTC Publishing
- 2. Career Money With more money comes more financial responsibility Must manage Personal day-to-day finances Short term savings Retirement funds © 2010 TSTC Publishing
- 3. Back to Basics Avoid temptation to buy, buy, buy just because you can Loans come with high interest rates Adjust income levels to your new salary Remember student loan payments © 2010 TSTC Publishing
- 4. Back to Basics (cont.) Once you have a baseline of your income and debt obligations, think carefully about which items you most need to purchase The 2010 Health care insurance reform changed many things, so be sure to find out what your new regulations are © 2010 TSTC Publishing
- 5. Tips Reevaluate your goals Don’t spend it just because you make it Form a slush fund A savings account from which money flows in and out © 2010 TSTC Publishing
- 6. Tips Take advantage of company sponsored savings plan Know your options Don’t get penalized © 2010 TSTC Publishing
- 7. Tips Don’t forget insurance Continue to pay cash © 2010 TSTC Publishing
- 8. Final Thoughts A solid plan of how to spend, invest and save will prevent financial stress “ Fail to plan, plan to fail” © 2010 TSTC Publishing
- 9. Further Reflection What is a benefit and how does it work? List as many consequences of debt that you can think of. How have you learned to avoid debt? © 2010 TSTC Publishing
- 10. Additional Resources The Motley Fool http:// www.fool.com Share Builder http:// www.sharebuilder.com YOUNG MONEY http:// www.youngmoney.com © 2010 TSTC Publishing