Be Good To Your Money Bulletin http://ezezine.com
ON THE AIR!!
LIVE Sunday Morning, June 24th at 8:30 AM (CST) on www.WYLDFM.com .
The listeners of "Sunday Journal" (in New Orleans) will help me
continue the discussion on my new book BE GOOD TO GOD'S MONEY. One of
the burning topics of discussion will be "Are ministers ripping the
members off?" If you have an opinion or comment on this subject,
please feel free to email me BEFORE or AFTER the show at
begoodtoyourmoney@juno.com.
MONEY TIPS FOR HIGH SCHOOL AND COLLEGE GRADS
If I could go back in time, I would do certain things differently
(financially). I wish that, when I was younger, someone had sat me
down and told me a few things about money.
If you're young, take a seat and listen up. These gems will help you on
your quest for financial success.
1. GO TO COLLEGE. You may want to do something that doesn't require a
college degree. For instance, you may dream of playing professional
golf or running a barn and training horses. But give serious
consideration to enrolling in college anyway. Yes, it's a major
investment, but if your parents are unable to help you pay for it, make
it happen yourself, even if it means taking out loans. One way to save
on costs: Go to a community college first; then transfer to a four-year
university after two years.
It's easier to get a degree when you're young than when you have a
home, family and all the adult responsibilities that go with these
things. Your earnings potential increases significantly with a college
degree -- which will come in handy if your other dreams don't
materialize.
2. FIND YOUR PURPOSE. If you're having trouble figuring out what you
want to do with your life, look within. You were born with certain
talents and natural abilities. You know which subjects you excel in and
which ones you struggle with. Choose a career that enables you to
maximize your gifts in a way that fulfills you or helps others. As you
grow, your career may change along with your desires. But for now,
gravitate toward a field that feels like home.
3. BEGIN YOUR RETIREMENT PLANNING WITH YOUR FIRST JOB. This tip is so
important. If the company you work for offers a 401(k) plan, sign up at
your first opportunity. If there's no such plan, divert some of your
paycheck into an IRA. Setting up automatic contributions to either one
of these retirement vehicles at a young age will help you build wealth
painlessly.
Naturally, the more you earn, the more you can stash away. A better way
to invest: Rather than target a specific monthly dollar amount, sock
away 7 percent of your earnings in the beginning, and increase it each
year a little bit until you're diverting 15 percent a year.
4. PLACE A VALUE ON MONEY. It doesn't buy happiness, but it can
certainly make you comfortable. Just understand what it's worth. Money
is what you earn in exchange for your time in some productive pursuit.
Let's say you earn $20 an hour at your job, and you're considering
purchasing a TV for $500. You may calculate that you spend 25 hours, or
about three days, earning that money. It's worth it, you may think. But
that's not an accurate value estimate. If you're single, you're in the
25-percent tax bracket, so you actually spend about 33 hours earning
the net income required to make the purchase.
5. USE THE CREDIT CARD SPARINGLY. This tip is also really vital. I
receive tons of email from strapped consumers who regretfully overused
their credit cards and now find themselves in really dire financial
situations, some contemplating bankruptcy. It's easy to spend now with
plastic and much harder to pay later. Use credit responsibly.
Comparison shop for your card. Remember that you'll be relying on your
future earnings to pay for today's credit card purchases. And if you
keep a running balance, you'll also be paying interest, sometimes at
usurious rates. Don't fall into this trap. Instead: Save money to meet
financial goals.
6. SELECT YOUR PARTNER WISELY. Choose someone whose values match your
own -- not just where money is concerned, but more importantly, ethical
and moral values. Get to know your soul mate over the course of at
least a year. Passion is important, but trust more so. Make sure you
are free to be yourself. Discusss and share your financial views and
goals before you announce the BIG date.
www.LisaFrye.com
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