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Starting Your Career Off Right The Job Offer • • Take your time Salary o o o o • • Check out surveys Talk to recruiters Scan job postings Ask friends and associates What can you expect? Vacation and other perks The Job Offer—Benefits • Insurance o Medical o Prescription drug coverage o Vision o Dental o Disability o Life • Your contributions The Job Offer • • • • • • • Company background Favorable industry Your interest Job duties Advancement opportunities Corporate culture Supervisor Achieving Your Financial Goals Achieving Your Financial Goals • • • • Set clear goals Resolve to spend less Create an emergency fund Make saving a priority Achieving Your Financial Goals • Reduce credit card debt • Evaluate your insurance coverage • Think taxes Budgeting • • • • Gross monthly income Net income Fixed expenses Flexible expenses Budgeting • • • • Discretionary expenses Total it up Increase your savings Programs like Quicken can help Student Loans • • • The sooner, the better Grace period Repayment options o 10 years • • Budget Don’t default Credit Cards • Be aware of teaser rates • Stick with one credit card • Pay in full every month Credit Cards • Pay on time • Avoid cash advances • Protect your credit history Credit Cards • • • • Don’t exceed your credit limit Review statements carefully Report lost or stolen cards immediately Protect personal information Savings and Investing • • • • • Start small Contribute to your retirement plan Save through payroll deduction plans Set up an automatic investment plan Round up your mortgage Savings and Investing • • • • • Bank your raises Keep paying off a loan Pay off your credit cards Reinvest dividends Keep track of where the money goes Investing for Wealth • The power of compound interest • Rule of 72 72/2=36 72/6=12 72/8=9 Investing for Wealth • Planning for wealth • Make the most of a 401(K) Investing in Your Future • Asset Allocation o Stocks o Bonds o Cash Equivalents Investing in Your Future • • • • Asset allocation is ongoing Diversification Life circumstances Investment goals, timeframe and tolerance Investing in Your Future • Long-Term Investments o Mutual Funds o Stock o Bonds Investing in Your Future • Retirement Specific Investments o 401(k) o IRA o Social Security Investment Options Short-Term Investments • CD • Money Market Funds • Savings Account Protecting Your Family Through Insurance • Life insurance • Choosing coverage o How much can you afford? o How much is needed? o For how long? o Protection or investment? Term vs. Permanent • Term o Largest death benefit for the dollar o Annual renewable and level premium o Return-of-premium Term vs. Permanent • Permanent o Combines a death benefit with an investment o Part of the premium is invested, building cash value o Higher premiums o Whole life, universal or variable life Term vs. Permanent • Whole life • Universal life • Variable life Health Insurance • • • • Don’t go bare HMOs PPOs POS Health Insurance • • • • Flexible Spending Accounts COBRA Medicare Medicaid Long-Term Disability Insurance • • • • • • Benefit Amount Term of Benefits Elimination Period Noncancelable Guaranteed Renewables Own Occupation or Any Occupation Government-sponsored Disability Benefits • • • • Workers’ Compensation Social Security Disability Veterans Benefits Federal Employees Retirement System Get Tax Smart • • • • Get credit for care Make retirement plan contributions Improve your recordkeeping Plan your investment gains Get Tax Smart • • • Give away some assets Use your vacation home wisely Get advice early Disaster Preparedness Protect Your Property • • • • Install smoke detectors Elevate utilities to upper floor Clear surrounding brush Secure objects that could fall Adapted from American Red Cross, Financial Preparations Do a Thorough Home Inventory • • • Record location of all original documents Make visual record of your possessions Record model and serial numbers Adapted from American Red Cross, Financial Preparations Do a Thorough Home Inventory • • • Photograph home exterior Make copies of receipts Get professional appraisals Adapted from American Red Cross, Financial Preparations Insurance for Your Home • • • • Replacement coverage Reappraisals Replacement cost of possessions State-operated; Federally operated pools Adapted from American Red Cross, Financial Preparations Insurance if You Rent • • • Location Renter’s insurance Comparison shop Adapted from American Red Cross, Financial Preparations Cash & Personal Belongings • • • • • Stash some cash Emergency fund Credit card Evacuation box Safe deposit box Adapted from American Red Cross, Financial Preparations Do What You Can! More on Natural Disasters • • • Red Cross FEMA—www.fema.gov NEFE—www.nefe.org Thank You!
