Millionaire Richard Yaffa visited City College on Thursday to offer a workshop about being smart with your money. Hosted by the Professional Development Institute, this workshop offered advice on budgeting, credit, and other basic financial advice. If you missed the chance to attend the workshop, here’s a quick guide to what you missed.
Get Health Insurance!
If you don’t, you’ll pay expensive hospital bills out of your pocket. Staying under your family’s health plan is the easiest way. If you can’t, then get it from your school, your employer, or on your own. It may seem like a waste of money, but if you don’t pay for insurance now, you’ll pay much more later.
Plan for Retirement, as soon as you can!
It’s important to plan for retirement as soon as possible. When you invest in a retirement plan your money grows dramatically over time. If you start with a 7.2% interest rate, in 40 years you’ll have 16 times your initial deposit from interest alone. This is the power of compounding. Learn about retirement plans online and find out if your employer has a matching program.
Budget, Budget, Budget!
Ask yourself, do I need it or do I want it. Shop smart, small savings add up over time. Saving $2 a day can save you over $500 in a year. Keep track of what you spend and reduce your spending without underspending on important things like savings, retirement plans, or your bills.
Learn about Credit!
Your credit score is a measure of your willingness to pay your bills. It is not a measure of your ability to pay them. Build your credit by making small purchases with a credit card every month and paying them off in full on time. A good credit score can save you thousands many of life’s biggest purchases.
Make a Student Bank Account and take advantage of its services
A student bank account gives you the benefits of a bank account without most of the fees associated with them. Before you choose your bank, read the fine print and learn about all of the fees they may charge you. Once you know them, you can avoid them!