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10 Money Tips for College Grads

College Education
Written by Guest Blogger · 27 August 2014

By Brian Page, a nationally celebrated financial educator and advocate.
He is currently developing a Financial Skills blended learning program for LifeDojo. You can follow him on Twitter @FinEdChat.

 

1. Invest for retirement right away by fully matching your employer’s retirement plan

  • Explore the magic of compounding by calculating what would happen if you invested $10 a day ($3,650 a year) beginning at age 22, earning the market average of 7%.
  • Be alarmed by what happens if you invest and earn the same amount but wait until you are 35 to begin to invest.
  • Get motivated by the returns you would experience by contributing 5% of your income beginning at age 22, and benefiting from a matching contribution of an additional 5% of free money from your employer earning the market average of 7%. The free money match is the greatest advantage of a 401(k) or 403(b).
  • Use this handy list of questions when interviewing financial planners. Above all, make sure your financial planner adheres to the fiduciary standard, legally binding them to put your best interest ahead of their own.
  • To learn more, have a peek at the Department of Labor new job Entrants guide.

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Saving For College? These Plans Make the Grade

College 529 Plans
Written by Guest Blogger · 26 August 2014

Lori Schock, Director, Office of Investor Education and Advocacy, U.S. Securities and Exchange Commission

Parents looking for a way to save for a child's college education should consider investing in a 529 plan. Authorized by Section 529 of the Internal Revenue Code, these are tax-advantaged savings plan sponsored by states, state agencies and educational institutions, designed to encourage saving for future college costs.

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Tip of the Day

Saver Stories View all »

Regular Savings is the Key to Success

Written by Super User | November 26, 2010

My name is Chris Strong. I joined the Air Force on 25 March, 1985. On that day, my financial life changed forever. I was introduced to saving bonds in Basic Training. Savings bonds were the big thing back then just like the Thrift Savings Plan is today. A Colonel gave us a briefing. I cannot remember his name but I can remember the 100 savings bonds he had posted to a piece of card board. He gave us a speech on the importance of saving money and how it can change your life. He inspired me to save.

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60 Teens participate in Massachusetts Youth Saves Program

Written by Super User | November 26, 2010

During the months of June & July, 60 teenagers aged 13-19 from Marine, Coast Guard, Army, and Air Force families attended Youth Saves programs across the Commonwealth of Massachusetts to help increase their knowledge of financial literacy. Jonathan Harrington, Personal Financial Counselor for the MA Guard & Reserve, created the Youth Saves program to fit into the Military Youth Saves (www.militarysaves.org) theme which encourages kids and teens to develop good savings habits at a young age.

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One That Almost Got Away

Written by Super User | November 26, 2010

Brody Lockwood - Like a typical fledgling, I started down the track of financial indebtedness. Nineteen years old and nothing to lose. Credit - who need it? Savings - that was for older people with responsibility. Debt - my parents were in debt ergo it must be OK. When I was eligible for reenlistment, I reenlisted for a multiple of 3 worth $15K. I was happy to pay off my debt, but would I be able to stay out of debt?

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