Real World Finances

1. Show me the Money Real World Finances URI 101: Planning for Academic Success

2. Basic Loan Knowledge • You don’t have to pay off loans until six months after graduation • Two types of educational loans : need based and non-need based • Distribution of loans and aid are based on the students financial situation and cost of the institution • Apply for loans and financial aid by filling out a FAFSA form which can be found online at www.fafsa-application.com • FAFSA form must be completed yearly • Some careers will forgive all student loans after you work in an underrepresented area for a period of time

3. Work Study • A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses. • Schools must pay students at least once a month • Wage is hourly • Payment can go directly to you, to your bank account or towards school fees

4. On-Campus Employment Options • Campus Recreation • Residence Halls • Ryan Center • Computer Labs • Library • Bookstore • Dining Halls • Tour Guide • Orientation Leader • Academic Enhancement Center • Memorial Union

5. Cost of Living Often times, the cost of living fluctuates depending on where you live. Look at these links for cost of living comparisons by city. Cost of living calculators: http://money.cnn.com/calculator/pf/cost-of-living/ http://www.nerdwallet.com/cost-of-living-calculator/

6. Budgeting 101 • Budgets are necessary. They are a way for you to keep track of spending and sure your money is being spent where you want it. • Spend within your means and save money! The earlier you start to save, the better you will be off in the future. • 3 steps to starting a budget • Identify where you’re spending money now • Set goals for money you want to spend and save each month • Track your spending to make sure it stays within the guidelines

7. Salary by Career • Insert career specific information here

8. Education and Earnings A college graduate earns an average of $645,840 more than a high school graduate over a lifetime. • One college course is worth $16,146 • One hour in a college course is worth $336 Would you go to class today if I offered to pay you $336 for attending? **This represents earnings over a 30 year period.

9. Personality & Managing Your Money

10. Typefocus & Managing Your Money Protectors Protectors include: ESTJ, ESFJ, ISTJ and ISFJ • These types are, by nature, conservative • Future oriented with money and spending • May be uncomfortable with unanticipated change – don’t make rash decisions from panic • Have an emergency fund for these situations!

11. Typefocus & Managing Your Money Planners Planners include: ENTJ, ENTP, INTJ and INTP • Big picture thinkers • Future oriented with money and spending, and can sometimes miss the here and now • Have a long-term savings account and an account specifically for today’s spending • Practical with spending and where money goes

12. Typefocus & Managing Your Money Pleasers Pleasers include:ENFJ, ENFP, INFJ and INFP • These people treat money personally, as an extension of themselves • What money is spent on is an expression of their identity • Often use money to please themselves or others, especially emotionally • Can be taken advantage of with money in order to please another • Be cautious of overspending

13. Typefocus & Managing Your Money Players Players include:ESTP, ESFP, ISTP, ISFP • Value freedom with finances and spending • Choose to spend money in the moment • Compulsive and unlikely to think long-term • Resourcefulness and a can-do attitude can be helpful in entrepreneurial ventures • Create a savings account to avoid too much impulsive buying