3 STEPS TO SAVING MONEY AND BUILDING PERSONAL WEALTH

1. 3 STEPSTO SAVING MONEY AND BUILDING PERSONAL WEALTH EVEN WHILE YOU ARE A POOR COLLEGE STUDENT

2. STEP # 1PAY YOURSELF FIRST! • Treat savings like a monthly bill – and make payment to your savings account each month. • Remember you are the recipient of the payment so if you skip a payment you are not getting paid! • 10% of net is standard but any amount is more than you have now

3. STEP #2 EASY TO DEPOSIT HARD TO WITHDRAW • No ATM card or transfer capabilities on account • Open account at a bank at least 45min from home • If married put both names on account not as an “either or” but as “both” parties must be present to make a withdraw.

4. STEP #3THE SECRETE QUESTION Is this purchase more important than ME?

5. Simple ways to save • Coin jar – spend no coins -always break a bill (the average person spends between 300 and 600 dollar a year using change) • Expensive piggy bank that must be broken to retrieve money. • Politely ask for savings bonds or gift checks for presents. • One for one

6. REDUCING EXPENSES How to decrease the amount of money going out

7. NEED VS. WANT • Will not purchasing cause death or physical harm? • Will not purchasing be a violation of law • Will not purchasing cause mental anguish to the point of incapacitation • Will not purchasing cause bodily harm to a loved one

8. DEFERRING GRATIFICATION • Pride for waiting to make a “want” purchase • Will you be able to purchase something nicer if you wait? • Personal goal vs. tangible purchase • Is this expense to relieve some other tension?

9. COST CUTTERS • You pay for convenience so cook from scratch (prepared and microwave food always more than cooking yourself) • You pay for personalization – is your hairstylist knowing you worth a $90.00 hairstyle. • Companies plan for you to make spontaneous purchases – never buy without a waiting (thinking) time period

10. INCREASING INCOME Bringing more money into the equation

11. INCREASE PAY RATE • Having a job instead of career can sometime produce more money for the short term • Always be looking and networking • Remember, you never know who may be your next boss so act appropriatly

12. INCREASE # OF HOURS WORKED • Time management schedule can reduce wasted time which provides more time for work • Education first – no benefit if you have to w/d or fail a course due to working to many hours

13. FINANCIAL SUPPORT • Family and friends provide monetary support • Family and friends provide a service for you that reduces you expenditures • scholarships, grants and loans • gifts

14. HINTS AND SECRETES

15. HINTS • Goals • Planning and budgeting • Support • Determination • Expect and plan for disasters • Resources – financial literacy website

16. SECRETES • Personal wealth comes from length of time money grows – start now • Compounded interest is the key • Invest in retirement program – 401, 403b • Maximize any employer matching funds • Take benefits and retirement plan into consideration when talking salary • Follow your passion and live within your means • Strive for debt-free living