Alumni Virtual Chat: Financial Fitness - Practical Advice to Manage Your Money
Open conversations around money are extremely important, and financial matters can get particularly confusing and challenging when we get our first full-time job after college. On Tuesday, November 16th, Cooke Scholar Alum Jennifer Lyu hosted a conversation with fellow alums Aida Rodriguez, Anastassia Goidina, Dzung Nguyen, and Nandjui Richard Koutouan to share practical advice and tips for managing your money. We covered topics including budgeting as a new full-time working professional, thoughts on financial traps and liabilities to avoid as a young adult, and balancing priorities when it relates to money such as familial obligations, self-care, and pursuing a professional passion.
The panelists shared these resources and opportunities during the virtual chat:
General
Dave Ramsey - America's trusted voice on money and business. His popular YouTube channel is often referenced in personal finance conversations and covers topics including paying off debt and personal relationship with money.
Consumer Finance Protection Bureau - Personal Finance Tools & Resources
Budgeting
50/30/20 Rule - An easy budgeting method that can help you to manage your money. The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt.
Mint by Intuit - A personal financial management website and mobile app.
Investing & Retirement
What is Compound Interest? and The Power of Compound Interest
Acorns - Spare-change savings tool and cash-back rewards program for investing.