Jaleel Awini played football for the University of Colorado, Boulder and received his Bachelor’s in Economics in 2016. As a recent college graduate, he knows how important understanding the basics of personal finance are for getting started on the right foot. Here are some personal finance basics everyone should understand.
2. Jaleel Awini
Jaleel Awini played football for the University of Colorado, Boulder and received his
Bachelor’s in Economics in 2016. As a recent college graduate, he knows how
important understanding the basics of personal finance are for getting started on the
right foot.
3. Personal Finance Basics Everyone Should Know
Here are some personal finance basics everyone should understand.
● Invest in a 401(k) or 403(b) plan through your employer.
● Build Tax-Free Retirement Savings.
● Purchase Renters’ Insurance.
● Long-Term Financial Goals
4. Invest in a 401(k) or 403(b) plan through your Employer
Invest in a 401(k) or 403(b) plan through your employer. Not only will your
contributions lower your taxable income, but the money you invest will grow
tax-deferred until retirement. If your employer offers contribution matches, the
savings will grow even more.
5. Build Tax-Free Retirement Savings.
Build tax-free retirement savings by investing in a Roth IRA. Unlike other
retirement accounts, Roth IRAs provide tax-free money in retirement. These kinds
of accounts are great for young people who tend to fall into a much lower tax
bracket than when they are older.
6. Purchase Renters’ Insurance.
Purchase renters’ insurance so you can be reimbursed if your possessions are stolen
or destroyed. It can also provide you with liability coverage in case someone become
injured while at your place.
7. Long-Term Financial Goals
Determine what your long-term financial goals are. Along with saving for
retirement, you'll want to start saving for a down payment on a house or a car and
begin building an emergency fund.
8. Jaleel Awini: Bachelor’s in Economics
Understanding personal finance basics can help you be prepared for anything that
may arise and save for the future. Jaleel Awini received a Bachelor’s in Economics
from the University of Colorado, Boulder.