Life after college


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  • Eating Out – bring your lunch Make Coffee at home
  • Health – get what you need Consider a Flex account for procedures 401K – pre-tax, tax free, may be matched
  • Match your response to the inquiry (phone call, e-mail, in-person) Respond quickly Better to say no than not to respond at all
  • Life after college

    1. 1. FICA, 401K, and APRMaking Sense of the Alphabet Soup of Life After College Jeff Pelletier Beta Phi Chapter Advisor - The Ohio State University -
    2. 2. The Big Picture• Money – making and keeping it• Apartment – you can pay for heat• Work – seriously, all day• Taxes – like finals, but once a year• Life as a Big Kid• What scares you most?Presentation available at:
    3. 3. All About the Benjamins• Where you can put it – Savings/Checking – Money Market – CD – Mutual Fund• Which is best? – All of the above!• What to look for – Interest rate – Minimum balance – Ease of/Penalty for withdrawal
    4. 4. Setting Up a Budget• Pay yourself first – Deposit into savings, before anything else• Account for regular expenses – Rent – Student loans – Car Payment/Insurance – Gas, Electric, Cable, Water/Trash – Credit Card (it is okay to have one)• Set utilities on a budget
    5. 5. Balance Deposits Withdrawals Description Recd Sched. Pay Mont 200.00 3200.00 Income 1-Jun House -100.00 Cash Withdrawal Cars& -220.00 personal check Colleg -130.00 personal check Payments in 29-May Life In -50.00 student loan Roth -25.00 student loan red are ones Loan The yellow -100.00 student loan which should Mone -350.00 car payment Cash box on the -150.00 life insurance automaticall A T&T left keeps a -60.00 transfer to savings y come out Incom -150.00 IRA payment Billsrunning total -10.00 Ohio State University of your Credi of what you -60.00 Water/Trash 27-May 27-May account 25-Jun -53.00 Gas 28-May 28-May 9-Jun have left -100.00 Loan Payment 29-Mayeach month -55.00 Electric -200.00 Cable & Wireless -900.00 Mastercard interest Payments in blue -600.00 MortgagePayments in green -105.00 car insurance are charitable -18.00 3200.00 Income are payments to -100.00 Cash Withdrawal donations you 1-JulYOU in the form in -50.00 student loan decide to give to -25.00 student loan savings/IRA -100.00 student loan transfers -350.00 car payment -150.00 life insurance -60.00 transfer to savings -150.00 IRA payment -10.00 Kappa Alpha Theta 100.00 Deposit from graduation money! -60.00 Water/Trash
    6. 6. Balance Deposits Withdrawals Description Recd Sched. Pay Mont Non- 3200.00 200.00 Income 1-Jun House highlighted/colored -100.00 Cash Withdrawal Cars& -220.00 personal check Colleg are regular -130.00 personal check 29-May Life In expenses, most of -50.00 student loan Roth -25.00 student loan Loan which can be -100.00 student loan Mone -350.00 car payment Cash budgeted -150.00 life insurance A T&T -60.00 transfer to savings Incom -150.00 IRA payment BillsInterest block is to -10.00 Ohio State University Credi -60.00 Water/Trash Each month, record 27-May 27-May 25-Jun record amount of -53.00 Gas 28-May 28-May 9-Jun what is reflected on -100.00 Loan Payment 29-May interest your -55.00 Electric checking account checking account -200.00 Cable & Wireless statement (purple -900.00 Mastercard earns interest blocks). a bill When -600.00 Mortgage -105.00 car insurance Differences in the comes -18.00 3200.00 Income mail, write in between bank1-Jul -100.00 Cash Withdrawal -50.00 student loan balance andit is when -25.00 student loan received, -100.00 student loan spreadsheet -350.00 car payment balancewhen you (yellow -150.00 life insurance schedule to -60.00 transfer to savings box) should be the -150.00 IRA payment unhighlightedand pay it, -10.00 Kappa Alpha Theta 100.00 Deposit from graduation money! payments it will when -60.00 Water/Trash pay
    7. 7. The section above gives you a way to track what monthly expenses should be, loanbalances and rates and where money is going towards donations
    8. 8. Living More Than Month-to-Month• Budget-Busters – Living outside your means – Exceeding your income on credit – Unplanned expenses – Buying what you don’t need – Loans and high interest rates• Budget-Helpers – Regulate utilities – Reward/Point credit cards – Coupons and saver cards
    9. 9. Money Miscellany• Shop around and ask for better deals – Big purchases and credit cards/bank accounts – Watch new regulations on credit card fees• Store credit cards• Save for large purchases & down payments• Keep track of what you buy• Lots of loans & bills? Pay highest interest first
    10. 10. Home is Where the Rent is• Do your homework – In person or online – – –• Get a room…mate• First apartment – not dream house
    11. 11. What to Know• Money down – first and last month’s rent• Security deposit/fee for pets• Move-in specials – Free month rent – spread over lease – Appliances• Penalty for breaking lease early• Lease term/rent increases• Co-signer
    12. 12. Factors to Consider• Amenities• Safety (drive by at night too)• Maintenance response/snow removal• Proximity to: – Work – Grocery – Fitness – Hospital – Dry Cleaner – Friday night liquid refreshment provider
    13. 13. What you Need to Sign a Lease• Money order/cashier’s check• Driver’s license• Proof of income• Credit report• References• Renter’s insurance
    14. 14. Day One on the Job • Attire – It is OK to ask – What did people wear at your interview – Do not buy your full wardrobe before your job – Business Professional/Casual/After Work • Pay attention to: – W-4 – Health Insurance – Retirement Plan (401K)
    15. 15. Top Ten List: E-mail Etiquette1. CAPS LOCK2. Excessive punctuation!!!!!!!!!!!!!!!!!!!!!!3. Emoticons   ;-) 8-)4. Grammar and capitalization in e-mail5. Don’t forget subject line, attachments6. Make signature line appropriate7. Double check pertinent information (date, time, location)8. Practical font and background9. Avoid vernacular, jargon, abbreviation10. Think before you hit “send”
    16. 16. Taxes – They do Suck a Little• Income = what you make (anywhere)• Deductions (document for everything) – Tax withheld (W-2) – Standard – Mortgage – Student loan interest – Donations to charity• Where to get forms• What form is best• When to file
    17. 17. Other Stuff you Get to Do• Clean up: Facebook, voicemail, e-mail signature• Buy/Lease a car• Have insurance (car, home, life)• Paint/decorate your place• Buy a diamond• Give back
    18. 18. You CanDo It!