1. FICA, 401K, and APR
Making Sense of the Alphabet Soup
of Life After College
Jeff Pelletier
Beta Phi Chapter Advisor - The Ohio State University
pelletier.12@osu.edu - twitter.com/jeffbc94

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: http://www.slideshare.net/jeffbc94

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. 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. Balance Deposits Withdrawals Description Rec'd 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 Bills
running 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-May
each month -55.00 Electric
-200.00 Cable & Wireless
-900.00 Mastercard
interest Payments in blue
-600.00 Mortgage
Payments in green -105.00 car insurance are charitable
-18.00 3200.00 Income
are payments to -100.00 Cash Withdrawal
donations you 1-Jul
YOU 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. Balance Deposits Withdrawals Description Rec'd 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 Bills
Interest 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. The section above gives you a way to track
what monthly expenses should be, loan
balances and rates and where money is going
towards donations

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. 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. Home is Where the Rent is
• Do your homework
– In person or online
– Apartments.com
– Capandcompass.com
– Moversguide.com
• Get a room…mate
• First apartment – not dream house

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. 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. 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. 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. Top Ten List: E-mail Etiquette
1. CAPS LOCK
2. Excessive punctuation!!!!!!!!!!!!!!!!!!!!!!
3. Emoticons   ;-) 8-)
4. Grammar and capitalization in e-mail
5. Don’t forget subject line, attachments
6. Make signature line appropriate
7. Double check pertinent information (date, time,
location)
8. Practical font and background
9. Avoid vernacular, jargon, abbreviation
10. Think before you hit “send”

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. 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. You Can
Do It!