Generation Orange in NYC Learns about Personal Finance
March 27, 2013
Saving money while starting your career in New York City isn't easy, but it is necessary to keep your finances on track. Certified financial planner and SU graduate Ilyas Akbar '00 held a workshop for #SUinNYC about money management for young professionals. Budgeting, insurance, student loans, investing, 401k, good credit and buying a home are examples of the topics that were covered over the course of the evening.
Tips From Ilyas
- The first step in financial planning is figuring out your cash flow. Figure out what your expenses are and write them down.
- Just paying the minimum on your credit card bill will not help you get out of debt.
- When paying off credit card bills, focus on the cards with the highest interest rates and pay those off first.
- Set both short-term and long-term financial goals.
- Examples of short-term expenses include: credit cards, vacations, school, rent, emergency funds.
- It is important to plan for your retirement as soon as you can.
- The amount you choose to put away for your 401k is up to you, it depends on age, lifestyle, income, target retirement date, etc.
- Everyone's financial plan will be different. As an individual, you will need to figure out what your objectives are financially.
The hash tag #MoneySU was used throughout the night so attendees could tweet about the things they were learning and could ask questions via Twitter. To read the Storify of the #MoneySU event, click here.