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Starting Your Career Off Right

Starting Your Career Off Right. The Job Offer. Take your time Salary Check out surveys Talk to recruiters Scan job postings Ask friends and associates What can you expect? Vacation and other perks. The Job Offer—Benefits. Insurance Medical Prescription drug coverage Vision Dental

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Starting Your Career Off Right

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  1. Starting Your Career Off Right

  2. The Job Offer • Take your time • Salary • Check out surveys • Talk to recruiters • Scan job postings • Ask friends and associates • What can you expect? • Vacation and other perks

  3. The Job Offer—Benefits • Insurance • Medical • Prescription drug coverage • Vision • Dental • Disability • Life • Your contributions

  4. The Job Offer • Company background • Favorable industry • Your interest • Job duties • Advancement opportunities • Corporate culture • Supervisor

  5. Achieving Your Financial Goals

  6. Achieving Your Financial Goals • • Set clear goals • • Resolve to spend less • • Create an emergency fund • • Make saving a priority

  7. Achieving Your Financial Goals • • Reduce credit card debt • • Evaluate your insurance coverage • • Think taxes

  8. Budgeting • • Gross monthly income • • Net income • • Fixed expenses • • Flexible expenses

  9. Budgeting • • Discretionary expenses • • Total it up • • Increase your savings • • Programs like Quicken can help

  10. Student Loans • The sooner, the better • Grace period • Repayment options • 10 years • Budget • Don’t default

  11. Credit Cards • Be aware of teaser rates • Stick with one credit card • Pay in full every month

  12. Credit Cards • Pay on time • Avoid cash advances • Protect your credit history

  13. Credit Cards • Don’t exceed your credit limit • Review statements carefully • Report lost or stolen cards immediately • Protect personal information

  14. Savings and Investing • • Start small • • Contribute to your retirement plan • • Save through payroll deduction plans • • Set up an automatic investment plan • • Round up your mortgage

  15. Savings and Investing • • Bank your raises • • Keep paying off a loan • • Pay off your credit cards • • Reinvest dividends • • Keep track of where the money goes

  16. Investing for Wealth • • The power of compound interest • • Rule of 72 • 72/2=36 • 72/6=12 • 72/8=9

  17. Investing for Wealth • • Planning for wealth • • Make the most of a 401(K)

  18. Investing in Your Future • • Asset Allocation • Stocks • Bonds • Cash Equivalents

  19. Investing in Your Future • • Asset allocation is ongoing • • Diversification • • Life circumstances • • Investment goals, timeframe and tolerance

  20. Investing in Your Future • • Long-Term Investments • Mutual Funds • Stock • Bonds

  21. Investing in Your Future • • Retirement Specific Investments • 401(k) • IRA • Social Security

  22. Investment Options • Short-Term Investments • CD • Money Market Funds • Savings Account

  23. Protecting Your Family Through Insurance • • Life insurance • Choosing coverage • How much can you afford? • How much is needed? • For how long? • Protection or investment?

  24. Term vs. Permanent • • Term • Largest death benefit for the dollar • Annual renewable and level premium • Return-of-premium

  25. Term vs. Permanent • Permanent • Combines a death benefit with an investment • Part of the premium is invested, building cash value • Higher premiums • Whole life, universal or variable life

  26. Term vs. Permanent • • Whole life • • Universal life • • Variable life

  27. Health Insurance • • Don’t go bare • •HMOs • • PPOs • • POS

  28. Health Insurance • • Flexible Spending Accounts • COBRA • Medicare • Medicaid

  29. Long-Term Disability Insurance • • Benefit Amount • Term of Benefits • Elimination Period • Noncancelable • Guaranteed Renewables • Own Occupation or Any Occupation

  30. Government-sponsored Disability Benefits • • Workers’ Compensation • Social Security Disability • Veterans Benefits • Federal Employees Retirement System

  31. Get Tax Smart • Get credit for care • Make retirement plan contributions • Improve your recordkeeping • Plan your investment gains

  32. Get Tax Smart • Give away some assets • Use your vacation home wisely • Get advice early

  33. Disaster Preparedness

  34. Protect Your Property • Install smoke detectors • Elevate utilities to upper floor • Clear surrounding brush • Secure objects that could fall Adapted from American Red Cross, Financial Preparations

  35. Do a Thorough Home Inventory • Record location of all original documents • Make visual record of your possessions • Record model and serial numbers Adapted from American Red Cross, Financial Preparations

  36. Do a Thorough Home Inventory • Photograph home exterior • Make copies of receipts • Get professional appraisals Adapted from American Red Cross, Financial Preparations

  37. Insurance for Your Home • Replacement coverage • Reappraisals • Replacement cost of possessions • State-operated; Federally operated pools Adapted from American Red Cross, Financial Preparations

  38. Insurance if You Rent • Location • Renter’s insurance • Comparison shop Adapted from American Red Cross, Financial Preparations

  39. Cash & Personal Belongings • Stash some cash • Emergency fund • Credit card • Evacuation box • Safe deposit box Adapted from American Red Cross, Financial Preparations

  40. Do What You Can!

  41. More on Natural Disasters • Red Cross • FEMA—www.fema.gov • NEFE—www.nefe.org

  42. Thank You!

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