Life After Graduation

So you’ve just graduated? Hooray! Congratulations to each of you. Over the next few weeks and months many of you will be moving to new, exciting places and starting you careers. Apartment searching can be very overwhelming, moving boxes and relocating can be physically exhausting and acclimating to the real world while building a new social circle can be emotionally draining. Been there, done that, got the t-shirt (it’s an “I ♥ NY” t-shirt). It’s also a truly wonderful time of your life, and not just because you’re done taking tests! You’ll be meeting new people, exploring new places, trying new things and hopefully making/saving a bit of money too!

So today, I’d like to offer a few words of advice to anyone about to start their new life after graduation:

1) Make the time – keep in touch

• In most cases, you won’t be living in the same city as your BFFs any more. As such, keeping in touch with each other becomes much more difficult. So, plan your reunions early! Start the conversation about which football game you want to attend together. Consider celebrating Fourth of July or New Years Eve as a group.
• Start an email chain for your circle of friends and encourage everyone to provide an update every few weeks.
• Keep a birthday list by your desk (don’t rely on Facebook…you’ll forget someone special).
• Keep a phone list of people you need to call regularly (including mum and dad).
• If you fancy it, open a Twitter account so your friends can keep up to speed with you on a more frequent basis. It helps feel connected for moments where a phone call update isn’t necessarily warranted.
• Keep in touch with your favorite faculty members and college advisors. Shoot them an email every few months, and try to swing by their offices just to say hi when you are back on campus.
• Once you start working, it is really easy to get caught up with all the excitement of your new life – be sure not to forget the people who helped you get where you are.

2) Office life

• Arrive Early. Dress sharply.
• Ask questions: the first few weeks is the only time you can get away with asking basic questions. Don’t pretend you know what someone is talking about if you’re confused. Avoid asking the same question more than once. Take a stab at the answer rather than just saying you don’t know.
• Find a mentor. Develop a relationship with someone more experienced than yourself who you are comfortable with. Get lunch/coffee every few weeks and let them give you advice to help you be the best employee you can be. Ask them about further education, certifications and graduate school opportunities if applicable.
• Don’t overextend yourself outside the office. Get involved in a couple of activities but don’t let it take over your life (like it probably did in undergrad ;P)

3) Take control of your financial life…starting NOW

• Financial independence is freedom, but it also requires responsibility. Figure out your net income (after taxes) and calculate an approximate budget including rent, groceries, dining out and entertainment. Don’t forget to have a target saving amount. Revisit your budget occasionally and check to see if you are meeting your goals.
• Knowing that long-term job security is uncommon these days, as soon as you start earning money, save enough so you could survive for 3-6 months without income. Keep that money safe, like in an interest earning savings account and vow not to touch it except in an emergency.
• Open a 401(k) or consider another retirement saving plan. Ask your HR representative or benefits coordinator they have a matching program (free money!).
• Check to see if the company you are working for has any perks. For example, some may offer discounts on gym membership or certain restaurants. My company works with Wageworks to offer pre-tax public transportation, so I save around $200 a year on my subway pass.
• If you haven’t already, open a credit card. If you don’t have any credit history by the time you start working, you may be limited to a secured credit card. Whether you already have a credit card or not, check your credit score using one of the three main agencies through www.annualcreditreport.com (TransUnion, Experian, Equifax).
• Explore your health care options and be proactive about regular check-ups for your general medical, dental and vision care.
• If you’re up for it, once you have settled down (and finished buying your new TV, furniture etc), track every single expense for two weeks and identify where you can cut down costs. Look at sites such as Groupon, Scoopit or Restaurant.com to find great deals in your area.
• Find a financial mentor who can help guide you through financial decisions.
• Get organized early – keep your employment, bank, tax, investment and health care information clearly organized from the start.

Please feel free to share any other words of encouragement for the class of 2010!

And lastly, in the words of Mark Twain,

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”

(Originally posted June 8, 2010)

Grilling Out

I live in the city that never sleeps. It’s a city with unlimited dining options to choose from. Whether it’s luxurious fine dining or casual street meat, there is something for everyone in New York City, available 24/7, 365 days a year.

I however, HATE eating out.

Growing up, eating out at restaurants was generally reserved for special occasions – birthdays, anniversaries and other celebrations – so to me, eating at restaurants on a daily basis seems like an unnecessary expense especially when cooking is a viable option. I’ve turned into the Goodness Gracious Me character, Mrs “I can make it at home for nothing” (it’s never been clearer that I am my mother’s daughter).

This weekend was a prime example of why I love cooking, and why it economically makes sense to me. A group of us went out to Princeton for the weekend to get away from the hustle and bustle of the noisy city. Knowing that there was a plan for a BBQ I voluntarily signed up to put together a menu and do the shopping. When it comes to grilling, I adore the planning and preparation. Once the grill is on…all I want to do is sit down, sip on some sangria and gorge myself with food.

Stephanie and I went to Shoprite to pick up all our ingredients including 2 racks of baby back ribs, 6lbs of meat for lamb and beef kebabs, ground beef (for burgers), sausages, 24 chicken drumsticks, bell peppers, potato salad, corn-on-the-cob, baguettes, portabella mushrooms and much, much, much more…

We had enough food to feed 11 for dinner and lunch the next day. With the sangria and beer added in as well, everything came to under $200 – less than $20 a head. WHAT?! Had we stayed in Manhattan for the weekend, we easily would have dropped $20 on one meal that would have lasted no longer than 90 minutes (they want to get you in and out as soon as possible).

Not only were we all absolutely stuffed by the end of the weekend, but the memories made were priceless. Cooking brings people together, from the planning and preparation to the eating – it’s a beautiful way to share time with friends and family, and turns out it’s a wise economical choice too!

(Originally posted May 24, 2010)

401(k) – finally!

I finally set up my 401(k) today. I know what you’re thinking. This gal wants to be a financial educator and she hasn’t set up a basic retirement account after working for 18 months?! Crazy, I know. I am ashamed. To be honest, I just didn’t know where to start…then I got busy…and then I saw something shiny…and well, it never got done.

With the prospect of a dear friend moving to New York and wanting to be a helpful financial mentor, I decided I needed to step up my game before I could really provide her with any help. The trouble is, I needed my own financial mentor!

Last night I had a friend walk me through retirement planning matters over the phone. For ninety minutes we discussed plan options, contribution amounts, income limits, asset allocation and tax forecasts (sounds like a barrel of laughs, right?!). I can’t emphasize enough how helpful it is to talk to someone in a similar place professionally, who is a couple of steps ahead when it comes to personal finance.

A lot of young professionals haven’t set up their 401(k) and/or IRA plans yet. From my observations, it’s mainly because we just don’t know how – and while there are thousands of websites, blogs, magazines, books and TV shows about personal finance – ideally we just want someone to walk us through it all in plain English.

As it turns out, it was very straight forward. Fidelity does a great job of making the process relatively painless. Now I have a good chunk of my paycheck going straight to my Roth 401(k) invested in 60% US equities (evenly between Large Cap, Mid Cap and Small Cap), 30% foreign equities and 10% bonds. I am planning on closely monitoring performance of the portfolio over the next two months, as well as making sure I am not contributing too much or too little to the plan and adjusting if necessary.

As I travel down this journey of life, I’m realizing that the path ahead is complicated and full of surprises. Overcoming the obstacles and complexities that life throws can be difficult all alone, but with a trusted friend in your corner those decisions can be made much easier. Morale of the story: don’t be afraid to reach out for help. However basic the question is, when it comes to your personal finance it is always an important question to ask.

(Originally posted March 26, 2010)

Guilty

I apologize. I haven’t been able to update my blog as often as I intended to. The plan was to hand write my weekly thoughts and get them online within a couple of days. That didn’t work out so well. I’m left with scribblings scattered around my office desk and apartment, and nothing on my blog to show for it!

Let me change that tonight.

When I arrived in New York to start my professional career, my focus was my job, but in those early days, immediately after the Lehman bankruptcy, I didn’t feel like I was always being challenged. I became discouraged when I felt like wasn’t adding any value to projects and left disheartened believing that I wasn’t really making a difference in any way.

It’s almost a year later, and I already feel like my life is so much more in balance. I realized that this could just be part of my career where I have to pay my dues. This isn’t the time for me to be the MVP, but to be a team player. At this stage of my career, I might just have to sit back, watch and learn.

But I still have a fiery energy and a joyful spirit, and I still believe I can add a lot of value to projects. I’m now focusing on allowing that creativity to nurture outside of the office cubicle. I’m about to write a new proposal for the computer literacy program I started last August through Operation HOPE. It is essentially a scholarship program, which will incentivize one participant to go through a short program which culminates in them teaching a computer class at the center. The idea is to cultivate a student to become a true leader; and in doing so empower themselves and the community around them. Upon adequate completion of the four part course, the participant will receive a scholarship for their efforts.

If you feel trapped in a job where you can’t share the unique skills you have to offer, find another avenue in which you can shine. Maybe you won’t find your dream job today or tomorrow, but you don’t have to waste your talent have because of your current job. There are so many people who could be benefited from your time, patience and love. Whether it’s your family, your friends, or a stranger – there are many ways to make a difference.

(Originally posted March 26, 2010)

Power of Intention

“He who fails to plan, plans to fail”

I was recently inspired to start writing a blog, which I have called “Power of Intention” – the idea that when you plan to do something, you can often find the way to do it.

My passion is financial literacy and specifically in personal finance education for young adults. As someone who aspires to be a financial planner, talking about money and planning for the future is something I already do on a regular basis. Now I’m hoping to be able to put some of my thoughts into an online journal for any and all to peruse at their leisure.

Over the next few weeks and months I’ll be writing about psychology of young people and money, tips for successful money management and ways that I try to stay fiscally responsible despite living in one of the most expensive cities in the world, New York.

In addition I intend to discuss professional and social networking, transitioning into the professional world, effective ways to use your spare time and similar topics that readers of all ages may find interesting.

I look forward to hearing about the experiences that have led you here today, and what the future might hold for you. While we may not always find ourselves on the route we intended to travel, it’s the journey that really counts.

(Originally posted January 7, 2010)

Too much spam...

The blog I had started using blog.com was creating too much spam to handle, so I'm switching to a new site. I'll be re-posting all my previously written entries from the last few months so keep note of the new address (but the comments are lost unfortunately - so re-comment!!!)

My apologies for any inconvenience!