onein3 money 01 20 10
DESCRIPTION
ONEin3 Boston, an initiative founded by Mayor Thomas M. Menino at the Boston Redevelopment Authority, connects young adults with resources, with city government and with each other. Thirty-three percent of residents in the City of Boston are between 20-34 years old. This integral demographic represents today’s workforce and consumers, and tomorrow’s professional and civic leadership. ONEin3 Boston seeks to make the City an attractive, long-term home by studying the issues that are important to them and acting upon those findings.TRANSCRIPT
ONEin3Money.org
ONEin3MoneyONEin3Money
Jennifer Lane CFPJennifer Lane [email protected]
@jennplane@jennplane
ONEin3Money.org
Jennifer Lane CFPJennifer Lane CFP
[email protected] NECN, Tuesdays at 5:00, 6:30 and NECN, Tuesdays at 5:00, 6:30 and
8:30 pm8:30 pm Author: The Complete Idiots Guide Author: The Complete Idiots Guide
to Protecting your 401(k) and IRAto Protecting your 401(k) and IRA Jenniferscompass.typepad.comJenniferscompass.typepad.com @jennplane@jennplane
ONEin3MONEYONEin3MONEY
Smart Budgeting and Goal SettingSmart Budgeting and Goal Setting Paying off Credit Card/Student Loan Paying off Credit Card/Student Loan
DebtDebt Improving Your Credit ScoreImproving Your Credit Score Home buyingHome buying Retirement PlanningRetirement Planning Frugal Living in a Fun CityFrugal Living in a Fun City
ONEin3Money.org
ONEin3Money.org
Smart Budgeting and Smart Budgeting and Goal SettingGoal Setting
Prioritize and write down your Prioritize and write down your goalsgoals
Plan Monthly Money MeetingsPlan Monthly Money Meetings Set-up Money Baskets for direct Set-up Money Baskets for direct
depositdeposit Track your spending – MINT.com Track your spending – MINT.com
Your QuestionsYour Questions
How do you save when you have How do you save when you have nothing?nothing?
How to afford to attend school when How to afford to attend school when a loan doesn't cover the entire cost.a loan doesn't cover the entire cost.
How much should a person pay for How much should a person pay for rent? I feel like rent costs here are rent? I feel like rent costs here are way more than my salary allows.way more than my salary allows.
ONEin3Money.org
ONEin3Money.org
Paying off Credit Paying off Credit Card/Student Loan DebtCard/Student Loan Debt
Use 2 to 3 cards maxUse 2 to 3 cards max Check credit report Check credit report
www.AnnualCreditReport.com Drop all credit cards with feesDrop all credit cards with fees Pay credit card balance each paydayPay credit card balance each payday
ONEin3Money.org
Snowflake your SavingsSnowflake your Savings
Snowflakes Snowflakes are small, are small,
but they add but they add up quicklyup quickly
Collect and Collect and deposit once a deposit once a weekweek
ONEin3Money.org
Lunch – 25 minutes and Lunch – 25 minutes and $6.99 per month$6.99 per month
ONEin3Money.org
Snowball your DebtSnowball your Debt
Pick a fixed Pick a fixed monthly amount…monthly amount…keep it rolling keep it rolling towards your debt towards your debt until everything is until everything is paidpaid
ONEin3Money.org
Your Debt SnowballYour Debt Snowball
Smallest account Smallest account firstfirst
Then pay all down Then pay all down to 50% of the limitto 50% of the limit
Then all down to Then all down to 35% of limit35% of limit
Then focus on Then focus on highest interesthighest interest
ONEin3Money.org
Improving Your Credit Improving Your Credit ScoreScore
Pay on timePay on time Pay bill from the credit card site; Pay bill from the credit card site;
Not from bill payNot from bill pay Keep balances below 35% Keep balances below 35% Mix of credit accounts – utilities, Mix of credit accounts – utilities,
credit card, loanscredit card, loans Free score CreditKarma.comFree score CreditKarma.com
Your QuestionsYour Questions
How to get first credit cardHow to get first credit card Recommendations on credit cards Recommendations on credit cards
that are "better" than others in that are "better" than others in terms of getting rewards and saving terms of getting rewards and saving money?money?
ONEin3Money.org
ONEin3Money.org
Frugal Living in a Fun Frugal Living in a Fun CityCity
PrioritizePrioritize Check withholding www.irs.gov Check withholding www.irs.gov Limit ATM to once per weekLimit ATM to once per week Always shop with a list Always shop with a list Limit housing to 30% of payLimit housing to 30% of pay ShoeStringMag.comShoeStringMag.com
ONEin3Money.org
Home buyingHome buying Better to buy – IF:Better to buy – IF:
Will live there 5+ yearsWill live there 5+ years Rent is greater than:Rent is greater than:
MortgageMortgage + condo + condo
fee/maintenancefee/maintenance + real estate taxes+ real estate taxes - mortgage interest - mortgage interest
savingssavings if planning move within if planning move within
7 years, calc cost to 7 years, calc cost to sellsell
Boston Home Center Boston Home Center for info and programsfor info and programs
ONEin3Money.org
Retirement PlanningRetirement Planning
Ok to start smallOk to start small Open a Roth IRAOpen a Roth IRA www.Morningstar.com for mutual www.Morningstar.com for mutual
fund infofund info Use no-load Target Date FundsUse no-load Target Date Funds How is your broker compensated?How is your broker compensated?
ResourcesResources
AnnualCreditReport.comAnnualCreditReport.com Cityofboston.gov/dnd/bhc/ (Boston Cityofboston.gov/dnd/bhc/ (Boston
Home Center)Home Center) MINT.comMINT.com ShoeStringMag.comShoeStringMag.com Morningstar.comMorningstar.com JennifersCompass.typepad.comJennifersCompass.typepad.com ONEin3Money.orgONEin3Money.org
ONEin3Money.org