[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-254039-105":53,"doc-detail-254039-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","building-a-financial-foundation-for-the-next-generation-financial-tips","Building a Financial Foundation for the Next Generation - Financial Tips","","Building a financial foundation for the next generation focuses on practical guidance for new college graduates moving into the working world. It addresses common challenges such as student loan debt and credit card balances, and explains how financial education, a disciplined 50/30/20 budget, informed banking choices, receipt tracking, and responsible credit card use can reduce costs. 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S. Bureau of Labor Statistics, 1.3 million U. S. students (ages 20 to 29) earned a bachelor’s degree between January and October of 2021.1 Unfortunately, many students will be saddled with thousands of dollars in credit card debt, on top of school loans, when they are handed their diplomas. Here are a few tips to help graduates pay down their debt and attain a solid financial footing as they enter the working world. Grads may even want to work with the family financial advisor or investment professional to try to accomplish some of these goals.  \n1. GETA FINANCIAL EDUCATION  \nMany new graduates know very little about money management when they leave college. The good news is that it will not take more money to learn about personal finance. There are dozens of free articles and advice sites on the internet. BECU Investment Services is offers free financial and investing resources like webinars, articles, tools and more to help young adults on their journey to financial well-being.  \nThere are also a number of financial planning books written specifically for young earners, and they can likely find them at their local library for free. Young adults might also consider joining a financial planning session with their parents and their parents’ financial advisor or investment professional.  \n2. CONSIDER FOLLOWING THE 50/30/20 BUDGET RULE  \nMany financial advisors or investment professionals suggest that newly minted college grads begin to budget with this simple formula: 50% of income goes to necessities, 30% goes to discretionary purchases and 20% is used to build savings or pay down debt.  \nThis is a tough rule to live by, but it may help keep virtually any adult — even one well into their career — from seriously stumbling if unforeseen circumstances (a layoff or medical expense, for instance) should suddenly strain personal finances.  \nKEY POINTS:  \nLearning does not stop after college. After graduation, young adults should:  \n• Steer clear of unnecessary expenses  \n• Get educated about finances  \n• Create and follow a budget  \n• Avoid high-interest credit card debt  \n• Establish a good credit history  \n1 US Bureau of Labor Statistics, College Enrollment and Work Activity of Recent High School Graduates and College Graduates-2021, released April 26, 2022. This material should be used as helpful hints only. Each person’s situation is different. You should consult your investment professional or other relevant professional before making any decisions.  \nCourtesy of BECU Investment Services, 206-439-5720. Neither MFS nor any of its subsidiaries is affiliated with BECU Investment Services  \nSaving money, especially for long-term goals, may be an afterthought for those with student loan debt. In the United States and Europe, this is where employer-sponsored retirement plans can be a real benefit to young workers. Under these plans, many employers match up to a certain percentage of employee contributionsto the plan, potentially doubling that portion of employees’ savings. It’s easy for recently employed grads to set up automatic contributions to an employer-sponsored retirement plan through their company’s payroll system so that money is saved for retirement before it can even hit a bank account. An employer-sponsored retirement plan may help a young investor get comfortable with the stock market’s long-term potential, despite its perceived risks.  \n3. SHOP AROUND FORA BANK ACCOUNT  \nBanks typically offer several types of checking and savings accounts. People who write lots of checks may need a bank that offers low or no checking account fees. Savers or those who prefer to do most bill paying online may prefer a bank with a high-yield savings account.  \nIt’s important to find a bank that has convenient retail locations and provides services at competitive fees. Fees that can vary from bank to bank include ATM fees, balance inquiries, flat monthly fees, per-","cbCaifiCZAmmuCw0","https://ap.wps.com/l/cbCaifiCZAmmuCw0","pdf",353115,"English","# Get a Financial Education\n# Consider Following the 50/30/20 Budget Rule\n# Employer-Sponsored Retirement Plans\n# Shop Around for a Bank Account\n# Keep an Eye on Expenses\n# Use Credit Cards Wisely\n# Talk to a Financial Advisor","[{\"question\":\"What should new graduates do first to improve their financial situation?\",\"answer\":\"Start with financial education through free resources, advice sites, and personal finance books, and consider discussing planning with parents or a financial professional.\"},{\"question\":\"How does the 50/30/20 budget rule work for graduates?\",\"answer\":\"Allocate 50% of income to necessities, 30% to discretionary spending, and 20% to savings or paying down debt to maintain stability during unexpected expenses.\"},{\"question\":\"What bank account factors matter most when choosing where to save and pay bills?\",\"answer\":\"Compare account types and look closely at fees such as ATM charges, monthly charges, per-check costs, overdraft fees, bounced-check fees, and account closing fees, reading the application fine print.\"}]","Building a Financial Foundation for the Next Generation - Financial Tips | PDF",1789273458]