You just got a new job. That’s fantastic but your work isn’t done quite yet. Here are three things that our Personal Finance Expert Matt Brandeburg advises you do as soon as you start work.
1. Set up small, automatic payroll deductions to go directly into a checking or savings account that is earmarked as your cash reserve. It’s important that you save some money. Experts suggest that you have at least three months saved.
2. Enroll in your company’s 401k plan. Contribute at least enough money to take full advantage of the company match.
3. Sign up for your company’s health insurance. It doesn’t matter if you feel young and healthy now, accidents and illness can happen when you least expect them. Some companies pay for all of the health insurance, and others pay for only a percentage of it. Even if it feels like a lot of money now it’s definitely worth it. Medical expenses are one of the top causes of bankruptcy.
Want to find out more? Enter the Young Money Career Contest! The winner will receive a copy of Matt Brandeburg’s new book Financial Planning for Your First Job.
“This book is a must-read and a terrific reference not only for those starting their first job, but also for those who confront challenging financial issues at any age.” –Bill Rives, Ph.D., ChFC, Senior Lecturer, Department of Finance, The Ohio State University
Financial Planning for Your First Job is an in-depth look into the lives of first-time employees and the financial decisions they face every day.
• Trying to decide between paying off student loans and saving for retirement?
• Wondering whether you should buy or rent your first home?
• Having trouble building your first investment portfolio?
This book answers all your questions and provides the tools you need to put your financial plan in motion. If you want the guidance of a financial planner but can’t afford the high price tag, this book is for you!
Some of the tips revealed inside Financial Planning for Your First Job:
• How to think like an investor
• How to manage your debt
• What lines of insurance you need today
• How to recession-proof your financial plan
What’s in a Young Money career package:
- One free hour-long session with certified Career Coach, Laura Tirello
- One free copy of Financial Planning for Your First Job
- One year free of PayOff Live
- One free analysis of your resume*
The Young Money Career Contest will run from February 1, 2010 to May 1, 2010. Each month we will choose one new winner. Each winner will be profiled on YoungMoney.com and receive a Young Money Career Package.
To enter sign up for our newsletter on any page on the website or enter here: http://finance.youngmoney.com/careers/enter-the-ym-career-contest-get-help-finding-a-job/