Mr. Gabirel Montes, Honors alum, works as a CPA at Crowe LLP (South Bend, IN).
o Uncertainty post-college
o Starting salaries are low
o Might not have two incomes right after college
o Plan for things you enjoy
o Student loans are a burden and a fear
o Cannot enjoy your career if you’re not fiscally responsible
o Medical expenses
o Need to take the fear out of talking about money
o Need to know how to manage debt and money in an empowering way
o Make sure that we have outlets through which we can release money stress
o Effort to break out of generational money struggles
o Goal-setting can start now—identify your dreams and plan for achievement
o Need money to protect yourself when the economy might worsen
o Prepare to practice philanthropy
o Art not a science
o Be realistic
o Don’t budget for what-ifs
o Personal journey—seek to understand who you are individually
o Ask the following: what do I want, what do we want, what does my partner want?
o Be prepared to adjust based on circumstances
o Endeavor not to lose track of your budgeting
o Admit to yourself that you’re in debt, adjust, and start from that fact
o Be wary of the various systems offered to manage your budgeting (i.e. Ramsey); no one system will suit you and your identity perfectly
o Watch the scenarios you put yourself in—where you might be compelled to spend
o Federal Taxes
o State Taxes
o County Taxes
o Insurance—Medical, Dental, Vision
o Flex spending account (medical expenses—to cover deductibles)
o Must buy insuranceo Tithe/offerings
Electric, gas, water
o Annual car registration (set aside the money monthly)
o Eating out
o Netflix, Amazon Prime (only go with what is used adequately)
o Need a down payment
o Investing in property and building equity are always responsible
o What am I getting myself into?
o What is the repair on this house?
o Can I afford a repair on my house?
o What are all the additional expenses associated with a house?
o Must establish a credit score
o Pay down your student loan
o Having access to debt to pull upon but not letting it grow and get burdensome
o Can I afford to buy a car? Paying off first car helps establish credit score.
o Deposit $2000 in a bank account to help create a credit score