MGMT 105 1st Edition Lecture 30Outline of Last Lecture I. Visiting Executive Series – Leadership PanelOutline of Current Lecture II. Visiting Executive Series Speaker: Mark Mielke, Money Wise Aggies- Money is the biggest stressor for college students and 70% of people in general- Budgeting o Manage your own money o Include savingso Make a system that works for meo Online resources: www.mint.com Track your bank accounts, credit cards, loans and investments graphically Automatically tags expenses www.budgettracker.com ; www.budgetpulse.como Pot-luck dinners with friends to minimize costso Don’t make impulse purchaseso Buy generic brands o Schedule bills around when you receive your paychecks - the average cost of textbooks at Texas A&M is $500- Establish financial goalso Short term- New phoneo Medium Term- Aggie Ringo Long Term- House- Estimate monthly expenses- Analyze your expense- Make adjustments to budget when necessary- Financial Goals- Have an emergency fundo Always PAY YOURSELF firsto Save 10-15% of your monthly incomeo Reach your financial goals- Income is not JUST from jobs- Fixed expenses (save every month)o Rent o Cable o Car Paymento Insuranceo Emergency Fund- A cheeseburger, fries, and a drink in College Station is $10.80- Variable Expenses ( varies month-to-month)o Entertainmento Food – dining outo Clotheso Mother’s Day/Father’s Day/Birthday- The problem is not how much we earn…it’s how much we spend- A grande Caramel Macchiato at the local Starbucks is $4.30- Save vs. Spend- Latte Factor: All unnecessary expenditures that you buy each montho Track expenses to find Latte Factoro Examples: Starbucks, Gym Memberships, Eating out, Movies, Vending Machine, Bottled Water, Shoe Shopping, iTunes Music- You are the CEO of your own money- The biggest barrier to becoming rich is living like you’re rich before you are –Knight Kiplinger - Money Wise Aggieso #AgsToRicheso
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