“Six personal finance tips for new college grads - Bend Bulletin” plus 3 more

Six personal finance tips for new college grads - Bend Bulletin
Football Game Designed to Teach Students Money ... - News Channel 7
West Hartford Called A City For The Next Decade - Hartford Courant
Burlington Called Ranks High For Innovation - Vermont Public Radio

Six personal finance tips for new college grads - Bend Bulletin

Posted: 03 Jun 2010 04:00 AM PDT

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By Jennifer Waters / MarketWatch

Published: June 03. 2010 4:00AM PST

CHICAGO — College graduates entering the job market will find there's much to learn about managing their personal finances, but taking immediate steps to budget and save, and maintaining those good habits, will help protect them should a spate of bad luck come their way.

The average college student graduates with about $20,000 in debt and is looking at an average starting salary of $47,673. That average annual paycheck is down 1.7 percent for the Class of 2010 compared with last year's grads, according to the National Association of Colleges and Employers.

That makes it challenging for grads to save money as they pay off debt — the two most important factors in building financial security — but it's not impossible.

"Carving out money to save is good and is a habit that once you start, you'll benefit from for as long as you keep it up," said Dan O'Malley, chief executive of PerkStreet, an online bank.

Here's your first financial tip:

• Put 10 percent or more of your income into long-term savings.

"Make sure you save," O'Malley said. "It just grows and grows and grows. And get into any kind of matching program with an employer."

Here are five other must-do tips:

• Make a budget.

You can't save for a car, a house or the future if you don't know how much you're making and spending. There are plenty of online sites like Mint.com or Kiplinger.com that offer budgeting tools. LearnVest.com has a 2010 college grad financial survival guide.

• Don't spend money you don't have.

That is, live within your means. If you can take public transportation, for example, don't buy a car. If you can comfortably and peacefully live at home with your parents for a while, do it.

• Consolidate school loans.

Many students will be graduating with a handful of them that should be rolled together with one interest rate attached to it.

• Build your credit history carefully.

It is tough to get on in this world without a credit card, but that doesn't mean you have to use it wildly. Use it only when you have to, like to rent a car or pay a hotel bill, and pay it off every month. Your payment history is the most important element of your credit score, accounting for 35 percent of your score.

• Have a health-care plan.

Figure out when your coverage ends and be sure you have another one lined up. A new law that goes into effect in September will allow you to stay on or return to your parents' health insurance plan until you turn 26.

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Football Game Designed to Teach Students Money ... - News Channel 7

Posted: 28 May 2010 02:16 PM PDT

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COLUMBIA, S.C. --

A computer game designed to help educate high school students about personal finance was introduced in South Carolina Friday.

State Treasurer Converse Chellis and Carolina Panthers running back DeAngelo Williams unveiled the "Financial Football" game at a Columbia area high school.

The NFL-themed interactive game is being distributed to every public high school in the state.

"It's amazing what high school seniors don't know about credit scores and banking and checking and things like that, so it definitely is an awareness that we need to raise and this will be a big part of it," said Scott Newman, the Principle of Brookland Cayce H.S. in Cayce.

"What's exciting about this is we're getting kids involved in financial literacy," said Chellis.

"It's a football game. Everybody loves football and it's not about what the score is in high school football, it's what your credit score is about."

The game uses trivia questions concerning financial matters to help teach students how to manage their money wisely.

"It's important for them to understand the terms that they're dealing with, whether it's a balloon payment or simple interest or an APR, which is annual percentage rate. So, these are the types of terms they'll hear when they go out to buy a car or have a mortgage," said Chellis.

Williams told students to be cautious with their money and to begin saving at an early age.

"We just try to talk to them and let them know that we're not all going to live forever, but the short period that we do live, we want to have money while we're doing it, so to save your money early," he said. "A penny saved is a penny earned."

The five-year NFL veteran said no one really discussed the importance of saving when he was in high school.

"It's the reoccurring bills that get a lot of people (in trouble). You know they go out and they get houses and they get cars and they get all this other stuff and don't think about the bills that they've created for themselves," said Williams.

Chellis said he encourages young people to become accustomed to saving five to 10 percent of what they earn.

"The key to it is learning how to discipline yourself early and making those decisions when you first get started," he said.

Financial Football was developed by Visa Inc. through their sponsorship of the NFL. The game has been introduced in 26 states across the country over the last five years.

"We really want to make sure people of all ages learn how to manage their money wisely," said Jason Alderman, the Director of Financial Education for Visa.

"We know that people love video games (and) we know they love the NFL, so by taking the people's interest and love of the game and combining it with personal finance, it's really a fun way to learn."

Educators said they plan to begin using the game as a teaching tool in the classroom.

"Our economic classes are going to be using it next year. We're going to devise a curriculum around this," said Newman.

"A lot of great terms are being reviewed and a lot of great strategies. I see it as a win-win for everybody."

Officials are also hopeful that the star-power of an athlete like Williams will give the message more meaning to students.

"It definitely touches them in a different way, because they're used to seeing me in football pads and a helmet and talking about football," said Williams.

"Any time I can help kids out, especially when it's dealing with saving money, you know I'm all for it."

The game can also be played online at southcarolina.financialfootball.com.

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West Hartford Called A City For The Next Decade - Hartford Courant

Posted: 26 May 2010 07:40 PM PDT

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By VANESSA DE LA TORRE, vdelatorre@courant.com

7:24 a.m. EDT, May 27, 2010

A muggy, miserable 95 degrees in May and all the beading sweat that imposes on the public ws not enough to deter the dozens who insisted Wednesday on eating al fresco in West Hartford Center. They lunched at the bistro-style tables along Farmington Avenue — the thirtysomething women in floral dresses, the older guys in polo shirts tucked tightly into khaki shorts. They sipped glasses of water with lemon.

What's hotter than the weather? West Hartford, No. 9 on a Top 10 "Best Cities for the Next Decade" list that Kiplinger's Personal Finance magazine released this week.

The "once-sleepy suburb of Connecticut's capital" and "regional destination for shopping and dining," as the magazine depicts it, ranks among the company of: Austin, Texas (No. 1); Seattle; Washington, D.C.; Boulder, Colo.; Salt Lake City; Rochester, Minn.; Des Moines, Iowa; Burlington, Vt.; and Topeka, Kan. (No. 10).

What they all have in common is innovation, says Kiplinger's, the know-how to attract big- and small-business jobs, families and out-of-towners. In West Hartford's case, the magazine included the chic retail at Blue Back Square, niche businesses in Elmwood Center and Park Road, "top-notch" schools and town amenities such as an ice rink, five swimming pools and two public golf courses.

"Downtown Hartford is not really where people go anymore," Mayor Scott Slifka is quoted as telling Kiplinger's. "Great neighborhoods, a safe community and great schools have been our tradition."

Small-town charm — or has the town become a city? — also drew points for West Hartford. In the center, within walking distance of Whole Foods and Crate & Barrel, are large banners announcing the start of field hockey league registrations and automated town recycling. The area is not immune to the occasional bank robbery, but it's a place where convertible owners feel OK leaving the top down on the hottest day of the year.

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Burlington Called Ranks High For Innovation - Vermont Public Radio

Posted: 27 May 2010 04:59 AM PDT

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The city of Burlington is touting its new ranking as a "Top 10 City for the Next Decade" by Kiplinger's Personal Finance.

The magazine says the ranking focused on cities that specialize in "innovative thinking." Kiplinger says the winners are "great places to start a business or find a job."

Kiplinger's worked with a think tank that studies economic prosperity and used several indicators to identify the winning cities.

The magazine weighed the cities' affordability, public transit and the number of people working in what it calls the "creative class" - such as writers, educators and scientists.

The magazine's Top Ten cities will be profiled in its July issue.

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Personal Finance

Thursday, June 3, 2010