00:00:00 Null
New graduates begin one of the most difficult labor markets in the recent history, with recent classes of unemployment at 5.8% compared to only 4% of all employees. So, this is a very important time for young people to take smart financial steps. I want to attract Deena Healy, which is Vice President of Finance Planning and Advice in Amerprise. It is great that you are here in the studio with us. You have four pillars for tips for new graduates. Explore your benefits, set a strong credit history, create a budget, and take advantage of uncertainty. So, let’s start with benefits. Why is it important to investigate those benefits?
00:00:52 Deena Healy
This is a fun time for new labor graduates to think about the benefits they have. It is a great time to look at what is offered or they have 401k. This can be the first time they had access to 401k. So, make sure they can maximize the compliance of employers, but also look at health insurance. This is probably the first time they had to pay for health insurance. And then what other benefits can be purchased for new classes in the workforce and use what is offered to them.
00:01:33 Null
So why it is also important to create a credit history, and I mean that it will essentially cause people to fundamentally.
00:01:49 Deena Healy
It’s absolutely. This will determine the basis. You are thinking about your credit history and whether you are renting an apartment for the first time, whether you are buying a car or buying a house, all of these things will look at your credit history to determine if you are worth the risk. So, if new grades, new employees working in the workforce, can live according to their ability to make sure they understand what their costs are, and then if they can start thinking about whether they can get a credit card to start that credit history, making sure
00:02:53 Null
Yes, that’s a great tip. Also, we know that you have to create a good budget, even if your funds are limited. So how can you actually set the foundation there?
00:03:07 Deena Healy
Yes, I think it is important to understand what you have to work and work first. What is your income? What are your costs? I think the areas where you can run a little AMOK eats and spends a lot of money on restaurants or bars, and just focus on how much you can afford for some of those accessories and try to live according to your capabilities. It will be very useful.
00:03:51 Null
Now, young investors, how can they use uncertainty? I mean there was a lot of that permeation and really raging around 2020-2025. In the first half of this year.
00:04:10 Deena Healy
Yes. Absolutely. If I was a new graduate, although it is clear that the work, the labor market can be complex, instability and market uncertainty can play in their favor. They have to invest for a long time. So when I think about saving 401,000 or saved into the stock market, you actually have the ability to increase the dollar cost average. This means buying over time, and if the market is reduced, you buy items for sale essentially. So, if you went to Target and buy a laundry detergent and it’s sold two for one, you are going to buy two because it’s cheaper, right? The same goes with the stock market. If you are new on the market you have a lot of time. It is interesting to me because you buy the one that long -term prices you buy, you will see that long -term rating.
00:05:18 Null
Contact you an additional bonus, especially since we have even more thinking among younger people, new graduates who look at the concert economy, the influencer economy, as well as look at the labor market and try to say, well, if I can’t get into the labor market, how to start my own business and get their income? What is the best way to determine the basis for generating various income flows as well as in career?
00:06:01 Deena Healy
I think it’s a great question, and of course business is a way to generate wealth. I would say that you have a good personal financial basis, you have a savings account, collect cash reserve, understand your costs, and understand the effects of taxes. All of these things will help you if you are thinking about starting a business, make sure you have some basis to protect the negative side if everything is not as planned.
00:06:43 Null
Great tip, Deena. Thank you very much for taking time here with you in the studio.
00:06:48 Deena Healy
Thank you. Appreciate this.