Real World FinancesReal World Finances

URI 101: Planning for Academic URI 101: Planning for Academic SuccessSuccess

Basic Loan Basic Loan KnowledgeKnowledge• You don’t have to pay off loans until six months

after graduation• Two types of educational loans : need based and

non-need based• Distribution of loans and aid are based on the

students financial situation and cost of the institution

• Apply for loans and financial aid by filling out a FAFSA form which can be found online at www.fafsa-application.com

• FAFSA form must be completed yearly• Some careers will forgive all student loans after

you work in an underrepresented area for a period of time

Work StudyWork Study• A federal student aid program that provides part-time

employment while you are enrolled in school to help pay your education expenses.

• Schools must pay students at least once a month• Wage is hourly• Payment can go directlyto you, to your bank account or towards schoolfees

On-Campus Employment On-Campus Employment OptionsOptions• Campus Recreation• Residence Halls• Ryan Center• Computer Labs• Library• Bookstore• Dining Halls• Tour Guide• Orientation Leader• Academic Enhancement Center• Memorial Union

Cost of LivingCost of Living

Often times, the cost of living fluctuates depending on where you live. Look at these links for cost of living comparisons by city.

Cost of living calculators:

http://money.cnn.com/calculator/pf/cost-of-living/

http://www.nerdwallet.com/cost-of-living-calculator/

Budgeting 101Budgeting 101• Budgets are necessary. They are a way for

you to keep track of spending and sure your money is being spent where you want it.

• Spend within your means and save money! The earlier you start to save, the better you will be off in the future.

• 3 steps to starting a budget– Identify where you’re spending money now– Set goals for money you want to spend and save each

month– Track your spending to make sure it stays within the

guidelines

Salary by CareerSalary by Career

• Insert career specific information here

Education and Education and EarningsEarnings

A college graduate earns an average of $645,840 more than a high school graduate over a lifetime.

•One college course is worth $16,146•One hour in a college course is worth $336

Would you go to class today if I offered to pay you $336 for attending?

**This represents earnings over a 30 year period.

Typefocus & Managing Your Typefocus & Managing Your MoneyMoney

ProtectorsProtectors•These types are, by nature, conservative•Future oriented with money and spending•May be uncomfortable with unanticipated change – don’t make rash decisions from panic•Have an emergency fund for these situations!

ProtectorsProtectors include: ESTJ, ESFJ, ISTJ and ISFJESTJ, ESFJ, ISTJ and ISFJ

Typefocus & Managing Your Typefocus & Managing Your MoneyMoney

PlannersPlanners•Big picture thinkers•Future oriented with money and spending, and can sometimes miss the here and now•Have a long-term savings account and an account specifically for today’s spending•Practical with spending and where money goes

PlannersPlanners include:  ENTJ, ENTP, INTJ and INTPENTJ, ENTP, INTJ and INTP

Typefocus & Managing Your Typefocus & Managing Your MoneyMoney

PleasersPleasers•These people treat money personally, as an extension of themselves•What money is spent on is an expression of their identity•Often use money to please themselves or others, especially emotionally•Can be taken advantage of with money in order to please another•Be cautious of overspending

PleasersPleasers include: ENFJ, ENFP, INFJ and INFPENFJ, ENFP, INFJ and INFP

Typefocus & Managing Your Typefocus & Managing Your MoneyMoney

PlayersPlayers•Value freedom with finances and spending•Choose to spend money in the moment•Compulsive and unlikely to think long-term•Resourcefulness and a can-do attitude can be helpful in entrepreneurial ventures•Create a savings account to avoid too much impulsive buying

PlayersPlayers include:  ESTP, ESFP, ISTP, ISFPESTP, ESFP, ISTP, ISFP