How to get out of debt lecture
Elan Lopez
Issue date: 11/20/09 Section: News
Rio Hondo hosted a "Financial Literacy Workshop" on Nov. 18 that was filled with useful information on how to get out of debt and how to budget your finances.
Steven Valdez and Sheila Shanker, both Certified Public Accountants, shared helpful tips in money management and it begins with setting clear goals. For example, if you are in the midst of transferring schools, apply for scholarships early and find away to get to the school or university of your choice.
In this economic downturn, the word "budget" has been on the tip of everyone's tongue from Gov. Schwarzenegger's to President Obama's. Keeping a budget is highly important and the basis of saving money. By not spending more than what you have, you are limiting your expenses, which is a move in the right direction. If you ever get an uncomfortable feeling while purchasing something, it is a good sign that you should not buy it because it may not be the right time to purchase.
Today, employers are looking at credit reports, savings accounts, and any financial report to see what kind of spender you are. People with bad credit reports tend to have trouble getting loans and/or a job. When employers view an applicant's financial profile, they are looking to see if their bills get paid on time, if they are in a large amount of debt, and how people stick to their commitments.
Guest speaker, Sheila Shanker, is a published author of the book "Guide to Non-profits from the Trenches" and knows first hand of financial turmoil from raising her daughter, currently attending a community college.
Shanker and Valdez both highly recommended setting up an automatic investment plan. This plan takes a set amount of your income every month and moves it to a separate savings account. This way it helps you avoid the temptation to deposit only part of your check and succumb to impulse buying.
A good way to control credit cards is to pay your bill every month; otherwise it will start to accumulate into uncontrollable debt. Keep a minimum of 2-3 credit cards. Anything else is too excessive.
At the age of 55, it is considered retirement ready with a variety of retirement plans including Social Security, pensions, and private retirement funds like personal investments. The longer you wait to pull from any of these accounts, the more money you will receive.
"Our financial destiny is determined right now. The way we spend, save, and invest now will determine how we will do so in our future. Invest in your future. Pursue your goals and dreams and do whatever you have to do to fight for them," said Valdez.
Steven Valdez and Sheila Shanker, both Certified Public Accountants, shared helpful tips in money management and it begins with setting clear goals. For example, if you are in the midst of transferring schools, apply for scholarships early and find away to get to the school or university of your choice.
In this economic downturn, the word "budget" has been on the tip of everyone's tongue from Gov. Schwarzenegger's to President Obama's. Keeping a budget is highly important and the basis of saving money. By not spending more than what you have, you are limiting your expenses, which is a move in the right direction. If you ever get an uncomfortable feeling while purchasing something, it is a good sign that you should not buy it because it may not be the right time to purchase.
Today, employers are looking at credit reports, savings accounts, and any financial report to see what kind of spender you are. People with bad credit reports tend to have trouble getting loans and/or a job. When employers view an applicant's financial profile, they are looking to see if their bills get paid on time, if they are in a large amount of debt, and how people stick to their commitments.
Guest speaker, Sheila Shanker, is a published author of the book "Guide to Non-profits from the Trenches" and knows first hand of financial turmoil from raising her daughter, currently attending a community college.
Shanker and Valdez both highly recommended setting up an automatic investment plan. This plan takes a set amount of your income every month and moves it to a separate savings account. This way it helps you avoid the temptation to deposit only part of your check and succumb to impulse buying.
A good way to control credit cards is to pay your bill every month; otherwise it will start to accumulate into uncontrollable debt. Keep a minimum of 2-3 credit cards. Anything else is too excessive.
At the age of 55, it is considered retirement ready with a variety of retirement plans including Social Security, pensions, and private retirement funds like personal investments. The longer you wait to pull from any of these accounts, the more money you will receive.
"Our financial destiny is determined right now. The way we spend, save, and invest now will determine how we will do so in our future. Invest in your future. Pursue your goals and dreams and do whatever you have to do to fight for them," said Valdez.
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