Tips on Earning , Spending and Saving Income for future College Graduates

1. Having a primary employment Income (Full-time Job), Having a back up, a secondary employment income.

2. There is a positive correlation between the level of education and lifetime income.

3. How to become a millionaire by saving just $3.34 a day.

5. Wealth-building rule #5 : Save! Save! Save!

6. Secondary/ multiple sources of income.

7. The key to saving Money is to think Small.

Sources of Income you shouldn't count on:

  • Inheritance
  • Social Security

8. Control spending by controlling the " Big 5":

  • *Food
  • * Transportation
  • * Shelter
  • * Insurance
  • * Taxes

9. The 15% rule: pay yourself first (Savings).

10. The #1 money problem is financial hemorrhaging (where is money being spent).

11. 5 ways to stop financial hemorrhaging:

  • Never touch cash (wont leave a trail)
  • Have one central checking account
  • Use your debit card(using your own money)
  • Direct deposit all sources of income
  • Make your savings unavailable

12. Wealth-building Rule #7: Never let expenses rise to meet income.

13. Saving: Not buying something you dont need at the sale price

14. Little things you can do to save:

  • Money Jar
  • Write down everything you spend in a day

15. Concept of Opportunity cost: The cost of an alternative that must be forgiven in order to pursue a certain action.

16. Wealth-building Rule #8: Get help from a professional if you can't save.

17. The three rules for financial success:

  • Never let your money sit idle, put it to work.
  • Never pay more for something than you have to (shop around)
  • Never pass up anything that is free (coupons)

18. Tips for debt-free living:

  • Never live on all your money
  • Pay yourself first
  • Debit Card

Top Ten Reasons (Excuses) for Not Saving

  • No money left after bills
  • Money math too confusing
  • Brain isn't into planning
  • No interest in financial stuff
  • Just can't make decisions
  • Love spending on fun things
  • Naive, new to money game
  • Don't trust those brokers
  • Money's the root of all evil (the love of money is the root of all evil)
  • Too busy making money

Useful Link for more great Tips:


Verrone, Dick. FIN 235 Personal Finance. North Carolina: Kwik Kopy Printing, 2012. Print.

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