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How should i deal with my money when i'm in Marketing?


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Jennifer’s Answer

HI Nicholas - I encourage you to start saving as early as you can. Start with just change, then move to dollars. Once you have a job always put into a 401k so that your company will match it. Each time I get a raise, I put half of the percent increase into my 401k. It ads up fast.

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Bella’s Answer

Hi Nicholas! I second Jennifer and Aslon's recommendations for putting aside funds into a 401K once you begin working for a corporation and to max out the % contribution you are allowed. The earlier you begin saving the better. I would also recommend creating a monthly budget, there's several free budget tracking apps, my personal favorite is Every Dollar. It helps you to manage your money, track your spending, and save towards your financial goals. I've added a link to an article about creating a monthly budget below.

Bella recommends the following next steps:

https://www.ramseysolutions.com/budgeting/how-to-create-a-monthly-budget
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Lilian Phung,’s Answer

echoing other contributors' comments - 401(k) is a great place to start if you're working for a company that offers that right now, especially if they have a matching program (company would match whatever amount you put in up to a certain percentage of your salary). When there's a matching program and you don't put $$ into your 401(k) you're basically leaving $$ on the table. If your company doesn't have a 401(k) program, you can start putting $$ into your retirement savings via an IRA (individual retirement account ). You can ask your bank about IRA to get more info and set up options.

A great resource where you can get more information about money management is https://herfirst100k.com/ I follow the creator Tori Dunlap on IG too. she's great.

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Saniya’s Answer

Hi Nicholas, the answers above are really comprehensive. I would like to emphasize that budgeting from the very first day you start earning money is a wise thing to do. It can be quite overwhelming once you start earning a full paycheck, so it's important to keep your priorities in check.
- The first thing after receiving a paycheck, is covering all your commitments. Including rent, utility bills, etc
- Put aside a budget for your monthly groceries
- Put aside money for any fixed costs (ie. haircut, transportation costs, eating outside). Everything that remains is at your discretion to spend as you wish!
- Do not get a credit card unless you know how to use it
- Do not spend more in a month than you earn (this is including credit card spending)
- Do not borrow money unless you are able to repay it within a month
- Put aside money into savings, and invest if possible


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ASLON’s Answer

Hi there! I agree with Jennifer that saving at an early age is vital to your long term ability to retire and live a comfortable life. Most people wait till it's pretty much too late to start saving for their retirement. I highly recommend you join a 401K when you start working for a corporation. I also recommend you max out the % contribution you are allowed. In essence its "forced savings" but you will be able to adapt your lifestyle to spend less and save more. The earlier you start and the more you put in in your early years the greater the growth and amount will be when you get older because your money will compound. (look up compounding if you don't fully understand how it works) The other thing I recommend is that you put your money in index funds. These funds have very little up keep charges unlike many mutual funds which have a high maintenance cost which wipes out much of the gains over time.

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