Yesterday, I went to Alexa Von Tobel’s workshop, Financially Fearless. I heard Alexa speak at a panel two years ago and loved hearing her story and insights about being a young entrepreneur. Yesterday’s workshop was hosted by Local Levo NY at one of the General Assembly buildings. I saw a few friends, caught up, and got a crash course in personal finance. I even left with an autographed copy of Alexa’s book, Financially Fearless.
I wrote a lot of notes at the event, but here were a few five takeaways:
- Run your financial life like you run your social life. Make calendar reminders to check your credit score, pay your bills, and double check all of your bills to make sure you were charged for the right amount. Alexa also recommended creating a separate email account for all of your bills and bank correspondence. It makes it easier to filter through it and make sure that you read everything.
- Protect your credit score. Your credit score shows how financially responsible you are. Don’t carry credit card debt. Never miss a bill. Check your credit score regularly but always get a hard copy when you want to show it to potential lenders. Read 9 Ways to Improve Your Credit Score Immediately.
- Create an emergency fund. You should create an emergency savings account that has enough money for you to live for between six to twelve months. Calculate an average for how much money you spend in a month then try to set aside the proper amount to use in case of major emergencies. Read Emergency Fund 101.
- Start saving for retirement early. I know retirement seems like a billion years away but it is better to start saving now. Many companies will match the amount you put in a 401K and the money isn’t taxed. Read Saving for Retirement 101.
5. Get insurance. Insurance is so important. I would be in serious trouble right now if I wasn’t covered for all my doctors visits for my arm. Unexpected things like falling off your bike happen. It’s better to be prepared. There are all different types of insurance and the book and website have more details. One thing that is very helpful is renters insurance. If there is a fire, natural disaster, or even a clumsy roommate situation (it happened in our sorority house) the damage will be covered by renters insurance.
I’m going to read the articles on LearnVest and then decide if I am going to register with a financial planner. Does anyone else do LearnVest? I’d love to hear your opinions!