Student Loan Management

"I don't get 40 years as a creator or an influencer; maybe you get 10 if you build a sustainable business and get lucky. So, I am doing my very best to set aside as much money as possible so that I can take care of my future." In my conversation with Vivian Tu, also known as YourRichBFF, we covered practical aspects of financial literacy, including savings, debt management, investments, and the FU number that allows you to achieve financial freedom. So, here are the key takeaways: 𝐏𝐥𝐚𝐧 𝐀𝐡𝐞𝐚𝐝: Understand the costs of your goals. Even smart people can miscalculate without proper planning. 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 & 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬: Vivian saves more than 20% of her income, focusing on the future. Aim to boost income while keeping expenses steady. 𝐒.𝐓.𝐑.𝐈.𝐏 𝐌𝐞𝐭𝐡𝐨𝐝𝐨𝐥𝐨𝐠𝐲: It’s a five-part plan designed to help you manage your budget with a focus on securing your future financial well-being. ▪️Savings: Have an emergency fund. Single folks need 3-6 months of living expenses; households need 6-12 months. ▪️Total Debt: Rank debts by interest rate. Pay off the highest interest debt first while making minimum payments on others. ▪️Retirement Funds: Use 401(k)s and IRAs for tax benefits. Invest to keep up with inflation. Aim to get the full employer match. ▪️Investments: Saving isn’t enough. Invest in high-yield accounts to keep up with costs. ▪️Plan: Develop a comprehensive financial plan and adjust it as your life circumstances change. Calculate your financial freedom number (FU number) by determining your annual expenses and dividing by 0.04. For instance, if you need $1 million annually, your FU number would be $25 million. 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞: Leverage debt if the economics work in your favor. For high mortgage rates, paying down might be wiser. For rates under 7%, investing might be better. 𝐌𝐨𝐧𝐭𝐡𝐥𝐲 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠: Use spreadsheets to manage finances, track credit card statements, and have regular financial discussions with your partner. Vivien’s approach emphasizes understanding your finances, making informed decisions, and continually adjusting your plans to align with your goals and circumstances. Thanks for such a great conversation! #YourRichBFF #VivianTu #MoneyManagement #FinanceTips #FinancialLiteracy

As we celebrate Financial Literacy Month this April, it's essential to emphasize the importance of financial education, especially for our upcoming college graduates. With graduation season upon us, millions of new graduates will soon step into the job market, ready to build their futures.💡 So, as a technology leader in banking, I’d like to share some advice for new grads: 1. Understand Credit Cards: Responsible credit card use can be a powerful tool for building your credit history. Try to pay your balance in full each month to avoid interest charges and maintain a healthy credit score. Remember, credit cards can help you manage expenses, but they should not be a means to live beyond your means. 2. Budget Wisely: Create a budget that accounts for your income and expenses. Tracking your spending will help you identify areas where you can save and ensure you live within your means. 3. Emergency Fund: Start building an emergency fund as soon as possible. Aim for three to six months’ worth of living expenses to protect yourself against unexpected financial challenges. 4. Invest in Your Future: Consider starting a retirement account early, even with small contributions. The earlier you start, the more time your money has to grow. 5. Educate Yourself: Financial literacy is a lifelong journey. Seek out resources, attend workshops or follow financial experts to continue learning about managing your finances effectively. As leaders in the financial services industry, we must continue to promote financial literacy within our communities. By empowering individuals with the knowledge and tools they need, we can help them make informed financial decisions. #FinancialLiteracyMonth #FinancialEducation #Classof2025

The one skill every college student should master before graduating? Understanding compound interest. Not just the math. The mindset. Here's what I tell every young professional who walks into my office: Your first job offer might be $50,000. Maybe $70,000 if you're lucky. But the decisions you make in your first decade will determine whether you retire with $500,000 or $5 million. The difference? Time and knowledge. Consider this real example that still shocks my clients: 👉 Graduate A: Starts investing $100/month at 20 👉 Graduate B: Waits until 30, invests $300/month 👉 Both retire at 65 Graduate A ends up with $445,000. Graduate B? Only $406,000. One-third the monthly investment. More money at retirement. That's a 10-year head start worth $39,000, even though Graduate B invested $24,000 more of their own money. But here's what colleges don't teach: ✅ How to read a 401(k) statement (remember those hidden fees?) ✅ Why your first employer match is worth more than a signing bonus ✅ How lifestyle inflation kills wealth before it starts ✅ The real cost of student loan deferment 3 moves every graduate should make Day 1: 1️⃣ Contribute enough to get the full employer match (it's free money) 2️⃣ Automate 10% to savings before lifestyle creep kicks in 3️⃣ Learn one new financial concept monthly The best part? You don't need to be a finance major. You just need to start. Even $100 a month. Even $50. Because compound interest doesn't care about your GPA. It only cares about time. What financial lesson do you wish you'd learned in college? Share below. Follow me for daily insights that connect financial literacy to real-world wealth building. #LinkedInTopColleges #FinancialLiteracy #CollegeStudents #CompoundInterest #FinancialAdvisor

Sharing some of my personal financial practices that I believe young graduates should do too. 1. You're young and you have money with not so many responsibilities, the impulse to spend on wants more than needs will always be there, practice self-control, avoid impulse spending. 2. Set boundaries with family and expectations, you're a graduate not a manager, your salary is only enough for you, if you have extra to offer, then you can give if you want too not because they expect you too. 3. Practice saving habits, keep a penny box to collect loose change, open a savings account and deposit K100 or K200 fortnightly, set a target for your savings monthly or quarterly. Note: You can control the amount of savings you put into your savings account. Eg: K20 or K100. THE KEY IS TO SAVE. 4. Write down your short term financial goals and long term financial goals. I made myself a vision board, you can be creative with this so it adds motivation. 5. Practice living on a budget. Put a mark on how much you spend in a week, if you hit that mark do not spend again until the new week comes. 6. Avoid spending money on lunch or breakfast daily, meals you can always make at home. Think about it, if you spend K20 on lunch in a day, you can make 3 sandwiches and 3 juice boxes from that same K20 and save K40 for the next two days. 7. If you live independently, don't buy food in bulk, some days you might want to go out and eat good food in a restaurant or go for work or leisure travel, the food you buy can end up bad or become expired. Buy food in portions so you can save money for other things. 8. Have a rainy day or emergency savings, that can be any amount and it can be for haus krai contributions, birthdays, medicine etc...it can be for any miscellaneous spending. Above all, this will only work if you exercise DISCIPLINE and CONSISTENCY. Start your financial growth today!

𝗢𝘃𝗲𝗿 𝘁𝗵𝗲 𝗽𝗮𝘀𝘁 𝘆𝗲𝗮𝗿, 𝗜 𝗹𝗲𝗮𝗿𝗻𝗲𝗱 𝗮 𝘀𝗶𝗺𝗽𝗹𝗲 𝗯𝘂𝘁 𝘂𝗻𝗰𝗼𝗺𝗳𝗼𝗿𝘁𝗮𝗯𝗹𝗲 𝘁𝗿𝘂𝘁𝗵: 𝗺𝘆 𝗶𝗻𝗰𝗼𝗺𝗲 𝘄𝗮𝘀 𝗴𝗿𝗼𝘄𝗶𝗻𝗴, 𝗯𝘂𝘁 𝗺𝘆 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝘄𝗮𝘀 𝗻𝗼𝘁. While working with a company, managing multiple clients, and continuing my studies, my expenses kept increasing, with little visibility into where my money was actually going. I tracked it honestly and realized I was overspending consistently and saving inconsistently. That realization led me to a deliberate shift toward 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙡𝙞𝙩𝙚𝙧𝙖𝙘𝙮. 𝗜 𝘀𝘁𝗮𝗿𝘁𝗲𝗱 𝗹𝗲𝗮𝗿𝗻𝗶𝗻𝗴 𝘁𝗵𝗲 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹𝘀: - How to allocate income. - How much to save. - Where to invest based on risk and time horizon. - How compounding works in real terms. After exploring many sources, I found a few 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻𝗶 educators who explained investing in a way that was practical, locally relevant, and aligned with how people actually earn and spend in Pakistan. Over the last ~12 months, I’ve learned and actively invested in: - Mutual funds and SIPs - Gold and equities - Dividends and REITs - Shariah-compliant investment options 𝗧𝗵𝗲 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆: starting early matters more than starting big. Even a modest amount - e.g., Rs. 10 invested daily (~Rs. 3,650/year)—can compound meaningfully over 10–15 years. The math is simple, but the discipline is rare. I’m sharing this because many people in their 20s (and even later) struggle with the same issue. Financial literacy is still largely absent from formal education, yet it directly impacts every major life decision. Introduced early and taught clearly it could change outcomes at scale. To be clear, this is not about shortcuts, hype, or overnight gains. It’s about structured, long-term financial thinking. Grateful to the educators who helped shape this perspective: Ammar Siddiqui | YT: https://lnkd.in/d2tDkFyd Laeeq Ahmad | YT: https://lnkd.in/d-QpDJNS Furqan Punjani | YT: https://lnkd.in/dQNG4RCA one thing is clear: "𝒎𝒐𝒏𝒆𝒚 𝒄𝒂𝒏 𝒈𝒆𝒏𝒆𝒓𝒂𝒕𝒆 𝒎𝒐𝒓𝒆 𝒎𝒐𝒏𝒆𝒚, 𝒘𝒉𝒆𝒏 𝒎𝒂𝒏𝒂𝒈𝒆𝒅 𝒘𝒊𝒕𝒉 𝒊𝒏𝒕𝒆𝒏𝒕, 𝒑𝒂𝒕𝒊𝒆𝒏𝒄𝒆, 𝒂𝒏𝒅 𝒌𝒏𝒐𝒘𝒍𝒆𝒅𝒈𝒆"

Schools are finally teaching financial literacy in New Zealand. It’s a step forward — but is it enough? Here's what I wish I learned at school: 1. NOT ALL DEBT IS BAD We’re told to avoid debt. But there’s a difference between bad debt - like credit cards. And good debt - like leveraging the banks money buy an income-generating property. Financial literacy is knowing how to use debt, not being scared of it. 2. MONEY SHOUDN'T BE A TABOO TOPIC My parents didn’t talk about money with “the kids.” I grew up thinking it was rude to discuss it — even with friends. (Truth be told, I still struggle with this today.) Money management is one of the most valuable life skills we can teach to our peers and children. It starts with being comfortable talking about it like any other topic. 3. COMPOUND INTEREST REWARDS THE EARLY - NOT THE WEALTHY Start investing $100/week at 20, and you could retire with half a million. Wait until 40? You’ll need to contribute twice as much for less than half the result. It’s not about how much you earn — it’s how early you start. 4. WHAT AN ASSET ACTUALLY IS These are "Rich Dad, Poor Dad" basics. If it puts money in your pocket, it’s an asset. If it takes money out, it’s a liability — even if it feels like an “asset”. People think their car is an asset. But it loses value every day and costs you to run. Put your money into assets that give you a return from day one. 5. INFLATION EATS YOUR SAVINGS That $10K in the bank at 3% inflation is worth $300 less in one year. Your bank account isn't growing, it's shrinking every day. Investing is how you protect your money from losing value. 6. YOU CAN'T RETIRE ON A SALARY A job pays you while you work. But the moment you stop showing up, the money stops too. If you want time freedom later, you need to build assets now that will pay later. Did I miss any? Comment below for any lessons you wish were taught in schools?

The FINRA Investor Education Foundation dropped a research brief this week that every financial educator should read. They studied retail investors who use social media and finfluencers to make investment decisions. The findings are sobering. First, there's a real knowledge-confidence gap. Social media users scored lower on objective investment knowledge tests, but rated their own knowledge higher than non-users. That combination is dangerous. Second, when these investors were targeted for fraud, 68-69% lost money. Among non-users who were targeted? Just 26-29%. And here's the kicker: social media users actually did MORE due diligence, consulting nearly twice as many information sources. More research didn't protect them. Third, and this is the part I find genuinely hopeful, 60% of investors aged 18-34 are using social media for investment decisions, and nearly half don't see themselves as "typical investors." Social media is bringing new people into the market, including many communities that have historically been locked out of wealth-building. So what do you do with all of this? The answer isn't to tell young people to stay off TikTok. It's to make sure they have a real foundation in personal finance before they get there. The knowledge gap is the problem. Financial education is the solution. That's exactly why guaranteeing every student a personal finance course before they graduate isn't a nice-to-have. It's a necessity. 30 states now require it. Together, lets make that 50 and 100% of students. #mission2030 Next Gen Personal Finance https://lnkd.in/gdi7tvYb

Finally landed that first job??? Congratulations! Now let's talk about setting yourself up for financial success from your very first paycheck. Here are seven wealth-building moves I have learned in the past few months that every new graduate should make. 1. Start NPS( National Pension Scheme) Early Small contributions now + decades of compounding = retirement security. Time is literally money here! 2. Boost Your PF Voluntarily Going beyond the mandatory 12% PF contribution means guaranteed returns and tax-free growth. 3. Get Insurance Coverage Term insurance protects your loved ones. Health insurance protects your savings. Both are non-negotiable. 4.Begin SIP in ELSS Funds Double benefit: Building wealth through equity + saving taxes with Section 80C benefits. The 3-year lock-in teaches you patience too! 5. Embrace Compounding ₹5,000 monthly invested in your 20s can outperform ₹15,000 monthly started in your 30s. Start NOW. 6. Leverage Home Loan Benefits Building an asset while reducing taxes under Sections 80C and 24(b)? That's smart money. 7. File Your ITR Religiously Beyond compliance, it builds your financial footprint for future loans and validates your financial discipline. ✅The greatest wealth-building tool isn't your salary—it's TIME. What's the best financial advice you received when you started your career? Share below to help fellow professionals! 👇 #PersonalFinance #FinancialLiteracy #CareerAdvice #FirstJob #InvestmentTips

Most people were never taught how money works. And it’s costing them, every day. Financial literacy isn’t a luxury. It’s survival. But between school systems skipping the topic, Conflicting advice online, and the fear of “getting it wrong,” The gap keeps growing. Here’s How to Close Your Financial Literacy Gap 1. Understand your starting point ↳ Track income, expenses, debt, and assets ↳ You can’t fix what you don’t see 2. Learn the core concepts ↳ Budgeting, saving, investing, credit, and interest ↳ The basics are the real power tools 3. Set clear money goals ↳ Debt-free, home ownership, early retirement ↳ Direction turns random effort into results 4. Practice ongoing learning ↳ Follow credible educators, podcasts, and books ↳ Stay ahead of changes, trends, and risks 5. Fight short-term thinking ↳ Wants today vs. stability tomorrow ↳ Security is built, not stumbled upon 6. Make learning relevant ↳ Focus on skills tied to your actual goals ↳ Not all advice fits every journey 7. Apply what you learn ↳ Daily money choices shape your future ↳ Action beats “someday” every time 8. Stay consistent ↳ Review and adjust regularly ↳ Momentum compounds like interest Financial literacy isn’t a one-time class. It’s a habit you keep for life. What’s one money skill you wish you’d learned earlier? Follow me Marc Henn for more. We want to help you Retire Early, Supercharge Your Cash Flow, and Minimize Taxes. Marc Henn is a licensed Investment Adviser with Harvest Financial Advisors, a registered entity with the U. S. Securities and Exchange Commission.

Adulting 101: Financial Moves for New Residents💸 ❇️ 1. Review Your Insurance Options Check what your residency program offers — some provide basic life or disability coverage. That said, consider: - Disability Insurance: Your income is your greatest asset right now. Look into own-occupation disability coverage early — especially if you can lock in a lower premium. - Term Life Insurance: If someone relies on your income (spouse, children, family), term life is an affordable safety net. ❇️ 2. Budgeting + Emergency Fund Set up a basic monthly budget and aim to save 3–6 months of expenses. Even putting aside $100/month helps. Use tools like Mint, Rocket money or good ol’ spreadsheet. ❇️ 3. Open a Roth IRA - Start investing early with compound interest on your side. - Income as a resident is often low enough to qualify for Roth IRA contributions. - Consider broad index funds (like VTI or FXAIX). - You can start with as little as $50/month. ❇️ 4. Maximize Employer Benefits - Enroll in 401(k)/403(b) if your program offers one (especially if there’s a match!) - Use HSA if you have a high-deductible plan — it’s a triple tax-advantaged account. - Explore dependent care FSA or commuter benefits if applicable ❇️ 5. Start Learning Now- financial literacy is freedom!! Resources I love: - White Coat Investor - Physician on FIRE - Bogleheads Wiki ❇️ 6. If You Need a Car, Go Used - If you’re moving to a car-dependent area — consider a reliable used car instead of a new one. - You’ll avoid high monthly payments, extra insurance costs, and fast depreciation — and still get where you need to go. ⚠️ Avoid Taking on unnecessary credit card debt, Buying a house too early and Ignoring student loans until repayment hits 📸Here’s a picture of me with a slot machine — because PGY-1 felt like one big adulting jackpot (minus the jackpot). Again — I am not a financial advisor, just someone who wanted to start residency with fewer financial regrets. Just take one smart step at a time — and future you (attending you!) will thank you. 👋 Hey there! I'm Shreya, an Internal medicine resident ready to share my journey and assist others. 🔔 If you're interested in more insights from me, hit FOLLOW to stay updated! #Residentlife #money #RothIRA #financialtips #Residency #Internyear #Match2025