BeautyLink - Volume 6, Issue 4 - (Page 44)
PERSONAL FINANCE FOR
SEVEN STEPS TO REACH FINANCIAL GOALS
BY KENNETH J. ZARDA
t's the start of the National Football League season. We
watch the players make the plays, score the touchdowns
and make the money. When we think of professional athletes, we think of the wealth their skills bring in. And
herein lies a cautionary tale: In 2006, Vince Young was the
third person selected in the NFL draft. He would go on to
sign contract valued at $58 million, of which $25.7 million was
guaranteed! In four years in the NFL, he would earn $34 million
of his contract and another $30 million in endorsements. Flash
forward to January 2014, and Vince Young was in bankruptcy
court. What went wrong for Mr. Young? Vince trusted the wrong
people, spent money lavishly and, worst of all, he had no plan. He
was a financial rookie.
Many people make the same mistakes as Vince Young, just not
on the same scale. So how do we adults approach a subject that
we know we should know something about, but feel so lacking?
Find your friends at the credit union. Credit unions are some
of the most wonderful financial institutions around. The
primary focus of a credit union is their members and
because of this, its incentives are different from a
bank but it offers many of the same services. Many
credit unions offer financial education for its
members. You can go to personal finance
courses at your credit union with others who have the same questions and
concerns you do. Credit unions also
offer checking accounts, savings
accounts, loans, retirement
accounts, credit cards and
investment services. All
of these services are
done with lower
fees and interest
rates than commonly
found at banks.
Ditch the check-cashing place.
They may seem convenient, but they
really aren't; they're actually expensive. Quick math: a 3 percent charge to
| B E AUT Y L I NK | E *V AL *U*AT E | 2014
Table of Contents for the Digital Edition of BeautyLink - Volume 6, Issue 4
Celebrating 90 Years!
Preparing for the State Exam
Don’t Misfire When You Hire
The Power of Effective Questioning
What’s Your Etti-Q?
Personal Finance for Rookies
Boss Encounters: Removing the Fear Factor
Performance Review Primer
Whet Your Appetite for Success
BeautyLink - Volume 6, Issue 4
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