You have, or are looking forward to, one of your first jobs in public relations—and your first steady paycheck. So, how can you take steps now to ensure you are building a strong financial foundation?
Join New Professionals Section members for a free brown bag teleconference “Navigating Your Financial Future” on Thursday, April 21, hosted by financial advisor Jim Beverley. Beverley is a financial advisor with Partners Wealth Management with more than 15 years of financial planning experience.
PRSA New Professionals Blog Co-Chair Heather Sliwinski spoke with Beverley to get a preview of some of the topics he will be covering on Thursday.
Heather Sliwinski: In regards to their finances, what are the biggest challenges facing new professionals in today’s economy?
Jim Beverley: These days I hear quite a bit about paying off student loans as a significant challenge to new professionals. The cost of education required for getting a job and the recent investment landscape has made debt-free education a rare situation.
HS: Another crop of seniors is graduating this spring. What is a tip you have for those who are about to face their student loans?
JB: Shop for the best available repayment strategy, pay every time on time and if you can pay more, do so. Getting beyond these loans will help you get to saving money earlier in your life. It also helps you build your credit for when you are ready to buy a home or car.
HS: Do young professionals often seek out your council? If not, why do you think that is the case?
JB: Young professionals do not typically seek my council. In most cases, I have the feeling they would rather spend their money on buying fun things for their life. Cars, electronics, clothes and eating out seem to get the priority over paying for financial advice. On the one hand, I understand that motivation, and yet if they would spend their first dollars saving for their own future, they would soon be able to afford all the clothes, dinners, cars and electronics they desire.
HS: In your 16 years of experience, surely many of your clients have told you about financial regrets. What is the most common regret, and what can new professionals do early in their careers to prevent it?
JB: By far the most common regret my clients share with me is that they did not start saving early enough, and when they started, they wish they had saved more of their income. While there are many regrets, it is amazing to me how often I hear this response.
HS: If you could give just one piece of financial advice to recent graduates, what would it be?
JB: Whatever your income is, live as if you earned 10 percent to 20 percent less than that, and get in the habit of saving money from your first paycheck. Do not get into the mindset of, “as soon as I get x, then I’ll start saving”. Save some of EVERY paycheck you get, and do it right away.
So how do we start saving? Find out by registering for the brown bag today! Among the general topics, Beverley will discuss:
- A sample budget based on an average entry-level public relations professional’s salary
- Managing your credit, including what affects your credit score (and how it affects what you can do with your money)
- An overview of available student loans, and tips to make the repayment process as painless as possible
- Planning for retirement (clearly, you are not too young)
Jim Beverley, CLU, ChFC, CFP®, has 16 years of experience as a financial advisor. Beverley offers Securities and Investment Advisory Services through NFP Securities, Inc., member FINRA/SIPC. NFP Securities, Inc. is not affiliated with Partners Wealth Management. Beverley empowers clients by eliminating conflicts of interest, taking the time necessary to understand each client’s financial situation and educating clients on the solutions available to help accomplish their objectives.