Wednesday, September 27, 2023
  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
The Chronicle News
  • Home
  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment
  • Advertise
  • Contact Us
No Result
View All Result
The Chronicle News
No Result
View All Result
Home Business

Graduation season: A great time to review money basics

The Chronicle News by The Chronicle News
May 7, 2023
in Business
0
COLUMN: Graduation season: A great time to review money basics
1
SHARES
7
VIEWS
Share on FacebookShare on Twitter

You might also like

Taxes: Knowing the basics is key

Casey Cox joins Liberty National Bank

Building permits top $15 million in Lawton

With graduation season just around the corner, now it a great time to review five key money basics for both students and the entire family.

• Understand your net worth. Get used to making this calculation at least once per year. It equals everything you own minus everything you owe others. For young graduates, this number will probably be negative due to debts, which is ok. The key is to measure this number over time and set a goal to improve it each year. Positive net worth opens many doors, including the ability to start a business, get a first home, or even lower your car insurance bill.

• Understand basic money mechanics. Review and understand a paycheck, along with learning about the basics of Social Security, Medicare, and common withholdings to pay for taxes. Then review and understand basic banking products. Actively managing your cash in today’s high inflation environment can yield meaningful interest income, something long missing from banks. Learn how to review and catch banking errors or fraud, and understand how your debit and credit cards work, as well as overdraft protection.

• Carefully manage debt. It is easy to burden yourself under a pile of debt. Credit card companies will fight each other over getting their credit card in your hands. And they love when you carry a balance on their card. If you do carry a balance, you are often paying 2 to 5 times the cost for every purchase you make. So ALWAYS pay the credit card bill in full each month. The next debt mountain built is from student loans. While unavoidable for many, try to minimize the size of the loans as much as possible.

• Understand basic expenses. Food, transportation, utilities, insurance, taxes, rent, and medical expenses are just several examples of everyday expenses. The best way to understand these expenses is by creating a budget. Then, before every big decision, research the costs and talk to people that have been in your shoes so you see how it fits into your budget. In addition to recurring expenses, plan to save three-to-six months of expenses for unforeseen emergencies.

• Invest in yourself. Remember, your most valuable asset is you. So invest in things that make you more employable and provide greater lifelong income earning potential. The best return is often one that is made to create a better future.

The world of money and finance can seem overly complicated. So, keep asking questions and seek advice until you fully understand the mechanics of money and how it impacts your situation. You’ll be amazed at how powerful that feeling can be. One of my primary objectives is to help you achieve your financial goals through a holistic approach that is tax-efficient in my wealth management and tax resolution practice. For more information, visit www.fredtfoxiii.com.

Fred T. Fox III lives in Lawton and owns his own business.

Previous Post

Foster care fraud allegations have Duncan woman wanted by the law

Next Post

Four beers in 10 minutes, driving into female nets 76-year-old man felony charge

The Chronicle News

The Chronicle News

Related Posts

Cache woman found not guilty of killing husband
Business

Taxes: Knowing the basics is key

by The Chronicle News
September 24, 2023
Casey Cox joins Liberty National Bank
Business

Casey Cox joins Liberty National Bank

by The Chronicle News
September 24, 2023
Building permits top $15 million in Lawton
Business

Building permits top $15 million in Lawton

by The Chronicle News
September 17, 2023
Cache woman found not guilty of killing husband
Business

Sharpen your AI toolkit for the upcoming school year

by The Chronicle News
September 17, 2023
Cache woman found not guilty of killing husband
Business

Lawton bankers graduate from OBA Compliance School

by The Chronicle News
September 10, 2023
Next Post
Four beers in 10 minutes, driving into female nets 76-year-old man felony charge

Four beers in 10 minutes, driving into female nets 76-year-old man felony charge

Must See

Popular News This Week

  • PSO to use controlled outages until repairs are made

    PSO to use controlled outages until repairs are made

    4 shares
    Share 2 Tweet 1
  • Time to rendezvous with the Beaver Creek crew

    3 shares
    Share 1 Tweet 1
  • Comanche County Democratic Party elects officers

    3 shares
    Share 1 Tweet 1
  • Norman firefighter dies, two climbers rescued at Wildlife Refuge

    2 shares
    Share 1 Tweet 1
  • I was sorta in charge for a while

    2 shares
    Share 1 Tweet 1

About

Welcome to The Chronicle. The Chronicle gives you the absolute best news sources that are happening in and around Comanche County! Our news are carefully curated and constantly updated to give you the best and most recent news as soon as they happen.

Categories

  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment

Site Links

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Latest News

  • Mistrial declared for Lawton man accused of 2020 house shooting September 27, 2023
  • 30th Comanche Nation Fair recognizes historic legacy of ‘Lords of Southern Plains’ September 27, 2023
  • Duncan man rescues couple from gas-filled house September 27, 2023

© 2023 The Chronicle News

No Result
View All Result
  • Home
  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment
  • Advertise
  • Contact Us

© 2023 The Chronicle News

What Are Cookies
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?