Never Say Impossible Radio Interviews Tana Gildea
Learning to manage money is critical in order to grow your wealth. Managing money can be challenging and scary to vulnerable college graduates when they first start out. Making disastrous mistakes regarding debt and budget planning is common. The world of money management must be learned just like almost everything else we do in life. In our society, many young people enter the business world already saddled with huge debts. Generally these debts accumulated through college loans. As these newbies in the employment arena enter the world of business, if they have not been equipped with the basic money management skills they can easily become over whelmed. This senario can happen regardless of how talented they are. The possibility that they will run into financial trouble is almost inevitable.
As parents, we want our children to prosper and be more successful then we are financially. In our quest to give them the most enjoyable experience in their youth we gift them just about everything we can afford. We expect very little in return other than good grades. This can be a big mistake. Money management is an art. It is easier for some than others, however it can be learned by just about anyone who is willing to listen.
Even as they navigate through advanced education, most are ill-equipped for what they are going to have to face in order to survive on their own. As a result, many of these young people move back in with their parents after getting out of college or graduate school. They do not know how to mange the money they easn. Some youths have never managed their bank accounts and do not have a clue as to how to balance a checkbook. Worse than that, they have not paid the bills for their mobile devices and daily living expenses. It is a frightening thought, but a shockingly large number of these young people do not understand the importance of saving a percentage of their income. They continue to live way beyond their means and struggle managing money.
Money managing tips:
- learning to keep a budget and know where they are spending their money is essential. It is all about managing money.
- Understanding borrowing and debt as well as how interest can compound, which can make the debt almost impossible to alleviate.
- Learning and understanding what financial products are on the market that can help them prepare for their future are also important exercises.
- Paying their personal household bills for food and rent will help prepare them for when these expenses rest totally on their own shoulders.
Click the link below to listen to Tana’s interview and wise advice
About Tana Gildea: Tana is a CFP, CPA, CCPS, Certified College Planning Specialist.
Tana has worked full-time in corporate America, in small businesses, and in the home as the mother of four as well as being a volunteer with P T A, Girl Scouts, and more sports teams than she can count.
She worked at Compass Financial Consulting, LLC since 2004 and joined the partnership in January 2014. She serves as the Chief Compliance Officer as well as managing the administrative aspects of the business and server for her clients.
Specialties: College Planning
Comprehensive Financial Plans
Setting Financial Goals