Shawn Sanford was joined by longtime friend of the Foundation, Tasha Murdoff for this seminar. As the Chief Financial Officer of AMA Investments, Tasha has previously presented to Annexstad Scholars and Alumni on personal fi nance best practices. Tasha is a first-generation college graduate and was able to speak about her experience on how she set herself up for financial success. Here are a few takeaways from Tasha’s savvy insights regarding what a first-year college student should know as it relates to their personal finances:
1 | Time is on your side… sometimes the hardest thing to do is start.
Money is intimidating. It can be challenging to wrap your head around if you don’t break it down. One thing Annexstad Scholars and Alumni have on their side is time. The power of compound interest and time allows investments and savings to grow with interest.
2 | Save, even $1…it will set you up for a better financial future.
A dollar today could have a different valuation than a dollar tomorrow. Starting small by setting modest financial goals can help you set yourself up for financial success in the future.
3 | Face your finances head on, even if it feels intimidating.
Finances are not going to go away! Facing your fi nances head on will help set expectations and alleviate anxiety.
4 | Build up your emergency savings; unexpected things happen in life.
Things happen in life even when you don’t see them coming. It is important to have emergency savings to help navigate unexpected changes. Cars break down, hospital visits occur, hot water heaters run out – having emergency savings will keep a challenge from turning into a crisis.
5 | Ensure you have accounts through a financial institution that works best for you.
It is highly recommended to have a personal basic checking and basic savings account. Explore a financial institution that works best for you. There are banks and credit unions that may best serve your needs. Ask thorough questions regarding fees and interest rates with your financial institution.
6 | Explore high-yield savings accounts.
A high-yield savings account might be a smart fit for you. Do your research to ensure you are getting a rate that makes your money work for you.
7 | Research your benefits when presented with a job offer, this can help you take advantage of retirement savings.
Be sure to look at 401k contribution matches. If offered, these could help increase your retirement savings.
Tasha Murdoff is Chief Financial Officer of AMA Investments, LLC. With over 29 years of investment experience in private equity, she manages investment strategies in real estate, bonds, equity and philanthropic giving throughout the United States. The first in her family to pursue higher education, Murdoff earned a Master of Business Administration from the University of St. Thomas and a bachelor’s degree from Augsburg College in Minneapolis.