Financial Fitness with Alan Akina - For the Graduates 2020

2 Jun 2020 · 2 min

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1:45

In this concise financial‑fitness segment aimed at recent high‑school graduates, Alan Akina delivers five practical, actionable tips to launch a sound financial life. He begins by emphasizing that money is a mindset, urging a shift from a fixed to a growth mindset as the foundation for financial success. He then advises students to limit college loans to only what is absolutely necessary. Next, he explains how to start building credit responsibly by using a low‑limit credit card for everyday expenses and paying the balance in full each month. He follows with guidance on cash‑flow awareness, recommending tracking income and expenses and consistently spending less than one earns. Finally, he encourages starting a modest investment fund—such as low‑cost mutual funds or reputable company stocks—and contributing regularly to benefit from compounding over time. The segment is delivered in a friendly, motivational tone, concluding with a sign‑off for the Wake Up Today program.

Chapters

Good morning, gang. For today's financial fitness report, I want to address all of our amazing high school graduates. Now, you just went through something that was unthinkable a few months ago. So, I'd like to help you to get a start on your financial journey. So, here are 5 tips to help you get started. Tip number 1, money is a mindset. The only limit on your financial success is the ones that we put on ourselves. You see, there are 2 types of mindsets that you can have. A fixed mindset where you believe that you can't change your circumstances. It is what it is. Then there is a growth mindset. Here you believe that you can improve and better yourself. Now, growth is where you want to be. Tip number 2, if you are going to college, only get student loans if you really, really need it and only take out what you need and nothing more. Tip number 3, Start building your credit. The best way to do that is to get a credit card with a small balance, like maybe a couple hundred dollars, and use it for basic living expenses. Be sure to pay that balance off in full each month to avoid paying interest. Tip number 4, understand how your cash flows. Learn to track the money that comes into your pocket and the money that leaves your pocket, and always try to spend less than you make each month. And tip number 5, start a small investment fund. Find a way to put a little bit of money into some good mutual funds or great companies. Now, starting young and being consistent will help this fund to grow significantly. For Wake Up Today, I'm Alan Akina. See you on Thursday.