Tuesday, November 5, 2013

Pay Yourself First

Last week's Thirsty Thursday speaker was Kelly Campbell, Founder and CEO of Campbell Wealth Management in Alexandria, Virginia.  Kelly is an annual visitor to the MSBA Class with an important message for all students.

                  "Pay Yourself First" 

Saving for retirement, which seems a lifetime away, HAS to begin as soon as you receive your first paycheck.  Savings is not about the amount of money you save, it is about the lifelong discipline you establish from day one of your work career.  Establish three separate funds; an emergency fund with 3 to 6 months of living expenses, an interim fund for major purchases, vacations, etc. and a retirement fund.  It's important to fully fund the emergency fund first and then contribute to the latter two.  

A regular savings discipline and compound interest over a 30 or 40 year career will put you in a position to retire early and realize your dream of becoming a Graduate School Program Director!  

Other subjects covered by Mr. Campbell were Budgeting, Investing, Roth IRA, Avoiding Debt, Evils of Credit Cards, Student Loans, and Life Insurance.  

Mr. Campbell left the students with three nuggets of wisdom:
1) There is plenty of opportunity for the properly educated and hard working student.
2) Whatever you do, do it with integrity
3) Take the bull by the horns.

and three book recommendations:
1) The Secret by Rhonda Byrne
2) The e Myth by Michael Gerber
3) Start with Why by Simon Sinek

As always, this was a most popular session with students and an important benefit of the Master of Science in Business Analysis program here at CUA.  Kelly has promised a return engagement in the Spring for a Thirsty Thursday session on markets and investing alternatives.

Stewart McHie
Director, Master of Science in Business Analysis

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