How Liberal Arts Majors learn about Investing

April 14, 2016 By Jose-Rodrigo

I recently made a small fortune. For me. It wasn’t a fortune or even a lot of money. But I achieved money in a way that I never thought. What’s my secret? It all began when I met a Guyanese man in College.

This Guyanese man was the former head of Citibank in Jamaica. He was the finance professor of my college. In full disclosure, I wasn’t an economics major. I knew nothing about business or economics at all. I naively assumed that the loans I was taking out would magically be paid back with my full-time job right out of college. I graduated in 2008. Things didn’t work out that way.

But I always liked to challenge myself and felt that I should give finance a try. When Rex met me on the first day of class, he asked me what my major was. When I told him, he laughed. And laughed. And laughed. He thought it would be IMPOSSIBLE for me to pass, let alone do well. Underestimation being a natural motivational trigger for me, I set out to prove him as wrong as possible.

The fact was, I wasn’t great at finance. I tried and studied, but it didn’t click in three months. But, it did give me valuable time with a person who explained a few basic points. Even though I wasn’t going to get an excellent grade, he filled me in on a few tips when it comes to investing:

You will learn finance because you will have to learn for your entire life. Becoming rich won’t motivate you, living comfortably in retirement will.

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Free finance counseling comes to Patchogue-Medford Library in April, May

April 14, 2016 By Michael Sorrentino

John Pabon from Debt Management Credit Counseling Corp. is providing free financial counseling at Patchogue-Medford Library. Photo courtesy of John Pabon.

What are your money goals – big or small? Are they as big as hoping to buy a house, or as small as balancing how much money to set aside for groceries versus going out to restaurants? No matter the objective, Patchogue-Medford Library is hosting a series of personalized, one-on-one financial counseling sessions that can help you accomplish these ideas as part of the Money for Life program.

John Pabon, a New York State Regional Manager for Debt Management Credit Counseling Corp (DMCC), is coming to the library for three evening sessions to meet with anyone that has questions about getting fiscally fit.

“Part of my job is to understand the client’s situation,” Pabon said.

He is certified for both credit counseling as well as for housing counseling in the state. Throughout his regular work-week at the non-profit, he focuses both on counseling clients as well as giving seminars to private businesses, banks, schools and universities throughout Long Island.

His sessions will be taking place on April 19th, May 3rd and May 17^th from 4:30 p.m.-7:30 p.m. While all of the available appointments for these sessions are already waitlisted, Pabon said that if time is permitting he may be able to take walk-ins. Anyone interested in joining the formal waitlist can do so by contacting Danielle Paisley by phone at 631-654-4700 ext. 301, through the contact form or directly on Patchogue-Medford Library’s website through the Event Calendar.

The counseling is completely free, but anyone attending should be ready to explain their particular issue, understand their current expenses and talk about how they are currently keeping a budget. Pabon can also help fill in the gaps on those, for instance he can help give advice on how to start keeping a budget in the event a patron doesn’t currently do that.

Anyone that is not able to make it to these sessions at the library can also make an appointment directly with Pabon at the DMCC office at 152 Waverly Ave. in Patchogue. He can be reached by phone at 1-888-777-0978 and the website for the DMCC can be found by clicking here.

Free services provided by the DMCC include budget counseling, student loan counseling, foreclosure counseling and first-time home buyer counseling, Pabon said.

The DMCC website also includes a number of videos with financial advice, which can be viewed by clicking here.

Families that Play Together, Learn Together!

February 4, 2016 By Jane Drake

Looking for something new and fun for you and your child to do at the Library?

Maybe you’d like to slip in a little something educational too?

Why not come down to Children’s and Parents’ Services and play one of our Money for Life games together with you child? Not only will you have some family fun but you will also learn about spending, sharing and saving money and your child will begin to learn basic financial principals.

We have many games and activities for children of varied ages available at the CAPS Desk with a Library card. We will hold your Library card while you have some fun playing one of our board games during your visit at the Library.

[Read more…]

Money Saving Tips for Teens (that apply to everyone!)

April 22, 2015 By Michele Cayea

Everyone wants to save money; especially teenagers. Recently teen librarians Michele Cayea and Gilda Ramos went to the Patchogue Medford High School to give a presentation called “Teens and Money” to the High School students. They discussed budgeting, saving, spending, and financial goals. The student’s favorite part of the presentation was the saving tips we shared. Saving is putting money aside to use at a later date. When we save well, we have money for special things (such as prom, car, college, unexpected situations like a cracked cell phone screen, or a flat tire). Some of these tips may seem obvious but they are easy things everyone can do to save money!

Eat out less often- cut down on the amount of times a week you go out for dinner, coffee, frozen yogurt ect.
Make your own lunch- plan ahead and make your own lunch for school or work. It’s cheaper and often healthier too.
Pay yourself first- before you spend any money, put aside money for yourself into your savings.
Watch for sales- don’t be an impulsive shopper; it often pays to wait for sales.
Shop with a list and a budget (back to school shopping, prom, holidays ect.)
Open a savings account.
Create a savings goal (ex. buy your own car) and make a plan to get there.
Ask your parents to match your savings goals (if they are able and willing.)

Almost all teens have smart phones and they have them on them all the time. Using budgeting apps, as well as your own bank’s app to monitor your account balance and money is a great way to be aware of what you’re spending. A budget is a way to track your money to ensure that the amount you spend doesn’t exceed the amount you earn. It is a vision for the future. That helps you get where you want to go. Budgeting apps are great easy tools to help you save. Here are some links to budgeting apps for teens (and adults):

http://www.parentscountdowntocollegecoach.com/2014/07/08/10-budgeting-apps/

http://moneymindedlearning.com/money-management-apps-for-teens/

How Liberal Arts Majors learn about Investing

You will learn finance because you will have to learn for your entire life. Becoming rich won’t motivate you, living comfortably in retirement will.

Free finance counseling comes to Patchogue-Medford Library in April, May

Families that Play Together, Learn Together!

Money Saving Tips for Teens (that apply to everyone!)

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