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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

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Money Tips for College Grads

May 15, 2017 1:12 am

While they leave college with a diploma in hand attesting to their completion of a rigorous course of learning, recent graduates are falling short when it comes to financial smarts, according to a 2016 Experian survey.

The research reveals that although 69 percent of recent graduates surveyed do have student loan debt, 70 percent feel their college failed to properly prepare them to handle real-world personal finance.  KeyBank research shows similar concerns – nearly 20 percent of those surveyed know their financial goals, but are not confident they know how to reach those goals.

To help bridge the gap, KeyBank suggests college grads take the following steps:

Build a Budget
For many recent grads, that first, full-time paycheck may make them feel rich compared to what they were used to earning from their part-time and campus jobs. This makes now the perfect time to build a budget that takes into account all of their new economic realities: student loan payments, rent, utilities, transportation costs, career clothing, insurance and food.

Start a Savings Strategy
KeyBank recommends a three-pronged approach to savings that provides for short-term goals, long-term goals and saving for retirement.

- First, build an emergency savings that will cover 3 - 6 months of living expenses. This will allow grads to avoid turning to credit cards for unexpected expenses.

- Second, set up a second savings account for long-term goals, such as a car, travel or a down payment on a home.

- Third - and this will be tough one for grads to buy into - establish a retirement savings plan. Take full advantage of an employer’s 401K plan by allocating at least enough to qualify for any available 401K employer match, and then making a commitment to increase that contribution by 1 percent every year until you're saving 10 - 15 percent of your salary.

Monitor Your Credit Score
Establishing and managing a credit score is important for college graduates, as credit scores can affect their ability to rent housing, access utilities or eventually obtain a low-interest loan for major purchases. Good credit scores are built by managing credit payments, including student loan payments and credit card debt, paying bills on time and keeping any credit card debt at a minimum.

Adopting these three steps will put college grads on the road to financial security and help them build wealth long-term.

Source: KeyCorp

Published with permission from RISMedia.


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Garden Safety 101

May 15, 2017 1:12 am

In terms of dangerous activities, tending your garden likely falls low on the list. But many consumers throw out their backs while gardening, and the presence of sharp tools and hot summer sun only ups the risk factor.

Before heading to the beds this summer, peruse these safety tips from the  American Academy of Orthopaedic Surgeons.

- Loosen your joints and muscles before gardening with simple stretches.

- Take breaks. Do not stay in one position for too long. Switch positions often to avoid overworking one part of the body.

- To avoid injuring your back when lifting heavy objects, position yourself close to the object you want to lift. Separate your feet shoulder-width apart to give yourself a solid base of support. Then bend at the knees, tighten your stomach muscles and lift with your leg muscles as you stand up. If an object is too heavy or is an awkward shape, do not try to lift it by yourself. Get help.

- Protect your back and knees from strain by sitting on a garden stool when possible to help relieve pressure on your spine and knees.

- Consider having a vertical garden, wall planters or hanging plant baskets to avoid the repetitive back bending and kneeling positions that's involved in traditional gardening.

- Stay hydrated with fluids, especially if you're working up a sweat.

- Children should not be allowed to play in or near where sharp tools, chemicals or gardening equipment are being used or stored.  

- Remove stones, toys and other objects from the yard before you start gardening.

- Wear protective gloves, sturdy shoes and long pants when working in the garden to protect against insect bites and injuries from stepping on sharp objects, or cuts from handling sharp tools.

- Familiarize yourself with the plants that are in your garden. If you identify poisonous plants or trees, ensure you keep young children away and educate them about the potential risks. If you cannot identify a plant or tree, take a sample to your local garden center for identification.

- Keep gardening equipment in good working order. For example, when using a hedge trimmer for the first time in a season, have it serviced to ensure that it is working correctly.

Source: American Academy of Orthopaedic Surgeons

Published with permission from RISMedia.


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