Probably everyone who spent more than a semester at Canton High would recognize the school’s bulldog mascot. (The bulldog is one of the most popular mascots in the world, apparently because bulldogs are famous for being friendly, loyal, courageous and tenacious. Hard to go wrong with characteristics like that.)
Now that you’ve left Canton High and are moving into the rest of your life, there are ways those bulldog qualities can go with you and make a solid difference for you at college, at work and wherever life takes you.
Making an effort to make the most of interactions and opportunities you have to build connections with others – fellow students, professors, co-workers and supervisors – will give you a reputation for being someone effective and efficient, someone others like to work with.
Reach out – forge relationships. That pays dividends over a lifetime. It always has and always will. People remember friendly, dependable people. They also remember the ones who aren’t. In a way that is true to yourself, be one of the ones who is.
Being “tenacious” when it comes to your finances – persistent and steady – is so important. Basically, no matter how little you may have at the beginning, just decide to become a saver. Don’t wait to start saving. Start saving now. If you do that one thing, you put yourself in a position where the money you work for today can start working for you in the future.
Get in the habit early of taking advantage of tools that make saving easy. Automatic sweeps get money into your savings account/s before you ever see it or get accustomed to having it to spend. For example, $100 a month may not sound like much, but it gives you $1200 at the end of a year. Some say the first $1000 is the hardest to save. This is an almost-effortless way to make that happen.
Even if you have to start small (and most people do), automatic sweeps into dedicated accounts are great for short-term goals like paying for a vacation or building an emergency fund. Automatic sweeps are also a solid way to save toward medium-term goals like accumulating the downpayment on a home and very long-term goals like saving for retirement. Increase your sweeps as your income increases. Save unexpected windfalls. If you’re like most people, you will be surprised and impressed at how quickly steady savings grow.
Make it your business (or hobby!) to learn about all of the benefits an employer may offer – even for part-time work. Be determined to get “free money” matches on your retirement savings. Things like health savings accounts, tuition reimbursements and flexible spending accounts are also valuable. Go to information sessions so you know what benefits you’re entitled to.
Everyone wants to be the rare and remarkable financial super-star who hits it right out of the park in some extraordinary way. It happens sometimes and, if it happens for you, congratulations. But many people have done very well financially by making reasonable, sensible decisions – hitting solid single after solid single – time after time over decades. That will never seem as outwardly-impressive but it gets the job done.
Remember that a lot of good financial & life ideas will always sound too simple. To name just a few: Live below your means. Stay optimistic. Be flexible. When you’re getting ready to buy a house, look for one you could live in for decades. Max out all retirement accounts. Learn to manage your money. Be friendly, loyal, courageous and tenacious. Have some fun along the way.
But it turns out that – as millions have discovered – there’s dependable financial-security-building “magic” in those ideas.
From the “Smart About Money” Canton Citizen column published on August 8, 2024.
Nick Maffeo is the President & CEO of Canton Co-operative Bank – right next to the Post Office – in Canton.
Have a question? Email to info@cantoncoopbank.com.