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7 Money Musts for College Students

As the flurry of excitement winds down for those heading back to college, the realization starts to settle in: college is expensive.

The costs don’t stop with tuition fees. From book costs to beer money, college can be a financial minefield for the uninitiated. Worse yet, on every corner there seems to be a willing lender with a high-interest-rate credit card to “help out”. The result is more students dropping out of college due to financial issues than poor grades according to a report from CBS News.*

It is vital for students to develop good financial habits and avoid the common pitfalls as they advance out of high school and into the independent world of college.

This week recent Colorado State grad John Booren and I wanted to give some “Money Musts” for college students.

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David Morrison

David Morrison

David uses Values Based Financial Planning to align your financial choices with your most important goals and your most deeply held values. He has a comprehensive process to consolidate, coordinate and simplify your financial life in a way that brings you more confidence and clarity about your future. Learn more about David here.

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The Italian Job

As financial advisors we have the good fortune of working with people and their families at a very personal level. I often hear personal stories, some of which are very inspirational and insightful. Sometimes they even help me to live a better life.

As some of you may know, I took a trip to Italy last month with my son Kyle. In April my brother invited us to join him and his family in Greece for a vacation. Kyle and I couldn’t pass up the opportunity and wanted to do some travel on our own, so we honed our sites in on Italy. Now travelling to Italy is challenge enough for someone who’s only been to Cancun and Vancouver, but I wanted to take it a step further.

I wanted to do it on a motorcycle.

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Craig Arfsten

Craig Arfsten

As a Prosperion Advisor, Craig has the independence, support and resources to help clients with what he does best – listening to their stories, discovering their desires, and identifying their greatest financial risks, before developing a comprehensive approach to meeting those needs. Learn more about Craig here.

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Sudden Changes in Wealth

Colorado’s new favorite Olympian Missy Franklin has amazed us all with athletic feats that have made her a worldwide sensation. Her beautiful smile and contagious enthusiasm make Missy “The Missile” even more fun to watch.

The four gold medals and one bronze won by this 17-year-old Regis Jesuit High School senior are an entrée into a world of lucrative endorsements and prize money. But Missy and her parents say she will start school next week and even swim for the Regis Raiders again. After graduation she plans to go to college and wait to turn pro.

In a world where Missy can expect multi-million dollar offers for her endorsements, she will face the challenges of a windfall of wealth. While most people would be happy to deal with such problems, a sudden change of net worth can be tough to deal with. Here is my advice for dealing with a financial windfall.

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David Morrison

David Morrison

David uses Values Based Financial Planning to align your financial choices with your most important goals and your most deeply held values. He has a comprehensive process to consolidate, coordinate and simplify your financial life in a way that brings you more confidence and clarity about your future. Learn more about David here.

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Perspective is Everything

The daily noise of stock updates and news can be confusing. Rather than educating investors, it can distract and mislead those who pay too much attention to it. That’s especially true in today’s global economy and markets.

I’ve been an advisor for over 34 years in a variety of markets and circumstances. All those years gave me a slightly different perspective than a typical investor. I’ve seen the cyclical nature of the market first hand, so I try not to get caught up in the latest and greatest on CNBC.

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Steve Booren

Steve Booren

Steve Booren is the Owner and Founder of Prosperion Financial Advisors, located in Greenwood Village, Colo. He is the author of Intelligent Investing: Your Guide to a Growing Retirement Income and a regular columnist in The Denver Post. He was recently named a Barron's Top Financial Advisor and recognized as a Forbes Top Wealth Advisor in Colorado.

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Seven Steps to a Responsible Financial Game Plan

Of the 11 million homeowners who owe more on their homes than the home is worth, approximately 6.5 million have never missed a payment reported Dale Westhoff of Credit Suisse Group AG.

Meanwhile subprime borrowers who received mortgage modifications (like reduced payments of more than 40%) in 2010 had a payment default rate of 19% after only 12 months, said Laurie Goodman, an analyst at Amherst Securities Group LP.

It seems backwards.

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Steve Booren

Steve Booren

Steve Booren is the Owner and Founder of Prosperion Financial Advisors, located in Greenwood Village, Colo. He is the author of Intelligent Investing: Your Guide to a Growing Retirement Income and a regular columnist in The Denver Post. He was recently named a Barron's Top Financial Advisor and recognized as a Forbes Top Wealth Advisor in Colorado.

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