Mav Money Talk

This Mav Money podcast episode, MSU Financial Planning Leaders, Aiden Hall and Maya Nelson have a discussion with Aiden Ryan, a recent MSU graduate, and his career path in financial planning and his transition from a financial advisor role to a back‑office position at Fortress Financial Group. Ryan shares his journey from initially considering a medical career to discovering his passion for financial planning. He details his experience with the CFP certification process, including the challenges of balancing work and study while employed at Fortress. The conversation also covers the RIA (Registered Investment Advisor) model, the importance of communication skills in financial advising, and the various career paths available within the financial planning industry.

Title of the episode: Roundtable Discussion: Tax Planning for College students.

Episode summary: Special guest, Jacob Bristol discusses what college students should know about tax planning.

Full description of the episode and any show notes/links: 

In this episode, MSU Senior Jacob Bristol provides timely information on:

·         Covering tax forms like W-2 and the 1040

·         Reviewing tax deductions and credits that impact college students

·         Comparing investing in a traditional IRA vs. Roth IRA

·         Discussing tax return software such as TurboTax

·         Exploring Jacob’s career path that let him to the double major

Number of the episode: 10

Guests: names, title, or year in school, major etc. 

Jacob Bristol-Sr. Accounting/Financial Planning Major

The team discusses internships, career tips, and best practices, along with a discussion on behavioral finance and its impact on your money decisions. Mark is a guest on the show and is a CFP®, partner and Sr. Financial Planner at MAP.

In this episode, the team discusses their successful internship and job search process.

Aidan Ryan, Charlie Frazzini, and Austin Deike; Financial Planning Majors, all had one thing in common and that was to write up a list that included more than one firm for both internships and jobs. Many of the postings are listed on the platform called Handshake, but that shouldn't be your only source. Social media and firm website career sections are great options to search. What if there are firms you would love to work for and they don’t have a position posted? Learn from the team on how they found success. 

After you listen, consider getting to work on your plan, starting with a list of firms you want to work for.     

In this episode, the team talks with Carter Morrissette, a recent college graduate and new financial planner about the importance of employee benefits in your career pursuits. 

The value of employee benefits such as 401(k)’s, group health, life and disability insurances, and others should ideally be added to any salary and bonus amounts. It could add as much as 10% to your salary. 

Although each employer has a different selection of benefits, it’s essential to educate yourself on any potential employer benefit options. They vary in terms of quality and effectiveness. 

After you listen, make it a point to discuss employee benefits in your job search, and in the interview process.           

In episode six, the team interviews two successful financial planners who discuss best practices for setting financial goals.

Episode five covered ways to successfully manage your money by using budgeting techniques and methods but it's also important to understand why you are managing your money in the first place. Start with your goals and the purpose for your money. What would you like to accomplish with your money? Not what others tell you it should be, but what you want.

Our guests, Ben Taatjes and Jerrid Sebesta, from The Taatjes Financial Group discuss best practices for setting goals and aligning these to your unique purpose in life. 

After you listen, consider utilizing some of the best practices in your finances.   

In episode number five, the team reviews various ways to track expenses while highlighting three different approaches. The purpose of tracking expenses is to help find money that is slipping through and to redirect that money toward your financial goals.  

Each student will describe their way of budgeting and remind the audience that there is no right or wrong way, just different ways. However, each method starts with asking “what do you want to accomplish with your money” and choosing your financial goals.  

Which method resonates most with you?

Carolyn Nelson, Scholarship Director of Admissions for Minnesota State University, reviews what scholarships are and how they work at MNSU. She will talk about how they fit into a student's overall tuition payment plan along with personal funds and possibly loans. She also reviews the differences between internal and external scholarships, and how to strategically plan for each.

Carolyn discusses how applicants can stand out from the pool by emphasizing their unique qualities and authentic self. Lastly, learn a few best practices that students can use to maximize their potential.

The next episode we will switch gears and discuss budgeting best practices.

In this episode, the team discusses student loans including FAFSA and best practices when applying for student loans. They cover the importance of financial education and how it helps understand student loan obligations by the borrower.  They will talk about the difference between subsidized vs. unsubsidized loans and best practices. The team wraps up by covering compound interest, and how it can work in your favor, or against you.