My Definitions of financial products/services and how it applies after graduation.

Looking back … I spent way too much money on things that I did not need, nor would last.

I should have saved that money for more memorable purchases: international trips, reliable cars, or a house! At least to have some sort of nest egg …Sadly, I look at some of the older people in my family and they have nothing in the form of savings … no savings accounts, no investment accounts, not even a retirement fund! That to me is scary. With that life lesson in mind, try to have as many savings mechanisms as possible, and start EARLY!

While at USC, I had my Checking Account not only through Great Western, but also through the USC Credit Union, in addition to a Savings Account with them. Although I currently have my Checking Account through Washington Mutual because of the accessibility post-graduation, I still have a Savings Account with the Credit Union. It’s good to have a remote Savings, that way the ability to easily withdraw the money is minimized. I also have my ING Direct Savings Accounts as well.

The best thing though about the Credit Union I have found is the rates they offer to their members. I have had not one, but THREE of my cars, financed or re-financed through the Credit Union. The moral of that story: You want to go where you get the best rate, either Interest Rate or Finance Charge. The lower your rates for Credit Cards or Loans, and the higher your rates for Savings and Investments, the better.

Seems simplistic, but often times we get wrapped up in the convenience of things (short-term results), as opposed to what is best for us in the end (long-term results). Quantity vs. Quality is the age old adage.