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Looking Ahead: Careers, Finances, and Life

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The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.
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KHAN ACADEMY

Hi, I'm Sal Khan,
founder of the Khan Academy,

a not-for-profit
with a mission of providing

a free world-class education
for anyone, anywhere

And many of you all
might associate us

as a place you might go
for help with math,

or science, or world history.

But what we're announcing today

is a partnership
that goes beyond that.

That allows you
to help navigate your life.

Since 2013, we've had
a partnership with Bank of America

around financial literacy.

And what we're now doing,
is we're extending that

so it's about financial literacy
and career.

And what's exciting,
whether you are a recent college grad,

or someone who is mid-career,

we are going
and interviewing people

at every stage of their career
and every walk of life

and asking them the questions
that we all wanna know

but it's hard to get answers to.

How much money do people make?
What are the career paths?

What are the decisions
they wish they had done differently?

What are the real pros and cons
of different career tracks?

And so we are launching that
with Bank of America,

the career videos, the interviews,

plus, in context with that,

we have all of the content
on financial literacy.

The videos, and the articles.

And so stay tuned,
this is just the beginning.

We're going to keep adding
more and more content,

and we look forward
to going on this career

and life skills adventure
with all of you,

and hopefully we can all make
better life decisions together.

KHAN ACADEMY

BETTER MONEY HABITS®
POWERED BY BANK OF AMERICA

KHANACADEMY.ORG
BANK OF AMERICA, N.A.
MEMBER FDIC.
ALL RIGHTS RESERVED.

KHAN ACADEMY

Hi, I'm Sal Khan,
founder of the Khan Academy,

a not-for-profit
with a mission of providing

a free world-class education
for anyone, anywhere

And many of you all
might associate us

as a place you might go
for help with math,

or science, or world history.

But what we're announcing today

is a partnership
that goes beyond that.

That allows you
to help navigate your life.

Since 2013, we've had
a partnership with Bank of America

around financial literacy.

And what we're now doing,
is we're extending that

so it's about financial literacy
and career.

And what's exciting,
whether you are a recent college grad,

or someone who is mid-career,

we are going
and interviewing people

at every stage of their career
and every walk of life

and asking them the questions
that we all wanna know

but it's hard to get answers to.

How much money do people make?
What are the career paths?

What are the decisions
they wish they had done differently?

What are the real pros and cons
of different career tracks?

And so we are launching that
with Bank of America,

the career videos, the interviews,

plus, in context with that,

we have all of the content
on financial literacy.

The videos, and the articles.

And so stay tuned,
this is just the beginning.

We're going to keep adding
more and more content,

and we look forward
to going on this career

and life skills adventure
with all of you,

and hopefully we can all make
better life decisions together.

KHAN ACADEMY

BETTER MONEY HABITS®
POWERED BY BANK OF AMERICA

KHANACADEMY.ORG
BANK OF AMERICA, N.A.
MEMBER FDIC.
ALL RIGHTS RESERVED.

Whether you’re trying to land your dream job or figuring out what that dream job could be, we have some perspective to share. In our new video series, we asked real people in real jobs how they’re handling financial responsibility as a young American. From saving and budgeting to short- and long-term plans, find out how your peers are navigating the world of work in their own words.
Transcript
Close Disclaimer
The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.
Close Transcript

PASSION VS. PAYCHECK:
SUCCEEDING IN LIFE’S NEXT CHAPTER

BETTER MONEY HABITS®
POWERED BY BANK OF AMERICA
IN PARTNERSHIP WITH KHANACADEMY

Hello, everyone,
and welcome to our panel,

Passion vs. Paycheck:

Succeeding in Life's Next Chapter.

My name is Brad Smith
and I work at the Nasdaq Stock Market

for my day job where I cohost
a show called The Millennial Report,

and I'm thrilled to be here
at Foothill Community College
BRAD SMITH, MODERATOR,
HOST OF THE MILLENIAL REPORT, NASDAQ

in Los Altos Hills, California,

as we near graduation, actually,

to discuss some of the opportunities

and the pitfalls as well

of life after graduation.

So it's going to be
an exciting conversation

and we're thrilled
to be here with you.

So let me introduce
the panelists very quickly.

First and foremost we have to my left

Sal Khan, who is the founder
and CEO of Khan Academy.

Caroline Ghosn of Levo.

We've got Sam DiVine
who is the founder,

or co-founder, of Society Salons.

And Andrew Plepler who is

the Environmental Social and Governance
executive at Bank of America.

When we think about some
of the statistics that really stand out

in terms of graduates today,

I want to rattle off a few of them.

So number one,

graduates are more likely
to choose a career

based on interest
than salary, number one.
GRADS TODAY:
MORE LIKELY TO CHOOSE A JOB

Number two,
BASED ON INTEREST (60%)
THAN SALARY (24%)

we have seen that there are
a lot of students out there

that don't believe that college
has equipped them

for life after graduation as well.

And so judging
by the sentiment in this room

just a little bit earlier, we know that
that is the case here as well.

We're going to see if we can combat
that with some of today's discussion.
ONLY 2 IN 5 WHO ATTENDED COLLEGE
THINK IT PREPARED THEM

And I want to dive in
FOR THE “REAL WORLD”

first and foremost with Caroline.
QUESTION:
WHEN YOU FOUNDED LEVO, WERE YOU
THINKING ABOUT PAYCHECK OR PASSION?

I love that we're talking
about this because

we at Levo really advocate
for living a life of purpose

and aligning your career
with your purpose.

So really spending those
first few years of your career

understanding yourself,
CAROLINE GHOSN
FOUNDER AND CEO, LEVO

so that whole self-discovery
process is really important,

and then comparing what
you're learning about yourself

to what you're doing out in the world

and making sure that it matches.

And doing that as quickly
as you can so that if it doesn't,

you're able to course-correct.

One of the biggest
challenges in this journey

is understanding
how to manage your finances,

it's understanding how to manage your
personal finances if you become

a business founder,

it's understanding how
to manage your company's finances.

Incredible ideas live and die by

how well their cash is managed.

So this is true for an individual
and it's true for an organization.
QUESTION:
WHAT ADVICE DO YOU WISH YOU HAD WHEN
YOU WERE FIRST STARTING OUT?

That it doesn't really
matter how you start,

it doesn't really matter
where you start, it matters

that you are committed to your
own process of self-discovery.

So, Sal, I want to shift to you.

You've spent your life in education.
QUESTION:
WHAT WAS YOUR VISION BEHIND CREATING
CAREERS AND PERSONAL FINANCE CONTENT?

SAL KHAN
FOUNDER AND CEO, KHAN ACADEMY
At Khan Academy we're always
thinking, especially with partners,

about, well,
how do we fill in all the gaps?

Our first partnership
with Bank of America was around

financial literacy, which is a very
important part of that real world.

What's a 401K?
How do taxes work, etcetera, etcetera.

But then the most important
financial decision you make

is the one that we're talking about,
which is career.

You'll hear at commencement speeches,
"Follow your passions,"

but you know, like,

"What about my student loans?"

This content, whether
it's financial literacy,

career, or you're trying
to review the quadratic formula,

it can be very sensitive.

A lot of times you're embarrassed
that you don't know about it.

A lot of times these
are sensitive questions.

It's hard to walk up to someone
on the street and say,

"How much money do you make?"
But you want to know.

And so

we wanted to make that type
of information available on demand.

So you don't have to be embarrassed,
if you're in college

and you have to review
the quadratic formula,

you don't have to be embarrassed

if you want to know

how much someone
in career X or career Y makes

or what's their
stress level etcetera.
QUESTION:
HOW DID YOU DECIDE
TO PURSUE YOUR PASSION?

So when I started on this career path,

I didn't originally intend
to become a salon owner
SAM DIVINE
FOUNDER, SOCIETY SALONS

or a business owner.

When I decided to pursue
my career as a hair stylist,

I knew exactly where I wanted to end up
when I got into the industry,

and I was lucky enough
upon graduating

to land a job there immediately,
and it was incredible.

It wasn't until I saw a pretty
dynamic shift happening

in the industry that I decided to

move and open up my own shop,

and it was definitely challenging,

but it was a decision that was
absolutely fueled by passion.

Not to say that I don't think
the financial part of it or the money

isn't important, I just don't think
that it should be the driving force,

and it wasn't for me.

But coming back to that,
it is something that you have to be

acutely aware of, because obviously
to open up your own shop

and start your own business,
you need the financing behind it.
QUESTION:
HOW MUCH OF A FACTOR SHOULD FINANCES
BE WHEN MAKING CAREER DECISIONS?

I think it's not an either/or.

I think you can do both,

and I think you can live

a passion driven…we're seeing this

with our own employees
who want to live their values.

They want their employer to be a place

where they can fulfill their passion

and their aspiration and they
also want to be pragmatic
ANDREW PLEPLER
GLOBAL HEAD OF ESG, BANK OF AMERICA

about being able to pay the bills
and pay student loans.

These young people today
in our audience here today

are going to have to be
much more self-directed

and they're going to need good
information to help them plan

for all of the changes
in their career trajectory.

They're not going to have that
sort of steady state predictability.

And that's why we want videos
that Sal has helped produce,

help people understand if you have

independent contractor income
what that means for taxes,

what it means for setting up
your own retirement instead

of having your employer do it for you.

And that's where
the brilliance, really,

of Khan Academy
and Better Money Habits is,

short nuggets, accessible information

to help you make good
decisions along that path.
QUESTION:
HOW LONG SHOULD YOU STAY AT
YOUR FIRST JOB IF YOU DO NOT LIKE IT?

Even looking back
at some of the careers

I had where I wasn't
super happy in the job,

I learned some really powerful skills

of even how to work with folks that
you're not completely aligned with,

so there's something powerful there.

I would not dismiss the fact

of how much you learn –

I don't want to say learn
from being miserable – but

there is some truth
to the growing experience

of persevering

through what might
at the time be unpleasant.

I probably got my best career lessons

at the place I enjoyed the least.

I think that as soon as
you understand why

you don't like that job,
then you should leave,

otherwise you're going
to perpetuate the same pattern.

It's like people in their lives who go
through the same bad relationship

over and over because
they didn't learn the why,

and then they just fell into another
similarly patterned relationship

with a different person,
it's the same principle with your job.

So you need to understand

why you don't like that job and
what about it isn't working for you

so you don't go ahead

and just accidentally roll into
the same pattern again.
QUESTION:
HOW DOES BUDGETING COME INTO PLAY
WITH FINDING A JOB OR STARTING A BUSINESS?

Live within your means.

That sounds very simple and trite,

but it's really the truth.

Don't buy more house
than you can afford.

Don't live in a bigger apartment
that you can afford early on.

Don't put yourself under that stress.

Most importantly,
so that you can focus on your job,

focus on building your career

and building your life,

and that you're not every evening

in a sea of anxiety

because you haven't planned well.

So for Brian I would say,

write down on a sheet of paper

your immediate needs,

your short-term goals and aspirations,

and make sure you're thinking
with a long-term horizon

in mind as well.
QUESTION:
HOW SHOULD I BE USING MY PAYCHECK?

Every state is different

and understanding

what your net pay is going
to be is really critical.

Because when April 15th rolls around,

if you haven't done
your withholdings right

there's nothing that
can get you in trouble

quicker than figuring out
you have a big tax bill.

So understand the state
and the federal taxes,

understanding what your net pay is.

You really want to look early on,
is there a 401K

and do they match?

That will have unbelievable
long-term benefit for you

because if an employer matches,

that's free money for you.

And that will grow over time

and you'll forget you even have it.

And I would encourage
you to not look at it,

because it goes up and it goes down,

but over the long term,

that is probably the best savings
mechanism that you can have.

I mean, do a deep audit of yourself

of what expenses truly make you happy.

And it takes a long time,
you realize –

I still discover things, yeah,
I'm not really doing this for

my own happiness,
I'm doing this because

it gives validation
with someone in my family.

Or I think it will make me happy
because some ads have told me so.

So do a deep audit,
and I think you will find that

your actual expenses
are much lower than

what some ads on TV will tell you.

So I started saving
about 30% of my paycheck

every time that we get paid,

and that works out
really, really for me.

For my employees,
I encourage all of them

to do the same thing

in whatever balance works well
for their lifestyle, it's important.

As a hair stylist a lot of our
employees tend to be freelance

or 1099, so it goes back to
just having to be really diligent

about your finances.
QUESTION:
HOW SHOULD WE VALUE EDUCATION
CREDENTIALS VERSUS ACTUAL JOB EXPERIENCE?

The nature of education and
the justification of credentials versus

impact is changing so
radically with our generation

that this question is so loaded,
I love that you asked it.

What we're seeing right now
is a shift away from credentials

and this résumé,

and a shift towards being able to
demonstrate a portfolio of your impact.

Being able to show that you know how
to move the needle from A to B.

We're seeing millennials,
56% of millennials

going into non-employer jobs

within the first four
to five years of their careers.

So going to small startups,

going into business for themselves,

managing the complexity

of being a freelancer.

And the reason that they're
doing that is that they're not

feeling fully self-realized
in these jobs

that aren't aligned
with what they want to do.

And in that case, the only thing
they have to show for themselves

is the impact that they're
having on other people.

So the importance of building
your professional identity online

is now much higher, because
you need to tell your own story.

It's up to you to tell your story.

It's not going to be the credentials
of the school that you went to.

It has completely shifted.

It's now about the work
that you're doing,

the people you're connected to,

the reputation that you're building out

with the community that you have.

And I think that's amazing
because it's actually democratically

making success a lot more
accessible to everybody.
QUESTION:
WHAT IS MOST IMPORTANT TO CONSIDER
WHEN ENTERING THE WORKFORCE?

You know, there are these
big questions in your life,

but there are a lot of taboo subjects

and people aren't able
to talk openly about them.

And so what we're going to try to do is
make that as transparent as possible.

There's other groups
that are doing really great things.

And the more information
you're armed with,

the better decisions you'll make.

Self-discovery is critical.

Having that learning
mindset is critical.

So what you mentioned is a really
important part of that equation,

having access to information,

and being able to do
that inside of a community

you can bounce questions off of
and that gives you the support

to navigate that,

whether that's an individual mentor
or a group of friends,

is critical.

So I would encourage you to really
nurture those relationships.

The people that you're sitting next to

are going to be people who are going to
rise with you your entire career,

and who you're going
to be interacting with

for the next 50 years.
So really take advantage of that.

The one thing that I would add
to it is to make sure that

you don't compare yourself
to other people's stories,

which I think is really important.
I think with social media

and just kind of the world
that we're living in now,

we tend to look
at other people's paths

and decide that
that's the path we want

ours to look like
and we should be there now

or I should have that by now.

And just remembering that
your path is completely unique

from everyone else's around you,

and just stay clear on that
and try not to get distracted

by all the noise around you.

Look, I think life is a journey,

it's a set of experiences.

I would lower the anxiety level

for this generation.

I think that you will all do great.

I mean, the energy
in this room at this school

is to me enormously
refreshing and energizing.

You guys will do great.

And I think there's so much
expectation out there today

of "what is my path?"

and "what are the ten steps
I need to take?" and

each year planned out.

Embrace the experiences.
Embrace the journey.

I had no idea how I was going

to go from A to B to C.
QUESTION:
PASSION OR PAYCHECK?

I'd lead with passion.

I think if you don’t have passion
you can't possibly be successful.

And I think you can find passion
in a lot of different environments

and take your time finding where
you can fulfill those passions.

Yeah, I think passion for sure.

I think your paycheck follows passion,
and I think that the energy

you put forth into things that
bring out the best in you resonates.

If you want to be happy, money follows
love, not the other way around.

So spend these first few years

really learning what you love
and the money will come

because you will find joy
in what you do in your career.

A slight variation.
I would say always leave

I would say always leave
space for your passions,

don't forget your passions,

but especially early on, invest,

and whatever circumstance
you're in, own it,

be very positive about it and
learn as much as you can

while pursuing those passions.
WWW.BETTERMONEYHABITS.COM

Thank you all for viewing
live on Facebook

and we look forward
to more conversations

just as this one coming
your way in the near future.
PASSION VS. PAYCHECK:
SUCCEEDING IN LIFE’S NEXT CHAPTER

BETTER MONEY HABITS®
POWERED BY BANK OF AMERICA
IN PARTNERSHIP WITH KHANACADEMY

PASSION VS. PAYCHECK:
SUCCEEDING IN LIFE’S NEXT CHAPTER

BETTER MONEY HABITS®
POWERED BY BANK OF AMERICA
IN PARTNERSHIP WITH KHANACADEMY

Hello, everyone,
and welcome to our panel,

Passion vs. Paycheck:

Succeeding in Life's Next Chapter.

My name is Brad Smith
and I work at the Nasdaq Stock Market

for my day job where I cohost
a show called The Millennial Report,

and I'm thrilled to be here
at Foothill Community College
BRAD SMITH, MODERATOR,
HOST OF THE MILLENIAL REPORT, NASDAQ

in Los Altos Hills, California,

as we near graduation, actually,

to discuss some of the opportunities

and the pitfalls as well

of life after graduation.

So it's going to be
an exciting conversation

and we're thrilled
to be here with you.

So let me introduce
the panelists very quickly.

First and foremost we have to my left

Sal Khan, who is the founder
and CEO of Khan Academy.

Caroline Ghosn of Levo.

We've got Sam DiVine
who is the founder,

or co-founder, of Society Salons.

And Andrew Plepler who is

the Environmental Social and Governance
executive at Bank of America.

When we think about some
of the statistics that really stand out

in terms of graduates today,

I want to rattle off a few of them.

So number one,

graduates are more likely
to choose a career

based on interest
than salary, number one.
GRADS TODAY:
MORE LIKELY TO CHOOSE A JOB

Number two,
BASED ON INTEREST (60%)
THAN SALARY (24%)

we have seen that there are
a lot of students out there

that don't believe that college
has equipped them

for life after graduation as well.

And so judging
by the sentiment in this room

just a little bit earlier, we know that
that is the case here as well.

We're going to see if we can combat
that with some of today's discussion.
ONLY 2 IN 5 WHO ATTENDED COLLEGE
THINK IT PREPARED THEM

And I want to dive in
FOR THE “REAL WORLD”

first and foremost with Caroline.
QUESTION:
WHEN YOU FOUNDED LEVO, WERE YOU
THINKING ABOUT PAYCHECK OR PASSION?

I love that we're talking
about this because

we at Levo really advocate
for living a life of purpose

and aligning your career
with your purpose.

So really spending those
first few years of your career

understanding yourself,
CAROLINE GHOSN
FOUNDER AND CEO, LEVO

so that whole self-discovery
process is really important,

and then comparing what
you're learning about yourself

to what you're doing out in the world

and making sure that it matches.

And doing that as quickly
as you can so that if it doesn't,

you're able to course-correct.

One of the biggest
challenges in this journey

is understanding
how to manage your finances,

it's understanding how to manage your
personal finances if you become

a business founder,

it's understanding how
to manage your company's finances.

Incredible ideas live and die by

how well their cash is managed.

So this is true for an individual
and it's true for an organization.
QUESTION:
WHAT ADVICE DO YOU WISH YOU HAD WHEN
YOU WERE FIRST STARTING OUT?

That it doesn't really
matter how you start,

it doesn't really matter
where you start, it matters

that you are committed to your
own process of self-discovery.

So, Sal, I want to shift to you.

You've spent your life in education.
QUESTION:
WHAT WAS YOUR VISION BEHIND CREATING
CAREERS AND PERSONAL FINANCE CONTENT?

SAL KHAN
FOUNDER AND CEO, KHAN ACADEMY
At Khan Academy we're always
thinking, especially with partners,

about, well,
how do we fill in all the gaps?

Our first partnership
with Bank of America was around

financial literacy, which is a very
important part of that real world.

What's a 401K?
How do taxes work, etcetera, etcetera.

But then the most important
financial decision you make

is the one that we're talking about,
which is career.

You'll hear at commencement speeches,
"Follow your passions,"

but you know, like,

"What about my student loans?"

This content, whether
it's financial literacy,

career, or you're trying
to review the quadratic formula,

it can be very sensitive.

A lot of times you're embarrassed
that you don't know about it.

A lot of times these
are sensitive questions.

It's hard to walk up to someone
on the street and say,

"How much money do you make?"
But you want to know.

And so

we wanted to make that type
of information available on demand.

So you don't have to be embarrassed,
if you're in college

and you have to review
the quadratic formula,

you don't have to be embarrassed

if you want to know

how much someone
in career X or career Y makes

or what's their
stress level etcetera.
QUESTION:
HOW DID YOU DECIDE
TO PURSUE YOUR PASSION?

So when I started on this career path,

I didn't originally intend
to become a salon owner
SAM DIVINE
FOUNDER, SOCIETY SALONS

or a business owner.

When I decided to pursue
my career as a hair stylist,

I knew exactly where I wanted to end up
when I got into the industry,

and I was lucky enough
upon graduating

to land a job there immediately,
and it was incredible.

It wasn't until I saw a pretty
dynamic shift happening

in the industry that I decided to

move and open up my own shop,

and it was definitely challenging,

but it was a decision that was
absolutely fueled by passion.

Not to say that I don't think
the financial part of it or the money

isn't important, I just don't think
that it should be the driving force,

and it wasn't for me.

But coming back to that,
it is something that you have to be

acutely aware of, because obviously
to open up your own shop

and start your own business,
you need the financing behind it.
QUESTION:
HOW MUCH OF A FACTOR SHOULD FINANCES
BE WHEN MAKING CAREER DECISIONS?

I think it's not an either/or.

I think you can do both,

and I think you can live

a passion driven…we're seeing this

with our own employees
who want to live their values.

They want their employer to be a place

where they can fulfill their passion

and their aspiration and they
also want to be pragmatic
ANDREW PLEPLER
GLOBAL HEAD OF ESG, BANK OF AMERICA

about being able to pay the bills
and pay student loans.

These young people today
in our audience here today

are going to have to be
much more self-directed

and they're going to need good
information to help them plan

for all of the changes
in their career trajectory.

They're not going to have that
sort of steady state predictability.

And that's why we want videos
that Sal has helped produce,

help people understand if you have

independent contractor income
what that means for taxes,

what it means for setting up
your own retirement instead

of having your employer do it for you.

And that's where
the brilliance, really,

of Khan Academy
and Better Money Habits is,

short nuggets, accessible information

to help you make good
decisions along that path.
QUESTION:
HOW LONG SHOULD YOU STAY AT
YOUR FIRST JOB IF YOU DO NOT LIKE IT?

Even looking back
at some of the careers

I had where I wasn't
super happy in the job,

I learned some really powerful skills

of even how to work with folks that
you're not completely aligned with,

so there's something powerful there.

I would not dismiss the fact

of how much you learn –

I don't want to say learn
from being miserable – but

there is some truth
to the growing experience

of persevering

through what might
at the time be unpleasant.

I probably got my best career lessons

at the place I enjoyed the least.

I think that as soon as
you understand why

you don't like that job,
then you should leave,

otherwise you're going
to perpetuate the same pattern.

It's like people in their lives who go
through the same bad relationship

over and over because
they didn't learn the why,

and then they just fell into another
similarly patterned relationship

with a different person,
it's the same principle with your job.

So you need to understand

why you don't like that job and
what about it isn't working for you

so you don't go ahead

and just accidentally roll into
the same pattern again.
QUESTION:
HOW DOES BUDGETING COME INTO PLAY
WITH FINDING A JOB OR STARTING A BUSINESS?

Live within your means.

That sounds very simple and trite,

but it's really the truth.

Don't buy more house
than you can afford.

Don't live in a bigger apartment
that you can afford early on.

Don't put yourself under that stress.

Most importantly,
so that you can focus on your job,

focus on building your career

and building your life,

and that you're not every evening

in a sea of anxiety

because you haven't planned well.

So for Brian I would say,

write down on a sheet of paper

your immediate needs,

your short-term goals and aspirations,

and make sure you're thinking
with a long-term horizon

in mind as well.
QUESTION:
HOW SHOULD I BE USING MY PAYCHECK?

Every state is different

and understanding

what your net pay is going
to be is really critical.

Because when April 15th rolls around,

if you haven't done
your withholdings right

there's nothing that
can get you in trouble

quicker than figuring out
you have a big tax bill.

So understand the state
and the federal taxes,

understanding what your net pay is.

You really want to look early on,
is there a 401K

and do they match?

That will have unbelievable
long-term benefit for you

because if an employer matches,

that's free money for you.

And that will grow over time

and you'll forget you even have it.

And I would encourage
you to not look at it,

because it goes up and it goes down,

but over the long term,

that is probably the best savings
mechanism that you can have.

I mean, do a deep audit of yourself

of what expenses truly make you happy.

And it takes a long time,
you realize –

I still discover things, yeah,
I'm not really doing this for

my own happiness,
I'm doing this because

it gives validation
with someone in my family.

Or I think it will make me happy
because some ads have told me so.

So do a deep audit,
and I think you will find that

your actual expenses
are much lower than

what some ads on TV will tell you.

So I started saving
about 30% of my paycheck

every time that we get paid,

and that works out
really, really for me.

For my employees,
I encourage all of them

to do the same thing

in whatever balance works well
for their lifestyle, it's important.

As a hair stylist a lot of our
employees tend to be freelance

or 1099, so it goes back to
just having to be really diligent

about your finances.
QUESTION:
HOW SHOULD WE VALUE EDUCATION
CREDENTIALS VERSUS ACTUAL JOB EXPERIENCE?

The nature of education and
the justification of credentials versus

impact is changing so
radically with our generation

that this question is so loaded,
I love that you asked it.

What we're seeing right now
is a shift away from credentials

and this résumé,

and a shift towards being able to
demonstrate a portfolio of your impact.

Being able to show that you know how
to move the needle from A to B.

We're seeing millennials,
56% of millennials

going into non-employer jobs

within the first four
to five years of their careers.

So going to small startups,

going into business for themselves,

managing the complexity

of being a freelancer.

And the reason that they're
doing that is that they're not

feeling fully self-realized
in these jobs

that aren't aligned
with what they want to do.

And in that case, the only thing
they have to show for themselves

is the impact that they're
having on other people.

So the importance of building
your professional identity online

is now much higher, because
you need to tell your own story.

It's up to you to tell your story.

It's not going to be the credentials
of the school that you went to.

It has completely shifted.

It's now about the work
that you're doing,

the people you're connected to,

the reputation that you're building out

with the community that you have.

And I think that's amazing
because it's actually democratically

making success a lot more
accessible to everybody.
QUESTION:
WHAT IS MOST IMPORTANT TO CONSIDER
WHEN ENTERING THE WORKFORCE?

You know, there are these
big questions in your life,

but there are a lot of taboo subjects

and people aren't able
to talk openly about them.

And so what we're going to try to do is
make that as transparent as possible.

There's other groups
that are doing really great things.

And the more information
you're armed with,

the better decisions you'll make.

Self-discovery is critical.

Having that learning
mindset is critical.

So what you mentioned is a really
important part of that equation,

having access to information,

and being able to do
that inside of a community

you can bounce questions off of
and that gives you the support

to navigate that,

whether that's an individual mentor
or a group of friends,

is critical.

So I would encourage you to really
nurture those relationships.

The people that you're sitting next to

are going to be people who are going to
rise with you your entire career,

and who you're going
to be interacting with

for the next 50 years.
So really take advantage of that.

The one thing that I would add
to it is to make sure that

you don't compare yourself
to other people's stories,

which I think is really important.
I think with social media

and just kind of the world
that we're living in now,

we tend to look
at other people's paths

and decide that
that's the path we want

ours to look like
and we should be there now

or I should have that by now.

And just remembering that
your path is completely unique

from everyone else's around you,

and just stay clear on that
and try not to get distracted

by all the noise around you.

Look, I think life is a journey,

it's a set of experiences.

I would lower the anxiety level

for this generation.

I think that you will all do great.

I mean, the energy
in this room at this school

is to me enormously
refreshing and energizing.

You guys will do great.

And I think there's so much
expectation out there today

of "what is my path?"

and "what are the ten steps
I need to take?" and

each year planned out.

Embrace the experiences.
Embrace the journey.

I had no idea how I was going

to go from A to B to C.
QUESTION:
PASSION OR PAYCHECK?

I'd lead with passion.

I think if you don’t have passion
you can't possibly be successful.

And I think you can find passion
in a lot of different environments

and take your time finding where
you can fulfill those passions.

Yeah, I think passion for sure.

I think your paycheck follows passion,
and I think that the energy

you put forth into things that
bring out the best in you resonates.

If you want to be happy, money follows
love, not the other way around.

So spend these first few years

really learning what you love
and the money will come

because you will find joy
in what you do in your career.

A slight variation.
I would say always leave

I would say always leave
space for your passions,

don't forget your passions,

but especially early on, invest,

and whatever circumstance
you're in, own it,

be very positive about it and
learn as much as you can

while pursuing those passions.
WWW.BETTERMONEYHABITS.COM

Thank you all for viewing
live on Facebook

and we look forward
to more conversations

just as this one coming
your way in the near future.
PASSION VS. PAYCHECK:
SUCCEEDING IN LIFE’S NEXT CHAPTER

BETTER MONEY HABITS®
POWERED BY BANK OF AMERICA
IN PARTNERSHIP WITH KHANACADEMY

Passion Vs. Paycheck: Succeeding in Life’s Next Chapter

We hosted a panel of experts and peers to discuss first jobs, finding purpose and managing the challenges that young Americans face in the world of work. Check out highlights from our Facebook Live event here.

See full video on Facebook

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Our partnership with Khan Academy

Bank of America and Khan Academy are tapping into a different way to help you learn about money. We lay out the facts with understandable terms and relatable examples, so you can decide what makes sense for your personal situation. It’s all about connecting information to your goals.
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The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.
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If you go four hundred years ago, and you went to Western Europe, most people of that time thought that most people couldn’t read.  That they weren’t just, they were just not capable of it.  Now we make those same assumptions about everything else. And I think Khan Academy, and BetterMoneyHabits.com, together is saying, “No. We actually think everyone can learn this.”

Most people, who are familiar with us, associate us with this library of videos that I first started making for my cousins and then they kind of got popular.

We’re much more than just the videos. We’re really trying to think about “How do we use technology at our disposal to allow people to learn faster? How do we make interactive widgets to understand where their gaps are in their knowledge?”

When Bank of America first approached us, you know there was a healthy sense of skepticism.  And they said, “This is exactly why we came to Khan Academy. And we’re genuine about our desire to educate folks.”

BetterMoneyHabits.com has allowed us to do at Khan Academy, is really focus on this really important area, that, when just in life you should know about a mortgage or a credit score or whether you should rent or buy. I think if folks try it out, they will see that “Wow, I’m learning things that I never knew before. That this is directly applicable to my life, to my job, to the lives of my customers. And a big part of what we’re trying to do and hopefully are doing, is making learning fun, and engaging, and for lack of a better word, addictive.

My hopes for this relationship, is that there’s no better resource to go to than either BetterMoneyHabits.com, or Khan Academy. But then we grow beyond videos. So already Khan Academy on its platform, especially in Math. We have quizzes, we have articles, we have a community. I hope we can bring more of that into personal finance. And then, we can better ourselves, we can learn things ourselves, teach things to each other, and also, be kind of part of a shared group to educate the world.

If you go four hundred years ago, and you went to Western Europe, most people of that time thought that most people couldn’t read.  That they weren’t just, they were just not capable of it.  Now we make those same assumptions about everything else. And I think Khan Academy, and BetterMoneyHabits.com, together is saying, “No. We actually think everyone can learn this.”

Most people, who are familiar with us, associate us with this library of videos that I first started making for my cousins and then they kind of got popular.

We’re much more than just the videos. We’re really trying to think about “How do we use technology at our disposal to allow people to learn faster? How do we make interactive widgets to understand where their gaps are in their knowledge?”

When Bank of America first approached us, you know there was a healthy sense of skepticism.  And they said, “This is exactly why we came to Khan Academy. And we’re genuine about our desire to educate folks.”

BetterMoneyHabits.com has allowed us to do at Khan Academy, is really focus on this really important area, that, when just in life you should know about a mortgage or a credit score or whether you should rent or buy. I think if folks try it out, they will see that “Wow, I’m learning things that I never knew before. That this is directly applicable to my life, to my job, to the lives of my customers. And a big part of what we’re trying to do and hopefully are doing, is making learning fun, and engaging, and for lack of a better word, addictive.

My hopes for this relationship, is that there’s no better resource to go to than either BetterMoneyHabits.com, or Khan Academy. But then we grow beyond videos. So already Khan Academy on its platform, especially in Math. We have quizzes, we have articles, we have a community. I hope we can bring more of that into personal finance. And then, we can better ourselves, we can learn things ourselves, teach things to each other, and also, be kind of part of a shared group to educate the world.