From books to paycheck: What does that look like?

1. Understanding fixed expenses: Students were encouraged to identify their anticipated annual salary and city of residence, assess their spending plans, and estimate their tax obligations. Bustamante introduced the concept of progressive taxation and pointed students to IRS.gov for estimating their hypothetical tax liabilities. 

2. Discretionary spending and savings: Participants reflected on their current monthly expenses and how they would like to allocate their discretionary income. They considered financial priorities such as savings, retirement, donations and personal spending. 
   “Live one more year like you live now, and your savings will thank you,” Bustamante advised, challenging students to maintain their college budgeting mindset just a little longer. 

3. Planning for the future: Using the “Rule of 72,” Bustamante demonstrated how investments grow over time. Students calculated how much a $10,000 investment from their first year’s salary could grow by retirement, prompting deeper discussions about long-term financial planning. 
   “Work 40 years to not work for 40 years,” he said. “Start planning now.” 

The workshop concluded with a Q&A session, where students submitted questions via a QR code for personalized financial advice and follow-up discussion.