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TedTalks is a daily video podcast that provides the world’s leaders, thinkers, and game changers to discuss various topics such as science, business, global issues, the arts, and much more. In this TedTalks, Alexa von Tobel addresses the problems of personal finance  and how the of knowledge can hold many young professionals back from a long and fruitful future.

To begin, Alexa von Tobel examines the lack of responsibility and unawareness many young professionals and college graduates have with their personal finances. While there are a number of reasons why many of these individuals are not paying attention to their savings, Ms. Tobel highlights one of the most reoccurring factors she has heard from a variety of people, anxiety and stress. She begins her segment with short adaptation highlighting the ups-and-downs of her hypothetical friend and her struggle to financially budget her expenses. Through this quick five-minute story, Alexa was able to provide the audience with various real-life examples of certain external financial factors that can negatively impact anyone’s financial health stats if it is not taken under control. For millions of Americans all around the nation, especially millennials, this situation is a tragic reality.

But how can you control your expenses when you have college loans weighing you down? How can an entry level salary pay all of the necessary bills while also saving for your future retirement?

While of course the idea of assessing your financial health maybe intimidating, and often times confusing, gaining a general understanding of your financial savings will play a large role in how secure your future be later on down the road. To do this, Alexa highlights five money principles you should live by:

  1. Follow a budget. Live beneath your means.
  2. Be debt free. Pay cards in full.
  3. Have an emergency savings account.
  4. Negotiate a stronger salary.
  5. Save for your retirement immediately.

By grasping your personal finance through Alexa’s five principles, you will be able to take that much needed control of your expenses and plan effectively and strategically for your future. Yes, this will take time. But by examining your personal finances now, you will be able to maximize your chances in securing all of your wants and needs while also taking care of the necessities such as your bills, loans, expenses, and retirement savings account.