Ways to Help Protect Against Debt While You’re Young
Navigating the financial landscape can be particularly challenging for young professionals, especially those who have recently entered the workforce. As chemical engineers and members of AIChE, we understand the importance of strategic planning and meticulous attention to detail. Here are some tailored strategies to help you manage debt effectively and build a solid financial foundation:
Know What You Owe
Make a list of all your loans and their interest rates. Plan to first pay off those with the highest interest rates or variable rates that may increase. If you’re unemployed, you may be eligible to defer your loans for some time. It’s better to ask the loan company about your options than to make assumptions or default.
Build Your Credit by Paying on Time
Paying on time is a critically important factor in maintaining a good credit score. It’s especially important if you’re planning to purchase a home, finance a car or apply for a small-business loan in the future. Consider setting up automated payments or reminders to ensure you never miss a due date.
Create an Emergency Fund
After organizing your loan repayments, try to put aside a small amount every month for emergencies. It’s important to have cash on hand, just in case.
Enroll in Your 401(k) Plan
If your company offers a 401(k) retirement plan, enroll. You don’t have to contribute the maximum, but if you don’t contribute at least enough to get the company’s match (if it offers one) you’re leaving money on the table.
Make the Most of Your Age
Save early, save often. You have decades ahead of you. Take advantage of the long time available for your money to grow. Starting today means you can weather ups and downs in the market and take advantage of compound interest. And, if you’re considering life insurance, it may be in your best interest to purchase while you’re young and healthy.
Help Protect Your Loved Ones
If you pass away, your loved ones might be responsible for paying off your debt. You can help protect them by purchasing group term life insurance through AIChE Member Insurance Solutions. Because the cost of life insurance is often overestimated, you may be pleasantly surprised by your rates.
This information is for general purposes only.
Easily apply for life insurance online, typically with no medical exam
To save you time and avoid inconvenience in helping safeguard what matters most, we’ve worked with New York Life Insurance Company to simplify your application process for up to $500,0001 of life insurance.
- An online calculator lets you choose a monthly cost you’re comfortable with and instantly see how much coverage it can buy. The rates used to calculate your cost include 30% savings in the form of a premium credit available to you as an AIChE member.2
- The application for coverage is also available online, with no medical exam required in most cases, and an approval decision usually within minutes.
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 No-touch, no medical exam (just answer a few health questions) QuickDecisionSM is an online feature that allows New York Life to make an underwriting decision on coverage amounts up to $500,000 more quickly. QuickDecision is available to individuals age 64 and under. It is not offered in MT and VA. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. If you already have life insurance through the AIChE Member Insurance program, you can apply for up to $500,000 today, provided this amount, when combined with the inforce coverage, does not exceed the $1,000,000 group term life policy maximum or the $2,000,000 all-policy maximum.
2 AIChE Term Life Insurance currently includes a 30% premium credit. Although future credits are dependent upon actual claims experience and cannot be promised or guaranteed, the Program has been granting premium credits for years.
3 Including information on features, costs, eligibility, renewability, limitations and exclusions.
6772078.1
Additional Articles Below
Ways to Help Protect Against Debt While You’re Young
Navigating the financial landscape can be particularly challenging for young professionals, especially those who have recently entered the workforce. As chemical engineers and members of AIChE, we understand the importance of strategic planning and meticulous attention to detail. Here are some tailored strategies to help you manage debt effectively and build a solid financial foundation:
Know What You Owe
Make a list of all your loans and their interest rates. Plan to first pay off those with the highest interest rates or variable rates that may increase. If you’re unemployed, you may be eligible to defer your loans for some time. It’s better to ask the loan company about your options than to make assumptions or default.
Build Your Credit by Paying on Time
Paying on time is a critically important factor in maintaining a good credit score. It’s especially important if you’re planning to purchase a home, finance a car or apply for a small-business loan in the future. Consider setting up automated payments or reminders to ensure you never miss a due date.
Create an Emergency Fund
After organizing your loan repayments, try to put aside a small amount every month for emergencies. It’s important to have cash on hand, just in case.
Enroll in Your 401(k) Plan
If your company offers a 401(k) retirement plan, enroll. You don’t have to contribute the maximum, but if you don’t contribute at least enough to get the company’s match (if it offers one) you’re leaving money on the table.
Make the Most of Your Age
Save early, save often. You have decades ahead of you. Take advantage of the long time available for your money to grow. Starting today means you can weather ups and downs in the market and take advantage of compound interest. And, if you’re considering life insurance, it may be in your best interest to purchase while you’re young and healthy.
Help Protect Your Loved Ones
If you pass away, your loved ones might be responsible for paying off your debt. You can help protect them by purchasing group term life insurance through AIChE Member Insurance Solutions. Because the cost of life insurance is often overestimated, you may be pleasantly surprised by your rates.
This information is for general purposes only.
Easily apply for life insurance online, typically with no medical exam
To save you time and avoid inconvenience in helping safeguard what matters most, we’ve worked with New York Life Insurance Company to simplify your application process for up to $500,0001 of life insurance.
- An online calculator lets you choose a monthly cost you’re comfortable with and instantly see how much coverage it can buy. The rates used to calculate your cost include 30% savings in the form of a premium credit available to you as an AIChE member.2
- The application for coverage is also available online, with no medical exam required in most cases, and an approval decision usually within minutes.
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 No-touch, no medical exam (just answer a few health questions) QuickDecisionSM is an online feature that allows New York Life to make an underwriting decision on coverage amounts up to $500,000 more quickly. QuickDecision is available to individuals age 64 and under. It is not offered in MT and VA. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. If you already have life insurance through the AIChE Member Insurance program, you can apply for up to $500,000 today, provided this amount, when combined with the inforce coverage, does not exceed the $1,000,000 group term life policy maximum or the $2,000,000 all-policy maximum.
2 AIChE Term Life Insurance currently includes a 30% premium credit. Although future credits are dependent upon actual claims experience and cannot be promised or guaranteed, the Program has been granting premium credits for years.
3 Including information on features, costs, eligibility, renewability, limitations and exclusions.
6772078.1
Additional Articles Below
Ways to Help Protect Against Debt While You’re Young
Navigating the financial landscape can be particularly challenging for young professionals, especially those who have recently entered the workforce. As chemical engineers and members of AIChE, we understand the importance of strategic planning and meticulous attention to detail. Here are some tailored strategies to help you manage debt effectively and build a solid financial foundation:
Know What You Owe
Make a list of all your loans and their interest rates. Plan to first pay off those with the highest interest rates or variable rates that may increase. If you’re unemployed, you may be eligible to defer your loans for some time. It’s better to ask the loan company about your options than to make assumptions or default.
Build Your Credit by Paying on Time
Paying on time is a critically important factor in maintaining a good credit score. It’s especially important if you’re planning to purchase a home, finance a car or apply for a small-business loan in the future. Consider setting up automated payments or reminders to ensure you never miss a due date.
Create an Emergency Fund
After organizing your loan repayments, try to put aside a small amount every month for emergencies. It’s important to have cash on hand, just in case.
Enroll in Your 401(k) Plan
If your company offers a 401(k) retirement plan, enroll. You don’t have to contribute the maximum, but if you don’t contribute at least enough to get the company’s match (if it offers one) you’re leaving money on the table.
Make the Most of Your Age
Save early, save often. You have decades ahead of you. Take advantage of the long time available for your money to grow. Starting today means you can weather ups and downs in the market and take advantage of compound interest. And, if you’re considering life insurance, it may be in your best interest to purchase while you’re young and healthy.
Help Protect Your Loved Ones
If you pass away, your loved ones might be responsible for paying off your debt. You can help protect them by purchasing group term life insurance through AIChE Member Insurance Solutions. Because the cost of life insurance is often overestimated, you may be pleasantly surprised by your rates.
This information is for general purposes only.
Easily apply for life insurance online, typically with no medical exam
To save you time and avoid inconvenience in helping safeguard what matters most, we’ve worked with New York Life Insurance Company to simplify your application process for up to $500,0001 of life insurance.
- An online calculator lets you choose a monthly cost you’re comfortable with and instantly see how much coverage it can buy. The rates used to calculate your cost include 30% savings in the form of a premium credit available to you as an AIChE member.2
- The application for coverage is also available online, with no medical exam required in most cases, and an approval decision usually within minutes.
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 No-touch, no medical exam (just answer a few health questions) QuickDecisionSM is an online feature that allows New York Life to make an underwriting decision on coverage amounts up to $500,000 more quickly. QuickDecision is available to individuals age 64 and under. It is not offered in MT and VA. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. If you already have life insurance through the AIChE Member Insurance program, you can apply for up to $500,000 today, provided this amount, when combined with the inforce coverage, does not exceed the $1,000,000 group term life policy maximum or the $2,000,000 all-policy maximum.
2 AIChE Term Life Insurance currently includes a 30% premium credit. Although future credits are dependent upon actual claims experience and cannot be promised or guaranteed, the Program has been granting premium credits for years.
3 Including information on features, costs, eligibility, renewability, limitations and exclusions.
6772078.1
