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Make the most of your first job
Talk about getting your feet wet in a job. After graduating from New School University in early 2004, Emily Gould worked part-time as a mermaid at a New York City nightclub, a gig from which she was soon fired ("I kept hitting my head on the top of the tank").
But since then, Gould, 23, has been impressively sure-footed in her post-college career. Hired last year as an editorial assistant at Hyperion Books, a Disney subsidiary, she was promoted to assistant editor within a year and soon acquired her first book, a graphic novel based on Dante's Inferno.
With her job, Gould received a benefits package that most recent graduates (and their parents) would envy: a choice of several health plans, a flexible-spending account for medical expenses and a 401(k) plan with a dollar-for-dollar company match. But she has been less successful in navigating those choices.
To keep her health-care premiums down, Gould chose a bare-bones HMO with decent medical benefits but no mental-health coverage -- a decision she regretted when new-job stress sent her to a therapist. Gould also took a pass on diverting part of her pretax salary to a flexible-spending account. Not only would she have escaped paying taxes on the amount she contributed to the account, but she could have used that money to pay for out-of-pocket medical expenses, such as the therapist. "It seemed complicated and expensive," says Gould. "I didn't realize it would ultimately end up saving me lots of money."
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As for the 401(k), first things first, says Gould. "I'd rather be a young person with beautiful shoes than an old person with a roof over my head." In fact, if she spared just $100 a month from her Jimmy Choo shoe budget to contribute to the 401(k), that money would grow to nearly $1 million by age 67, assuming an annualized return of 10% -- and that's not even counting the company match. She'd be well on her way to keeping both her head sheltered and her feet shod.
So far, Gould hasn't had time to take advantage of other company perks, such as free admission to Disney World and discounted tickets to Disney's long-running musical, The Lion King. Indeed, she figures that her long hours actually end up costing her money. "I work really hard, so once in a while I'll treat myself -- and my boyfriend, if he's lucky -- to a nice restaurant." -- Jane Bennett Clark
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