Financial Tips for Graduating Students

By Thalia Yunen, Communications Intern, The Massachusetts Council on Compulsive Gambling

It's summertime, and while graduating students may not have everything figured out yet, they do know one thing: money is important. People need money to live – so how can one learn to handle money responsibly?

To start, plain and simple – be responsible. While gambling is a fun pastime for many, it can hurt your finances if you’re not careful. According to the National Council on Problem Gambling, studies show that 75% of U.S. college students gamble every year, with the majority of gambling activities coming from the lottery, card games, office pools/raffles, and sports betting.

Studies have also found that only 22% of colleges and universities have a written policy concerning gambling, compared with 100% that have written policies for alcohol use.

The Mass. Council is devoted to teaching teenagers and college-age students to “know their limits.” Developing responsible spending habits is a great way to ensure a financially-stable lifestyle. Furthermore, by educating students about the importance of budgeting, and the pitfalls of incurring debt, they will be less likely to look to gambling as a source of income.

Here are a few tips from the Mass. Council’s Financial First Steps website, Real Life 101: Financial Tips For Graduating Students guidebook and Students Know Your Limits pamphlet on how to manage your money after graduation and beyond.

1.       Dealing with Debt

The first matter at hand is to deal with your debt. Sitting down and crunching numbers or spending time on the phone discussing interest rates may not sound appealing to a new graduate, but organizing your finances so that you know how much you owe could make the difference between paying off all of your debt on time or defaulting on your payments. The best debt is no debt at all, however in most cases debt is inevitable, so it’s good to know the difference between the types of debt one can incur. “Good” debt can include student loans with lower interest rates. “Bad” debt, which is the kind of debt you should be hyper-aware of, usually refers to private loans with high interest rates and credit card debt. Once you sit down and assess your debt versus your income, you will be able to come up with a plan regarding the minimum-to-maximum amount you can afford to pay down your debt.

Helpful Tip: Consolidating your loans and renegotiating them at a lower interest rate after college could mean less interest to pay off in the long-run.

2.       Getting a Job, Calculating Income Versus Expenses

In terms of personal finances, when considering your place of work, make sure you factor in your salary after taxes, as well as other deductions including health insurance, retirement and any other benefits you may be contributing to. Sometimes, depending on your expenses and debt, a higher-paying job with no benefits could round out to just about the same rate-of-pay that a lower-paying job with benefits would.

Be sure to use your college and local career center to your advantage, as well as contacts that you’ve met during any internships. Networking is an important part of securing employment. In today’s digital-savvy world, social media sites, such as Twitter or LinkedIn, can prove to be very helpful tools during your job search. For further reading, Time Magazine has a helpful article on how to obtain your dream job after graduating college.

It’s also a good idea to total all of your expenses each month versus your income. This can include auto payments, student debt, insurance, entertainment, housing, and other expenses of the sort. A great application for tallying monthly expenses (that I personally find useful) is MINT.  MINT helps you budget by organizing and categorizing your expenses for you in the form of spreadsheets and graphs, you can even set a limit for how much you spend on it. Here are more great (and free!) apps that can help you manage your money on-the-go.

3.       Save

The next step is to save for the future. Making lifestyle choices and changes is the best way to save every day. Eating out, buying expensive clothing, or anything else having to do with disposable income can wear away at your finances quicker than you realize. You save in the long run by bringing lunch to work, making dinner at home, reusing water bottles, shopping at thrift stores or finding a cheaper alternative to that new pair of sneakers you like so much. If you’re up for a movie night, find out which night your local theater may have discounted prices, or try to go in the early evening for matinee prices. You can also search for free movie ticket sites like Gofobo. The choices you make can be the difference between saving an extra $50 per week and breaking your budget. It’s all about the alternative, the better and more money-savvy option.

Many people are ready to step out on their own once they graduate. However, you might want to consider moving back home with your family. It may sound unappealing, but before delving into the “real world” and having to pay your loans back, it could be smart not to enter into any housing contracts. This holds especially true if you looking for employment in your local area or out-of-state.

Setting a goal is also a smart way to save. Commit to putting a certain amount or percentage away each week for retirement or even “emergency” funds. It’s never too early or too late to start. This doesn’t mean you’re not allowed to spend money on spontaneous/impulse purchases or taking part in various activities. Saving is not about stopping the enjoyment in life, it’s all about living within your means and finding a balance (and budget) and sticking to it!

4.       Don’t Stress

Take a deep breath and relax. Don't stress. Money can be a very stressful topic, but you’re not alone. If you fail to make a loan payment, find your dream job, or spend money you weren’t supposed to spend, staying calm will allow you to think rationally. When you get stressed, keep in mind the three Cs before you make any quick decisions: Cool, Calm and Collective. Everyone has times when the amount of money they want or need isn't where they want it to be. Educating yourself and forming responsible spending (and saving) habits could make a huge difference towards what you can and can’t afford in the future!

“When I was young I thought that money was the most important thing in life, now that I am old I know that it is.” Oscar Wilde

Signs of Problem Gambling in Students

by Sheryl-Ann Thomas, Communications Intern, Massachusetts Council on Compulsive Gambling

 

 

 

 

 

 

 

 

After a bitter New England Winter, summer is finally here. It’s the time for relaxation and a “good time,” especially for college students. Whether working or backpacking across Europe, summer is the time students expect to unwind from their hectic college lives. However, while it’s always nice to have fun, it’s important to remember to be safe and make educated decisions.

Approximately 18%  of U.S. College students have gambled weekly in the past year. The American Psychiatric Association’s Diagnostic & Statistical Manual of Mental Disorders (DSM-5) has outlined 9 warning signs to keep in mind while partaking in gambling activities.

·         Needs to gamble with increasing amounts of money in order to achieve the desired excitement.

·         Is restless or irritable when attempting to cut down or stop gambling.

·         Has made repeated unsuccessful efforts to control, cut back, or stop gambling.

·         Is often preoccupied with gambling (e.g., having persistent thoughts of reliving past gambling experiences, handicapping or planning the next venture, thinking of ways to get money with which to gamble).

·         Often gambles when feeling distressed (e.g., helpless, guilty, anxious, depressed).

·         After losing money gambling, often returns another day to get even (“chasing” one’s losses).

·         Lies to conceal the extent of involvement with gambling.  

·         Has jeopardized or lost a significant relationship, job or educational or career opportunity because of gambling.

·         Relies on others to provide money to relieve desperate financial situations caused by gambling.

With these in mind, keep a cautious eye out for loved ones and even yourself. If you have identified four or more of these signs as consistent characteristics in their/your life, don’t be afraid to call our helpline: 800.426.1234.

Now that you know the signs of problem gambling, here are some suggestions of ways you can keep busy in the Boston-area during the summer that are either free or low cost. If you are living elsewhere, check your local newspaper or look online to keep up on free and low-cost events in your area.

·         Go to the beach and spend the day with friends, family and loved ones. There are a number of beaches in New England that can be prime destinations to soak up the sun when the weather is right. According to Boston.com, Revere Beach is hosting its annual sand sculpting contest on July 12^th – 15^th this year. Remember to bring your sunscreen!

·         There is a child in each of us and you are never too old for the Zoo. Spend a few hours viewing the exotic animals in your nearest zoo: Zoo New England

·         Spend your evenings watching free flicks outdoors. The Boston Harbor Hotel’s Summer in the City Series presents concerts and films by the harbour. WBZ Radio’s Free Friday Flicks offers movies at the Hatch Shell on the Charles River Esplanade. 

·         One can unwind around the city of Boston to sweet melodious music by students from the Berklee College of Music as part of the Berklee’s 2013 Summer Concert Series and admissions are free.

·         Summer brings the opportunity of being outdoors for every activity, one of which being the SOWA Open Market. There is the SOWA Arts Market, Food Trucks and SOWA Farmer’s market. Just about anything your heart desires. SoWa Open Market

·         After a winter of being inside and eventful with snow storms, get some exercise and stay cool at the same time by spending a few hours paddling around the Charles River.

·         Visit your local State Park for a picnic, hike, or to sit by a pond. The Massachusetts park directory will help you find that perfect spot! Places to Go: DCR Parks in Massachusetts

There are endless opportunities to have an exciting, eventful and risk-free summer. Check out Boston.com or WickedLocal.com for more activities and events in your area this summer.  

 

For more information about Problem gambling, visit masscouncil.org or teensknowyourlimit.com.

THE COUNCIL WELCOMES THALIA YUNEN

by Thalia Yunen, Communications Intern, The Massachusetts Council on Compulsive Gambling

Hi everyone! My name is Thalia Yunen, and I will be interning in the Mass Council’s Communications Department this summer and fall. I’m excited to start developing a new strategy to promote the Council’s 24/7 helpline (800.426.1234), as well as creating content for and promoting the Council’s various social media accounts (e.g. Twitter, Facebook, Blog).

Helping people and their families, not to mention military families, is something that is very important to me as I am a self-proclaimed “Army brat”: I’ve lived in New Jersey, Puerto Rico, Germany, Oklahoma, and Florida (Ft. Lauderdale, Hollywood, and Coconut Grove). My past experience of working with the National Guard Infantry of Hollywood, Florida, inspired me to apply for an internship with the Mass Council. In high school, I started a club called Embrace-A-Soldier. The goal of this club was to establish a connection between students and the military. Students then had an opportunity to either learn what it’s like to be in the military or be able to actively thank soldiers for fighting for our country. We hosted events such as beach runs, visits to the infantry, a military ball, and other events to engage students with members of the military. After this experience, I knew that I wanted to work in public relations when I graduated college.  

I’m currently a Junior at Suffolk University majoring in Public Relations and minoring in Women’s Studies and Sociology. In high school I played basketball and ran track. Being from Florida I’m naturally a Heat fan, but ever since I’ve lived in Boston, I’ve (not so) secretly started rooting for the Celtics. 

With that said, I’m ecstatic to be interning here at the Mass Council, and I value this opportunity!

 

THE COUNCIL WELCOMES SHERYL-ANN THOMAS

by Sheryl-Ann Thomas, Communications Intern, Massachusetts Council on Compulsive Gambling 

 

 

 

 

 

 

 

 

 

 

 

Irish playwright, socialist, and a co-founder of the London School of Economics, George Bernard Shaw once said, “Life isn't about finding yourself. Life is about creating yourself.” That’s a declaration that sums up the driving force behind what I do and answers the age old question of, “Who am I?”

I am a Jamaican who recently completed my studies at Emerson College for the MA in Global Marketing Communications and Advertising. I enjoy planning sessions and collaborating with teams to brainstorm and identify unique opportunities for whichever organization am working with. Research is the key component of any successful organization and a task that I am passionate about through the influence of my mother, who is an information archivist and historian. It is the greatest feeling for me when I have identified opportunities, due to insightful research, formulized a strategy, executed it and then ticked it from my “TO DO LIST.”

Have I forgotten to mention the fun stuff? My favourite place is the beach and I enjoy swimming and kicking “butt” in Scrabble and Taboo.

As I go through life, I set goals, I aspire and I dream. My dream is simply to be Sheryl-Ann Thomas, global marketing communications consultant with a base in my native Jamaica. In preparation for this career, I have pursued undergraduate studies in mass communications, in addition to my minor in Spanish. My background as a Radio Intern at Love FM, in Jamaica, has strengthened my understanding of the use of electronic media in marketing communications process.

My previous experience as an Account Executive, where I implemented an aggressive advertising campaign for DovesGo (resulting in 30% increase in clientele), and other radio advertising events at NCU FM radio, have influenced a deep interest in marketing communications, especially for small businesses. These small organizations are expected to successfully compete in the global market place. I continue my involvement with these organizations, while learning more about the workings of marketing communication within a global context and within this innovative city of Boston.  

Since being here in the US, I have been able to work with large brands such as Daimler AG and Carbonite Backup to develop integrated marketing strategies to identify business opportunities within the US market. Additionally, I have been able to interact at academic conferences and networking events with professionals in other disciplines such as Politics, Finance and Sociology to view the world from a slightly different angle (Less poster boards with crayons and more academic research).  

After returning to Jamaica, I plan to work as a Global Marketing Communications Consultant for large local organizations with an international reach such as Digicel, Scotia Group Jamaica Limited and Grace Jamaica Limited and for the Jamaican government. My long-term career goals include working as a positive catalyst in the improvement of the brand Jamaica initiative, developed by the Government of Jamaica, in collaboration with the Private Sector Organization of Jamaica (PSOJ). This initiative aims to increase Jamaica’s marketability through public policy and identifying this island as the place of choice to invest. However, I intend to create aggressive Brand Jamaica sub projects, particularly in tourism, sports and education, pooling together not only large public and private venture capital partnerships, but the “small man’s” marketing needs.

For the next 10 weeks I will be able to apply my previous work experience and classroom knowledge here at the Mass Council, while learning about this organization and the services it provides to the Commonwealth. Though there are several responsibilities that have been assigned to me, I am by no means intending to limit myself to them. Let’s see who I’ll create while being here at Massachusetts Council on Compulsive Gambling. Who knows, I may create a whole new me.

 

THE MASS COUNCIL WELCOMES GUILLAUME PAGNIER

Data and Research Director, Phil Kopel, poses for a picture with Research Intern, Guillaume Pagnier.

 

 

 

 

 

 

Hi! My name is Guillaume Pagnier, one of the new summer interns. I recently graduated from the University of Massachusetts Amherst, majoring in Neurobiology. My plan is to go to medical school in the next couple of years.

My senior thesis analyzed the relationship between stress and gambling and I hope to be able to follow up on this here in Boston. I’ll be working primarily on an educational program which highlights the different effects that gambling has on the brain in an effort to raise awareness about what is really happening at a physiological level.

I’m excited to start working and developing basic, easy-to-access information for the public to raise a better understanding of what is really happening in the brain when you gamble!

Problem Gambling Research Luncheons

by Phil Kopel, Data and Reseach Manager, The Massachusetts Council on Compulsive Gambling

The Massachusetts Council on Compulsive Gambling is hosting two "Brown Bag" Research Luncheons in June. Both "BYOL" (bring your own lunch) luncheons will run from 11:30 a.m. to 12:45 p.m. from 11:30 a.m. to 12 p.m. Attendees will be able to eat their lunches while networking with peers. The presentations will be from 12:00 p.m. to 12:30 p.m. followed by a questions & answers session. Dessert will provided by the Mass Council! 

The Mass Council's Data and Research Manager, Phil Kopel, took some time this week to give us some insight on what's to be expected at the luncheons.

 
I am excited that on June 5th, clinicians, researchers and other professionals working in the field of problem gambling in the western part of the State, will have the opportunity to hear Dr. Geoffrey Locke, PhD speak about Interpersonal Guilt and Pathological Gambling Among College Students.  Dr. Locke is an engaging speaker and you can expect to walk away with a better understanding of how college students become pathological gamblers. Discussion will take us through the college years and the affect gambling has on the student, as they try to deal with difficult issues.

For those clinicians, researchers and other professionals working in the field of problem gambling in the eastern part of the State, on Tuesday, June 11th you will have an opportunity to hear Dr. Natasha Schull, PhD speak about her 15 years of research in Las Vegas. Her book, Addiction by Design, which was released this past October, kept me turning pages. She opened my eyes through every chapter as she connected the dots between perspectives of pathological gamblers with that of the gambling industry.  She provides candid information gleaned from those working in casinos, their vendors and game designers that paints a fascinating picture about the gambling industry.  You will walk away from this presentation with a new found perspective. 

Substance Abuse Disorders & Problem Gambling

By Sasha C. Russell, M.A., Program Specialist, Communications, The Massachusetts Council on Compulsive Gambling





Many pathological gamblers often simultaneously suffer with a serious mental health disorder or substance use disorder.  When this happens it is called a co-occurring disorder, formerly known as dual diagnosis. The most common co-occurring disorders in conjunction with gambling disorders are: substance use disorders, mood disorders (depression and bipolar), anxiety disorders, and personality disorders.

Though it can be debatable which disorder causes the other disorder, there are many reasons why gambling and substance use are prevalent together. According to the Massachusetts Council on Compulsive Gambling’s Gambling Disorders & Substance Use Disorders Fact Sheet, “for some who gamble, a dependency on the ‘action’ of gambling takes place in a similar way to a dependency on the effects of alcohol or other drugs.” A 2008 study has shown that about 75% of all pathological gamblers have had problems with alcohol, while 38% of all pathological gamblers have had problems with other drugs.

In the Substance Abuse and Mental Health Services Administration, Center for Substance Abuse Treatment report Substance Abuse Treatment For Persons With Co-Occurring Disorders (Problem Gambling p. 243) the following are suggested reasons co-occurrence may develop:

·         Cocaine use and problem gambling may coexist as part of a broader antisocial lifestyle.

·         Someone who is addicted to cocaine may see gambling as a way of getting money to support drug use.

·         A pathological gambler may use cocaine to maintain energy levels and focus during gambling and sell drugs to obtain gambling money.

·         Cocaine may artificially inflate a gambler’s sense of certainty of winning and gambling skill, contributing to taking greater gambling risks.

·         The gambler may use drugs or alcohol as a way of celebrating a win or relieving depression.

·         One of the more common patterns that has been seen clinically is that of a sequential addiction. A frequent pattern is that someone who has had a history of alcohol dependence—often with many years of recovery and AA attendance—develops a gambling problem.

When treating a co-occurring disorder, the clinician must recognize that “treatment success is enhanced by maintaining integrated treatment relationships providing disease management interventions for both disorders continuously across multiple treatment episodes, balancing case management support with detachment and expectation at each point in time” (2006 Midwest Conference on Problem Gambling and Substance Abuse presentation). What this breaks down to is that basically, if someone is a gambler and abuses alcohol, both problems need to be treated separately for what they are. Triggers for each disorder need to be defined and treatment must be aware of multiple disorders all at once, treating them separately, yet together.

The Addiction Blog points out that in many cases when people are being treated for a disorder, gambling tends to go unnoticed. More and more awareness is being raised about problem and pathological gambling and its relationship to other mental health disorders. As mentioned above, it’s not always easy to pinpoint the start of one disorder over another, or which disorder led to the other, or even why some disorders stay mild, while others are severe. The important thing is continuing to promote protective factors (prevention blog post) in our communities and being able to recognize risk factors.