When I first accepted an offer to intern with Morgan Stanley, I made it a priority to learn as much about finance and budgeting as I could. Throughout my summer, I talked to various financial advisors about what the best advice they could give to a young person. Everyone in the office gave similar answers: spend your money wisely, live below your means, save money, build your credit up by using your card and paying it off monthly. I had never learned how to save before and took this opportunity to start. Instead of grabbing a coffee and breakfast sandwich daily, I began to make my breakfast at home. Instead of buying lunch downtown, I would bring a paper bag lunch to work. I was able to save over $1000 in a few weeks and paid off all my expenses put on my credit card each month. I opened up a savings account that would accrue interest quarterly. While it was a start, my new lifestyle change could not stop there. I had to help others do the same.
The financial advisors shared advice with me based off of their own experiences and shortcomings in order to help another young person navigating through the hectic world of finance. I took that advice and shared it with my parents and grandparents because they had never been taught how to budget either. I was so used to spending everything I had each paycheck because I had never taken saving seriously. I had never been taught how to save or why it was important. I often witnessed my parents living check to check, but once I told them that they could cut back on expenses here and there, like going out to eat often, they listened and began to pay off their debts. My parents are now nearly free of credit card debt and are working to buy a new house. I am thankful for my time at Morgan Stanley because I was not only able to learn about financial markets but I was also able to take that experience and change my outlook on budgeting. I have since continued to save and spend my money wisely.