twenty4ever

www.alliantcreditunion.org a newsletter for Alliant Credit Union young adult members March 2012

contents
1 The 10 personal finance

commandments job cover letter

The 10 personal finance commandments

People say there are only three things you can do with money spend it, loan it or own it. Sure, spending money can be exhilarating. But, spending money can become even more fun when you carefully plan for it in advance (so it will buy more). Nevertheless, most Americans young and old routinely waste 20% to 30% of their money because of poor spending habits, according to the Institute of Consumer Financial Education. You dont have to be among them. Here are some guidelines to help you forge a positive financial future. 1. Manage your expenses so they dont exceed your income. In short, dont overspend in a way that will ultimately destroy your hopes and erode your ability to live a good life. 2. When spending money, think of your future as well as your present. When possible, think save rather than spend. Buy what you need first (such as food and clothes) rather than secondary wants. Avoid budget-breaking vanity purchases, such as pricey cars or technical toys that will put you too far in the red. 3. Begin saving early to take advantage of compound interest. Remember that money begets more money when you sock it away in interest-bearing savings accounts or a 401(k). 4. Avoid collecting credit cards and carelessly using them for borrowing. Develop a good borrowing profile and, preferably, use credit cards only if you can pay them off in full each month. 5. Always honor your debts and other financial obligations. Promptly paying your bills earns you a good credit score, which paves your way to get loans at better rates and helps you when you get screened for jobs or mortgages. Be prudent and avoid becoming too credit overextended (so that youre primarily working to pay off debts with no money left aside for yourself). Whenever possible, pay yourself first by saving 20% of what you earn. 6. Project your income and expenses for the next 12 months and track variances. The majority of Americans today are not living on a personal budget and the consequences can be dire. By following a budget, youre more likely to meet your expenses, save regularly, reach your financial goals and avoid the torment of financial stress. 7. Focus on the relationship between the risk and projected return of investments. In other words, increase your financial odds by weighing the cost and benefit of financial opportunities. 8. Maintain organized records for tax and general financial planning purposes. Avoid having to go on an Easter-egg type hunt for your financial records by keeping them all filed together, at your fingertips. 9. Develop a plan and a purpose for your investing. Be clear about your need for financial security, your personal values and your cherished long-term goals. Then, commit yourself to spend and save in alignment with them. 10. Acquire a financial education so youll be in a position to make intelligent financial decisions. Financial education is rarely taught in schools, so youll have to take responsibility to learn it yourself through books, the Internet, seminars, classes and advice from financial pros. Then, youll know best how to handle your money so you can achieve and maintain your financial well-being.
Sources: Institute of Consumer Financial Education, thecincinnatiherald.com and personal-budget-planning-saving-money.com

2 Ten tips on writing an effective

Job hunters who become laughing stocks Earn a college scholarship!

DIVIDEND
April Savings Dividend DECLARED FEBRUARY 16, 2012

The April 2012 Savings and IRA dividend, declared 02/16/12, provides a Compounded Annual Percentage Yield of

0.95% APY

Dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more. Savings dividend is subject to change monthly.
April Checking Dividend DECLARED FEBRUARY 16, 2012

The April 2012 High Rate Checking dividend, declared 02/16/12, provides a Compounded Annual Percentage Yield of

0.90% APY

Checking dividends are paid on the last day of each month to accountholders who meet the requirements of the account. Checking dividend is subject to change monthly.

dollars for scholars

Ten tips on writing an effective job cover letter

Well-written cover letters engage employers and stimulate them to learn more about you by closely reading your resume and inviting you in for an interview. Here are some quick tips. 1. Tell them why youre writing (what position you seek). 2. Tell them how your experience and background fits. 3. Cite specific examples that demonstrate you have what it takes to do the job. 4. Use the same phrases and descriptions the employer uses. 5. Write to individuals, not the HR Department. (Call and get the name of the recruiter and the hiring manager you would report to, then personalize your letters to them.) 6. Demonstrate your enthusiasm for the job. 7. Keep your letter brief (three paragraphs, one page max) and triple check to make sure you dont have typos, misspellings or grammatical errors. 8. Project the image of being a confident professional. 9. Avoid clichs (I give 110%, Im a peopleperson, etc). Get real and use words that sound like you. 10. Follow up with a phone call two weeks after sending your material.

Job hunters who become laughing stocks

In todays highly competitive job market, its crucial for an applicant to stand out from the pack and get noticed in a positive way, so he or she will score an interview and then a job. However, sometimes an applicants efforts can be so misguided and over-the-top that they become not only noticed but ineffective and ridiculed. Here is an example: In February 2012, a college junior seeking a summer internship at a big Wall Street bank wrote a pitch that went viral and has become the cover letter mocked around the world. I am unequivocally the most unflagging hard worker I know and I can perform basic office functions with terrifying efficiency, the job seeker says. He goes on to brag about his ability to bench press double his body weight, do 35 pull ups and place out of the most difficult financial classes. Just so recruiters wouldnt get the wrong idea about him, he closed his letter by remarking I am not a braggart or conceited. I just want to outline my usefulness. Egos can be a huge liability, and I try not to have one. Aside from provoking laughter from Wall Street to Main Street, his letter has been criticized for grammatical goofs, punctuation errors, non-sequesters and fallacies of logic. Plus, he committed another serious boo-boo: his letter, addressed to one firm, stresses his desire to work for a competing firm. Whats the lesson here? To get a job, its important to put your best foot forward, but not to go overboard with conceit or exaggeration. In your cover letter and resume, highlight your strengths and experience and back them up with specific and relevant accomplishments. Be sure to demonstrate how your skills and talents will benefit the employer.
Sources: forbes.com, nytimes.com, digitaljournal.com, escapetyranny.com, dealbreaker.com, wikipedia.com and finance.yahoo.com

Earn a college scholarship!

This summer, Alliant will again award five $2,000 scholarships through our annual Members Scholarship Program. To qualify, you must be an Alliant member in good standing and be applying to or enrolled in an accredited undergraduate program at a four-year college, university or vocational/technical institution with a minimum of 12-credit hours during the 2012 fall semester. For complete details and to obtain an application, visit our website, www.alliantpromos.org/scholarship2012. Application and required paperwork must be received or postmarked by Friday, June 15, 2012. Winners will be notified by July 30, 2012.
The Program is made and conducted by Alliant Credit Union headquartered in Chicago, IL. You must be an Alliant member in good standing with a savings account in your name to apply. Alliant employees, board of directors, scholarship committee and family members of the same household are not eligible. All entries must be received/postmarked by 06/15/2012. Acceptance of scholarship constitutes authorization to use winners likeness and name without compensation. Odds of winning are dependent upon total number of entries received. Winners are responsible for any tax liability. Program is subject to all federal, state and local laws. Void where prohibited. All terms and conditions of Alliant products apply. Contact Alliant or visit our website, www.alliantpromos.org/scholarship2012, for full details.

office closings
Alliant will be closed in observance of the following holidays:

dial direct: Alliant is there when you need us Alliant Member Contact Center 800-328-1935 24/7 personal assistance tdd/tty 773-462-2300 Self Service Telephone (SST) 800-482-5328 24/7 automated account access VISA Debit Card 800-328-1935 VISA Credit Cards 24/7 Member Service/ Account Info/Lost or Stolen: 866-444-8529

Memorial Day Monday, May 28, 2012 Independence Day Wednesday, July 4, 2012 Convenient 24/7/365 account access Online banking at www.alliantcreditunion.org Mobile banking app for Android and iPhone Member Contact Center at 800-328-1935 Self Service Telephone at 800-482-5328 Over 80,000 surcharge-free ATMs nationwide Alliant Headquarters 11545 W. Touhy Avenue Chicago, IL 60666

Mortgage Hotline 800-328-1935, option 5, option 1 MonFri, 8am5pm CT Auto/Home Insurance 888-380-9287 MonFri, 6am10pm CT Sat, 6am 8pm CT GreenPath Debt Solutions 877-337-3399 MonThu, 7am9pm CT Fri, 7am6pm CT Sat, 8am5pm CT Alliant Retirement and Investment Services Financial Advisors are available to serve members in AZ, CA, CO, FL, HI, IL, NJ, NY, TX, VA, WA, WI. Call 800-328-1935, option 9 .

NEW Deposits/Payments PO Box 2387 Des Plaines, IL 60017-2387 Credit Card Payments PO Box 1666 Des Plaines, IL 60017-1666

For Alliant Service Center Your savings federally insured to at least $250,000 Your savings federally insured and backed by the full faith and credit of the locations, Alliant Online Banking, and backed by the full faith United States Government United States Gov and product and service National visit our web National Credit Union A information,Credit Union Administration, site: a U.S. Government Agency a U.S. Governmen www.alliantcreditunion.org

All Other Correspondence including IRA and HSA deposits Attn: IRA/HSA Dept. PO Box 66945 Chicago, IL 60666-0945

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PO Box 66945, Chicago, IL 60666-0945

VISA Gift Card Purchase: 800-328-1935 Support Center: 866-466-2362

This newsletter is for members personal use only. Reproducing and/or selling the contents of this newsletter without prior written permission from Alliant Credit Union is prohibited. Copyright Alliant. Articles are prepared as an educational service for Alliant members. They should not be relied on as a substitute for individual financial or legal research. Articles in this newsletter are not intended to be used (and may not be relied on) for penalty avoidance.

www.alliantcreditunion.org

National Credit Union Administration, a U.S. Government Agency

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government

National Credit Union Administration, a U.S. Government Agency

NEW257-R03/12