On Tuesday, September 22nd, the Collegiate Financial Management Association hosted Bryan Swann, the Deputy Director of the US Department of Treasury and Ryan Swann, the Head of Collibra Federal, for our first Zoom event of the semester. The successful University of Maryland alumni presented “Financial Growth-Post Pandemic”, a guide for students looking to make the most of financial situations and boost financial IQs during such unprecedented times. “You can learn a lot when the world is in a crisis”, remarked Ryan Swann.
The four hallmarks to growing your financial IQ are to understand income, financial knowledge, budgeting, and insurance. The Swann brothers emphasized their ideology that one’s network is their net worth. In a time where networking can be challenging, especially given our virtual and socially distanced reality, college remains a vital period in which students begin expanding their networks. In other words, stay connected!
When it comes to budgeting, the Swanns shared the “10–30–60 rule”, a guaranteed way to ensure your money is put to good use. Ten percent of an income is for giving (to charity or to spend on a gift for your Mom). Thirty is the percentage of your income that requires investing (this could include the acquisition of property, a source of passive income, or putting your money into a stock with potential).
When investing, the Swann twins recommend using the 3Ps: product, process, people, to steer your selection. Is the product or service unique? Does it have a competitive advantage? Is the process efficient? Are there capable people behind this product and process? Lastly, the sixty percent must go towards your livelihood! The harmonization of lifestyle and income allow you to live within your means while achieving your goals.
According to the Swanns, the keys to mastering personal finance lie in self-discipline, long-term planning, and the constant pursuit of knowledge. In concluding the presentation, our speakers advised the attending students, “If you fail to plan, then you plan to fail”.
To keep up with Bryan and Ryan Swann, follow them on Instagram @swannbryan and @twinswann.
