3 tips for new college grads

Financial advice for college grads

The most recent Money Magazine had a few interesting articles worth commenting about. The first of which was one that contain advice from the pros for new college grads.

Clean up MySpace and Facebook pages

“. . . because potential employers will check them. One test: Make sure there’s nothing up there you wouldn’t want your grandmother to see.”

I think that is good advice for job-seekers and anyone really. Also, you may want to Google your name once in a while just to see what is showing up. Googling someone is the new form of background check that can provide a lot of detailed information. We are transitioning to a transparent society where not much can be hidden any longer - so do your best to watch what you type - no matter where you are online (and make sure you add me as a friend on Facebook).

Spending less than you earn

“Make it a habit to have more money coming in than going out. You may need to drive the clunker a bit longer or postpone that trip to Europe.”

Good advice. It is the simple 3rd grade math problem that is the ONLY way to wealth. If you can start the habit now, you will be in great shape for the rest of your life. If you don’t, you will have to face the music sometime and the longer you wait the more difficult it becomes.

Saving Money

“Sign up for your 401(k) the first day on the job; and put $25 a month in an ING Direct savings account as a cash cushion. Don’t let credit cards or Mom and Dad be your emergency fund.”

It is amazing how simple it can be to retire well off, if you start young.

Following this advice will pay huge dividends over the course of your life. Don’t be like so many who get into their 40’s and start wishing that they had started 20 years earlier. Take action now! You will thank yourself later.