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Financial Advice for New College Graduates
Updated: Friday, 03 Jun 2011, 8:05 AM EDT
Published : Friday, 03 Jun 2011, 7:52 AM EDT
New graduates who earn their first paycheck are often tempted to go on a spending spree. But financial adviser Cass Chappell of Chappell, Mayfield and Associates says it’s smarter to use your money in other ways.
First, he suggests investing in your new employer’s 401(k) program. According to Chappell, “It comes out of your paycheck on a pre-tax basis, which means it reduces the take-home pay by less than you would think.” And Chappell says it is important to stay in the 401(k) plan, regardless of what happens with the economy in the short-term.
Instead of buying a new car and new house that often come with expensive payments, force yourself to save some of your new income. Chappell says, “You could go to an online, low cost mutual fund web site and have it taken out as if it was your rent payment each month, and by doing that you’re going to accumulate money when the car needs to be fixed, when you do find that home you just have to have and you’re in a good enough situation where you have to borrow less.”
Chappell also says it is OK to get a credit card. He recommends that young people ask their parents to co-sign for a lower interest rate. He also says it is important to pay off your credit card balance each month.
For more financial planning advice, click this link:
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