Credit Advice for Recent Grads
As young adults graduate from college or grad school, some important life lessons are in order. One of the hardest life lessons to learn is how to behave rationally – know your limits. This task may be especially hard for recent graduates as they experience a transition from student-life to adult realities. Student loans come due, employment at higher pay jobs become available and bigger purchases seem more feasible. However, recent grads need to know how to manage their finances to avoid burying themselves under massive piles of debt.
An article published by CNNMoney.com offered 3 pieces of advice to recent grads:
1. Your Career: Listen to your Adversaries.
In business dealings, the people with whom you often butt heads are more than likely the same people who have the greatest insight into you. If someone knows exactly how to get under your skin, he or she has a good sense of your personal faults. Also, it is wise to listen to a person’s point of view that you might not entirely agree with. Being able to listen to other points of view can give you some insight into how others might see or deal with a situation and give you a leg up on the competition.
2. Your Investments: Buy and Hold.
Do not believe that you can conquer the stock market. The wisest investment plan for a recent grad is a buy-and-hold strategy. You’ll make more money in the long run by minimizing taxes and trading fees.
3. Your Love Life: Understand the Odds.
If you have an argument with your spouse or fiancé, about half the time you are in wrong. Grasp this fact and understand it – it will keep you from a costly divorce. To read more about this topic see Financial advice to recent grads.
Knowing your limits is very important for young adults – do not live outside your means. The younger you can learn your limits; the better off you will be in the future. It is important to note that if you declare bankruptcy, the obligation to pay off your student loans does not go away; unless under extremely rare circumstances that is usually never recognized by the courts.
Greg Gilbert
Keith Maynard
