Brand Yourself For Success

Look At Me Now…

Ok, so now you are finally “gettin’ paper”; do you know what to do with it? There are three things I believe every college graduate needs high on their radar regarding finances upon landing that first real job. You need to be a financial heavyweight, so now is the time to pack on the pounds. And by pounds I mean lbs. – your knowledge of loans, budgets, and saving.

The majority of college graduates will walk across to stage and receive more than a degree. Many will also receive a notice of some sort making them aware their loan payments will begin in six months. We are talking about thousands of dollars and that is just for a bachelor’s degree. Student loans or any other loan you acquire throughout your adult life should not be put on the back burner. It is not going away. And although it seems daunting it is best to take it head-on. Lenders want to know you took the obligation you made seriously and your intentions for paying them back. If you are having trouble finding employment, let them know. The job you land does not pay as much as you had hoped and your loan payments are too high, let them know. A wonderful opportunity becomes available to you and you relocate, that’s right, let them know. In case you have not figured it out, just like in any other relationship, communication is key. You are indeed in a binding relationship with your lender and there is nothing like a lender scorned. You do not want to feel the wrath of a bad credit score. Stay on top of your loans.

While in college, you somehow made it working 20 hours a week at the mall and the occasional check from your folks. Now you make more money in a week than you did in a month. As tempting as it is to ball out of control, resist the temptation and live not only within, but even below your means for a while. There is nothing wrong with moving back in with your parents or continuing to have roommates if it is part of a plan. An economically smart start while you become acclimated into the working world and begin planning your financial future is a great idea. After you have had a few months of paychecks under your belt you know how much house or apartment you can afford and potentially have money saved up to furnish it and make it your own. This will allow you to think more about the money you could save and less about the money you could spend. Saving money is much easier the sooner you start for two reasons. First, you have time on your side. Individuals who do not begin saving until they are in their forties and beyond have to put away so much more to have an equal amount at age 65. Second, when you initiate a savings routine early it becomes a habit and you are less likely not to honor commitment long term.

Packing on the lbs. and getting your weight up is essential to be the heavyweight financial fighter I know you can be. Like all good fighters, you must be disciplined and remain focused. That’s how you go from a fighter to a winner.

“A budget is telling your money where to go instead of wondering where it went.” – John C. Maxwell

By Phelicia S. Price
Contributing Writer