So you’ve finally gotten your degree?! …this is such an irreplaceable feeling. You’ve worked hard, you’ve struggled, and now you’ve gotten what you have fought so hard for. However, the purpose of this article is to not let the euphoria cloud your judgment. Graduating is only the beginning… we still have a lot of work to do. You probably can find a list of things to do online. Howeve,r I want to share a few things almost every graduate wish they knew immediately after finishing school. Here’s 3 things NOT to do for recent grads.
Do not buy an expensive car.
This is very important for the following reasons. The cost of schooling has increased dramatically for those graduating within this decade. The price of a 4 year university program ranges anywhere from $50k- $150K. That’s the cost of a luxury car or newly renovated home depending on the city you live in. Financial institutions have pre-determined that most grads cannot afford a car payment, student loans, and a mortgage at the same time. The car looks shiny to the eye for a recent grad that’s only thinking in the “NOW”. New cars on average cost about $25-40K and the loan terms can be up to 6 years. More than likely, this will be the first form of credit for the grad which means banks will charge a higher interest rate.
Higher interest rate =higher payment. Anything above $400 can be considered an expensive car payment. Buying a car today may jeopardize the long-term goals for your life. For example, mortgage originators count excessive payment obligations AGAINST you when trying to qualify for a home loan. Ask any college grad stuck in a bad car loan… they’ll tell you that they wish they’d gotten their house first. Remember: a car isn’t a symbol of success…YOU ARE. If you definitely need a vehicle for working purposes, keep the price below $15k, keep the interest rate below 7%, and keep the loan terms near 3 years. Auto-loans may also be necessary to start establishing your credit. (Here’s instructions on buying a car)
Establishing Your Career
Never get comfortable doing something that you DO NOT LIKE to do. If you don’t know this by now, sooner or later you will find out that your first job will more than likely have little to do with your major. This means nothing. It’s up to you, you can persevere and tailor your goals to meet your passion or you can accept what’s given to you which is more than likely leftovers. Treat your first few jobs out of college like a shopping experience… If you do not like the conditions, go elsewhere. You will know this within the first 4 months. Life is too short to be miserable somewhere that you will spend a third of your days. Time is your most valuable asset!
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Make Good Financial Decisions:
Patience, Organization, and Discipline are the only ways you will accomplish your goals. Make no mistake about it… you and ONLY YOU will be funding your dream. Do not spend frivolously. Graduating from college is a true reality check. That “lavish-life, dream career starting at $50K with benefits” that some professor sold you is a pipe dream. It may not be the case for you.
Start saving your money, budgeting, and doing alternative investments such as the stock market (Here’s how to buy stocks) and real estate (Here’s how to buy your first home). Save money and take a whole lot of chances while you’re young. You cannot expect to achieve great levels of wealth with just one form of income. Be open-minded about different opportunities to make money. It is important that you are patient. Despite what this new culture tries to sell us, success WILL NOT happen overnight, or within the next few months, or maybe not even in the next 3 years…but it will eventually happen with consistency and patience.
Do not rush.
You may not find a job for 6 months to a year in this economy but don’t get upset. Enjoy the freedom of having little responsibilities because when you begin working… you will realize that there are very few breaks! Companies barely want to give you a snow day. So don’t stress getting employed… it HAS to happen. In the meantime, get yourself organized and disciplined. Have fun but prepare yourself for paying bills such as rent, car insurance, phone bills, internet, credit cards, water, electric, gas… etc. Sounds fun right? You have to discipline yourself and prioritize expenses to establish a great work-life balance. Work for your company but keep your life goals at the forefront of your thoughts.
Now that you know these things, take advantage of the lessons that some had to learn by experience. If you take advantage and capitalize on these points… you may even have somewhat of a head-start. All of your actions from this point forward matter. So do yourself a favor and make every move count.
(seen in the photo above are Brian Anthony Davis and Keonna Knight of Penn State University’s spring graduating class of 2018) photography by Instagram’s: @SidneyTep