Twitter/Facebook Poll: What's Your Best Money Advice for Graduates?

graduation-money-gifts.jpg
Posted on 05/14/2010

Young people are notorious for making money mistakes. So we asked you on Facebook and Twitter to share your wisdom with today’s high school and college grads. Here’s your best money advice for graduates.


Twitter

gvilleburns: avoid debt like the plague

TVAmy: First opportunity thru work you have to start pumping money into 401k take it. Never too young to start.

robgarciasj: Don't go on a shopping spree on your first paycheck. Pay off student debts and credit cards first. Continue to live frugally.

untamedbeer: Avoid debt like the plague.

TVd_out: Don't take on too much college debt. Consider a community college those first two years to keep debt low.

Matt_SF: 1) get a roommate & let him/her pay half your bills. 2) your FICO score is immensely important, so protect it as much as possible


Facebook

Isaac Fineman: Please, please, please...do not get a credit card! You will regret debt!

Lisa Goodman Howell: Read Dave Ramsey's book “Financial Peace”...wish I had it 10 years earlier...never get a credit card!

Lloyd Trout: Live at home as long as you can and save, save, save. It's not easy to make it out there in the real world.

Jason Geary: Simple - live on less than you make. Design your life so that you can live your life on 80-90% of what you take home in wages. Save & invest the rest in some form for later. To paraphrase Warren Buffett in the book "The Snowball" - 'If you can get a little ahead financially, just a little, when you’re young you will be miles and miles ahead of 90% of everyone else once your older."

Steve Cole: [Have] one credit card that you manage and pay with a parent to help build credit for your future but trust your parents...they are right when they say credit cards are nothing but trouble. You're spending money you do not have and that is a bad, bad thing...even as cool as it sounds.

Jason Robertson: After college, start putting money away for retirement. Max your employer’s 401K program and if you have leftover, open a ROTH and max it. Set a budget and live within your means. Start putting some cash away in a savings plan… about 4-5 months worth of living expenses. Do not carry balances on credit cards, re-prioritize any debt you may have and focus on the highest interests first.


By Alison Storm


Hotels.com coupon - Save 10% on your next hotel booking with coupon code 41010. Expires 05/23/2010.


Norm Thompson coupon code - Save 15% on orders over $99 with coupon code 13795, which expires 06/12/2010. Plus, check out the other fabulous money saving coupons & deals available from our friends at Tjoos.com!

* Hot deals expire quickly. This deal may no longer be valid.

Comments


Cathy McCaslin

Posted on 05.15.10 at 7:33 AM

Open a savings account and put 10% of all money earned or received into that account, including birthday gifts, lawn mowing, etc. Consider it a bill that HAS to be paid and pay this bill first. YOU are the most important bill that has to be paid.

Post A Comment