May 31, 2023
College graduates are about to see what the real world looks like. A world without dorm rooms, cafeterias, and classrooms. Now you are entering a world where everything is on your shoulders and big decisions must be made. One wrong move could cost you thousands of dollars, maybe millions so to make sure you get on […]
College graduates are about to see what the real world looks like. A world without dorm rooms, cafeterias, and classrooms. Now you are entering a world where everything is on your shoulders and big decisions must be made. One wrong move could cost you thousands of dollars, maybe millions so to make sure you get on the right path I want to share three ways to prepare for the real world.
After graduation if you are able to move back home with your family, do it. So many college graduates try to rush to be out on their own not understanding how much life really costs. You are not just paying for rent in that apartment, you are also paying for utilities and amenities offered by the apartment complex. If you move back home you could possibly live for free or pay about $400 a month to help out. Either way you will be saving thousands of dollars each year. This will also help you save up for a house quickly!
Hopefully every college graduate has landed a job and I know that the first thing you want to know is how much money you will be making, but there are other important aspects about your new job that you need to pay attention to. You need to pay attention to the healthcare plans that are offered.
Also what retirement plans does the company provide that you can take advantage of? Making the wrong decision with either of these questions could cost you thousands of dollars in medical bills or millions of dollars lost in retirement. So when Human Resources starts talking at your onboarding make sure you are paying attention.
There are not a lot of guarantees in life, but there is one guarantee for sure if you are graduating with student loans and that is you will have to start paying back those student loans six months after graduation. Unfortunately you missed the student loan pause because the pause is supposed to end before your six month grace period will be up.
Because of this you need to take the next five months to save up money for your student loan payments. This will make sure you are able to keep up with your monthly payments.
All college graduates are entering a whole new world, but if you are prepared you can conquer it and reach your financial goals!