At our most recent Public Relations Student Society of America (PRSSA) meeting, we had young professionals from the PR field as well as a financial adviser from Ameriprise Financial come in to talk to the seniors about what to expect, and not to expect, after graduation.
I must admit, I was a little nervous entering the room because I was about to hear what every college graduate cannot predict: the transition into the career world. This world includes far more (financial) independence than I am personally ready to possess. However, personal financial advisor, Gary L. Harr from Gainesville, GA, helped break down some of these money responsibilities for us.
Here are the $$$ tips that I found to be most helpful:
- Start building cash reserves ASAP.
- ALWAYS, ALWAYS inquire about disability insurance (because your most valuable skill at age 22 is your mind, and if you become disabled and unable to work you want to make sure you’re covered)
- Invest in something (for recent grads it’s safer to invest in a CD or mutual fund, not risky stocks)
- Understand your retirement options: 401K vs. Roth IRA
- If your company offers a matching option, chose their 401k plan
- If they don’t, opt for the Roth IRA
5. TOP 3 documents to have: (they only average about $150-$200 per document)
- Living will
- Will
- Medical Power of Attorney
This was quite overwhelming, but incredibly valuable information that I know I needed to hear sooner rather than later, ie before I go bankrupt and max out all my credit cards.
