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Money Tips for Graduates

If your parents knew then what they know now, they would probably turn back the hands of time and start their financial journey on a different foot. 

If you’re just getting started after high school or college, you have the advantage of learning from their mistakes, not to mention the plethora of financial advice on the web. We’ve made it simple with a few financial strategies to help you successfully navigate your journey to financial success.  

You’re never too young to start
Starting your financial journey to building wealth is better done as early as possible. You don’t have to know everything about finance - just start saving.  

Build wealth in your skill set
You had to earn your degree, now you have to earn your income. Unless you have a degree in a specialized, high-paying field, you will likely start at a lower level. This is an excellent opportunity to learn as much as you can. The key to climbing the financial ladder is building your skill set. Take seminars, read books, volunteer to take on extra tasks, find a mentor. Start this early on, and you’ll be able to evolve with ease.  

Don’t buy on credit what you can’t afford with cash
This is single-handedly the best advice anyone can ever give you. If you can’t pay cash for it, you can’t afford it. There are only a few exceptions to this rule – big items like vehicles or mortgages. You will save yourself years of treading the murky waters of debt if you keep yourself out of it from the beginning. 

Live on less and invest the rest
Since you’re only paying with cash, you’re more apt to evaluate your purchases. Living on less than you can afford is a great way to take your extra cash and put it somewhere where it can make money for you. This can be an interest bearing savings account, a retirement account, certificate, or a combination of savings vehicles. 

Life will throw you curve balls, but starting out the right way will prepare you to handle what comes your way. Years down the road, you will be glad you did. 

Source: U.S. News - Money