So you’ve just graduated? Hooray! Congratulations to each of you. Over the next few weeks and months many of you will be moving to new, exciting places and starting you careers. Apartment searching can be very overwhelming, moving boxes and relocating can be physically exhausting and acclimating to the real world while building a new social circle can be emotionally draining. Been there, done that, got the t-shirt (it’s an “I ♥ NY” t-shirt). It’s also a truly wonderful time of your life, and not just because you’re done taking tests! You’ll be meeting new people, exploring new places, trying new things and hopefully making/saving a bit of money too!

So today, I’d like to offer a few words of advice to anyone about to start their new life after graduation:

1) Make the time – keep in touch

  • In most cases, you won’t be living in the same city as your BFFs any more. As such, keeping in touch with each other becomes much more difficult. So, plan your reunions early! Start the conversation about which football game you want to attend together. Consider celebrating Fourth of July or New Years Eve as a group.
  • Start an email chain for your circle of friends and encourage everyone to provide an update every few weeks.
  • Keep a birthday list by your desk (don’t rely on Facebook…you’ll forget someone special).
  • Keep a phone list of people you need to call regularly (including mum and dad).
  • If you fancy it, open a Twitter account so your friends can keep up to speed with you on a more frequent basis. It helps feel connected for moments where a phone call update isn’t necessarily warranted.
  • Keep in touch with your favorite faculty members and college advisors. Shoot them an email every few months, and try to swing by their offices just to say hi when you are back on campus.
  • Once you start working, it is really easy to get caught up with all the excitement of your new life – be sure not to forget the people who helped you get where you are.

2) Office life

  • Arrive Early. Dress sharply.
  • Ask questions: the first few weeks is the only time you can get away with asking basic questions. Don’t pretend you know what someone is talking about if you’re confused. Avoid asking the same question more than once. Take a stab at the answer rather than just saying you don’t know.
  • Find a mentor. Develop a relationship with someone more experienced than yourself who you are comfortable with. Get lunch/coffee every few weeks and let them give you advice to help you be the best employee you can be. Ask them about further education, certifications and graduate school opportunities if applicable.
  • Don’t overextend yourself outside the office. Get involved in a couple of activities but don’t let it take over your life (like it probably did in undergrad ;P)

3) Take control of your financial life…starting NOW

  • Financial independence is freedom, but it also requires responsibility. Figure out your net income (after taxes) and calculate an approximate budget including rent, groceries, dining out and entertainment. Don’t forget to have a target saving amount. Revisit your budget occasionally and check to see if you are meeting your goals.
  • Knowing that long-term job security is uncommon these days, as soon as you start earning money, save enough so you could survive for 3-6 months without income. Keep that money safe, like in an interest earning savings account and vow not to touch it except in an emergency.
  • Open a 401(k) or consider another retirement saving plan. Ask your HR representative or benefits coordinator they have a matching program (free money!).
  • Check to see if the company you are working for has any perks. For example, some may offer discounts on gym membership or certain restaurants. My company works with Wageworks to offer pre-tax public transportation, so I save around $200 a year on my subway pass.
  • If you haven’t already, open a credit card. If you don’t have any credit history by the time you start working, you may be limited to a secured credit card. Whether you already have a credit card or not, check your credit score using one of the three main agencies through www.annualcreditreport.com (TransUnion, Experian, Equifax).
  • Explore your health care options and be proactive about regular check-ups for your general medical, dental and vision care.
  • If you’re up for it, once you have settled down (and finished buying your new TV, furniture etc), track every single expense for two weeks and identify where you can cut down costs. Look at sites such as Groupon, Scoopit or Restaurant.com to find great deals in your area.
  • Find a financial mentor who can help guide you through financial decisions.
  • Get organized early – keep your employment, bank, tax, investment and health care information clearly organized from the start.

Please feel free to share any other words of encouragement for the class of 2010!

And lastly, in the words of Mark Twain,

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”

(Originally posted June 8, 2010)