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10 Things Every College Grad Needs To Know About Money | Forbes

Photo courtesy of John Walker https://www.flickr.com/photos/whatcouldgowrong/4608963722

Forbes magazine has an article with advice for college grads from Mary Morrison, who is known as the “reality check lady” at Stanford. She works in the financial aid office and noticed how ignorant students were about money. Sixteen years ago she started teaching a personal finance class to seniors. She said that many of them come to the class knowing nothing, so she strives to give them a dose of tough love and honesty.

From the Forbes article: [quote_box_center]One Stanford student thought “paid vacation” meant that her boss would pay for all her travel and leisure activities. Another didn’t know there was such a thing as a water bill, and a third threatened to call the police and report the work study office because it was letting the government withhold money from her paycheck.[/quote_box_center]

Though it has been suggested she write a book, she says she is too busy and instead shared 10 tips she thinks are most important. Here are her top ten, without commentary:

  1. Don’t make career decisions based only on dollar amounts.
  2. Figure out how much you will need up front in order to move and start your life.
  3. Know what your take-home pay is–it’s not as much as you think.
  4. Be realistic about your expenses and essentials.
  5. Understand cash flow.
  6. Keep an emergency account.
  7. Know when to use a debit card or credit card.
  8. Get renter’s insurance.
  9. Begin contributing immediately to a 401(k) plan or an IRA account.
  10. Don’t be afraid to invest.

These are all things we should strive to teach our children and most of them are advice we should follow throughout our life.

To see the slide show or to read the full article explaining each of these tips, click the link below.

Source: 10 Things Every College Grad Needs To Know About Money

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