What 25 Personal Finance Experts Desperately Want New Grads to Know

If you’re a new college grad, the odds are good that no one ever taught you even basic things about managing your money. Although colleges are starting to incorporate personal finance instruction into their courses, that’s no help to you now that you’ve flipped that tassel to the other side. To start you on your way to being financially solvent and informed, we’ve lined up advice from 25 experts that you can take to the bank.

1. Dave Ramsey: It’s going to take time: Think of getting out of college debt as a process, not a quick event. Once you start making payments and making headway, you will start to get a sense of hope and dignity. This doesn’t mean, however, that you should put your loans off to the side or delay making payments because of a low interest rate. The longer you wait, the longer it will be hanging over your head.
2. Ric Edelman: Put retirement first: Edelman says that though it may seem like a long way off, retirement is the one thing you can’t pay for while going through it. If you can only save for one thing, forget the house or kids’ college funds — save for retirement.
3. Lynn O’Shaughnessy: Law school is not a great option: Speaker and author of Shrinking the Cost of College, Lynn O’Shaughnessy points out that barely half of 2010 law school graduates are finding jobs at firms, making the huge tuition cost a poor investment.
4. Fran Katzanek: Put off the car and apartment: This author of Reality 101: The Ultimate Guide to Life After College recommends waiting at least six months before pulling the trigger on a new car or big apartment. Use public transportation and get a roommate until you have a better idea of what you can afford.
5. John Strelecky: Do something, anything: Odds are strong that you’ll have trouble finding a job immediately upon graduation. John Strelecky, author of How To Be Rich and Happy, says you should blog, volunteer, or take an unpaid internship to make contacts and gain experience until you find work.
6. Bill Druliner: Don’t worry about keeping up with the Joneses: This consultant with GreenPath Debt Solutions cautions putting too much stock in other people’s Facebook or Twitter posts bragging about their success. Before you start stressing that you’re a financial failure, remember these people are only posting the stuff that makes them look good.
7. Wes Moss: Think about moving back home: CFP Wes Moss knows it’s a sacrifice to move back in with your folks after graduation. However, “If you can grin and bear it, it’s a great way to get a financial buffer quickly,” he says. Of course, it’s all for nothing if you don’t save that money you would have spent on rent.
8. Melinda Opperman: No credit history is as bad as a poor history: According to Ms. Opperman, who works with Springboard Non-Profit Consumer Credit Management, new grads should understand that their existing credit scores will affect their buying power. Find a card with low fees and budget tracking features so you can build your credit score, if necessary.
9. Zac Bissonnette: Don’t try to take shortcuts on paying off student loans: In his book How To Be Richer, Smarter, and Better Looking Than Your Parents, Zac Bissonnette urges you to ignore people who tell you not to worry about paying off student loans any time soon. The interest probably won’t be tax deductible, and you probably won’t have any of it forgiven.
10. Ornella Grosz: Curb excessive spending: The oft-cited author of Moneylicious: A Financial Clue for Generation Y says college leads to reckless spending habits that need to be avoided after graduation. Don’t buy luxury items often; make do with your current clothes and gadgets for now.
11. Clark Howard: Don’t finance a car for more than 42 months: When you are ready to buy a new car, this finance guru has a good rule of thumb for determining if the one you’re eyeing is too expensive: if you can’t pay it off in three and a half years, it’s too much.
12. Laura D. Adams: Investing early is powerful: Also known as Quick and Dirty Tips’ “Money Girl,” Adams wants new grads to appreciate the power of compounding. Investing now, in your early 20s, can result in a savings account balance that’s two, three, five, or 10 times higher than if you wait until your 40s to start.
13. Suze Orman: Contribute to your 401(k): She doesn’t care if you “don’t have a pot to pee in.” No matter what your salary is, financial guru Suze Orman insists that if your company matches a certain amount of contributions to your 401(k) savings plan, you must pay in the full amount and take advantage of this free money.
14. Mary Beth Franklin: Consider a Roth IRA: If you don’t quickly find a job, or that job doesn’t offer a retirement savings plan, take this personal finance writer’s idea. A Roth IRA lets you withdraw contributions tax-free whenever you want, but earnings can only come out tax-free in retirement.
15. Carla Fried: Get health insurance: Credit.com writer Carla Fried strongly suggests new grads get health insurance. If a new job doesn’t offer it, grads can stay on their parents’ until the age of 26. Even if you have to buy your own, no one should go without it.
16. Ricardo L. Nazario: Temper your expectations: As a financial advisor for Morgan Stanley, Mr. Nazario knows what he’s talking about. His advice for his own kids and for you is to not expect the corner office and huge salary right out of the gate. Moving up requires paying dues and time; don’t get ahead of yourself, mentally or financially.
17. Ronald Hatfield: Be financially proactive: A financial management specialist working at WVU, Hatfield’s top pointer is to be a lifelong learner about finance. Go to seminars, read books, learn the ins and outs of money management. No one else is going to do it for you (for free, anyway).
18. Kevin Crall: Have an emergency fund: Mr. Crall of MidWestOne Bank urges recent college grads to set aside some money for a rainy day, or rather three to six months’ worth of rainy days. You never know when you might need it.
19. Jason D. Hiley: Create a budget and follow it: It’s never been easier or more convenient to keep track of your expenditures and monitor where your money goes. This certified financial planner recommends using sites like Mint.com to create a responsible budget.
20. Cheryl Costa: Be smart about debt: “If a graduate ever can’t pay off her credit card bill, she needs to re-evaluate how she’s spending her money and whether she’s living within her means,” says CFP Cheryl Costa. Consider consolidating student loan debts to lower the payments and make them easier to manage.
21. Beth Kobliner: Don’t lose heart: If the job market is discouraging, financial expert and author Beth Kobliner is here to reassure you. She points out that the unemployment rate is always significantly lower for college grads than high school-only grads, and last year employers began to hire more.
22. Karen Blumenthal: Read the fine print: If you’re like most people, you’re lazy about reading all the details of contracts and agreements you sign. This author of The Wall Street Journal Guide to Starting Your Financial Life knows reading the fine print can help you avoid costly fees.
23. William Danko and Thomas Stanley: Take the time: The authors of the famous and still-relevant The Millionaire Next Door, Stanley and Danko showed that millionaires dedicate plenty of time to working on their finances, whereas “under-accumulators of wealth” do not. Which would you like to be?
24. Carmen Wong Ulrich: The hard work pays off: When asked what one thing she wished someone had told her when she was fresh out of school, the author of Generation Debt: Take Control of Your Money — A How-to Guide doesn’t mention finances. Instead, she says all the frustration you face at first in the working world is just fuel for your fire.
25. Jason Anthony and Karl Cluck: Getting out of debt means freedom: Two Columbia grads who wrote a book together called Debt Free by 30: Practical Advice for Young, Broke, & Upwardly Mobile have this to say to you: you don’t have to be a slave to Visa or MasterCard. Getting your spending under control and getting out of debt allow you to quit a job you don’t like and wait for one you love to open up.

Taken From Online Colleges