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College graduates gain a serious edge in earning potential. Workers with a bachelor’s degree typically earn 77% more over their lifetimes than those with only a high school diploma.

While it may be true that new grads are rich in “human capital,” they are often low on funds when first entering the workforce. Here are two ways to start off on the right foot financially.

First Financial Steps for New Grads

Hold down your living expenses.

Housing, transportation, and food comprise the majority of spending for most people, so committing to high rent or car payments could kick off a constant struggle to make ends meet. Finding a cheaper place to live (possibly with roommates), settling for an older-model vehicle, or cooking more meals at home could free up money for fun activities that are important to you.

Plump up your cash cushion.

It’s important to build an emergency fund that would cover three to six months of living expenses. Begin by determining how much income you can afford to set aside and transfer that amount automatically from your paycheck to a separate account. Having access to a healthy savings account makes it less likely that you will resort to borrowing, and it also gives you the financial freedom to switch jobs or change your living situation if you so decide.

Source: The Wall Street Journal, May 7, 2015

Freeman Owen, Jr -Retirement Specialist

Retirement planning seems so far away when you’re a recent college graduate. But, the earlier you begin, the more you’ll save and the easier it will be! Let’s talk.

Meet me for a FREE retirement strategy consultation at my office at (866) 471-7233.