Young Professional Finance Blog

If you haven't done this yet, then you probably haven't started applying for jobs. It's important to have a document that shows people what you have done. If most of your experience is through school projects, then place your education history before work. Otherwise, place work history before education. The most important factor is to make sure you tailor your resume's work and/or education experience to match the jobs you are applying for. Don't have experience? Then volunteer for a local organization, make a blog and document stuff you have done, find a way to get experience you can link to the job requirements. This gives you something to add to your resume and talk about when you get the interview as well.

Unless you plan to immediately go back to school, it's time to start insuring a future income and for many people this means getting a job. Unless you start a company, you will need to find an employer and then apply and interview for a job. Have the perfect employer in mind but they aren't hiring? Send them a resume anyway.

Don't wait until you have money to start saving and managing money. Get in the habit of saving NOW. It's a whole lot easier to manage money when you don't have much of it, and getting used to storing away a percentage of it will help you continuously grow your savings as you get better jobs and earn more money. I'd highly recommend opening up a high interest savings account (contact me for a referral and $25 free from ING Direct).

Afterward, setup a reoccurring saving plan or direct deposit so you ensure a percentage of your income is automatically saved.

Once you have saved up enough money to support yourself for 3 months, move the money to a special emergency fund. It's very easy at banks like ING to create multiple savings accounts and you can move the money to a new account.

You will never become wealthy if you spend all your money. This means you should make sure that every month, week, even day not to spend more money than you are making.

Don't know where to start at finding a job or don't know how to meet new people without a classroom or dorm? Join a local young professional organization and begin making connections. Getting jobs through people who already know you is one of the easiest and best ways to do it! Even if you already have a job chances are you probably won't retire from it. When I moved away from Metro Detroit to take a job for a video hardware company I finally started meeting quality people once I found a young professional group that had monthly mixers plus other fun events like baseball game outings and hosted speakers. Eventually, I moved back and started my own young professional group called Young Professional Connection and have since met even more interesting business people, friends, and connections.

Even if you don't need connections for a job, meeting quality, smart, fun people your own age or older will be beneficial to provide practice interacting with people, talking about yourself, remembering names, etc., etc... the reasons go on!

If you weren't lucky enough to get out of school with zero loans, it'll be important to 1) determine when you have to start paying your student loans back, and 2) determine when and how to consolidate your federal student loans. Right now, interest rates are falling, and there's a good chance student loan rates will go down this summer. It may pay to consolidate your loans after this to fix your payment amounts and interest rate for the term of your loan payments. You also have to determine over what period of time you want to pay your loan back. Personally, I see the student loan debt more like a business sees debt-- as leverage. I'd rather keep extra cash in my savings to provide security and flexibility now, than to put it all toward paying my student loans off early. Besides, chances are, if you're not making too much money yet, you can deduct all your student loan interest for years to come.

Chances are your parents don't want you at home forever, and even if they do it's probably a good idea to get out on your own. There's a certain maturity and sense of self when you support your own place and lifestyle. Watch-out if you're looking at the fanciest houses or apartments. It's important you don't try to out-do everyone at first and overspend yourself before you get off the ground. Remember, the money you don't spend now and save has a lot more time to generate interest and make your life easier in the future. This opportunity cost should be taken into account when you start spending your money on reoccurring bills like a house or apartment and everything that comes with it.

If you aren't anywhere close to looking at fancy places and instead wondering how in the hell you're going to afford anything, it may be wise looking at getting a roommate or two, or perhaps you need to go up a couple steps and find a job?

Mix it up! Don't spend all your 20s just working or just playing. Do a mix that's right for you. I remember a friend who never seemed to do anything or go anywhere or spend any money. I kinda had the impression he wasn't doing it right-- for me, it's all about adventures, and traveling mixed in with working, starting businesses, meeting new people, and more. Then one day out of the blue, my friend, still in his early 20s announced he was throwing a party celebrating his netting his first million dollars from online advertising he did on his computer in his bedroom-- now there's a way to do it. Do what's right for you, but don't forget to mix it up at some point in your 20s, at least.

Remember those Choose Your Own Adventure books? They were so cool cause you could read different stories in the same book by making your own choices. Wasn't that fun! Well, life's kinda like that-- except it's real. Push to make it a life you want to live and don't be afraid to try things cause you might fail. Failure is a part of the process, and sometimes it's required before you find the right way to do things. The important thing is to actively pursue the life you want, and there's no better time to start than now!