If I could travel back in time and give my college senior self some advice about the year I was about to live–my first year out of college–I would in a heartbeat. I don’t believe in focusing on regrets, but there are a couple pieces of advice I wish I’d known sooner.
1. Start Saving for Retirement
As soon as you start earning money, start saving money. When you’re in your early 20s, retirement seems like it will never come, but that doesn’t matter. Start saving. Even if it’s $1 a month. Find a high interest savings account and begin to save your money. Better yet, if your job offers you a 401k or 403b (nonprofit equivalent) and you’re lucky enough to have a job that matches your contributions, start saving at least as much as they contribute. Their match is free money, so you might as well take advantage of as much as you can.
I learned this much later, but contributions made to a Roth IRA can be withdrawn without penalty up to $10,000 when used for the down payment of a first house. Another reason to start contributing to your retirement plan as soon as you have the opportunity.
2. Finding the Right Job Takes Time
I thought I was #blessed to land my “dream” job right after college. And I was blessed to graduate with the promise of full-time employment. But, as I soon learned, my dream job wasn’t actually a dream at all. I thought life after college was going to be magical. I assumed I’d make all the money I needed, be debt free in two years and love my bosses and coworkers. It took a few years of searching but I did finally find a job I love on both the good days and the bad days.
When you’re a college senior, life after college can seem far away. There are exams, all-nighters and projects that still stand between you and your first year in the “real world.” Have fun, but don’t forget life after college comes at you fast. Setting aside some time to figure out how you’re going to tackle it might be some of the most important prep time you schedule while in college.