It’s college graduation time. That means those of us who have been around the block a few times can’t resist sharing some of our sage advice with the young people who are preparing to start their professional lives. While every decision you make when you’re 21 or 22 won’t irrevocably change the course of your life, a few may. On the other hand, being afraid to experiment or afraid to fail may keep you from important experiences. Many college graduates live with their parents, which was considered unusual a generation ago. That can be a smart short-term plan, Chatzky says, emphasizing short-term. By not paying rent, a young person can build up a financial cushion and save for such things as a car, rent deposit or house down payment, graduate school or even a trip around the world. Graduation is an excellent time to get your financial life started on the right foot. But it’s not all about money. To read the advice Dick Costolo, CEO of Twitter, offered University of Michigan graduates in 2013, visit our sister site, Living on the Cheap.