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.
“Your 20s really are the time to explore,” says Jean Chatzky, financial editor of NBC’s “Today” show, an author whose books include “Not Your Parents’ Money Book” and the mother of a college-age son. “Before you get married and before you have kids, you don’t have a lot of financial responsibilities.”
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.
For some good advice from an expert, visit our sister site, Living on the Cheap.