Graduating soon? 3 Financial Advises for New Grads

Dated: September 29 2019

Views: 58

Finally! You have graduated college, but now what?

The Opportunities are Endless

First and foremost you have to sit down and think seriously about the things that really make you happy. Life can get overwhelming quickly when you look at people around you or on social media. Your friends might be driving fancy cars or own big houses. The truth behind the looks is often different - a lot of these people might be struggling and having a lot of stress exactly because they bought the fancy car or the big house. Another type of people you will see are the ones who might not initially come as very exciting, they are the ones driving more average cars and are living more modestly. A lot of those people are actually richer. They have their retirenment savings, they are not stressed because they are not living pay cheque to pay cheque and have a comfortable "safety cushion" due to which they can afford to not stress out immediately if they are to lose their job tomorrow. Think about it. Now is the best time to start.

Be Thoughtful About How You Live

Whatever your income is, it is very tempting to sway down the path of debt. You have worked very hard for all these years in school. Getting your first pay cheque is both exciting and tempting to spend the money on things you have wished for so dearly. You would want to get a nice car, a nice apartment in the center of Vancouver, instead of more modest apartment in the suburbs such as Surrey or Langley. Sure, treat yourself but stop for a second and think about the long-term implications. That fancy car will keep you excited for the first few weeks when it is all squeaky clean and your friends want to get a ride with you, but after a few months the initial excitement will wear off. However the monthly payments for the lease or financing will still be the same and at that point you might actually view the impulsive purchase more like a burden rather than something that actually is giving you joy. If you had bought a cheaper car by now you would have paid it off. Following that Instagram lifestyler with awesome pictures from Bali Indonesia? You could have spend the money on a vacation to the island of the gods. Experience Ubud and the one of a kind monkey forest. Now you wouldn't have been as stressed. Another option you have is to save portion of your monthly cheque for a retirenment. Especially early in your career you should be saving up so you have the freedom to do what you want years down the road.

Aim to Buy Experiences, Not Things

A lot of times in modern society you see movies or you see people in the TV shows or in the magaizines that own big houses and nice cars. All those images do have implications that make you think that perhaps these people had made it. Yes, the reality is that in the small picture a nice car will make you happy in the short term but in the long-term things that really will make you satisfied and fulfill your soul are spending time with your family, getting to do intellectually interesting things that really cater to your passions. That is why I suggest you view money not as something to buy things with, but rather as a tool to help you do the things that you want and to be able to buy experiences with. Do not optimize money but optimize for the freedom that the money might be able to get you.

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Momo Kanev

Momo Kanev, exemplifies integrity, energy, hard work and creativity in every detail of the real estate transaction process. Momo, has over 10 years of experience in the construction industry. He speci....

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