Comments on: Smithee’s Best Advice for Graduating Seniors

By: cheap chick

cheap chick — Sun, 03 May 2009 23:09:39 +0000

Avoid debt!

You will be bombarded with credit card offers upon graduation. Shred ‘em.

Unless you have a steady, relaible and irrevocable income stream, debt is a ticking time bomb.

There may be exceptions… like a mortgage (eventually)… but be cheap and don’t sign up for any thing that you will have to pay for.

That includes cell phones. Get a prepaid phone. You don’t need a fancy smartphone unless you have a job and your employer pays for it!!

I got a TracFone for 30 bucks which comes with $30 worth of calls, so it’s almost free.

By: Paul

Paul — Sat, 02 May 2009 10:47:49 +0000

That’s some good advice. Personally, I did the same. I lived with my parents and saved 50% of my income (while paying amazingly cheap rent to them). By the time I got married and moved out, I had save a ton of money which instantly disappeared (with the down payment on the house, furniture, honeymoon, etc.).

Another possibility would be to borrow money from your parents, grandparents, or friends. Many times your family (if they are able) is willing to give you an interest free loan to help you get started. What else is family for? :)

I know these opportunities aren’t available to everyone, but if they are either is much better than racking up high interest credit card bills. It is also important that parents have a talk with their kids and let them know of the available options, because how else would they know to avoid credit card debt?

Paul

By: Rags

Rags — Fri, 01 May 2009 22:22:52 +0000

I’m not graduating college quite yet (still need 3 years to go) but I think this is some good advice. All I ever think about is moving out as soon as I can, but until I read this post, I didn’t thoroughly think about what I would need to get by. I’m glad that I read this post because it showed me what could potentially happen if I didn’t prepare properly. Thanks!

- Rags

By: Erica Douglass

Erica Douglass — Fri, 01 May 2009 18:27:20 +0000

I started my career and business with credit cards, and had $110,000 of unsecured debt, much of it on credit cards, when I sold my business. Of course, I didn’t graduate college, either, so I may be outside your radar. ;)

-Erica

By: Tom Murin

Tom Murin — Fri, 01 May 2009 17:12:42 +0000

NJ Transit monthly pass from New Brunswick to Penn Station NYC is $289 a month. Maybe you’re adding in a Metrocard for the subway, or perhaps you took Amtrak.

Either way, you make a good point about looking all the expenses. When I worked in NYC dry cleaning and other clothing expenses were significant.