It’s graduation season — and that means millions of college graduates are ready to hit the job market right now or will be very shortly.
This year’s graduates will be entering a workforce and economy that’s been hit hard by inflation.
While the idea might be scary to some, career experts and personal finance gurus share smart advice for college grads that’s worth listening to closely.
FOX Business gathered 10 smart tips from top industry professionals.
Here’s what they say today’s new college graduates should know and do after they’ve earned their diplomas.
1. Review student loans
“It’s a good idea to dive right into reviewing your student debt,” said Sara Parrish, the president of CampusDoor, a Pennsylvania-based loan origination solutions company.
“Start by reviewing your statements thoroughly, so you can take control of things early on,” Parrish said.
“You should make note of your servicers, lenders, due dates and monthly payment amounts,” she also said.
“Once you have a solid inventory of what you owe and who you owe, then you should dive into your statements or online accounts to obtain an understanding of all your interest rates.”
When doing an audit of student loan interest rates, Parrish advised new graduates to compare them to current rates refinance lenders are offering. That way, they can refinance for a lower rate, especially for private loans.
2. Eliminate debt
“Keep living like a college student,” said Dave Ramsey, founder of the Tennessee-based personal finance advising and wealth-building company Ramsey Solutions and host of “The Ramsey Show.”
“Chances are, you’re not making grown-up money just yet. So don’t go buying a new car or a new house,” Ramsey, the author of eight number-one best-selling books, also told FOX Business.
“Instead, get yourself out of debt,” he advised new college grads.
“Get seven jobs, sell stuff online, do whatever it takes to pay off student loans and any other consumer debt you’ve racked up.” He added, “The faster you get rid of debt, the faster you’re going to have a life.”
3. Build a budget
“Trying to negotiate a salary without knowing how much you need to make is like trying to build a house without looking at the plans before you order the materials,” said Josh Simpson, an investment adviser representative at the Lake Advisory Group in Lady Lake, Florida.
He continued, “Before you start to interview for jobs, build a budget so that you know how much you will need to make to be able to support yourself.”
Read the full article here: https://www.foxbusiness.com/lifestyle/college-graduates-inflation-career-money-tips