Last week, I shared my eight essential financial tips for recent college grads. If you want to learn more about that topic, then you will love this recent article from the Your Money section at the New York Times. Columnist Ron Lieber interviewed Madison Nipp, the highest grade point earning graduate of Texas Tech University’s #1-ranked financial planning program. Ms. Nipp had lots of great advice for you soon to be graduates, but here are my two favorites:
BEWARE OF DADDY’S WALLET … “All of the people who were spending ridiculous amounts of money were on their daddy’s wallets,” she said. Ms. Nipp has no problem with the finer things in life. She just worries about the habits that form when you come to expect them. … For those who were on the dole in college, this is a fairly harsh reality check. But facing it down squarely upon graduation is a terrific tactic for preventing credit card debt.
DON’T BUY A HOME … “A lot of people don’t realize the expenses that come with a house… There is upkeep. Taxes. Insurance. It’s a lot more than just a mortgage payment, and just because your mortgage payment doesn’t go up doesn’t mean taxes and insurance won’t.”
Definitely check out the rest of the piece here. Do you have any tried and true financial tips for college grads? Please share them in our comments section!