20 Pearls of Wisdom for College Students and New College Grads
Recently, I was asked to speak at Northeastern Illinois University by Edmund Cruz, in the area of personal finance to their students and staff . They were alert, attentive and eager to learn. It was a joy to spend some time with them and tune into what is on their minds, as they move into the workforce.
Before I headed out there, I asked my friends on Facebook and Twitter to bless these students by sharing their own quick tip of life experiences and pearl of wisdom. Thank you to my fellow Facebookers and Tweeps! (Yup, new social media lingo!)
Here’s what they had to share and if you’d like to add yours, please drop your pearl of wisdom to college students and new college grads in the comment section below! I will share it this weekend on the next podcast of Money Smart Radio and broadcast of the Real Estate on Radio Show on WLS 890 AM from 10am-Noon, this Saturday.
Ok, here we go!
stay away from credit cards
Tell them that credit cards for people who don’t have a steady and consistent income are the DEVIL!!! Steer clear! Cash only!
Start a savings plan and build a workable budget.
Agreed on the credit cards comments 1,000%
build a fortress of cash (liquid) before you do anything else!
Never stop learning and read Proverbs every day!!!
Absolutely No Credit Cards,and discipline one self with opening a short-term Certificate of Deposit.
you are who you surround yourself with.
Don’t use the media to make your financial decisions. Buy as much real estate as you can.
AND
In everything that you do put God first and he will direct you and crown your efforts with success… proverbs 3:6
I saw this in a picture frame in Matthew’s uncles office.. This statement is so true.
Never Ever give up!!!
find your passion and follow it.
Do NOT sign up for any credit cards. As soon as I started college I got bombarded with plastic deals lol.
AND
Oh also, not sure how good of info this is. But when I started college my dreams were to be an attorney but my dad didn’t want to me to do that — he wanted me to follow in HIS footsteps and be in IT. I did not like it! And I went from the Dean’s list to having a 3.2 gpa the second semester. My Dean suggested I take a test to see what is best, it was of course people-oriented jobs. So to make my father happy I got a Marketing degree and an IT degree later. I think it’s okay to take your time and figure out what you want to major in and just worry about getting your core classes out the way. There shouldn’t be a rush and you should choose a major you are happy with and not what your parents are because they you will end up going to school for a very long time like I did getting two degrees because you one didn’t want to not finish what you started and two because you felt the need to do something that made you happy. College should be one of your best experiences of your life!
save and plan….plan and save. I would say for a few years but realistically to really have success forever is better 
my book. feel free to take anything from it! (he authored Financial Mistakes of New College Grads…great read!)
DONT GET INTO CREDIT AND FINANCING…IF YOU DONT HAVE CASH, DONT DO IT! And don’t let others tell you because you don’t have experience you can’t be a shining star right out of the gate and chase down success.
To Dream Big! Know that your Dreams Matter! and listen to wisdom and common sense about overcoming the 3 wealth-building myths of college students because knowledge is power.
Build your CREDIT the right way.With low limits thru secured credit cards to manage and keep in control then expand to unsecured. Learn to manage money thru a bank account checking/savings these things are young adult finance killers if done wrong and affect them for a very long time.
@MatthewSapaula I would tell them to never stop learning and always tell the truth–among other things–but those 2 are at top of list
@MatthewSapaula Dream big dreams, serve your way into a place of favor, you life is not about you it’s about what your living for.
And here’s mine…
Your real learning begins AFTER you graduate! So keep an open mind, be a sponge and seek a mentor!!
Giving Thanks
I appreciate ALL my friends on Facebook and Twiiter who thought enough of this next generation of college students and planting a seed of encouragement GREATNESS within them. If you are reading this, please connect with them on Facebook or Twitter! And don’t forget, if you’ve got your own pearl of wisdom to share, please drop it down in the comment section below!!
P.S. Stay tuned for a video post of my talk with these students and faculty of Northeastern Illinois University…choppin’ video now!
You may see your friends flashing plastic and spending money they don’t have. Stay focused – run from credit cards and debt!
@Dorethia…oooh! That was a good one. Thank you for sharing and contributing!
Listen to Matthew and find a mentor! Practice delayed gratification. Pick up a copy of Defeating Debt and let it be your road map to building a solid financial future.
I’d recommend not making any major purchases until at least a year of working full time, and try to save 10% of your income from the very start! This will give you a great head start for life and major purchases down the road.
[...] 20 Pearls of Wisdom for College Students and New College Grads [...]
I’m going to agree with Jason on not making any major purchases for at least a year. I also recommend setting up a budget or spending plan as soon as possible and plan your spending. It’s tempting to buy a lot of things right out of school, especially as your friends are spending on new clothes, cars, furniture, etc.. But resist the temptation! If you get used to paying with cash, the real needs will float to the surface and the other nice to have items find their way down the list and won’t seem quite as urgent when reviewed later.
@Jason – Redeeming Riches…so true! I was just going over old home videos from my military days…I had bought THREE brand new cars…I sure wish I had you coaching me along back then!
@Jason – One Money Design…SO tempting, especially feeling that you “deserve it” and watching all your other friends start getting “things” too. I like the “PAY WITH CASH” rule.
Thank YOU both for your comments, contribution and blessing to the many college students and new college grads that will read this!
Don’t buy stuff based on what you think you’re going to make. Job certainty is a huge risk. Earn first, then save, and have a plan.
I would advise:
1) avoid credit card debt
2) Figure a way to create income (business or part time income) to minimize student loan debt
3) Start investing early and often (buying stocks or starting one’s own internet based business)
The more financial education and experience a college student has coming out of school, the better in control, they will be for their future!
Jay Peroni, CFP
http://www.jayperoni.com
Hey Jeff! Thx for the comment bro…plus, thx for the interview on Roth IRAs and Roth IRA conversions!
Jay! I appreciate that insight…it sad that most people learn good financial habits after they’ve made bad ones…such is life, I presume. (Why do some people have to learn the hard way…like me?)