A new class of college graduates means millions of young people are entering the workforce for the first time.
So what do you prioritize?
Thats what were tackling this week.
), or to start investing.
What would be your take on this order of priorities?
Any articles that I may have missed that touch upon this?
Prioritize Paying Off Debt
Congrats on the new gig!
From what youve said, you definitely have the right priorities.
What order you tackle them in depends a lot on your individual situation.
First things first: You want to make at least theminimummonthly payments on your debt.
Plus, itll help your overall financial picture.
When you start paying off your student loans…your credit score will also start improving.
And if its not student loan debt, but rather credit card debt, then thats even more important.
This is a risk-free 15 percent return.
Think about the throw in of debt repayment plan youll need.
For student loans, experts like income-based repayment plans (assuming you have federal loans).
For other types of debt, theres thesnowball method, thestack methodandmore.
How to do that?
Your standard personal finance rules apply.
Set up direct deposit from your paycheck into a dedicated savings account to build you emergency cushion.
This is especially important in your first year or so in the workplace.
You want to build financial momentum.
Time is your biggest ally in saving and building wealth.
Thats part of your compensation, and you want to collect.
And remember: Getting everything in order isnt going to happen over night.
It may be frustrating at first, but starting now will only be a boon to future you.
