After securing that job out of school, college debt is the first reality check many people face. Matt over at My Financial Recovery has gone through some tough post college love in this respect. Let's face it, we all struggle with everything from time to time and Matt is helping many people out by putting his journey on line. What I like most about his take on things is that he understands the importance of goals, and actually has a pretty good eye for good deals and prospects.
I also really like that Matt is coming from a perspective you don't see much out there - the 20-35 year old crowd. The most important thing in money management is that you get ahead and stay ahead - in my opinion! Why is it that no one wants to actually talk to people young enough to get ahead and climb high. Right out of college is the time where making the wrong decisions has the biggest effect on your long term wealth prospects but almost no effort is made to market the right things to this crowd, nor is there any rules or recommendations for what to do in the beginning of your career. I hope this site evolves into something that beginners can utilize, not because of it's basic-in-nature content but because it addresses the hard question of how to start.
While in college - make sure you are aware of your financial position. Don't put yourself in a position on graduation day to be shocked that your 50,000 in debt is going to take you 15 years to pay off. If you are in a category to have more than 10,000 in debt after college, make sure you are in your college's loan office every semester to make sure you're choosing the loans you want while understanding the terms and not just think that they have your best thoughts in mind. Apply for those alumni scholarships and federal grants that others don't ask about.
Matt mentions he has a consolidation loan with Sallie Mae. Did you know that if you do any type of overpayment, you have to Email them every time and specify that you want it to go to the loan with the highest interest rate? I consider that crazy talk!
If you've recently graduated and have some loans, please don't think that it's normal and ok to spend money however you want - take ownership in the quality of your financial life.
Having the perfect path to the end goal isn't as important as having an end goal.
