As a new college graduate, it can feel overwhelming making the financial transition to adulthood. Thankfully, there are resources like blogs, books and podcasts offering all kinds of financial advice to help you get on the right track with your money.
Here’s how to find the best financial advice that’s the right fit for you.
1. Know your money personality
The most important thing to understand when you’re looking for the right financial advice is to know your own financial personality.
Are you a saver or spender? What are your views about money? Your upbringing and exposure to your parent’s money philosophies will shape your own views about money management.
If you’re a spender by nature you may have a hard time saving money for retirement, but have no problem saving money for a vacation. If your savings goal has a spending element at the end, it’s easier to set aside money every month for it.
For a savings goal that doesn’t have short-term gratification, like an emergency fund, put certain reminders in place to force yourself to save for them. You can also use a budgeting app to help you stay on track.
Be honest with yourself and your financial habits. Put markers in place to help remind you of your goals. Work with an accountability partner, or do a month-long spending challenge with your spouse. There’s no right or wrong way to deal with money, there’s only what’s right for you.
2. Follow your favorite money blogger
No one else but you can determine the best financial advice for your situation. Start with self-learning by following your favorite financial blogger. Bloggers usually share their individual stories, successes and failures, so you can learn from their experiences and avoid future mishaps.
From well-established sites to beginner blogs, the internet is full of online publications that offer free financial advice. Most blogs have a particular topic they focus on. Find a few financial blogs you can trust and relate to.
Here are a couple to help you get started:
- The Penny Hoarder – If you’re looking for unconventional and weird ways to save or make some extra money, you’ll love this blog.
- Mr. Money Mustache – This frugality blog is far from normal and MMM (as he’s known to the community) prides himself on extreme ideas and frugality experiments.
- The Financial Mentor – As a self-made millionaire, Todd has made it his mission to help everyone invest smartly and build wealth for the future.
With each of these blogs, you’ll find ideas and experiences that resonate with you. Plus, it’s just nice to know you’re not alone in your money struggles.
3. Read helpful finance books
The more finance books you read, the more confident you’ll feel with managing your money. Plus, you’ll learn financial principals on your own time and at your own pace.
From Napoleon Hill’s Think and Grow Rich, an influential financial book that’s been around since 1937, to more modern titles like Ramit Sethi’s I Will Teach You To Be Rich, you’ll find a book for any situation or personality.
Here’s a few personal finance books to consider putting on your bookshelf:
- The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life, by Kimberly Palmer
- Make Money Your Honey: A Spirited Entrepreneur’s Guide to Having a Love Affair With Work and Money, by Amanda Abella
- The Startup of You: Adapt in the Future, Invest in Yourself, and Transform Your Career, by Reid Hoffman
It’s always smart to consider alternative ideas and out-of-the-box thinking when it comes to financial advice. Since there’s a book for just about everything these days, you’ll have no problem finding an author offering the right financial advice for you.
4. Listen to money and career podcasts for financial advice
If you’re not a big reader, or simply prefer to listen while multi-tasking, there are plenty of podcasts in the money space. You can listen to podcaster stories AND learn new ideas from money experts all on your mobile phone.
Here are a few money podcasts offering free financial advice:
- TED Radio Hour – If you like listening and watching Ted Talks then you’ll love this podcast that covers topics related to career, money, science, culture and more.
- HerMoney with Jean Chatzky – A podcast for women, by women, about money, finance guru Jean Chatzky discusses financial topics specific to women.
- Planet Money – This podcast covers a wide variety of topics related to personal finance, the economy, investing and more.
Another benefit of podcasts is the fact that you can listen to financial advice while you’re on your morning commute, working out at the gym, or doing chores around the house. So download a few of your favorite money-related podcasts and start learning.
5. Find the right financial advisor
No matter how much you read or grow your knowledge of finance, nothing substitutes real-life experience. Experimenting with different money ideas and financial advice is a great way to figure out what works for you,. However, it’s also important that you’re not taking too many risks.
Seek out a financial advisor you trust who can help guide you in the right direction. They should be able to answer specific questions related to your finances, and explain the processes throughout.
Finding the right financial advisor can help you avoid any big financial mistakes that could set you back for many years. They can also help you create a good game plan for the future.
It never hurts to be prepared for big life changes, like purchasing a home, changing jobs and saving money for retirement. The right financial advisor can help you accomplish all of these goals.
As a recent grad, you may be new to the idea of financial independence and money management. But by following these steps, you’ll feel confident in knowing what reputable sources to turn to for financial advice.
Welcome to #adulting!
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Rates (APR)||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!|
|2.75% - 7.24%||Undergrad & Graduate||Visit SoFi|
|2.57% - 6.39%||Undergrad & Graduate||Visit Earnest|
|2.57% - 7.12%||Undergrad & Graduate||Visit CommonBond|
|2.99% - 6.99%||Undergrad & Graduate||Visit Laurel Road|
|2.58% - 7.26%||Undergrad & Graduate||Visit Lendkey|
|2.89% - 8.33%||Undergrad & Graduate||Visit Citizens|
Student Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.