Here’s to the 2021 Graduates!

With inspiration from the Archives of TGIF 2 Minutes… and in light of graduation season, it can be beneficial to celebrate the basics of personal finance for future peace of mind – both for ourselves and the kids, grandkids, nieces, and nephews who mean the most to us. 

College graduation may have been a long, long time ago or more recently – and experienced from the perspective of a parent, grandparent, or friend.

Inspired by last weekend’s graduation at the University of Notre Dame and “graduation season” in general, consider these pieces of financial advice that hold meaning for nearly everyone at every age:

Some financial advice holds meaning for nearly everyone at every age, not just recent grads.
Photo by Emily Ranquist on

1) Upon attaining that “holy grail” of a job, remember it is more about how much a person spends than how much they make. In fact, even upon becoming VP, MD, or even CEO it is still more about how much you spend – and what you spend it on.

2) There will come a time to spend more money – like after several raises, experiencing the satisfaction of maxing out a 401k AND securing an emergency fund. Maybe you will even run the show someday and have money to burn. Taking risk has its place but burning money and going into debt early in life or a career can get ugly.

3) That first job is likely not going to be your last nor the firm with which you will spend your entire career. The first job is an opportunity to learn what you know – and more important what you don’t know.

4) Seek and find a mentor – and if an “assigned” mentor does not work out, then find a new worthwhile mentor from whom you can learn.

5) Then seek out a sponsor, that person who vouches for you – especially when you are not around – for a promotion or raise. This person can turn out to make or break your career, so be patient and smart about this selection. Sponsors are for everyone. (I recently attended a dinner where a newly named partner of a major Wall Street firm advocated for having a sponsor at every stage of our careers).

6) GOAL-SETTING never gets old. Get help setting goals if need be.

7) Having a qualified, fiduciary financial adviser either to get you started saving and investing or to keep you on track and ON-PLAN pays dividends for a lifetime.

8) Easier said than done: Remember that our behavior is driven by fear (not just FOMO* but real fear) and all sorts of factors out of our control. Understanding the relationship between behavior and investing AT ANY AGE can make the difference between financial success and failure in life.

Happy Graduation and Congratulations to all the graduates, their parents, friends, and families. For those of us who graduated a while ago we know that amidst the ups and downs it only gets better!

*FOMO = Fear of Missing Out.

Thank you for reading, Happy Memorial Day weekend and TGIF!

The 401k Trap: Contact me for a copy at

Leave a Reply

%d bloggers like this: