Return to
press page.

Save money. Don't waste time. Have a plan. Have another plan. Be flexible. Be adventurous. Get serious. Get out of Pittsburgh. Stay away from older women named Mrs. Robinson.

That's just some of the advice the Post-Gazette received when it asked readers to provide helpful hints to this spring's new crop of college graduates. Except for the last one, of course.

Even before Dustin Hoffman's wide-eyed college grad wandered through a smoke-filled cocktail party in the film, "The Graduate," seasoned adults have been offering their take on the best way to proceed in the real world.

"The best advice that I could give new college grads is to be true to who you are when it comes to your career. You spend 1/3 of your life at work, so it is important that you enjoy what you do. . . . Also, start putting money in a savings account as soon as you land a job. Someday you'll want to buy a house and it's a rude awakening to be 30 years old and have only $100 saved." -- Dee Sherry, 30, formerly of Shaler and now living in Farmington Hills, Mich., a 1994 graduate of Clarion University

The real world for new college graduates is about jobs, moving costs, apartment leases, grad school, business lunches, student loans, credit cards, W-4s, health insurance forms and a myriad of other things those philosophy and computer courses don't cover. Take away the expenses of post-secondary education and it's the same for high school graduates, too.

Thousands of books have been written on the subject, including a very practical guide titled "Life After School. Explained" by Jesse Vickey, his wife, Nicole Vickey and Andy Ferguson. The Vickey's company, Cap & Compass, produced the reference guide based on the seminars it conducts to explain everyday things young college grads need to know.

It covers everything from how to avoid looking stupid at dinner to a review of basic health insurance plans and jargon.

For example, it offers a handy visual reminder for finding the right bread plate and drinking glasses in a formal dinner setting. Try this: form the OK sign with your left hand; it's looks like a "b." That means the bread plate is on the left. An OK sign with the right hand looks like a "d" and means the drinking glasses are on the right.

"A lot of it was personal experience," said Jesse Vickey of the advice in the book. "I made a lot of mistakes myself coming out of school. After talking with a lot of friends and others, it seemed like a lot of people were in the same boat."

During one of his seminars, someone admitted ordering Merlot at a dinner by pronouncing it Mer-lot instead of Mer-low.

"Life After School" cites claims by Harvard, the Carnegie Foundation and the Stanford Research Center that 85 percent of job success comes from a person's people skills, while only 15 percent depends on technical skill and knowledge. Many motivational speakers and business people believe that networking and keeping in touch with people you encounter professionally is key to career and personal success.

"I don't know how much I can add to this suggestion, but I know that I have benefited from this practice. I have over 5,000 business cards collected from people I have shaken hands with since I graduated college." -- Jim Gregg, 55, of Penn Hills, 1969 graduate of College of Steubenville; operated family-owned business.

But the No. 1 concern of young people attending his Vickey's seminars is money, how to save it, how to spend it wisely.

He gives a big thumbs-up to saving in money market funds because they pay more than savings accounts and allow check writing. The drawback, however, is that most require a minimum deposit of $2,500.

What about credit cards?

"My biggest advice would be to NOT get a credit card. I went to Pitt and they had those stupid card offer tables outside the union, in the union, by the union (you get the picture). They were everywhere!! When you're a naive college student, you don't understand interest rates and that if you only pay the minimum payment, you'll never pay anything off." -- Michelle McClain, 32, of Highland Park, 1993 graduate of the University of Pittsburgh; a kindergarten teacher.

Peter Bielagus, author of "Getting Loaded," a book on financial planning aimed at the under 35 set, says that in an ideal world credit cards would be the best way to make purchases.

Why?

"It's a protected purchase, [monthly statements] help you keep perfect track of your spending. And also, if you're smart, try to get a card that has a reward, whether it's cash back or frequent-flier miles," Bielagus said.

But he agrees with McClain when it comes to the real world. If you can't pay your bill off each month, it's better not to have credit cards.

Bottom line, Bielagus said: Graduates should approach their future by writing down their goals.

"The whole purpose of financial planning is to finance your plans, " he said.

Want a house? A car? Want to travel? The written goals are the basis of each person's financial life, he said.

From there, figure out what you already have: savings account, savings bonds, bar mitzvah money. Then determine what you need. For example, most young people don't need life insurance because that's typically for someone who supports another person. It makes more sense, Bielagus said, to purchase disability insurance.

"You're four times more likely to become disabled than you are to die."

Bielagus also suggests that new grads visit www.myfico.com to get their FICO score or credit rating, which may be requested by employers, landlords and any entity that might provide a loan. For $13, the Web site will send you your FICO score and a credit report.

"Something might be wrong, and you want to get that cleared up before you walk into the car dealership and try to borrow money," Bielagus said. "The other thing you can do is, if you have debt, pay it down. Just continually making payments on time is going to increase your score."

Sounds like a lot of stuff to know, huh? Take heart, the future is not all FICO scores, W-4s, apartment leases and tough-minded bosses. It's a book that you get to write. And some advise that we shouldn't get so caught up in the future that we forget those in our past.

"Make every effort to keep in touch with the friends, faculty and staff that were so important to you. And when you realize down the road that someone had an impact on you, tell them. Remember the learning and the experiences that shaped who you are today. . . you must create your future while being mindful of the past, a delicate yet critical balance." -- Emily Auberle, 34, of New Kensington, 1991 graduate of Westminster College; assistant director of student affairs, University of Pittsburgh.

For more information on "Life After School. Explained" or the Cap and Compass seminars, visit www.capandcompass.com For more information on "Getting Loaded," visit www.gettingloaded.net

 
..

ABOUT US  |  CUSTOMERS  |  CONTACT  |  PRESS  |  WHAT'S NEW