Find Financial Independence After Graduation

Financial IndependenceThe world today is a very different place than the one our parents and grandparents graduated in. Gone are the days when students walked straight out of college and into a job – now graduating is seen as just the first step in a long and challenging career path.  But there’s no need to despair – with a little creative thinking, you can put yourself on the path to financial success.

 

Getting a Solid Job is Step 1

Having trouble finding a job? Then why not create your own? With the job market facing an uncertain future and many recent graduates finding themselves having to complete long, arduous and unpaid internships to get their foot on the career ladder, self-employment is becoming an increasingly popular choice. For example, instead of competing against hundreds for a position at a media company, professionals trained in artwork, writing or design can find plenty of jobs available on the freelance market. After graduation is also a great time to make that idea you’ve always had for a business happen, whether it’s selling vintage clothing on ebay or hand-knitting designer baby clothes. All you need is a good business plan, hard work and dedication, and you could end up being your own boss! For more information, check out one of the many online guides that talk you through setting up your own business.

 

Taking a Break Can Help

For many people, the time after they graduate is the first time they’ve truly experienced the freedom of adult life. And while many can find that overwhelming, those that seize the opportunity to do something new and exciting can find many financial rewards. If you’re finding it difficult to get started in your chosen career path, why not consider spending some time abroad? It’s a myth that traveling is only the preserve of those with plenty of disposable income – take the right approach and you can see the world and save money at the same time. Working on a cruise ship or in a ski resort is a great option, as your food and accommodation is included allowing you to save your wages, while those working freelance will find themselves able to save plenty of money (and enjoy an unforgettable adventure into the bargain) by relocating somewhere like South East Asia, India or Eastern Europe where the cost of living is low.

 

Build a Nest Egg

Another way to make money after graduation is to think about getting involved in the property market. While there are few people who are in a position to buy a home straight after graduation, getting on the property ladder rather than forking out thousands of pounds on rent is a smart move. So if you have a group of friends in the same boat, why not consider a joint mortgage? With more and more people struggling to afford their own properties, investing with friends is becoming a popular choice. For the best deals, look for homes in areas where property values are low. Homesales has three bedroom homes in rural Australia from just $100,000 AUD, while sites like Zillow, Yahoo Real Estate and Trulia offer great deals on properties throughout the US.

If you’ve recently graduated, the world is your oyster – so make sure you get off on the right foot by applying smart, creative thinking to your financial future.

What other steps can you take to find financial independence after graduation? 

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Comments

  1. says

    Starting the retirement fund as soon as possible after graduating is really important. You may not want to give up a good percentage of your first and new salary, but if you don’t you will probably regret it even 5-10 years down the line when you do get round to building your retirement fund!

  2. says

    I think the most important step is starting your 401K. It doesn’t matter how small the initial contribution because you can always add to it after a year or two.

  3. says

    I didn’t take a break at all after graduation. It was straight into the workforce for me. In fact, I was working in my field throughout school in paid internships. I started a retirement savings account when I was 22 and have been contributing ever since.

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