Don’t miss part one of this article – lots of great advice from Cathy and Morgan!

In thinking about my best advice for students getting ready to graduate, I wanted to make sure my words of wisdom are applicable to millennials. Thankfully, my niece, Morgan, is a recent college graduate and the perfect co-author to assist me. Together, we can see that students today are not so different from the graduates of my era (the late 70’s), and that we all graduate with big dreams and small wallets. We’re happy to share our combined experiences to give our advice to you, the Class of 2016.

Choose Your Digs Wisely

Living on your own or where all the action is may sound appealing, but it can also be expensive. Money-smart students are the ones who realize there is no shame in living at home with their parents, in a shared apartment with roomies, or in the suburbs where housing is affordable. Renting or living with family, especially, can provide you with the flexibility to pack up and go whenever your next career move comes along (besides, we all know mom’s cooking is better than our own). Take advantage of this time to learn the budgeting skills to live simply so that as your career improves, you’ll know exactly how to handle your increasing income.

Cathy:  “I moved home after graduation. Substitute teaching and part time jobs did not allow me to have my own apartment and make my used car payment every month; I look back at that time and I remember barely having $25 a week to spare for myself.  I reconnected with my family and began to build new contacts in my hometown.”

Morgan: “Even more important than creating a budget is sticking to it. If you don’t feel comfortable doing that, ask for help from a financial planner.”

Pay Yourself

You’ve probably heard it a hundred times, but that doesn’t make it any less important: pay yourself first.  Paying yourself simply means that you will always budget savings as your number one expense, even if it’s only a few dollars every paycheck. And you have to stick to it – that movie night and dinner with friends should only happen after you have met your commitment to your savings. An easy way to automate this process is by enrolling in direct deposit and setting up an automatic transfer of some of that cash into your savings account or 401K plan. You will not even miss that money if you never see it in your checking account.

Additionally, many companies and organizations may contribute to your retirement plan if you also contribute a minimum percentage. We’re talking free money here! You should always take advantage of offers like that.  Saving for tomorrow when tomorrow might be 40 years away may not seem like a high priority, especially if you are having financial difficulty. But it’s an investment with a valuable payoff, and every little bit counts.

Cathy: “I knew this was my weakness, so when I cash my checks I immediately put money in my savings account. And because my college has a great retirement program, I never passed up an opportunity to have my dollars matched by my employer.”

Morgan: “My current company matches my retirement contributions up to 4percent. It’s free money -why wouldn’t I invest at least the 4percent?”

Establish Your Credit & Get Ready for Loan Repayment

The easiest way to boost your credit is to pay your bills on time, including student loans. If you have student loans, explore all the loan repayment options available to you so that you’re on a repayment plan you can afford.  Another great reason to get your credit in good shape is that your job may depend on it. Many organizations run credit checks on interviewees as part of the hiring process, and if you’re not making your payments on time, it could cost you your dream job.  Plus, having good credit can open the door for so many additional financial benefits, from getting a cell phone, to better insurance rates, to getting approved for auto or home loans – it’s the gift that keeps on giving.

Cathy:  “I remember the day I made my last student loan payment: I went out and celebrated with my friends! I chose to pay a fixed monthly payment over 10 years, so I was still young by the time they were repaid and free of student debt when I purchased my first home.”

Morgan: “I have consolidated my loans and am making affordable payments. Most student loan servicers will work with you to reduce or postpone your payments for a time. If your payments are postponed, paying AT LEAST the interest each month is a good strategy to keep your debt from ballooning.”

Have a Strong Work Ethic

Finally, whatever your job, strive to be the best at it and treat others well. Be on time, give it your all, and be supportive to others. These three characteristics will be the traits by which others remember you. And when you’re an employee that is remembered for all the right things, you will be in high demand when professional opportunities arise.

Cathy:  “I was very dedicated to my position as a Resident Assistant in my senior year. I loved my campus job!  Little did I know that my performance in this one position would change my life. I graduated in May and was contacted by my supervisor in June to return to my college for a position as a Residence Hall Director. This position came with the opportunity for me to earn my Master’s Degree tuition-free and eventually led to my current positon in financial aid.”

Morgan: “When I am asked about my work ethic, I think about aligning my goals with my company’s mission and vision statement. Employees will work harder for a company if they believe in their mission and vision.”.”

Between an aunt and her niece, attending college roughly forty years apart, we hope that our experiences and advice prove to be beneficial to you as you leave college. Working together, we realized that the good advice from 40 years ago isn’t all that different from the advice given today; proof that the same basic principles still apply: build a strong work ethic, value every opportunity to learn, live simply, and treat people well.

Congratulations to the Class of 2016!

 

Cathleen Patella is the Director of Financial Aid at Cayuga Community College in Auburn, NY.

Morgan Festa is the Director of Human Resources at Johnston Paper Company, also in Auburn, NY. She is a 2010 graduate of LeMoyne College with a BA in Business Administration, and a 2015 graduate of Nazareth College with an MS in Human Resources.

In thinking about my best advice for students getting ready to graduate, I wanted to make sure my words of wisdom are applicable to millennials. Thankfully, my niece, Morgan, is a recent college graduate and the perfect co-author to assist me. Together, we can see that students today are not so different from the graduates of my era (the late 70’s), and that we all graduate with big dreams and small wallets. We’re happy to share our combined experiences to give our advice to you, the Class of 2016.

Utilize your College’s Career Development Office

Advisors and campus leaders have probably told you to visit the Career Development Office since the day you started classes. They say this because they know that writing a sparkling resume without the glitter is an art that needs help to master. A standout resume and cover letter will open doors so don’t leave your first impression to chance. Make sure your resume is the best that it can be by taking advantage of the services your college may provide, even after you graduate

Remember: There is No “Small” Job

Whether you’re just starting your career or putting that degree to use to find a better one, you’ll likely face a number of entry-level opportunities. Don’t let that get you down; entry-level is a great place to build your skills and make connections to get to the next level:

Cathy: “I remember my first job in college was in the mailroom but by senior year I was selected as a Resident Assistant. My resume reflected consistency and increased responsibilities in my positions – all traits any employer would want on their team.”

Morgan: “It’s important to remember everyone has to start somewhere in their career. I started working in a major grocery store chain every summer during college and obtained an entry-level job with the store after graduation. These experiences led to my present job as the Director of Human Resources of a small, privately owned company. It takes time to be in the ideal position and it certainly doesn’t happen overnight.”

Monitor Your Social Media

Potential supervisors will use Facebook or other social media tools to learn about their prospective employees.  This means those “night-out-on-the-town” pictures with friends may influence your interview process, so it’s smart to take proactive steps to prevent that scenario. The easiest option is to update your privacy settings to control who sees what. Otherwise, you should review all of your pictures and videos and delete everything that you do not want potential employers to view (hint: if you have to ask yourself if it’s “bad,” you should probably delete it). It’s okay to let your social media activity reflect your values and interests, but do so with consideration as to how it may affect you personally. And if you haven’t done so already, you should expand your avenues of social media to include professional sites like LinkedIn, too.

Cathy:  “Create a LinkedIn account and begin building your contacts and mentors. Your social media contacts will grow with your professional career and eventually others will be seeking you out for your next job opportunity.”

Morgan: “It’s so important to remember that once a picture is on the internet, it’s never gone. People can save it, view it, or send a copy to anyone. On the other hand, social media can be a huge benefit; if you maintain professionalism and utilize websites such as LinkedIn, it can be great for getting noticed by recruiters and headhunters.”

Stay Positive

Olympic athletes were not born the best; it takes a lot of time and dedication to reach lofty goals, and the same is true for your career. Don’t get discouraged if you aren’t doing exactly what you want in your first job after graduation. Successful people become successful through years of experience. Most importantly, realize that each opportunity you take will open another door and give you a unique perspective for your future. The most important lesson you can learn is that life is a journey and everything you do professionally will help define who you will be tomorrow. .

Cathy: “I must have sent out 100 resumes when I graduated college looking for a Social Studies teaching position. To make ends meet, I ended up taking a part-time job in a college financial aid office; today, I am celebrating my 33^rd year in financial aid with no regrets.”

Morgan: “I once took a job just because it paid more than my present job and I thought that it would make me happier – it didn’t. I learned that, for me, the most important thing is that you do what you love. And success is not always defined by income.”

There’s more good advice from Cathy and Morgan in next week’s post! Check out  part two of this article here.

 

Cathleen Patella is the Director of Financial Aid at Cayuga Community College in Auburn, NY.

Morgan Festa is the Director of Human Resources at Johnston Paper Company, also in Auburn, NY. She is a 2010 graduate of LeMoyne College with a BA in Business Administration, and a 2015 graduate of Nazareth College with an MS in Human Resources.