GHARIB: In the “Money File” tonight, priceless advice for new grads
and young adults. Here`s Manisha Thakor, co-author of “On My Own Two Feet:
A Modern Girl`s Guide to Personal Finance.”
MANISHA THAKOR, CFA & CO-AUTHOR, “ON MY OWN TWO FEET”: As a financial fellow at my undergraduate alma mater, Wellesley College, I recently hosted a panel discussion for students called “Powerful Women and their Pocketbooks.” Speakers were graduates from the 1960s, `70s, `80s and `90s.
I was struck by how similar our tips were, despite our very different ages, career choices and life experiences. The top three pieces of advice every
one of us gave to recent college grads were:
- Number one, learn to live within your means right out of the gate and understand that means your life likely won`t look like mom and dad`s right away.
- Number two, bow down and respect the incredible power of compounding.
Start saving right out of school no matter how hard it hurts or how unpleasant the tradeoffs.
- And number three, be an advocate for your own financial security, whether in the workplace or on the home front.
So if you have a young grad in your life, I`d like to ask you a favor. Please share with them some of your best and worst financial moves. The more intergenerational dialogue we have about the basics of personal finance, the better off this country will be. I`m Manisha Thakor.