Words from the "Wise" for college grads

(WMC-TV) - Next weekend, my wife and I take our?daughter on her first "official" college visit.? Even as I write that sentence, I feel like I'm writing a work of fiction.

But it's a fact.?I'm three sport seasons away from weekend tailgating at my daughter's future alma mater.

Dean Junkans, chief investment officer for Wells Fargo, understands. Being an investment banker, his vision is more about my daughter's graduation day than about Game Day.

He shared 12 tips?that ought to make things easier for college grads headed into?the workforce:

* LIVE BELOW YOUR MEANS. "If you do, you will be surprised at how much you can save and invest," he said.

* CREATE AN EMERGENCY SAVINGS FUND. "Save enough money to cover three to six months of basic living expenses. It?s easier to accumulate this cushion now when you have fewer financial commitments."

* START RETIREMENT SAVINGS WITH YOUR FIRST PAYCHECK. "If you don?t take advantage of your company?s savings plan, you may be giving up an opportunity for free money. Most companies offer 401(k) plans that offer some level of matching contributions."

* CREATE SEPARATE SAVINGS ACCOUNTS FOR LARGE PURCHASES. "Never withdraw money from an investment account for a purchase of a consumer product."

* KEEP CREDIT CARD BALANCES LOW. "Keep in mind the overall credit availability and your ability to pay it off in full."

* AVOID THE TEMPTATION TO MAKE SPONTANEOUS PURCHASES. "Ask a lot of questions before making any big-ticket purchases. Consider if you really want to spend your hard-earned money on something you might not even need."

* BORROW PRUDENTLY. "Take out a loan only for purchases that will likely appreciate over time."

* BE A SMART CAR SHOPPER. "Before you buy a car, consider your options.?Buying a new car that depreciates the moment you drive it off the lot might not be the right financial move for you."

* LEARN TO ENJOY READING. "You won?t be bored and feel compelled to shop, and you might just learn something in the process."

* REWARD YOURSELF WITH ONE MODEST PURCHASE. "Graduating and getting a job is a cause for celebration.Treat yourself; just don?t go overboard."

* INVEST BROADLY. "Investing broadly spreads the risk of making a bad investment pick and increases your chances of a successful experience."

* CONSIDER TALKING TO A FINANCIAL ADVISOR. "A professional can help you put together a basic financial plan that can become your financial road map for the next several years."

Copyright 2012 WMC-TV. All rights reserved.

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