Money Monday: More financial tips that college grads should know

Michigan

LANSING, Mich. (WLNS) – Last week, WLNS was here for you financial tips for college grads. This week, we’re back with local money expert Stephen Schiestel with some more advice for new graduates.

Schiestel’s first tip is to “live below your means.” Set up an automatic savings account that takes 5%-20% of your income and automatically puts it in savings.

His second tip is to avoid unnecessary debt. Some debt is vital, such as student loans or mortgages. Some debt, like credit card debt, is “bad” debt that will generate unwanted interest payments.

For college graduates that really want to secure their future, having a diverse investment portfolio can go a long way.

Schiestel’s fourth tip is to never stop investing. Always finding more ways to grow your wealth will help secure your future.

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