The late night (caffeine laced) study grind has finally come to a screeching halt. Congratulations!
You’re mere weeks away from fully “adulating” but before you try out your corporate wings for the first time, and you’re probably going to have a graduation party that comes with gifts.
Now that you have that big fancy degree, here are 4 great ideas for your graduation money.
For the gift giver, you should know right away that your special graduate doesn’t really want much graduate gear. Books are great, but your graduate has just finished years of intense study (hopefully), and won’t have much interest in self-help books…
What your graduate really wants and needs is cold. hard. cash. You can’t go wrong with money.
What Should You Do With Your Graduation Money?
Sorry guys, now that you’ve crossed the threshold into “real life,” it’s time to think bigger than Taco Bell and PBR. Remember, all things in moderation. Here are 4 better ideas:
1) Reward Yourself (a little).
Okay you can buy 1 taco. Take a small portion (10% at most) of your gift money and buy something as a reward for grinding through
6 4 years of academic trauma.
2) Start Your Disaster Fund.
This is something that we at The Drunk Millionaire strongly recommend. Now that things are starting to get real, things outside of your control will go wrong, trust me. Having a little buffer between you and disaster is a great place to be.
3) Pay Down Debt.
This probably sounds pretty boring right? Wrong! Your goal as a recent graduate should be to kill off your student loans as soon as possible so you can become excessively rich and give as soon as possible!
4) Start a Side Hustle.
Millennials are going to face a job market unlike our predecessors have experienced. It’s normal for Millennials to jump jobs four times in their first decade out of college which is nearly double the previous generation. With the rapid evolution of technology, recent graduates will likely have to reinvent themselves multiple times as technology eliminates whole career fields.
This is why I believe it’s so important for recent graduates to have a side hustle where they can increase skill sets and earn extra income on the side.
Some members the baby boomer generation might think you’re a little unappreciative and entitled since you belong to the Millennial generation. Prove them wrong by writing personalized thank you notes as soon as you cash those graduation gifts.
What did you do with your graduation money? Share in the comments below!