Congratulations class of 2013!  Four years or more of hard work has gotten you here. Alright, maybe it wasn’t all hard work; you enjoyed college, joined a fraternity or sorority, participated in sports, joined clubs or organizations, enjoyed a party or two and had a good time. Now you have to start acting like an adult and get a job, move out on your own and support yourself.  What should you do?
The economy is starting to pick up! Unemployment is going down. You may be some of the lucky ones because you majored in high demand majors. Perhaps, you were someone who had an internship that turned into a job offer. You may be looking at grad school. Maybe you found a way to demonstrate your skills in the business world.  Last, you may join a start up, start a business or you already started a business.
Networking
For those of you who are set, you are probably thinking about vacation or travel. The rest of you are probably in panic mode! Before you leave, don’t forget to join the alumni association. It may be one of the best resources, you never thought about. Second, don’t forget your friends, professors, supervisors, employers or anybody else you met in college. It is the beginning of your network! Networking is the best way to find a job.
Stay connected! It is easier than ever. Social media is not just for posting pictures of drunken escapades, vacation pictures, or embarrassing statements; you do not want employers to see. It is a great way to find out leads for job openings. Social media is a great way to contact employers for those unadvertised openings. You have to be clever in this approach, but it is a great way to beat the competition. Your employed friends can help you.
Don’t forget the alumni! Past graduates who by now may be in management are great resources to help you find an opportunity. They know better than anyone else what you went through to get that degree and they are more likely to help you. Some schools are better than others in helping fellow graduates get jobs in their industry. Last, don’t forget you university placement center. They may have unadvertised openings for recent graduates.
Paid or Unpaid Jobs
No job and you have to start repaying student loans soon. You probably need to take anything just to survive.  You can defer, but sooner or later you need to start repaying those loans. What is the best thing to do? You want to add something to your resume that will make you a more attractive job candidate. You may have to take an unpaid internship for a short (4-8 weeks) period. First, you will have to find an internship. This is where you university career center, professors or friends may help. You may have to develop your own internship. After all, it will probably be unpaid.
Next, you still need a paying job. The unpaid internship may lead to one with the same company or you just added a great experience to your resume. You also picked up a reference you can use or better yet, another networking opportunity. You can use your supervisor or manager and the people you work with to network. It is another opportunity to demonstrate skills in the work world. Depending on your particular role, you may interact with customers, clients or suppliers. You should not ask for a job, but you can let them know your role is temporary and express your career aspirations.
Family, Business Connections or Family Friends
Don’t forget one of the best networks that are right in front of you. It reminds me of the scene at Benjamin’s graduation party in the movie The Graduate. One of his parent’s friends pulls Benjamin aside and tells him a piece of advice. He says just one word, plastics! Family have some of the best reasons to help you get a career started. Use it, if you can. They may know somebody who may know of an opportunity. Don’t ignore it!
One of my daughter’s first interviews was a lead I passed on to her regarding a training program. She  worked for the company for six (6) years and promoted eight (8) times. She moved from store management to corporate and learned a great deal. It was a good foundation for her next career move which doubled her salary. Her next move came from her network and put her on a rapid advancement. You never know where your next opportunity may come from and you have to be ready for it.
Brighter Future
Finding work is the first step toward a brighter future! When you are a broke student, you feel $40,000 a year is a fortune. You can easily spend all of it and have absolutely nothing to show for it. Things like rent, car, food and all the expenses of starting out will exhaust most of that fortune. The best way to make your future brighter is to start saving and investing. Saving and investing is not glamorous, but it can be!  You had career goals and now you are working on financial goals.
Putting together a financial plan and budgeting are good ways to achieve your financial goals. One of the best ways to save and invest is your company’s 401k, but it is not the only way. Usually a company has a match program for your contribution which helps you row your investment. You want to take advantage of that because you do not want to leave any money on the table! You can take advantage of a Roth IRA because you can save for a home tax deferred and withdraw your principal for that down payment.
A brighter future is putting savings away for retirement and your future. Time is the most important factor for saving and investing. Putting off saving and investing materially affects the amount of savings. To catch up in your thirties, you will need to double your contribution which is not realistic. It is better to contribute the minimum to get the employer match because of compounding and time. Doubling down can never restore the time lost with the employer match.
Final thoughts
Admittedly, these are tough times, but you can do something about it. The economy is slowly improving and you don’t want to be left out. Networking, social media, internships and family can help you find employment. It is still up to you to turn your skills into a career. Waiting for something to improve or to happen is never a choice. Once you get that job, you need to think about your financial future. Putting money aside for your future is important. Whether it is for retirement or other financial goals, you need to save and invest. Most companies offer a match to your contributions and you don’t want to leave any money on the table. Congratulations class of 2013!
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I recently read that starting salaries are on the rise for new grads….so that’s good news. Unfortunately, I also read that some government backed student loan interest rates may double. That doesn’t sound good at all!
I never understood student loan rates because they should reflect market rates in some way. If you add in that they are guaranteed, they should be much lower.
They can’t really though – most student loan borrowers (even more now, post Credit CARD Act) have zero credit to their name. Loans are released based on schooling status, not ability to repay… although strategic default (often from Doctors!) in the 70s led the Government to make student loans non-BKable. That’s the only provision that lowers the cost, yet it’s the one people complain most about.
The most recent rate change is because Congress sets the rates – they will look at the politics, and say “this rate should be x%”. It’s a silly system, but not much we can do to change it easily!
Six months after graduation, student have to start repaying student loans. They may have to take a job to just start making payments or place the loan in deferral. During the first six month as they are looking for that first career, it is a good time to try internships )paid or unpaid) to add to their resume and make themselves more attractive to employers.
The college system was built around a completely different concept of education than what we have now. Until loans change, colleges will have no motivation to innovate.
Colleges increase tuition faster than inflation, but changing the loan program will not stop that! The biggest innovation in education is occurring right now. Online courses! Some college s are offering some for free.
Great advice for recent grads. I wish I had been looking for advice when I graduated. I just figured it all out on my own. A little advice one what to do with my money would have give a long way.
I think it takes some maturity to realize that you need advice. The other side is would you take it if given?
Great post! New grads should definitely try and network as much as they can. That first job is important!
Networking is natural until you call it “networking”! We ask our friends, family classmates for suggestions, advice or tips, but there appears to be a disconnect when it comes to your professional life. If a new grad does not have a job yet, they should network with the grads who do as a start. Professors, teachers colleagues and former employers are others that should be included in their network.
Hopefully by now they have already have a few internships with something set up. New grads have to network and network some more. Do a great job and have a great resume. Make sure you start saving and paying back those loans.
For some, networking is a foreign word, but one they should become familiar with right away.
Great advice! My youngest brother just graduated and I passed much of this same advice to him and thankfully he was accepted a job offer about two weeks ago. Networking is vital, as is starting a financial plan. I know it’s foreign to many, but if they can start now then it’ll serve them their entire lifetime.
Thanks, I agree! One of the most important skills I learned (on my own) was budgeting in college and it has helped me become successful in life. Using a network or networking is vital for your professional life.
Networking is really great, hoping to do some of those when I graduate too. Thank you for sharing your thoughts with us.
You’re welcome, but don’t wait! You can network with professors or alumni right now. You may want to read an article I wrote some time ago called “Do your Resume Backwards”.
Every opportunity represent one or more people behind it. I find this a good viewpoint to keep in mind, and try to “network” as organically as possible.
I think many new graduates do not think about networking because the term is foreign to them. Their professors are a great start because they are connected to alumni and the out side world.
To tie in with the networking idea: make sure to build solid relationships with those you’re working with. Teachers, classmates, and employers are vital for good references down the road. Plus, if you have a solid professional relationship with these people they will naturally want you to succeed and will be more willing to pass opportunities your way. Some of my best references and opportunities stemmed from building great relationships with former teachers and employers.
That is great! I hope the new grads understand how valuable it is to nurture a network.
If you are just now graduating and the job prospects aren’t great, there is nothing stopping you from trying to find an internship and continuing your education. Hopefully you will be much more marketable with a graduate degree.
That is certainly another alternative, but it depends on the graduate degree.
Very motivating piece here! I agree, college grads who have a decent starting salary need to make a plan for that cash, get on a sweet budget and make sure they aren’t exhausting every dime that comes in. When you go from “college broke” to $40k a year, the temptation to “live large” is pretty high, but it is also VERY short sighted. I think getting new grads excited about 5 or 10 years down the road can help them make better choices today, while still enjoying their life in the present time.
When I was a new grad (considerably younger) I think I was always looking forward to something! My first job, first house, first child, management, investing and financial freedom. I have no regrets because I enjoy my life every day.
Ah the good times when $40K was a fortune… how beautiful would life be if we could keep the contentment and wonder of a 1st year worker…
I remember those days too, although I was earning a lot less! Starting your career was exciting and I was eager to learn everything. When you start anything some of that excitement comes back and it is fun.
Good advice. I need to network more myself. Although I finished college quite a while back, $40,000 still seems like a lot of money to me. When I was working my seasonal job earlier this year that paid at a $40,000 a year rate it was so easy to save money.
Thanks, start by adding one person a week to your network. All you have to do is meet one new person and maintain some relationship. Wiih technology, it is not that hard to maintain. You can use a newsletter to let them know what you are doing.
Networking really is the ticket for career advancement. Also important is understanding the work culture at their first job, like what the company values in an employee and adjust accordingly.
I agree, understanding expectations is key to a good review and success at your first company.
My advice would be to immediately start investing heavily in your 401k when you get that first full time job. Get in the habit of savings, and don’t fall into the traps of inflating your lifestyle as you get raises.
Saving and investing are the keys to success! Early sacrifices will be rewarded over time because time is the most important element in investing.
It’s so important for grads to network and develop the soft skills needed for success. Your education alone doesn’t do it – you need to be a good people person and make sure people like you!
It is one of the reasons you need to develop the whole person! Sports, clubs, student government, fraternities/sororities and socialization help you with soft skills. Parents contribute to work ethic, vales etc too.
I hope to be in a good position when I graduate from college by not taking on any student loan debt in the first place. I know that it will be hard – but I’m committed!
Good for you! Remember that income is even more important, use every opportunity to take on internships to demonstrate your ability in the real world. Your goal is to find employment after you graduate.
When I interviewed a bunch of entrepreneurs, a majority of them said that who you know is more important than what you know. When I was younger I thought I could do it alone. I am finally on the networking train. Better late than never. Congrats Class of 2013!
I agree it is all about your connection because it says a lot about you! I got one of my prior jobs because the president and I were fellow alumni. Networking is everything.
I can’t believe it’s already that time – graduation again! It’s such an exciting time but if grads don’t jump on the opportunities you’ve mentioned early in the game, they may never have the opportunity.
In a difficult market, you have to be creative and use every angle.
Life post-grad can definitely be challenging. It’s full of uncertainty, but also filled with unlimited options and opportunities. Using your resources, like your network and career center at school is absolutely essential! It gets a lot easier once you get that first job.
It is exciting, thrilling and scary all at the same time. Taking the time to network and use all the resources of the university is important in a job search.
Excellent post, and timely for a number of younger people. Actually, some of these lessons apply to most anyone.
Absolutely! Networking has never gone out of style and something you should be doing even when you are not looking for work.