You are near the end of your post secondary studies and you have one important decision to make after graduation from college; should you travel down south or to Europe? Yes, I know that not many young people will have the option of traveling once they complete their studies because their energy will be focused on trying to pay down that ridiculous student debt that has been piling up for years.
If you are in a similar position to me then you will be completing college soon with no debt and money saved in the bank to spend however you wish. If you are a student debating whether you should work part time while in college then this article is for you too. This article is for anybody that dreams of living a debt free life. This article highlights the benefits of completing college debt free, which you can easily do by reading my blog or Good Financial Cents:
More from GFC, Below
1. Travel the world.
So if you have no student loan debt and a job offer lined up, why not spend a few weeks or even a month traveling? You could backpack across Europe, go on an adventure trip to Asia, or go down south to relax. Whatever travels you have been dreaming of the last few years could be done now before you enter the real world. There are even ways frugal ways to travel for those not wanting to get too crazy on their spending.
2. Start saving for a down payment.
You have the opportunity to work a few years while saving your money so that you have a decent down payment for a home or condo before you even turn 30. You would be surprised how much you could sock away in a few short years of serious saving.
3. Focus on your retirement savings.
It is important to start saving for your retirement even when you are in you are 18, but once you enter the real world and start earning a decent wage you could get more aggressive with your retirement planning. Consider opening a Roth IRA or taking the match of your 401k.
4. Live a stress free life.
You can go to sleep at night and wake up every morning without the stress of having to pay down $30,000 in student debt. Granted your life won't be completely stress free because life itself is fairly stressful, but you will have a lot less stress than your friends that are always worrying about their debt and the amount of money they are spending on interest alone.
5. Buy that dream car.
Yes this is not frugal at all but you have been working hard for so many years so why not reward yourself? This is also the only chance in life you will be able to spend money on a new car because chances are when you have a family and a mortgage you will be fairly reluctant to be spending over $20,000 on a vehicle.
I would like to thank Jeff for allowing me to be apart of this up and coming blog. I strongly believe that this will be one of the top pf (personal finance) blogs out there in a year or so. This is why I am honored to be guest posting on this blog, one day readers will be going through the archives and they will see that I was one of the first people to guest post here.