You’ll soon be starting your professional career and realize you never took the time to actually learn about what comes next after you’re hired. I’ve been there and understand this unfortunate high level of ignorance. As I continue to learn the “ins and outs” of the professional world I have found some great information to help you excel in your career no matter what it may be. I’ll be in my 10th year of working in the “corporate world” and I have succeeded and failed in areas that I know will help you.

I remember graduating from college and applying to many different entry-level engineering jobs and time after time I got the sorry you don’t have enough experience response. I never understood the logic of a company having entry-level jobs out there for people to apply to and then rejecting their application, because of “lack of experience.” Isn’t that what an entry-level job is for?! I’ll go ahead and spare you anymore of my venting, but this is something I heard from many of my colleagues and I want you to know that there are opportunities out there for you, so do not get discouraged if or when you experience the same things we did 10 years ago.

Networking and Mentorship

Fortunately, I have had the privilege of working for the same company right out of college for almost 10 years with advancement opportunities along the way. One of the best tools I utilized in growing in the company was networking. I will never forget my first big time promotion I received and will be forever thankful to my friend who connected me to the hiring manager. I bring this up, because so many people lose out on a great chance to grow and do not realize the impact of having people who can vouch for you when you’re seeking a new job.

Do your best to expand your network circle and do not be afraid to find someone who can be your mentor. He or she will have already established a network of his/her own and can help you build yours. I strongly believe this is one of the key differences for professionals of all ages who want to grow in their career. Find a mentor and build your network. Take that person out to lunch and pick his or her brain on what you can do to succeed. Trust me, that is a small investment that will yield great results for your career.

Mastering Interviews

Nowadays an interview can be the deciding factor for a job offer even if you were highly referred or have an outstanding resume that helped you get the interview. I have seen it so many times where someone was given a good referral and when it came time for the job interview, the person interviewing was either unprepared or too overly confident and lost a good opportunity. And so here are some interview tips that I want to offer you so you can be prepared and confident when you step into your interview:

1. Dress appropriately. More times than not you’re going to be in a suit with a tie. However, if you are going to interview for a company like Google you probably won’t have to dress too business like.
2. Do your research. Visit the company’s website and learn as much as you can about the company before the interview.
3. Be on time. This means arrive and check-in with the staff your interviewing with 10-15 minutes in advance.
4. Be bold and call the company you are going to interview and ask them for typical interview questions that you can prepare for. If they can’t provide these to you, research online and find interview questions for the type of job you are applying for. Practice, practice, practice.
5. When they ask if you have any questions, have some questions ready to ask and remember don’t ask questions that can be answered on the company’s website.
6. Last but not least, make sure you send a personal thank you via email or if it’s fitting be creative with your thank you to each person who was present in your interview. Personal letters sent via postal mail could be a great way to set you apart from the rest of the candidates who are also interviewing for the same position.

Career Advice

Doing what you love and living off what you earn can most often times be difficult. I want you to find your passion in life, but understand that sometimes you might have to work another job or two to help finance what you want to do. Simply put, choosing a career in a field that does not have a high demand needs to be revisited. So what do you do? Here’s some quick career starting tips tog get you going:

1. Don’t be afraid of the odd jobs that don’t pay well. The majority of people start at entry level jobs and not upper management. You need experience in the field you’re looking to get into. So as you work your way to the top or where you want to be, don’t overlook a position that can lead you to what you want to do. Before I became a Sr. Analyst I was doing a low-level entry job while also working part-time as a valet attendant. I appreciated the experience and slowly found myself working hard to get where I am today.
2. Always find ways to better yourself. You can always learn and grow in whatever field of work you’re in. Especially with the advancements in technology there are changes constantly happening in the workplace. So, if you have to learn a new computer program, a new language or even just how to work better with people, do it! Don’t procrastinate and get your hands on some resources to help add a new skill or course you completed on your resume.
3. Network and mentorship. I brought this up earlier in the post and bring it up again here. Guidance and direction from others can be very impactful, because you will gain a knowledge and perspective from a different position.
4. Be helpful and never be afraid to ask for help. I see so many people who are unwilling to help others even if it might take only a few seconds to do. I am fortunate, because most of my jobs have had awesome people who were willing to go above and beyond what their job description required. That’s another key, don’t stick just to doing what your job description says. The person who is willing to help others, step up and do assignments that are out there is the person who will usually build a strong foundation for their career to grow on.

Let’s face it, most of us never really got the proper financial advice growing up or else America wouldn’t have $12.58 trillion of household debt. Now I’m going to cover 3 main areas of money every college graduate needs to focus on: creating a budget, getting out of debt and investing for retirement. Now it’s up to you to take the next steps. YOU CAN DO THIS!

Creating a Budget

We all need to budget. There is no way around this. As professionals we have to be responsible and disciplined with how we manage our money. I personally believe a budget is the most significant tool to help you win with your money. You will find an amazing budgeting tool that I have a video tutorial to along with that will help keep you organized and effective as you build wealth. Just go here for free access to the video and Google Sheets budget.

There are some apps out there for budgeting like Every Dollar, Goodbudget and Mint (in order of my preference). Overall, I still prefer the Google Sheets budgeting method that my wife and I have been using since early 2017. Make sure you have a WRITTEN budget and not one in your head. This will take time and effort, but trust me when I say you will be thankful later.

How to Get Out of Debt

As mentioned already there is an alarming amount of debt that Americans have found themselves struggling with these days. As professionals it’s important that you understand the relationship between the money you make and any financial debts you have. As I am writing this post, the Habesha Finance family finally achieved debt freedom in December 2018 and it feels so awesome! And so the question remains…how? “How do I get rid of this huge pile of debt that has me feeling stuck?” The answer is simple, yet challenging: the debt snowball. I am a big believer in this method of tackling debt. I have personally witnessed the amazing results of this tactic and I love talking about this so others can achieve the same taste of freedom we have come to know.

The debt snowball principle goes like this:

1. List all the balances of your debts smallest to largest.
2. Pay minimums on all debts until the smallest debt is paid off. If you really want to be aggressive add what you can to the smallest debt payment.
3. Then take what you were paying on the smallest debt and add it to the minimum of the next smallest debt until that one is paid off. Keep doing this for each debt that follows and as you build a larger snowball payment you will be amazed at how much you will be paying your last debt and how quickly you will become debt free.

To help you get out of debt as fast as possible I’ve included a really great FREE debt payment tool that is available when you subscribe to my newsletter. The debt payment tool is part of a complete financial checklist that I created for free to you all. Test it out and plug in some of your numbers to see what’s possible with the debt you have. There’s also a second tab to help you project your payments and the flow of the debt snowball. And if you have any questions, head over to the Habesha Finance Facebook group where people are more than will to help you on this journey.

Investing for Retirement

Now you’ve paid off all your debts and still going strong with your budget right? You didn’t think the budget stops now that you have no more debts did you? Remember, a written budget is the foundation for your tower of wealth. Once you’ve paid off all your debts then you can start to invest a great percentage of your income. Brace yourselves, because this is going to be the boring part of this section.

Why wait till after debts are paid to invest like crazy?

As Dave Ramsey wisely puts it, “Your income is your greatest wealth building tool.” So the faster you free up the income you’re using to pay your debts the faster you can begin to apply that income to your investments. But make sure you get rid of all debts FIRST before you start investing…unless of course you’re 70 years old and don’t have any type of retirement savings then you will need to get with an accountant. Preferably a fee only financial advisor. The key to financial independence is reducing your debts and liabilities and increasing your assets!

One thing I will say is if your employer offers a match to your contributions, go ahead and invest up to the match. Everything else you have will get thrown at the debt. So let’s look at some investing information.

401(k) and 403(b)

401(k) and 403(b) are retirement savings plans sponsored by an employer. This is great for people who work for a company that offers matching incentives to what you invest, meaning you’re getting more money to contribute to your retirement. 401(k) is typically offered by a for-profit company and a 403(b) is offered to non-profit, government employees. Both the 401(k) and 403(b) are great ways for people to start their retirement investing and I encourage you to find out if your company has this available to you by asking your human resources representative. Also, for 401(k) and 403(b) you can contribute a maximum of $19,000/yr. This doesn’t include any match your employer may offer. Good news for those who are over 50 is that you are allowed to contribute an additional $6,000 to your 401(k) or 403(b). Other key information to remember for both of these types of retirement plans:

• You don’t pay any taxes on your contributions for a 401(k) and 403(b) until you start withdrawing.
• You can start withdrawing from your 401(k) and 403(b) without paying any penalties starting at the age of 59 ½.

Mutual Funds And More Specifically, Index Funds

I understand the risk of investing can be scary, because there’s always the possibility of losing what you invested. I get it and I feel the same way, but that is not an excuse to avoid investing. With proper guidance from trustworthy financial advisors (which I am NOT one) you will be able retire with respect and a great amount of wealth.

When you start looking at investment options in your retirement plans you need to do your best to understand what each one is. My preference are the index funds. These are low-cost and very diverse so that your level risk is reduced. I actually wrote an article on index investing and why I love these options for my retirement portfolio. I highly recommend you check it out as you start on your journey to investing.

IRA (Individual Retirement Account)

Instead of me trying to explain what an IRA is, I found this link from Fidelity Investments that helps quickly explain what an IRA is. Click below: What is an IRA? (Individual Retirement Account) – FidelityAn IRA is an account at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. There are three main types of IRAs: Roth, Traditional, and Rollover, each with unique advantages.

Companies I feel comfortable with you using to manage your IRA in order of my preference include Fidelity Investments (this is who I use), Charles Schwab, and Vanguard. I want you to get with an investment professional to help you set up the right type of IRA for your needs.

So now you have work to do and I want you to feel motivated, because these are simple and very effective philosophies that will work for just about anyone who is starting their professional working years.

Here’s some money advice from Habesha Finance:

• Stay away from credit cards! Credit cards are not for emergency and not worth the headache. You can do everything with your debit card/cash that your friends who use credit can do.
• Get out of debt FAST and stay out of debt. To build your wealth you must be willing to sacrifice a lot now so you can do a lot later. Most young people do a lot now and find themselves struggling financially for the rest of their life. Trust me, the sacrifice is temporary and the rewards are a lifetime.
• Read as much as you can! Study what guys like Warren Buffet, the late John C. Bogle, Dave Ramsey and other successful people have done to get where they are today. I recommend a couple of books to anyone who truly wants to learn how to be financially wise: The Total Money Makeover, The Millionaire Next Door and The Simple Path to Wealth.

The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand. Vince Lombardi

Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do. Pele

You need three things to win: discipline, hard work and, before everything maybe, commitment. No one will make it without those three. Sport teaches you that. Haile Gebrselassie