Some tips for college graduates fresh out. First, if you have any loans, dont immediately think pay them off ASAP. Debt is rewarding in many ways. Outstanding loans that have interest rates over 5%, pay off immediately, otherwise, count on the long haul in paying them off. Debt helps increase your credit score immensely as long as you are making timely payments. Not to mention, they are counted as tax write-offs. Second, live with somone close, like your parents, for six months, and build up your bank accounts. Get a good 15,000 saved and then go out and buy a multifamily house, in which, the rents cover the mortgage. In the end, since the rent covers the mortgage, when you sell the house, the value of your hosue goes directly into your pocket. Nothing ever to pay, other than yearly house tax.
I would suggest for the next six months, saving cash again, and buying another multifamily house. Once again, only a houe in which the rent covers the mortgage. And so forth. Some buying tips. Dont buy a house when you recently applied for credit cards. This reduces your score, and thus, directly effects your interest rates. To also reduce your broker fee on a house purchase, studying and get your real estate lincese. This cuts the broker fee in half. Plan on collecting 3 to 4 properties not including your own hosue. Then when you retire, either this cash is free income since the mortgage will be paid off, or you see all 4 places, and net pure profit.
I could keep going, but that is my long-term goal. I am fresh out of college, but I work 12 to 13 hours a day, not including the time I spend studying for my series 7 and 63. Salary relates directly to time spent working for it. I dont have the background or epxerience to say this, but, to me, its worth putting in the time while i am young.