Five Tips To Becoming Financially Stable in Post-College Life

College can be a stressful time mentally, physically, socially and, in particular, financially. Pam Rodriguez, an alumna who studied financial planning, faced financial stress too. Rodriguez, however, worked diligently throughout her college years to not only overcome financial stress but become the business entrepreneur that she is today. 

Rodriguez, a certified financial planner, now owns her own financial planning firm, Fulfilled Finances, based out of Sacramento, California. From her professional expertise, as well as her years of balancing a college budget, she has numerous practical financial tips to offer to college students. 

1. Work in your industry if possible. 

Rodriguez advises students to be particular about where they are working while in college. If possible, she recommends that they work in their industry or field of study.

As a student, Rodriguez worked at Wells Fargo as a teller and was eventually promoted to banker. Later, a professor recommended to her a position as an associate financial advisor. 

“My professor tapped me on my shoulders when I was in my third year, even though they were looking for somebody that was graduating, because he knew I had that background of already working in the field and I had already networked with him,” Rodriguez said. 

Later, she worked as an advisor for Merrill Lynch in the Greater Sacramento area. 

“From there, I just kept getting better roles,” Rodriguez said. “I’m in awe of what can happen when you put your head down and get to know professors and have mentors.”

2. Find a mentor.

If Rodriguez could impart one takeaway from her career to anybody, it would be the importance of mentorship. One of her mentors at Liberty, Professor Kurt Cornfield, recommended her for the assistant financial advisor role, which helped her become a licensed financial planner at 20 years old. 

Rodriguez recommends that students reach out to someone they respect and come in contact with throughout the day or someone who has experience in the field they are interested in. She says that most people are both flattered and interested in helping someone who goes out of their way to learn. 

3. Network.

In terms of entering the job market after graduation, Rodriguez emphasizes that networking during college as the fastest way to jumpstart a career.

“It can be really easy to get distracted while you’re in college and not really understand that these years are what will prepare you for your career and the workforce,” Rodriguez said. “If you’re not networking, going to different events, trying to meet up with different professors or trying to be somebody that stands out during college, it’s going to be a lot harder for you to land those more coveted roles.” 

4. Delay gratification.

Rodriguez learned during her college years what the practice of delaying gratification can do when it comes to finances. She did not allow herself to spend time or money the same ways as many of her fellow students and kept her mind set on not taking on any personal debt. 

“I would have loved to drive the cars that other people were driving or go out to eat every day,” Rodriguez said. “For me it was understanding that it was a sacrifice, but I will eventually be able to reap what I am sowing.”

5. Make a budget

Rodriguez said that for students living off campus, having a budget is important. Budgeting begins with calculating the amount of income coming in and the amount of expenses going out. 

Rodriguez advises allocating 20% of income to savings, 30% to wants and 50% to needs. Needs can be broken down even further into 30% for living expenses like rent and utilities, 10-14% for car-related expenses, and ideally 6% for food.

The biggest message Rodriguez has for students is that living your best life is actually quite simple. 

“When you’re making the most of what you’ve been given, everything works out in your favor,” Rodriguez said. “You can actually make such a big impact, not just for yourself and your family but also for your community with what you make of yourself and your education.”

Renee Farmer is a Feature Reporter. Follow her on Twitter at @reneefarmerr.