Introduction: Congratulations on your graduation... what comes next?

You have waited for this moment for at least two years. You studied, worked hard, and hopefully played hard. The day has come to put on your cap and gown, cross the stage in front of hundreds of people, collect your "blank, but expensive" paper degree (you will receive the real one by mail at a later date), and shake hands with administrators wishing you a bright future and a successful life. You finally DID IT! You feel accomplished and proud!

Graduation marks more than the end of one chapter in your life and the beginning of another. It marks the passage from college student to a wide open world of possibilities. You will be making decisions that impact your future in all aspects of your life, socially, professionally, and financially. Some decisions will be easier than others, depending on your level of skills and knowledge in each area. This module is to help you explore your financial possibilities after graduation; it will offer you a smoother transition to a working life full of hopes and dreams in reaching financial freedom and security.

 

Graduates will experience this transition differently, but most of them go through the following stages:

1. The assessment stage

• • This stage could be the starting point of taking inventory and making lists of what needs to complete.
    • Are you moving back home to look for a job or do you already have a job lined up?
    • Are you staying in the same town or moving to other states or the country?
    • What are your assets and your liabilities?
    • Did you need to tie up loose ends at your college?
    • Did you update your forwarding information? etc.

2. The planning stage

• • This stage is the time to draw up a plan of attack.
    • What will you be doing in the next few months?
    • Will you take a break and travel through Europe before you land a job?
    • If you already landed a job, when will you start?
    • Where will you live?
    • How will you cover those expenses?
    • Did you set your short-term and long-term goals?
    • Did you forecast a budget? etc.

3. The testing stage

• • This stage is the time to test your new adventure, discover your likes and your dislikes, test your potential for a long-term commitment or retrieval, acquire enough knowledge and financial information before you move on to the next stage, etc.

4. The evaluation stage

• • This stage is the time to evaluate your overall strategy for potential earning and potentially settling into your chosen location and profession.
    • Are you meeting your goals that you set in the planning stage?
    • Is your actual budget in line with your forecasted budget?
    • You may need to seek advice from trusted person to help you complete this stage, etc.

5. The re-assessment stage

• • Once you evaluate your position in your career, social, professional, and financial discourses, this is the time to re-assess your overall satisfaction with your decisions before starting the cycle all over again.

There is no time limit on any of the above stages. Each person experiences the process differently depending on personal, social, financial, and environmental elements. It is not written in stone that you have to adhere to each stage or meet a specific deadline. All you can do is figure out a direction for your life, imagine a destination, and then work backward to realize your dreams. Every dream has a dollar sign attached to it, even if you choose to lie down on a sunny beach for the rest of your life. You still have to own a financial plan.

 

To help you out for financial planning your life after graduation, here are five chapters you can review. 

  Chapter 1. Tying loose ends as you prepare for life

  Chapter 2. Accepting employment and what to watch for

  Chapter 3. Ten principles you must know in financial literacy

  Chapter 4. Factor your financial future in your present plans

  Chapter 5. Strategies for reaching financial freedom and security in life

  Test your knowledge - After Graduation