Boring Basics: Seven Practical Lessons from the 37 Years Since My College Graduation

Introduction

New college grads and the people that love them, I’m writing for you today!

When I graduated some 37 years ago, there was no Internet or LinkedIn, and I had precious few professional resources. For much of my career since, I’ve aimed to be the kind of mentor I wished I’d had. This is more of that.

In previous articles here, I’ve addressed how to secure that crucial first position (“College Grads: 12 Simple Steps to Your First (Real) Job”) and how to build a truly satisfying and meaningful career path (“The Sixfold Path to Career Fulfillment”)

Today, I want to focus on something equally important but often overlooked: basic financial wellness.

While some graduates will pursue unconventional paths—launching startups, traveling the world, or taking creative risks—most will follow a more traditional trajectory. This article is for that latter group: the average, garden-variety college grad trying to figure out how to emerge a few decades from now as a full-fledged, financially healthy citizen.

These aren't exciting get-rich-quick schemes or cutting-edge investment strategies. They're simple, proven principles that have guided me through 37 years since receiving my diploma. Had I followed them more consistently from the beginning, my financial journey would have been even smoother.

1. Be Employed

Avoid gaps in employment and insurance. Don't quit before you find another job. If you get fired, find work immediately, even if it's not your dream job. If you don't get fired but you hate your job, start looking while you're still getting paid.

Continuous employment does more than just keep money flowing in—it maintains your marketability, prevents resume gaps that require explanation, and preserves your health insurance coverage. Even a "bridge job" that isn't ideal provides stability while you pursue better opportunities. Careers have momentum; don't allows yours to lag.

2. Avoid Debt

With the exception of a mortgage on a house that likely will gain value, don't carry monthly debts. Live beneath your means. When I was 23, my girlfriend paid off my credit card. That's the last time I carried any monthly debt. (And that gal is now my wife of 32 years.)

One thing I know for certain: Consumer debt is a silent wealth-killer. Credit card interest compounds against you, while investment returns compound for you. The math is simple, but the discipline required is challenging—especially in a culture that normalizes financing everything from phones to furniture. Whatever joy you might get from financing your next big purchase will be eclipsed by the anxiety of monthly payments.

3. Keep Housing Costs Low

You don't need a giant house in the best neighborhood. You need a safe place with good neighbors and some outdoor space. If possible, buy something that will appreciate. That means it won't be perfect. The starter home we bought 32 years ago is the same one we raised our kids in, the same one we still live in today.

Housing is typically your largest expense. Keeping it reasonable relative to your income creates breathing room in your budget for saving, investing, and occasional indulgences that make life enjoyable.

4. Buy Used Cars

New cars are perhaps the biggest waste of money on the planet. Let someone else take the depreciation hit.

That “new car smell” accounts for about 20% of the vehicle's value, and it disappears the moment you drive off the lot. A two-year-old car with low mileage provides nearly the same utility at a significantly reduced price. This one is easy!

5. Invest in Your Health

Your mental and physical health are the bedrock of any happiness and success you'll have. If you have to spend money on something, this should be a priority. Therapy, gyms, pickleball leagues, boot camps, just do it.

6. Save as Much as You Can as Early as You Can

There is no financial force more powerful than compound interest. Save early and often.

The difference between starting to invest at 22 versus 32 is staggering. Even modest contributions to retirement accounts in your twenties can grow to substantial sums by retirement age.

7. Live Your Life

Your head is filled with the voices of your parents, religion, friends, and the culture. Learn to find the voice that belongs to you, the one that's tied directly to how you feel in your body. At some point you're going to have to build the life YOU want. Don't waste time fulfilling other people's dreams for you.

This might seem contradictory after six points of rather conservative financial advice, but it's not. Financial stability creates the freedom to make authentic choices. The goal isn't wealth accumulation for its own sake—it's having the resources to live according to your values without financial fear. Fear less!

Conclusion

These seven principles have guided me through nearly four decades since graduation. They aren't flashy or complicated, but they work. The graduates who implement them consistently will find themselves with more options and fewer constraints as life unfolds.

And for my fellow olds, what wisdom would you add to this list? I'd love to hear what principles have served you well in the comments below.

Onward!