Graduating from college and other advanced degree programs is a big deal — not just for the education obtained, but for the commitment of focusing oneself for four to five years on a goal. Here are my 10 pointers for young professionals:

1. Save 25 to 35 percent of your net pay. You never had the money before, so you will never miss it. Start building your war chest of savings now, because it will come in handy later.
2. If you have student loans, use every disposable dime (after saving per #1) to pay it off. I’m serious. Get rid of those loans.
3. Invest money in one or two custom-made suits, custom-made shirts, some high-quality shoes and a nice coat. It will cost some serious money, but if you are on the lookout for deals (i.e., finding a quality tailor, looking out for yearly deals from stores like Nordstrom, tagging along to a friends and family event at a luxury retailer, etc.), you will be amazed by the money that you can save.
4. Start developing a secondary source of income. Start off with a Stock Dividend Fund, a Municipal Bond or Treasuries. Then, consider investing in an investment or rental property. Invest in a business or restaurant. Whatever. The point is, you will do yourself a favor by growing a source of income that is NOT from your job. 
5. Sign up for match – as in your 401(k) match.  Since your income is expected to be relatively low, here’s a retirement savings trick that I would recommend – Contribute to your 401(k)/Roth 401(k) just enough to secure the company’s match (which is free money), stop contributing after that and max out a ROTH IRA. Many employer Retirement Savings Plans have mediocre investment options at best and are full of hidden fees.
6. Cash Rules EVERYTHING Around Me (CREAM).  If you can’t pay for it with cash (and I’m not referring to your savings), don’t buy it. Credit is not an extension of your income. It is BORROWED MONEY.  Nothing is sadder than seeing a young adult paying on a credit card balance for clothes that he/she bought a year ago, or for a trip that you took two summers ago.
7. Be pennywise… and I don’t mean that big-headed clown from It.  Live frugally. Notice that I did not say “cheap”. Being frugal is all about being an informed and vigilant consumer. You take the time to shop for the best deal possible.
8. Understand that all things that glitter, isn’t gold. You will have friends that have a new car, bought those $100+ jeans, partied last weekend in VIP at ‘the club’. They’re living this fabulous lifestyle. However, they have no assets, bank account is just above the minimum (if not constantly incurring overdraft fees), and they’re barely making ends meet. This is not a judgement – just an observation. 
9. Luxurious living costs you big time. Thinking about moving to the “hot urban areas” with the brand new apartment complexes? With one bedrooms costing nearly $2,000/month ($24,000/year), you say “what the heck… you only live once, right?” That may be true, but if you were able to find a studio a few miles away at $1.250/mo ($15,000/year), you can save $9,000 year which could go towards, savings, investments or retirement.
10. Speak to a professional. You may not necessarily be ready to work with a financial advisor year-round, but it doesn’t hurt to pay a few hundred dollars to meet with an accountant and a fee-only advisor to discuss tax, budgeting and investment strategies for the ensuing six to 12 months.

Also, you can utilize tools like Mint.com or Betterment.com if you feel comfortable and savvy enough to navigate through this with a little help.

This abridged article was reprinted with permission. It was originally posted on www.njcpablog.com.

The New Jersey Society of CPAs (NJCPA) awarded nearly $375,000 in scholarships to 70 students in April from the NJCPA Scholarship Fund. Scholarships are worth from $1,000 to $7,000 each, split between four-year, one-year, chapter, and minority awards. The fund has supported more than 1,700 students, with more than $4 million given out over the last six decades.

I am indeed thankful to be selected as one of the recipients of the NJCPA Scholarship Awards for the 2018/19 academic year and grateful to have had the chance to attend the 58^th Annual Scholarship Award Ceremony with my accounting professors. I can highlight several impacts on my education from receiving this award. These include:

• Opportunity: The award provides me an opportunity to pursue my accounting degree. Receiving this scholarship, I spend less time working to keep on top of my accumulated student loan and worrying about my university debt. I am able to spend more of my time enjoying my studies and have a greater opportunity to maximize my college experience.
• Motivation: This scholarship motivates me to continuously work hard at school. Receiving this award produces better outcomes for my academic endeavors. It also allows me to progress in continuing to achieve my goal to become a Certified Public Accountant (CPA).
• Inspiration: Investing in my education provides me with a solid base upon which I can build a career in accounting. The NJCPA Scholarship Fund offers monetary assistance to support students’ education. It further proves that the NJCPA is committed to its members and demonstrates their willingness to go above and beyond to ensure student members succeed. Their generosity has inspired me to contribute to scholarships and I look forward to being able to give back and invest in an education for future student members.  

Congratulations to other scholarship recipients (listed here) — our hard work now will help us succeed in the accounting profession.

During my undergraduate years, the NJCPA has also helped me develop my professional network at events such as NJCPA’s 2018 Annual Convention & Expo and its Career Night. I would like to thank NJCPA for continuing to support and provide the resources needed for student members to pursue an accounting education.

It’s crucial to view networking as building a friendship and possibly even a partnership instead of wondering what an individual in the profession could do for you. Networking is a two-way street, which would ideally result in expanding both parties’ contacts and professional relationships.

Below are a few tips that can help navigate the networking world:   

• Arrive on time. Showing up to a networking event early or on time will make it easier to find someone to talk to since most people won’t have conversation partners yet.
• Be approachable. Smile, make eye contact and listen to what people have to say.
• Keep the conversation casual. There is no need to start a conversation with a sales pitch. Remember to keep the conversation light and fun which will allow it to naturally progress to a deeper conversation. Do have a short elevator pitch ready on what you and your firm does if someone asks. The purpose is to connect with the person and try to find a mutual interest. People tend to do business with whom they get along. Asking general questions about the other person, weekend plans or favorite sports/teams are all great ways to further a conversation and will give you something to build on and to bring up in your next interaction.
• Share hobbies and interests. It should be relatively easy to find a personal connection with a networking prospect and truly expand on this common interest to form a lasting bond. Discussing hobbies or interest you are passionate about can help you find a common connection with someone. Even if this is not a common interest between the two parties, an interesting hobby will show you are well-rounded and have a personable side which will hopefully spark a lot of questions from the other party.
• Follow up. By following up, you are reinforcing the relationship with the person you met. If you collected a business card, shoot the person a quick email the next day simply saying that you enjoyed meeting them. Try to connect a discussion point from your conversation. You can also connect with your new contacts through LinkedIn, which will help you stay in their network.

Most importantly, remember that very few people are naturally comfortable with networking. It takes time to build the confidence to recognize other people are actually interested in what you have to say.