Expert: Dr. Joseph de Beauchamp - 12/6/2004

Question
Dr. de Beauchamp: What, in your opinion, are some of the most important savings/investment strategies for new college graduates as they begin their working careers? What financial goals should be top priority for young adults earning their first paycheck? I would appreciate all of the information that you can provide. Thank You.
                          -Demassie Hill

Answer
First, never go into debt. Try to pay cash for cars and homes at all times. If you buy a house, never buy more house than equals your annual income. Companies function this way, and so should people. Avoid the allure of home ownership far beyond your needs and income. Income equals total assets at all times.

Second, go to the free site of http://wfnn.info and find a mutual fund you like in the mutual fund section. Put away even $25 per month to start. Keep this going and use an automatic draft of your checking to make sure this happens monthly. Bring this up each year as feels good to you.

See me in 30 years when you are a millionaire. I will still be around --at 85 then. You can thank me for this odd advise then.

Dr. Joe de Beauchamp