This spring’s college grads are heading out into a world where jobs are tough to come by. The economic outlook is uncertain and all the older people they know are feeling the pain of stock-market losses.
Worse, there are all kinds of nitty-gritty details to deal with: opening bank accounts, choosing health insurance, finding an apartment, lining up transportation and figuring out how to invest. How is a young person supposed to get ahead in this environment?
It’s not easy to master money management during the best times and it’s especially hard to navigate the challenges of a recession. Still, many of the same basic principles apply in good times and bad. And getting a taste of a downturn at the start may make current graduates smarter and more thoughtful than those who graduate during boom times.
Here are five broad financial lessons that can pay dividends for a lifetime: