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You did everything right.

You went to college. You got the internships. You built the LinkedIn. You wore the business casual to the career fair and smiled at people you waited an hour to meet for 2 minutes of absolute glory.

And now you're graduating unemployed and wondering if you should enlist.

The unemployment rate for recent college grads has climbed to 5.6%. This is near its highest point in over a decade (outside that corona spat we had). 

Even the Federal Reserve noticed. Fed Chair Jerome Powell, the head of the US National Bank, sat in front of reporters and basically said: yeah, this is rough. 

His words were, “Kids coming out of college and younger people, minorities, are having a hard time finding jobs." 

Think of the job market like musical chairs, except nobody's leaving their chair, and they've also removed three chairs since last year.

A delayed or inconsistent income timeline means your financial foundation needs to be bulletproof ideally before a paycheck shows up. 

The students who are fine right now are the ones who built the system before they needed it.

And have a job. That’s pretty nice too.

If someone ran up to me on the street and said, “Ben, I’m 20 and want to improve my finances stat, WHAT DO I DO?!?” (Yes, I have odd daydreams).

I’d answer with the following. Which, if done right, is about all you need to be financially secure.

Not a dollar-based budget.

Your income right now is probably inconsistent between gigs, part-time jobs, seasonal work, or internships. If your budget is built around a fixed number and that number changes often, it’s hard to keep up. Percents change with you.

A simple starting point is the 50/30/20 rule where 50% goes to needs (rent, groceries, transportation), 30% to wants (eating out, subscriptions, living your life), 20% to savings and financial goals. 

But you should adjust from there based on your actual situation (e.g. your needs may take more than 50% of your income mayhaps). Check it once a month to see if it's still working.

A credit card isn't free money. It's a tool that, used correctly, builds your credit score and occasionally gives you free stuff.

To make the most of the above:

The easiest path to financial security is 3 months of necessary expenses sitting somewhere safe and accessible. This is what keeps a bad month from becoming a catastrophic one.

Put it in a high-yield savings account (HYSA) not a regular savings account, which currently pays you roughly nothing. A HYSA gets you somewhere around 3.3% APY just to exist (meaning, your money grows faster). 

Solid options for HYSA’s include Wealthfront and Marcus.

Credit card debt is often the most expensive debt at 20%+ APR. Except for Mafia debt. I’ve heard rates can be higher from all my mafia friends.(Shoutout Tony!)

Pay that off before you invest anything. Simply because investments ON AVERAGE returns around 10% per year. Your credit card DEFINITELY adds 20% of debt per year.

If you're losing 20% on debt at the same time you’re investing, you're going backwards.

Once your emergency fund is funded and your debt is brutally annihilated (please be violent in this case), start investing. 

A Roth IRA is typically the best account for people our age. Observe the following proprietary diagram:

What this horrible handwriting most elegantly explains is there are two mains ways to avoid taxes when you invest and withdraw (the proper term is distribute) income. 

Roth IRAs enable you to avoid taxes when you withdraw, which is a big deal because ideally you will be in a higher tax bracket when you retire, so avoiding taxes then is hugely impactful vs. avoiding taxes now when there’s a decent chance you’re in the lowest tax bracket (sorry pookie).

In that investment account, buy low-cost index funds such that track the S&P 500 fund OR a total US market fund. Then add an international fund for diversification. Now you have a portfolio. 

Note: Only invest what you can afford to and never invest any money that you need in order to survive.

The system should run without you having to think about it.

If you execute on all these steps, your finances will be glowing more than Kraft Mac and Cheese under ultraviolet light baby. 

If something’s not working, adjust, but don’t give up.

Roth IRA’s are one of many investment accounts, and they’re often the best choice for early income earners.

You can open a Roth IRA at places like Fidelity, Schwab, and Vanguard. I use Fidelity, but all of those options are reputable and strong.

Also, quick reminder that I am not sponsored by any of the tools I note here. I wish I was! These are just the tools I use.

That's your emergency fund target.

Put it in your notes app. Name it "The Goal." 

Every dollar you put in a high-yield savings account from here is a dollar toward it.

You have a starting point. Time to glow queen. ;)

Thank you so much for being a part of this newsletter. I am grateful to write to you weekly and I hope this helps you feel more confident with your finances.

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