Graduation - Now What
"Do not make riches, but usefulness, your first aim."
-Andrew Carnegie (1835-1919), Industrialist
The famous film, The Graduate (click to see the 1-minute clip of a famous scene- “Plastics Ben. Plastics.”), with Dustin Hoffman is a big-screen classic. We are in the midst of graduation season, and we thought to take a more practical view toward helping our high school and college graduates. If there is a graduate that you care deeply about, who needs insight into the prodigious profession that I am blessed to be a part of, have them contact me.
In hindsight, we found that great advice or wisdom was worth far more than a new polo shirt or a Nike gift card. We are pretty sure that “plastics” might not be the best fountain of wisdom to dispense now, but perhaps the following could help our prospective high school and college graduates:
High School
- Time > Steven Covey’s Seven Habits of Highly Effective People
How many of us would yearn to relive our youth and take better advantage of all the time we had on our hands? This book will help plant some seeds on time management and many other life skills. - Emotional Quotient (EI, sometimes referred to as EQ) > Dale Carnegie’s How to Win Friends and Influence People
Brian’s 1937 copy, which he found in his grandfather’s house, sits on the bookshelf in my office. He read it when he was in my early 20s, and it hit him like a ton of bricks. He wishes someone had given this to him for my high school graduation. - Wisdom > “Talking with Teachers”, NY Times, 8/2/2013
A very brief article on a Hamilton College graduate who made it a point to meet with scores of professors before he graduated college. If only we had been so enlightened. What an opportunity missed! - Volunteer
It appears to us that the youth of today do a much better job of volunteering in their community than when we were younger. Brian having graduated from Boston College, a Jesuit University, whose motto is “men for others”, says he fell woefully short in this category. His perspective and gratitude could have been exponentially enhanced if only he had volunteered more. - Future Opportunities >
- “How to Get a Job at Google”, NY Times, 2/22/14
This is a solid article for high school grads on how they need to prepare themselves for the working world. Laszlo Bock: “For most young people, though, going to college and doing well is still the best way to master the tools needed for many careers … Beware. Your degree is not a proxy for your ability to do any job.” - “How to Get a Job at Google, Part 2”, NY Times, 4/19/14
Another solid effort. An excerpt from Laszlo Bock: “You need some people who are holistic thinkers and have liberal arts backgrounds and some who are deep functional experts. Building that balance is hard, but that’s where you end up building great societies, great organizations.”
College
Much of the above from the high school list applies to college graduates, but the following would be most germane to these elder grads.
- Life Lessons > Byron Wien’s “20 Rules of Investing & Life”
Byron Wien is a legendary sage in our business. Though titled as it is, this piece is much more about life. One of our favorites on this list is #10. “Younger people are naturally insecure and tend to overplay their accomplishments. Most people don’t become comfortable with who they are until they’re in their 40s. By that time, they can underplay their achievements and become a nicer, more likable person. Try to get to that point as soon as you can.”
- Wealth Building >
- Consider saving 15% of your income EVERY year. I don’t need an article to support this. Just get this done, and you will be VERY thankful in your later years.
- The Millionaire Next Door by Thomas J. Stanley, Ph. D.
- In 1998, on Brian’s 30th birthday, his parents gave him this classic as a gift. Among many other salient suggestions, he vividly recalls reading how millionaires retain their vehicles for, on average, 8 years. He has had a couple of vehicles with 200,000+ miles now, and Jacob is getting closer each day with a current 195,000-mile Jeep. This financial literary gem has helped us develop and enhance our financial habits.
- The Wealthy Barber by David Chilton
- Whenever someone asks us for generic financial advice in a social setting, I recommend that they read this book first. This book encapsulates our Marathon Roadmap process in a humorous story format. It covers critical financial planning concepts such as “pay yourself first,” which ties directly into saving 15% of your income EVERY year. Also, consider The Richest Man in Babylon by George Clason. Both are easy and fun to read.
Consider passing this on to a graduate that you care about. Perhaps you have found a gift idea that you can use. Regardless, pass on wisdom to this new crop of graduates. As you know, they’ll need it … just like you and I did.
Thank you for the trust and confidence you have placed in us and giving us the opportunity to provide education to you on your way to building your wealth.
As always, thank you for the introduction of your friends and family that so many of you have made. We are honored to serve you! As a service to our clients, we are happy to act as a sounding board for your friends and family. If any of them should need a second opinion on their financial situation, introduce them to www.striblingwhalen.comor call us at 678-989-0048.
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Regards,
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Brian Whalen, Jacob Beauchamp and Warren Stribling and not necessarily those of Raymond James. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members. Raymond James Financial Services, Inc. does not provide advice on legal issues. These matters should be discussed with the appropriate professional.
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