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June 14, 2007
                            Marci Hait, publicist
                            Bisson Barcelona
                            (603) 664-5776

New graduates are prone to financial follies
Financial expert warns of top five money mistakes made by former students

PORTSMOUTH, NH — College graduation is certainly a cause for celebration, but at least one financial guru says former students should get serious when it comes to money matters in the “real world.”

Michael B. Rubin, founder of Total Candor®, a financial education company, said that the economic decisions made by new graduates today could affect their wealth for years to come.

“Graduating from college is an exciting accomplishment that involves decisions which can overwhelm many young adults,” said Rubin, a professional speaker, Certified Financial Planner™ professional and the author of “Beyond Paycheck to Paycheck.” “Unfortunately, one course not taught in college is personal finance, so new grads often make money decisions that haunt them financially for years.”

Usually, Rubin said, underestimating the economic implications of entering the “real world” is a key factor in most financial mistakes made by new graduates.

“A new graduate incurs many expenses for the first time after leaving school,” said Rubin. “In addition, previous expenses tend to increase dramatically upon entry into the workforce. This combination catches many folks unprepared, causing them to begin independent life in a far bigger financial hole than necessary.”

Rubin said the following are the top five mistakes made by new graduates:

•    Overspending on a new apartment or car. Of course they feel rich when they bring home that first paycheck or count their graduation money, but can new grads really afford those expenses month after month — especially after taxes take their bite? 

•    Celebrating all summer-long. A million pounds have lifted off their shoulders and the sun is shining bright, but racking up a bunch of new consumer and credit card debt isn’t the answer.

•    Attending graduate school to avoid the “real world.” Deferring those loans and taking out new ones may sound like a good idea, but if it’s not going to help a person in their field of choice, it could be an enormous waste of money — and time — and you can’t get either of them back.

•    Not signing up for a 401(k) plan right away. Compounding interest is a beautiful thing.

•    Not taking advantage of corporate benefits like health care and long-term disability insurance. You may feel young and healthy, but accidents happen. Don’t risk a lot for a little.

For free financial resources or information about Rubin, Total Candor or “Beyond Paycheck to Paycheck,” visit or call (603) 373-0373. Books can be purchased on the Web site or at any major book store.

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