This is a short but very impactful conversation I had with a mentor I had in college. He was CEO of a local commercial real estate mortgage firm. Very well off.

“What did you do when you were my age to help get you where you are today?”
“That’s a very broad question…”
“I guess I mean in terms of investing or personal finance… what can I do to ensure that I get my financial life started off well so that when I’m your age, I can be ready to retire and enjoy some of the luxuries in life?”
“The BEST thing I can tell you to do at your age, since I’m assuming you don’t have much to invest, is to NOT BUY A CAR right out of college. It is a huge temptation that nearly all graduates succumb to and I can’t stress how important staying out of debt early and building a good base early for investing is.”

It was a relatively simple lesson but I took it to heart. Here’s some ways young professionals can easily save/preserve some of their hard earned cash.

Ditch the wheels - Taking public transportation has many pluses (for everyone) in addition to the fact that it will save you lots of money in the long run.  According to the American Public Transportation Association an average person can save $672.00 a month by taking public transportation.  Not only are you saving your wallet but your car’s life span too. Shit, maybe even your own if your doing a little “Self powered commuting”.

Live with roomates - Do yourself a favor and save an extra couple hundred (at least) a month by living with roomates in the early days of your career. This allows you to leverage “ECONOMIES OF SCALE!” and buy those large Costco containers of hand soap and toilet paper which are simply too large for a normal human being. Not to mention I personally save about $400 a month doing this in lieu of living by my lonesome when compared to just about all my friends at work.

Leave the ol’ credit card at Home when going out - It is a well known fact that when drinking your inhibitions are less than non existent.  You are more likely to whip the card out and yell “shots for everyone” or buy a drink for every buddy you have! Take only what you can afford to spend with you in cash, when it is gone then it’s time to start moochin’ off your friend’s who did not read this blog post! JK!! But seriously….