18 Business Tools and Tips for the Recent Grad

There’s no shame in admitting it: It’s possible to make it through college and into the real world without having the first idea about investing, money management, or anything that deals even remotely with finances. But thanks to the growing number of Web sites and online tools devoted to fiscal responsibility, it’s easier than ever to jump right in and begin to control your spending, your debt, and your financial future.

Investing

1. SmartMoney.com: This site is part of the Wall Street Journal family, and provides detailed news and forecasts for the stock market. A great resource for those looking to learn more about market behavior and for people who’ve been investing for years.
2. InvestorGuide.com: Another great site that features Google-powered news on its home page as well as a “term of the day” feature to help educate readers. It also tracks hot stocks and major indices like the New York Stock Exchange and NASDAQ.
3. Securities and Exchange Commission: This federal agency is devoted to regulating the securities and stock industries, and its Web site has a collection of calculators that can help you calculate everything from retirement funds to college savings plans.
4. Investor’s Hub: An invaluable resource if you’re looking for a public company’s financial history. Its thriving community boasts almost 190,000 registered users.
5. Yahoo! Stock Screener: Yahoo’s screening program lets you select certain criteria for the stocks you want to track (e.g., price-earning ratios), with more than 150 criteria available to narrow the field and show you what you want to see. It’s a fantastic way to weed through the mountain of stock market data available and just get the info you need.

Debt

1. CNN Money: This division of the news site offers an easy calculator to help you figure out how long it will take you to get out of debt based on your monthly payments, interest rate, and other factors. If you’re feeling overwhelmed by your debt, this is a good place to start.
2. Pay Off Debt: Users of the iPhone or iPod Touch can pay $2.99 for this mobile app that tracks debt and offers a load of customizable options. You can sort debts by interest rate or balance, and you can also plan the date you’ll be debt-free as you make payments toward what you owe.
3. National Foundation for Credit Counseling: If you find your debts are becoming almost too much to handle, you might want to talk to a credit counselor to learn more about financially responsible practices and options including debt consolidation.
4. Mint.com: One of the best ways to keep debt from getting out of hand is to set a budget and live by it. Mint offers free online budgeting programs as well as a strong community of users providing help and advice. The site is a hit with critics as well.

Credit

1. AnnualCreditReport.com: The Fair Credit Reporting Act, originally passed in 1970, requires that American citizens be entitled to one free credit report every year. This site lets you file a request from each of the three big credit reporting agencies (Equifax, Experian, and TransUnion). If you want to keep your credit in check, the best way to start is to know your score.
2. Set up automatic payments with your creditors to ensure that your payments are always delivered on time. Late payments can negatively impact your credit score, which can make it difficult to get a loan down the road.
3. Always pay more than the minimum required amount. Even if it’s just a few dollars, you’ll be able to pay your debt down quicker if you put as much money as possible toward the total you owe.
4. FICO: FICO is a company whose credit score system is one of the most widely used in the world, and often the vital component of determining whether you’re a credit risk to lenders.

Home Ownership

1. FreddieMac.com: Its full title is the Federal Home Loan Mortgage Corporation, and it’s a government-sponsored agency designed to expand opportunities for home buyers and provide stability to the market. Their site offers a wealth of resources, including worksheets and calculators to help you understand the process of buying a home.
2. American Society of Home Inspectors: Before buying a home, it’s important to inspect it to find out any potential problem areas. There are many places to go for this, but the not-for-profit ASHI is a great option. They can check out your prospective home and let you know its strengths and weaknesses, which will better prepare you to pay a reasonable price and to understand any potential repairs you might have to make in the future.
3. LendingTree.com: This financial site covers a variety of topics, and they also have a great section devoted to mortgage calculation and home buying. It’s also a wonderful source of financial news.
4. HUD.gov: The U.S. Department of Housing and Urban Development has a nine-step plan for potential home buyers that walks you through every step of the process, from estimating costs to navigating the market. It’s a must-read for consumers.
5. Homeowner’s insurance: This is a necessity for home buyers because it offers protection against the loss of your possessions in the event of a robbery or disaster. You can also purchase additional policies for events like floods to make sure you’re protected against every possibility. Check with your insurance carrier to see what kind of homeowner policies they carry. (Here are State Farm, Allstate, and USAA, to name just a few.)

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