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Graduates are Collecting Diplomas, But how Sound is their Financ - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Graduates are Collecting Diplomas, But how Sound is their Financial Future

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Employers anticipate hiring about 8% more graduates from the class of 20-14 compared to a year ago. With a large percentage expecting to find a job in their chosen field. Valley News team's Eric Crest finds out how prepared these grads are for the future financially.
Emma Vanvalkenburg is making some huge strides. On Friday she even got to address her classmates during MSUM's commencement. She can handle public speaking and is not shy when it comes to her uncertain financial future either. Especially considering she's already thousands in debt.
"Anywhere from 40 to 50 thousand," Vanvalkenburg says.
That's where financial advisors like Parker Vander Wal of Waddell and Reed Financial Advisors can fill in the gaps.
"We don't have a lot of doors being knocked down from college students saying I need to talk to a financial advisor about my future," admits Vander Wal.
Vander Wal says grads need to consider paying off their new debt and saving for the future at the same time if they want to retire comfortably.
"To try to balance these priorities is tough but the sooner you can address them the better off someone would be down the road," says Vander Wal.
If a 22 year-old graduate put away 10 thousand dollars today and every month they saved just 200 bucks from their paycheck, in 43 years they would have just over a million bucks. The experts say these grads should be looking for employers that will match those savings too. Because while time can hurt you it can also help.
"One of our greatest assets is time. The sooner we get started and put money away the better off we'll be down the road. It's simple but the concept doesn't resonate with a college student," adds Vander Wal.
But don't think too hard about all of this financial jargon today.
"I don't have any money put away for retirement cause I am in debt. But I have thought about it. It needs to start at an early age as soon as possible," says Vanvalkenburg.
Because many of these young adults with diploma in hand still have a to find an employer.
According to the consulting firm Accenture, about 11% of students graduating this month will already have a job lined up. 
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