College graduation is rapidly approaching for many students. Soon, graduates will be starting new jobs, and learning about how to operate in the “real” world. They will be leaving internships and classes behind and trying to figure out how to navigate the pitfalls of the modern workplace.

Money decisions need to be made at this point, including what to do with the money that is being earned. One of the most important decisions is to decide to invest in a tax-advantaged retirement plan, like a 401(k).

If you want to outlive your money, it’s important to take advantage of youth and time. However, it can be daunting to handle the decisions that come with a 401(k). Kevin Gahagan, CFP, CIMA, and Principal of Mosaic Financial Partners, Inc. offers four mistakes that young professionals often make. If you want to make the most of your 401(k), avoid this pitfalls:

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“This is most likely the largest financial investment you’ve ever made,” Chicago real estate attorney John R. O’Brien says.

When you buy a home, you are making a huge commitment. On top of that, buying a home is a complex transaction, requiring titles, insurance, escrow, and there are usually a number of players involved. As a first-time home buyer, things can become overwhelming.

If you are planning to buy a new home here are 7 essential tips to ease the process:

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Our tax code is large and often confusing. There are so many provisions that many of us don’t come close to knowing them all. Instead, many of use hire accountants to help us do out taxes.

It’s easy to skip over a tax we don’t know about, as well as miss deductions and credits to which we may be entitled. One of the things you might be missing (intentionally or not) is what is known as the “use tax.”

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One of the issues with new wealth is that it can provide you with a feeling of giddiness. If you’ve just graduated from school, it can be a heady feeling to know that you have a lot more money coming in.

Sometimes, the difference seems so big that you lose perspective and begin spending money at will. When you’re so rich now, it seems as though you’ll have plenty of money to do what you want.

Unfortunately, this wealth effect can lead to poor financial behaviors — and even to debt.

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My husband is reluctant to apply for full-time professor jobs. One of the things holding him back is something that, as someone with a Ph.D. in Psychology, he is well aware of. It’s called Impostor Syndrome.

“I feel like I’m wearing a mask,” he says. “My students, and even many of my colleagues tell me I’m great, but I sometimes I feel like a fraud. What if I’m not as good as they say I am?”

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One of the great traditions is the summer vacation. The kids are out of school, and many parents have saved up vacation days or flex time that can be used to go on vacation.

Unfortunately, a summer vacation can get a little expensive. Whether you drive or fly, you need to come up with the funds to pay for your excursion. You shouldn’t go into debt for your summer vacation, though. You should come up with a plan to save up enough money for a summer vacation.

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One of the more interesting bits of data to come to my attention recently is the implication that young professionals are confident about their chances for a comfortable retirement.

State Street Global Advisors released the results of a survey that indicate that 82% of those under the age of 25 are “somewhat” or “very” confident that they have enough for retirement.

This is a stark contrast with those who are older, who are much less sanguine about their own chances of outliving their money.

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It’s true: Kids need to learn about how to manage their money, and teens need to learn how to properly use plastic. When was the last time you counted bills out to a cashier to pay for something? You really expect your teens to function well in a mostly-cashless society without practice with plastic?

So, while teaching teens to manage their money with the help of plastic is probably important, the next issue is whether or not a prepaid debit card is a good idea. And, on top of that, you need to ask yourself whether or not a prepaid debit card endorsed by a celebrity a good idea.

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