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Graduation...now what? How high school, college grads should handle summer money

Money expert Ja'Net Adams says one of the biggest mistakes grads make is working full-time over the summer and spending it instead of saving it.

GREENSBORO, N.C. — Thousands of high school and college graduates have walked across the stage and received their diplomas, but what now?

It's normal for recent grads to feel a little lost about how to take on their new adventure whether it's college or their first job.

Money expert Ja'Net Adams has some advice for what those grads should be doing this summer to get ahead.

Recent high school graduates should get to work

Adams said it's time to get a job! This money should be saved for college books, tuition, or an apartment if they're planning on moving out on their own.

"The biggest mistake you can make is working 20-40 hours a week this summer and only having a few hundred dollars to show for it because you spent it all," Adams said. 

College graduates need to stay in control

For many entering the workforce, it's the most money they've ever made, and it's tempting to spend it. Adams said this is not the time to financially lose your mind.

"Many college graduates make the mistake of renting a two-bedroom apartment or buying a new car not understanding what their true take-home pay will be or that their student loan bill will be coming to them in six months," Adams said.

It's best for college grads to take everything slow and be responsible with that new income.

After graduation, it's also important to give back 

"You did not get where you are by yourself. There was someone that helped guide you," Adams said.

Adams recommends finding someone you can mentor, help someone find scholarships, reach out to someone you know in college, and help them land an internship.