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Blogger Brian Preston has some advice for college grads who just entered the workforce. First, take a deep breath and remember that the decisions you make now—financial or otherwise—will have an impact on the rest of your life. Here are two things to keep in mind as you start collecting those regular paychecks.

First, don't rush to make an expensive purchase. Just because you can afford to buy that sexy car doesn't mean you can afford the insurance payments. Try to live below your means now; the car will still be there later on.

The same is true of other big-ticket items. When you buy a house, for example, you don't just buy the walls. You buy the utility and repair bills that come along with it. So do your homework and make sure you can cover the ongoing costs.