Finance coach alum has a message for new grads: ‘Don’t sell yourself short’
April 23, 2025
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Managing student debt and finances after college can seem like a formidable challenge for new graduates.
Michelle Velasquez (BS ’05, MA ’09) knows all about it, and opened a financial consultancy, Virtuous Wealth Building, to help people overcome their financial hurdles. “I had $57,000 in debt after graduate school,” she says. “If I can get out of debt, you can too.”
A frequent public speaker and podcast guest, Velasquez started her career in law enforcement, but a financial wellness course offered by her employer inspired her to do some part-time financial coaching. She realized how much she enjoyed helping people, especially Latina moms, take control of their financial situations. “I started with Latina moms because the women that were gravitating to me were like myself,” Velasquez says. “One of the common problems Latinas face is we often do not grow up in homes where we are coached about retirement accounts or real estate. We’re coming in blind. Our parents sacrifice to put us through college, and then we have to navigate on our own.”
Here are Velasquez’s tips for helping college graduates take charge of their finances.
Assess your financial situation broadly
One of the first things Velasquez will do with a client, and something that is especially important for recent graduates, is to take a hard look at the numbers, and do a global assessment of expenses and personal finances. “What do we owe on credit cards? What are the [interest] percentages? What do we owe on student loans?”
It’s important to be realistic and consider expenses beyond the obvious ones, like rent and transportation, she says. Smaller things like eating out, entertainment, or getting a coffee out with a friend can add up over the course of a month and derail a budget if you don’t account for them.
Ask, ‘What’s my motivation?’
Whether it’s purchasing a big-ticket item like a car or securing a mortgage for a home, clarifying your financial goals can help you set priorities and create a strong incentive to meet them, says Velasquez. “If you know why you want to do something, that why is going to motivate you.” On the other hand, a lack of clear goals can weaken your resolve. “There are students who just say they want to save money, and I ask them, save for what?” Velasquez says. “People who don’t have clarity on why they are saving are more likely to dip into their savings as they don’t have that motivation.”
Velasquez recommends a 10% rule for putting money aside for future goals. “When I coach students, I ask, for every $100 you make, could you live on $90? And the answer is almost always yes.”
Play the long game
New grads who are beginning their careers enter a new financial phase of their lives. “Students may not be used to having money, and now they’re making a regular salary, so it’s important to learn about the benefits of thinking long-term,” Velasquez says. Retirement accounts rack up compound interest over years, which is one of the best financial force multipliers available to those looking to build a nest egg. “Look at employer benefits, like matching contributions on retirement accounts, health savings accounts, and flexible spending accounts.”
Know your worth
Students just graduating from college may undervalue themselves in the marketplace, despite having desirable skills and experience. “For example, if you were a leader at school, if you managed a team, or were a mentor, you know how to manage,” Velasquez says. “You can monetize that in negotiations.” If there is a known salary range for a position, ask for the top of the range. “If they say they can’t afford that, ask for other forms of compensation, like extra time off, or company stock. Don’t sell yourself short.”
