As college grads enter the workforce this fall – and I know it’s a painfully tough year for jobs, so hang in there! – here’s my advice for making the most of your first official 9-to-5 post.

First things first – enroll in your company’s 401k retirement fund, if available. I would max this out each year if you have the financial ability to do so. This year the max is $15,500.  If you don’t want to max, at least aim for 10%. And if your company has a matching policy – that’s some free money on the table!

Then, open a traditional IRA at your bank. This supplement retirement account will, like your 401k, let you deduct contributions from your taxable income. The maximum contribution this year is $5,000.

After that, if you have at least $5,000 left to start a stock portfolio, as well as the interest and time – go for it! Keep it diversified (duh) across various asset classes and sectors. Five thousand dollars ia a good start for about five stocks, per Jim Cramer who wrote the investing section for my book You’re So Money.

If you don’t have time to follow your investments (like most folks) take a fund approach (ETF and mutual) or work with a recommended portfolio manager that charges a flat management fee.

Outside the stock world, now is a great time to buy a home – if you have the capital, cash flow and job security, which it sounds like you do.  To get the best interest rate on a mortgage, banks are preferring those with credit scores of 740 or higher. Buying real estate was the best investment I ever made out of graduate school and, even with the current housing market, my home is worth more today than it was in 2004…and in another 10 years, I can’t wait to do the math! Where to start? Start scouring the Sunday real estate pages and hook up with a local realtor. Spend the next 3-6 months educating yourself about the real estate market. Ask your parents, ask co-workers, relatives, friends, anyone who’s been through the process for their “what I wish I had known” advice. In the meantime, start saving enough to have at least 20% for a downpayment and get pre-approved for a mortgage when you’re close to shopping around. Curb the spending and eliminate credit card debt before applying, too, since you want to have a solid credit score in the 700s to earn the best interest rate.