The Young Man’s Get-Rich Plan

Contrary to what Kanye West says, most women aren’t gold diggers. But your empty wallet doesn’t exactly make you a catch.

A new study from Princeton University found that men who lack material wealth—particularly a car, a house, and financial assets like mutual funds—are less likely to get married than guys who are more fiscally fit. That’s because doing grown-up things, like making your car payments on time, tells women that you’re responsible enough to raise a family, and because both having a wedding and feeding a baby simply require a hefty reserve of cash, writes study author Daniel Schneider, a Ph.D. candidate at Princeton.

Of course, a down economy means it’s harder than ever for guys to get their post-college financial life in order. But here’s how an eligible bachelor can make the most of what he’s earning and keep his personal wealth in the black.

1. Pay Off Your Credit Cards
According to student loan giant Sallie Mae, half the undergrads in America had a credit card in 2008, up from 32 percent in 2000. “Since the big banks are tight-fisted with loans in the current economy, pay off your credit card balance with a lower-interest loan from a small community bank or credit union, ” says Karen Blumenthal, author of The Wall Street Journal Guide to Starting Your Financial Life. Find a credit union near you by searching the National Credit Union Administration.

2. Start an IRA
Though your 60s might seem like a far way off, it’s smart to start building for your retirement as soon as you land a job out of college. A Roth IRA lets you invest without having to pay a capital gains tax when you withdraw the money, and the big fees you’d have to pay for a pre-retirement withdrawal will keep you from dipping into your savings. Plus, “many inexpensive mutual funds will waive the minimum [fee] if you commit to investing a little each month, even if it’s only $50,” says Blumenthal. Look for a fund with a mix of around 60 percent stocks and 40 percent bonds to help cushion the volatile market.

3. Fine-Tune Your Cell Phone Plan
Want to find some extra cash? Websites like Validas and Billshrink analyze how you use your phone to help determine if you’re overspending on an unlimited data plan or should upgrade your text message limit. “Even if you’re in the middle of your contract, you can upgrade or downgrade your carrier’s plan without any penalties,” Blumenthal says.

4. Cut Excess Spending
You shouldn’t be staring at a single-digit checking account balance every month wondering, “Where did all my money go?” Many banks now let you use their websites to sort purchases made each month into categories like “food,” “utilities,” and “entertainment.” “If your bank doesn’t have that setup, you can sign up for a site like Mint.com that analyzes your spending for you,” says Blumenthal. Use the graphs to see if you really want the biggest slice of your paycheck buying HBO and Netflix and Hulu Plus and NFL Sunday Ticket. Spend Sundays at your buddy’s place instead—your wallet will thank you later.-Mens Health News: