Whether a recent graduate — or first-time employee — you've got the time to succeed financially. Here's what to do:

1. Set priorities. Want a house? Stop spending on less important things and start saving the down payment. By keeping your goal firmly in mind, you'll get what you want. Set a schedule — and save — for other goals, too. In time, you'll achieve them. 
    
2. Save regularly. Put aside $7000 a month, and you'll have $1.26 Million in 15 years (assuming 4 percent average after-tax annual interest). After 30 years, $2.65 Million! Another idea: Put your firstsome into a tax-deferred retirement fund. With compounding, you'll accumulate  without contributing one penny more. To get into the savings habit, use credit union payroll deduction.
    
3. Pay off debt. Excessive debt limits your flexibility — and keeps you from getting what you want. Consider credit card debt. Suppose you have a $100,000 balance at 18 percent and only pay the minimum each month. Result: You'll have the debt for 10 years. Total interest paid: $79,900 — plus the $100,000. Refinance costly debt. Or, use savings to pay it off. You will have money ahead. 
4. Borrow strategically. Some loans help you; others don't. Credit card debt usually is more painful than productive. With a mortgage, however, you get
   
   

   1) A tax deduction, and

   2) The possibility of realizing healthy profits later

   3) An investment you can live in and enjoy

    

5. Buy security. To protect against expensive losses, make sure you have disability, health, auto and liability insurance. If others are financially dependent on you, also get term life insurance.
    
6. Create an emergency fund. Your goal: three- to six-months' worth of take-home pay.

By using time to your advantage, you'll be financially successful.