2. Set Goals

Create a list of short and long term financial goals. Set your goals according to your norms like how much would you like to spend for expenses in the near future like your wedding or your first car. It may seem pointless to prepare a list of long term goals with a career that is just taking off. But the list will give you perspective of how you'd like things to shape up. Some of your long term goals can be buying a home, retirement and emergency fund. Setting such goals will help allocate your money accordingly.

3. Calculate the Risk You Can Take

Young people have different risk tolerances than older investors. Individual investors have different degrees of risk taking ability. There are online quizzes you can take that will help you determine your portfolio. So you must calculate your assets and the risk you can bear. Knowing the limits of risk you are ready to take and communicating that clearly with your advisor will help you along the way.