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It’s that time of year again when just about anybody, but mostly aging old farts like me, wax philosophically about what to do, and what not to do, to any high school or college graduate they know.

I’ve attended my share of graduations and was always struck numb, as in bored to distraction, by the platitudes spouted by guest speakers. You know what I’m talking about — the whole "Now go out and change the world for the better" line of BS. Sure, we should all strive to make life better for everyone on Earth, but doing so is a whole lot easier, and more effective, when you’re not in debt. While not as flashy and hip as the leader of U2, in my mind the graduates of the Class of 2006 would be better served to heed the advice of a Warren Buffett than a Bono Vox.

So, although no one has actually asked for my opinion, here is my own little list for those now making the transition from living off Mom and Dad to becoming a working stiff.

1)  Get a real job — No, wait, make that two jobs.

Pick a field and get yourself an entry-level position. If you switch to a different field in the future you’ll be all the better prepared because of this job. Don’t give me that "I can make more money waiting tables than as an entry-level reporter at the Portsmouth Herald" routine. True enough, so quit your bitchin’ and get yourself a second job — at least part-time — in the local service industry. A buddy of mine, otherwise a pretty bright guy mind you, never took that entry level biochem job because being a waitron paid much more — $500 versus $350. Now, 20 years later he’s still making $500 a week turning tables while the guys and gals who took that entry-level job are easily topping out at more than $900 per week, have medical and dental coverage, three weeks’ paid vacation, and a matching 401K retirement plan.

Learn to live off one job, and save everything from the other for stuff like a home, furniture and vacations. Don’t piss away your second job’s income on lame stuff like buying CDs or taking your honey out for fancy dinners.

2)  Start saving now for retirement.

I know you think you’re too young to wrap your head around this, but a little number crunching will help make my point. The dude who starts socking away $100 a week in a Roth IRA (or better yet company-matched 401K) by age 25 will likely accumulate close to $300,000 more than the dudette who does the same thing starting just 10 years later at age 35. Come to think of it., that sum will be closer to $500,000 when adjusted for 50 years of inflation. Compound interest — after unconditional love — is probably the most important concept you’ll ever learn.

The days of working for one company (and getting paid a pension after retirement) ended with my father’s generation. Pensions are pretty much a thing of the past for working-class heroes like you and me, and as far as Social Security goes — don’t count on it covering much beyond your weekly supply of Depends adult diapers.

3)  Don’t fall for the credit card trap.

Oops too late. Some of you, I’m sure, have already slapped down plastic instead of cash for that spring break trip and final kegger bash. Using a credit card to pay for things you can’t afford is the equivalent of burning your paycheck instead of depositing it in the bank — you end up working for nothing. I know we live in a culture that says "Yes" to everything, but learn to say "No" now to all those unsolicited letters appearing in your mailbox that want to stroke you like a masseuse at the old Danish Health Club.

4)  Save up for big purchases.

Just because some bank, mortgage or car company is willing to loan you money doesn’t mean you should take it. Those "No Money Down" deals are meant to make the banks money in interest, not to help you afford an overpriced house. Learn to go without while saving some serious cake for your first car, then for your house or condo. Putting $30,000 down at signing will save you twice that amount over the course of a 30-year mortgage.

5)  Get the hell out of Dodge — now!

I always thought I couldn’t afford to travel, but boy was I wrong. In 1989, I spent a month in Mexico, off the beaten path in Copper Canyon and on the Baja, having the time of my life. In 1990, I spent a month traveling in Guatemala and Belize. Both trips cost me less than $1,500 (including airfare) and both changed my life in some pretty amazing ways. For starters, check out the Lonely Planet tour books Web site at www.lonelyplanet.com.

Forget Travel & Leisure and lifestyles for the rich and famous, and think budget adventure instead.

Do as I say, not as I did

Now at the ripe age of 44, I realize that it took me some 20-odd years to learn the above lessons. I’m still crawling my way out of a pile of debt that I allowed to linger as monthly balances for most of my adult life — starting right after college.

How did this happen? How did a relatively smart guy with a decent college education make such stupid financial mistakes? Mostly, I just lived beyond my means. I paid the minimum due each month on my credit cards (most of the time) while continuing to buy, buy, buy all sorts of crap that I really didn’t need, but more importantly could not afford.

I’ll never forget the advice my first boss, editor Ralph Hall at the York County Coast Star, gave me in 1992 when I purchased my first new car — with no money down. Asked how I could afford to buy a new car on what he was paying me, I said I’d work a second job as a waiter to cover the monthly payments. "Michael, If you can’t afford to live on what you’re making now, you’ll never be able to afford to live on what you’re making in the future," said Ralph. "You’ve got to change your way of thinking."

Twenty years later, probably $10,000 in wasted interest payments gone by, and I’m only now making that change. Those $10 G’s sure would have made a nice downpayment on a condo, huh? A year from now — knock on wood — my credit card debt will all be gone and I’ll start saving for a home.

So, take my advice dear graduates, and do as I say, not as I did. Learn to live within your means. Start out lean — with a monthly budget based on reality — and you’ll be able to save the cash you’ll need to make the big buys down the road, paying less for more later.

If you’re prone toward making bad decisions, like I’ve been, focus now on changing the way you think about money. You’ve got the rest of your life to change the world.

Michael Keating is managing editor/ features at Seacoast Media Group.