<prompt> Human: Im about to graduate high school and Ill likely be leaving college with a mechanical engineering degree and about 50,000 in student loans, give or take depending on yearly scholarships I apply for. I know that the best way to create financial security for my family and myself later in life is to start early. So Im wondering, what is the most efficient way to pay off my loans and become debt free after getting out of college? and what should I invest in? Ive always heard of mutual funds and 401Ks but I dont actually know the reality of how they work. Does anybody know of any good, practical, and realistic books out there? Should I consult a legitimate financial advisor soon?  <response>: While youre in college Use the gym, good correlation between physical and mental fitness Make use of mental health resources should you need them campuses often have free resources available Make use of tutoring, should you need help there are resources Find a campus job, this will let you earn your own pocket money and help offset your needs from your loans some As someone suggested look into being a RA, free room and board is greatIf you do your masters fight to get a graduate assistantship. It pays for a lot and often gives you a stipend. There is a potential to have your degree for free or at least significantly reduced cost.After college Emergency fund: Build up an emergency fund of about 3-6 months. It should cover all of your expenses during that time for finding a new job. Budget: Set it and stick to it. If it needs adjusted do so. Figure out what isnt important to you and trim it to acceptable levels. Housing: Either with roommates or alone try and live simply, helps save serious Food: Limit eating out and start cooking. Daily lunches of 7 add up over the year and throw in drinking and partying and it gets expensive. Dont NOT eat out with colleagues or friends, just limit how often. Investing: Always do what you can to meet your employers 401k match then max your yearly ROTH IRA. After that max your 401k. Beyond that you can invest in individual stocks, index funds, or targeted retirement plans. Debt: Depending on your interest rate paying off debt may have a higher ROI return on investment than additional savings to 401k or personal investing. Find a good payment plan that works for you and work on paying down your debt. Fun Money: Hey, youve worked hard to earn what you get and deserve to enjoy it. Make sure you budget some money each month so you can enjoy life. This should be considered part of your guilt free money.Ultimately you should try to minimize expenses if you want to try and pay down your debt fast. Making sensible decisions is key. Yes, maybe you can afford that new BMW, but do you really need it? You can pay 14 for a Toyota that is more reliable and cheaper to maintain. 