Lazetta Rainey Braxton is the co-CEO of 2050 Wealth Partners in New York

For many freshly-minted college graduates embarking on the road to financial independence this summer, the journey may seem daunting.

You undoubtedly have big dreams about the life you want to live and the money required to make it happen. We all aspire to be wealthy, but you would be wise to recognize early on that wealth is not restricted to a dollar amount. Wealth should reflect your contentment with your life, your choices and the resources you must manage in order to enjoy it. 

To that end, here are four steps to get you started.

 Step 1: Course correct, define your goals and set a budget.

You might be surprised to learn how many people have not been exposed to good personal finance or financial-planning practices. It affects even the smartest of us. After all, financial literacy was likely not a requirement in high school, and your college courses probably only dealt with financial formulas or economics. Like many, you may not have learned all you need to know from your parents.

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We can course correct by doing some upfront planning.

How do you envision your life to look like now that you are entering the “adulting” stage? How long will you rent before buying your first home? Is continuing education a factor, or do you plan to enter the workforce immediately? How might your lifestyle choices impact your overall contentment?

Once you know your goals, you can set a budget. Consider that your rent/mortgage may chip away at 32% of your overall income, for instance, and student loans may account for another 10%. The budget and how you manage it will determine whether you’re set up for success from the start.

Step 2: Learn how to turn income into wealth.

Benjamin Franklin famously shared, “Money makes money. And the money that money makes, makes money.”

Take this advice to heart. As soon as you can, and even with other expenses vying for your income, enroll in your company’s 401(k) plan. That will allow your dollars to start compounding and grow exponentially over your career. And if your employer offers a match, meet that match. It has been said many times before, but I’ll say it again: That company match is “free money” and we want to leave none of it on the table. 

Independently, set up your “rainy-day fund” with a money-market account, which is an interest-bearing account available online with interest substantially higher than savings through your local bank or credit union. Start with $25 or $50 a paycheck and increase that amount as you get a handle on your lifestyle plan.

In short, once you start earning money you want to put at least 15% of your income to work right away.

Step 3: Understand your benefits.

As a working professional, retirement-plan contributions are not the only employee benefits that are core to your financial plan. So make sure to get informed about–and take advantage of–all the benefits your employer offers. Many people leave money on the table by not signing up for all the benefits they are entitled to.

Of course, what you get will vary by employer, but generally these are benefits to look for. Group plans, such as health and disability (short-term and long-term) insurance, protects you from catastrophic medical expenses and ensures that you receive income if you’re not able to work. You also can save on medical-related expenses with tax-advantaged flexible spending accounts and health savings accounts. Some employees offer educational benefits, including student-loan payoffs, tuition assistance/reimbursement.

 Step 4: Maintain strong credit.

Credit scores follow you, and can define your purchasing power over your life. As you enter the workforce, it’s essential to understand which numbers you are working with and what they mean.

Pulling your credit report annually is good practice. You can get a copy free annually from the  three credit-reporting companies: Equifax, Experian, and TransUnion. Then keep track of your credit score with a free app, such as the one from Credit Karma.

At this early stage in life, if a missed credit card or other payment or two has caught up with you, working on increasing your credit score in advance of when you need it is essential. As a rule of thumb, you’ll want to stay above 700 to gain access to better interest rates that can affect anything from cars to homes as well as other large-ticket purchases that you will make down the road. 

Preparation and planning can have great impacts on our financial future. The biggest secret out there, is that everyone you know is figuring “it” out every day. Ask all of the questions you need, read everything you can, and rely on those who are happy to share their knowledge.

Write to Ms. Rainey Braxton at reports@wsj.com