So you have finally made it? All those long hours of studying hard (with a little partying here and there, of course) and building a respectable resume have finally paid off. You have a sweet gig at a great company. You are making the money that you deserve and you have a great list of employment benefits.

So what do you do now? Buy a home? A fancy car? Vacations in exotic and luxurious destinations? All of these are great ideas, but there are 3 top priorities for all young professionals when it comes to getting their personal finances in order.

Save For Emergencies

Everything may be looking up at the moment, but life is full of surprises and not all of them are good ones. Whether it is an accident, a death in the family or an economic downturn, life's unexpected events can quickly take the wind out of your sails and put you on the defensive.

This unpredictability is why it is essential to quickly put aside a solid emergency fund as soon as you get that first position in your exciting new career. This does not need to be a lot of money, but it should be enough to see you through a few months of no income. Not being able to keep up with your expenses can mean damaging your credit rating, taking jobs that you are overqualified for or having to let go of valued possessions.

Pay Down Expensive Debt

There is nothing inherently wrong with borrowing and owing money; capitalism is built on it. However, big debts with high interest rates will hammer your ability to save for your retirement and enjoy your day to day life.

As you grow up, you should be getting better at not spending all your money on the latest gadgets and gizmos and living from paycheck to paycheck. Learn to control your spending habits and start weaning yourself off credit cards and other high interest debt. Start saving up for big ticket purchases instead of buying them right away and then paying them off for years.

Start to Retire Today

Retirement saving is a major issue all around the modern world. Very few people start to save early enough, and even more people underestimate just how much they are going to need.

However, the general principle behind having enough saved to retire comfortably and early is very simple: it is called compounding interest. Compounding interest works by taking the interest you earn over one period and reinvesting it in the next period. Therefore, you make interest on the original amount and interest on your interest. Start saving early and reinvest your investment income to ensure that you can retire on time and enjoy the kind of lifestyle that you have become accustomed to throughout your retirement.

When planning for your retirement, you are dealing with two options for storing your savings: the IRA and the 401k. The 401k is an investment vehicle that is provided by an employer, while the IRA you set up for yourself. IRAs tend to be more flexible in what you can invest in, but there is a limit to how much you can invest per year ($5,500) until you are 49. The really important key, however, is that many employers will match a share of your contributions to your 401k. Therefore, if you have an employer who matches your savings in the 401k, then you should make the most of this potential.

You also need to decide between paying taxes now under the "roth" version or paying them at the end under the traditional sort, which will depend on the amount that you are saving, where you will be in terms of tax brackets over your professional career and your expected rates of return. It is best to consult a financial advisor to deal with this complicated issue, as they will have the tools and expertise to ensure that you make the best choice for your unique situation.