First thing you want is savings that would cover your living expenses for 6 months. You may not find a job right out of college. Maybe you want to go to graduate school, need a down payment for a house, etc. Once you have that covered, then consider contributing to an IRA. Nothing exotic, an index fund is fine until you learn more about investing. Never invest in anything you don't understand. Small regular contributions (dollar cost averaging) is better than investing in one big slug.
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