This is great advice — I wish you could come to our office to deliver it in person to our jr analyst, a year out of college and spending down to his last dollar each month on a Porsche, trips to Vegas, the works! A couple of bits of advice that I would add are:

1) Establish a rainy day fund early on, equal to at least six months worth of your expenses — and keep it in cash or cash-like investments (CDs, money market, etc).

2) Regarding your comment on ‘flash’, keep in mind that the greatest luxury in the world is having the financial security to tell your boss to take a hike!