You don't have to live like a college student once you graduate, but remember you are a working-class professional, not a rap star. Set a budget and stick to it. Determine your needs and wants, and set some money aside for an emergency. It may seem like you are about to win the lottery, but the reality is much different.
Buy a house if you want to, but remember most people change jobs after a year. In my circle of friends, some have had 3 jobs in 2 years. My wife and I (both pharmacists) also changed jobs within our first 2 years of our starting jobs. Location may not be an issue in SoCal, but in rural PA, your job options may be limited if you want to stay in the house you bought. And moving/selling is just another expense. sales commission at 6% of $310,000=$18,600... Not a welcome expense in your first year out of college.
Consider renting! If you make $125K/year, this amounts to roughly $3K after taxes every 2 weeks in California. A mortgage payment on a $310K house with 10% down is about $2500/mo after taxes, insurance, etc. You can rent nice places in many larger cities for much less than that. True, you aren't "building equity" but you really don't do that during the first few years of the mortgage anyway! My first home had an initial mortgage of $173K, now after 3 years, I still owe $167K - oh, and its rented out for less than market value in a town 90 miles away because I couldn't sell it in this market.
***If I could change 1 thing I did in my first year out of school, this would be it! Rent instead of buy.
Your car. If it works, keep driving it! If it endangers you or others each time it enters the road (as my 1989 Olds Cutlass Calais did!) find a reliable 3-4 year old used car (Accord, Camry, etc) from a reputable dealer. Or, better yet, buy the 2 year old car from your classmate for what the dealer will give her for trade-in when she upgrades to a Caddy/Jaguar/BMW (and $500 monthly payments plus tags, title, taxes, ins).
Student Loans. They were your friend in school, don't be a back-stabber just because you think you have moved on to better, classier friends. Spread your payments out as long as possible and invest any "extra" money you have in the market, T-bills, gold, the Euro? Any of these is better than giving the money back early.
If you must pay them back early, let me take assignment of your loans and give you 0% interest for 5 years. And while you are suffering to make your $670/monthly payment, I will be making your $191/mo payment and saving the difference, and by the time you have them paid off in 5 years, I will have $33,000 that you have given me, which at 6.5% interest, will pay off the rest of your 25 year debt obligation without ever touching the principal.
Also, get disability insurance! You should get life insurance too, but if you die, that's someone else's problem. Its much worse if you are disabled and can't work. I know a pharmacist that now works in WalMart's stockroom after his stroke incapacitated him. He had no disability insurance and has had to sell his home to avoid bankruptcy. Protect your future earnings with a good DI policy. Northwestern Mutual, MetLife, etc are good. Check their ratings with AM Best.
Financial advisers? meh... Look for a fee-only based adviser, if at all. Even then, they probably won't beat a good index fund. Only a small percentage (20%?) of highly-paid mutual fund managers do, if these people were that good, they wouldn't be working!!! Mutual fund and insurance salesmen (wolves) often wear "financial planner" clothing. They are still wolves. Buy mutual funds and insurance from them if you need to, but you will often find that the advice they give you is not in your best interest.
Any questions? PM me...
