For a steel shaft, a tubing cutter is the best way. You get a clean cut perpendicular to the axis. You'll need to have a hardened wheel that can handle the stainless steel. For high production volume shops a cutoff saw with an abrasive wheel is typical.
For graphite, a hacksaw with an abrasive blade works well.
If you want to know how much to cut off, you can get basic recommendations from whoever sold you the shaft.
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You should simply mark the desired length, and then using a rotating saw and being careful you should cut just below the marked line. You should then use a sander to smooth off the shaft to the correct length, and then you are ready to put your shaft into your club.