Thanks for voting!It’s hard enough getting through your teen years. To be honest, we’re still trying to figure out how Greg and Marsha Brady ever made it.
Then you hit your twenties and all of the rules change. It’s like you’re playing a brand new game, and there’s no rule book – no guide to tell you how to navigate the next steps. New place, new job, and no one to blame if you find yourself in a financial pickle. Erin Burt knows there are a lot of mistakes you can make when you’re first starting out. Here are the four pitfalls she thinks are worth mentioning. The bottom line: don’t procrastinate. Get your financial future in order now.
Think about how much easier it will be if you start saving now; it requires a lot less work, time management and effort. It’s a hard truth but the days of getting away with writing your college assignments an hour before class are over. You can’t put off saving money the same way you burned the midnight oil typing like a fiend to get that research paper done. Well, you could. But you’d miss out on the magic known as “compounding interest.” Many savers will tell you what they regret the most is waiting too long to become a saver. Of course, this can be a real issue when there are such tempting things as lava lamps that need to be bought for your new place. But sometimes you just have to sacrifice your wants for things that you need. And no, the bean bag chair is not a “need” either. Take a look at Erin’s tips for avoiding rookie mistakes, and prepare yourself to be rookie of the year.
Tags: Savings
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I am totally with Erin’s suggestion. Doing the right thing at the right time always makes not only common sense, money sense. Not many would go for diversifying since many are reluctant at this volatile market to even take their money out from banks. Reducing the taxes and having essential debts always keep more money in the pocket to use for something else or savings. In a way, being your financial planner(check out this blog, http://www.moneyreallymatters.com/content/be-your-own-financial-planner) is the way go.
Yep, one of the smartest moves I’ve ever made was getting my financial future in line. I’m in college but things are moving along great. I have two credit cards, but both are always paid in full. One of them offers cash back so I charge my groceries and such on it then pay it bi-weekly in full. Then the cash back goes into savings! The money that would’ve been used to purchase those goods is earning interest in my Electric Checking.
Otherwise, I put away $200 a month towards my student loans now so they are paid off in full every school year. So my debt level is either always very low or not at all. I also have several thousand in an emergency fund, yielding interest.
Next year, I’ll open up a Roth IRA and start putting money away into it. By then, I’ll have one year left of my undergrad studies and then it is off to grad school (part time) while working. Ing has really help me get things together, I wish I found out sooner but I have more than plenty of time to capitalize on!
Hi, this is in French, but I thought it was really funny.
Ceci explique pourquoi les banquiers de la question précédente n’ont jamais de lingots sphériques.
Et aussi pourquoi dans les espaces à beaucoup de dimensions les marchands d’oranges occupent beaucoup de place pour empiler peu d’oranges.
It’s kind of an oblique reference to ING.