Sep 22, 2017

According to CEE (Council for Economic Education)—in the United States, around 17 states exist which require students to opt for personal financing courses in high schools. However, only a handful from these schools, require any kind of testing on it. This is why we lack expertise when we tackle financial issues in real life.  

When you are young, you often knowingly commit some mistakes, which if avoided, could have saved you from a lot of stress and financial troubles. Here are some financial tips that are going to be a huge help to all young adults.

Don’t think about skipping college

We understand that your dream job or career might not involve having a college degree, but don’t give up on college that easily. Believe it or not, you will regret it later on in life. When you enroll in college, you're automatically making a financial investment. The first advice should hence be—even if you can’t afford college, work part time and try your best not to skip it.  

Find out your purpose or ultimate goal in life

When you face serious questions in your life, such as life goals, or the purpose of living, it’s natural to get scared. However, if you get scared enough to give up every dream without ever knowing what it was in the first place, you will always remain stuck in the middle of nowhere.

Try to search within yourself and find out what you want to do in life. You were born with some very natural talents and abilities. You know what subjects you lack in and what subjects you might excel in. Actively seek your goals and try to make a career out of your interest, instead of being stuck at what others think is best for you.

Start retirement planning when you start your first job

This tip is extremely important. Many young people never even think about retirement, assuming it to be an unnecessary burden at the start of their careers. It’s suggested that as soon as you sign the contract for your first job, consider the company’s old age policies and benefits at once.

If you find that there are no such policies, make a habit of diverting some of your paycheck towards an IRA. Before you know it, you will be crossing the upper age limit and one day, you will find that you have grown old. Hence, it’s best if you arm yourself properly by keeping some funds aside for old age.  

Spend your money wisely

In America, a millennial’s spending habits are simply nail biting for all financial advisors. You simply have to understand that you have to value your money. Money is what you earn by giving hours of extra work and determination, so why would you want to spend it on places that are unproductive? Remember, each time you spend or receive money, you have to be careful in placing it. Each acquisition is a trade-off; spend your cash wisely.

Thanks for Signing up for ConsumerHacks™

You are now a certified Hacker!

Make sure you add our email to your address book: