Don’t spend more than 30% of your income after taxes on rent. In fact, split your income 50-20-30. That means 50% goes to rent, food, and transportation altogether, 20% goes to savings, and 30% on what you enjoy. Or what about diving head-first into credit cards? Your parents might tell you it’s an excellent way to build your credit, but that’s only if you’re responsible with that magic plastic card.
If I could go back in time and talk to myself at age 22! Not to sound like an “old guy dishing out all my wise advice to the youngin’s - heh heh,” but if you can still avoid some common money mistakes people make in their 20s, you’ll be doing yourself a big favor!
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TIMESTAMPS:
Trying to keep up with the Joneses 0:25
Buying an expensive car 0:53
Over-spending on rent 1:32
Moving to the big city 2:07
Overspending on food 2:33
Diving head-first into credit cards 3:05
Not caring about your credit history 3:37
Not planning for retirement 4:19
Not taking student loans seriously 4:59
Ignoring insurance 5:51
Cutting financial corners in all the wrong ways 6:20
Avoiding calculated risks 7:08
Not discussing money issues with your significant other 7:40
Getting pets 8:23
Impatience 8:54
#money #moneymestakes #brightside
SUMMARY:
Chances are some people who are living their dream in debt up to their eyeballs. Don’t try to keep up with the cool kids if it means owing the bank a bunch of money, plus interest!
Unless you’re doing it for an awesome well-paid job you’ve been offered, think twice before heading to a major city.
Fast food might seem cheap, but when you compare it to cooking at home and packing leftovers to work for lunch, it’s a waste.
It’s best to wait until you’ve got a decent job and a reasonable head on your shoulders than to get a card, not make the payments on time, and ruin your credit.
Make all your payments on time, don’t open too many accounts at once, and keep the amount of credit you actually use as low as you can compared to your limit.
The sooner you start putting money into a 401(k) or some other retirement account, the more time this money will have to gather interest and grow into some serious cash for your golden years.
Although it’s nice when you can avoid taking out student loans in the first place, the sad truth is a lot of us are stuck with them for YEARS (even decades!) after we finish school.
Renter’s insurance will save you tons of money in case of a fire, flood, or break-in.
If your pay is really so miniscule that you can’t feed yourself, then it might be a good time to negotiate your salary look for something better, or even come up with a good side hussle…
Yes, changing jobs is a risk, especially when you need money! But if there’s a skill you’ve always wanted to learn - do it now.
It can seem uncomfortable to talk about money with your partner, but you have to do it if you plan to get serious with that person.
Pets come with a whole slew of financial obligations, so only get one when you (and your bank account) are absolutely ready.
The biggest mistake people in their 20s make, is thinking they should have their financial and professional life already in order.
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5 окт 2024
