I am 22, and would like some old wise owl information on saving money, credit cards, school loans. Any financial help since time is on my side. So what should I do now to secure financial health later?
What makes you say %26quot;I wish I knew then what I know now%26quot;?
I agree with engineer. Starting a savings plan at a young age, and having the will power not to touch it. I once calculated what I%26#039;d have now if I%26#039;d started saving a small amount each month at 21; I%26#039;d be financially secure for my entire old age.
Credit cards are only for emergencies, and for situations where it is required (renting a car, etc.). If you don%26#039;t have the cash, you can%26#039;t afford it.
Don%26#039;t be seduced by the %26quot;new car smell;%26quot; getting used cars is fine. Don%26#039;t get the latest electronic trend; its price will drop precipitously in a year or so.
Only use student loan money for necessities; don%26#039;t be fooled into thinking it%26#039;s %26quot;mad money.%26quot; Start paying it back immediately upon graduation.
What makes you say %26quot;I wish I knew then what I know now%26quot;?
The importance of early, regular investing.
What makes you say %26quot;I wish I knew then what I know now%26quot;?
It%26#039;s never too early to start saving for retirement. Max out 401K if your employer offers it, and an IRA.
Live below your means and keep a nice cushion of funds in a savings account.
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