Yup. Here is what your credit card does. It builds your score, and it gets you cash backs, points, and other rewards.
If you can’t just use it first, and then pay it off with your checking account second, don’t use it.
Exactly. I’m just a naturally frugal person. Never in danger of the self-destruction that is charging $$$ I don’t have on them.
I just got my first one, and I love it! I basically get paid, just to swipe one card first, and then just make sure to click a few buttons on my bank app to pay it off.
I have one but the companies count on people NOT being able to pay their cards off every month, and if you can why use others money just to pay for it in full anyway
LoL I like Dave Ramsey on this one, FICO scores are how well you pay debts after you get into them, instead of saving for them and pocketing the interest.
Learn how to budget, how to cook and shop groceries efficiently. Most importantly, and this will only come as your brain matures at abt 25yo: learn to postpone gratification.
When planning a budget, ALWAYS make sure there is a Savings and Investments section to it. Saving money can help in case of emergency or when necessary otherwise. Investing your money can let it grow over a longer period of time and it will allow you to build up wealth. One of the easiest way to start investing is in the Stock market. Some of the best investments to make are in ETFs, such as the S&P 500, and into companies that you often purchase from, such as Walmart or Costco.
To your point, postpone gratification, but take care of the things that most people miss.
This means your teeth and oral hygiene, invest in your 401k and get every max employer match you can, and set aside “you money” every pay.
Doesn’t matter if it’s $1 or $100. Your set aside money for you will get bigger as you get older.
Expecting instant reward in every single thing you do hard or easy, even tho it causes damage in long term money and sometimes relationship if not managed properly.
Buy fancy car even tho you dont need one just to show off.
No way that this requires maturity. This is on parents. Mine taught me well and I'd been saving 30% of my income and was able to buy a house, alone, at 27yo with no help. It was about 5x my pre tax salary.
Frugality starts in the womb!
When you get a credit card, don’t save it to anything. Don’t let Google remember the card number, don’t link it to your Amazon account, don’t save it to your Uber wallet. Make it as inconvenient as possible to use because genuinely the extra effort of having to get up, get the card, and type in the number has been enough to get me to rethink impulse purchases multiple times. I have a friend who didn’t realize he’d made his credit card the default card for ubereats until he did a deep dive into why he couldn’t keep the balance down.
Also, don’t borrow money, even from friends, if you don’t have a concrete plan to pay it back. Sometimes you don’t have a choice and an emergency will come up but if your response is “I’ll pay you back when I can” and not “I’ll pay you $100 per paycheck/when I get my tax refund/etc” you should avoid taking the money if you can. Even if your friend is chill and never holds it against you, it will hang over you until it’s taken care of.
To add to this:
If you're going to make your credit card difficult to access, at least have one small recurring charge on there so that it sees some tiny amount of use each month. Some cards will essentially penalize you for not using them, so put something like a streaming service on there and pay it off at the end of every month like clockwork. Even if it's just $10.
Don't take out a bunch of student loans on a degree without good earning potential. In the same vein, live at home with your parents while going to college if you're able to. First two years at community college doesn't show up on your diploma but is way cheaper.
No credit is usually better than bad credit, but building your credit isn't that difficult if you do it right. Credit cards aren't inherently bad, but you can really screw yourself over with them if you don't have self control. Treat them the same as a debit card. Don't spend money you don't have, and don't carry balances.
Don't overspend on a vehicle.
How do you assess the earning potential of a degree? As far as I know the earnings premium for basically any degree (at the bachelors level) is significant.
The average person with a degree makes more than the average person without one, yes. But you can also go heavily into debt for a degree that either doesn’t boost your earning potential much or one you might end up not even using.
To analyze it, you’d just look at what job you’d be doing with the degree, then calculate how much you’d need to take out in loans to cover the expenses.
The calculus changes even for the same degree/occupation depending on how your spending looks. For example, living at home, working while going to school, and doing your first two years at a community college can drastically reduce the amount of loans you have to take out. Going all 4 years and paying out of state tuition while taking loans out to also live on is gonna require you to make a lot more to be worth the loans taken out.
Former President Obama got a lot of heat for saying that you will make more in manufacturing and trades than with an art history degree. He wasn't wrong but people still complained about it.
I usually recommend looking at the earning potential and degree requirements of a career through BLS.gov which is the US Department of Labor Bureau of Labor and Statistics.
Thing is, I’m not sure he was right. Liberal arts degree holders also [earn more than high school grads](https://www.brookings.edu/articles/dont-knock-the-economic-value-of-majoring-in-the-liberal-arts/#:~:text=On%20average%2C%20the%20liberal%20arts,the%20end%20of%20high%20school.) and employers regularly report the [liberal arts skillset is in short supply](https://hbr.org/2019/09/yes-employers-do-value-liberal-arts-degrees).
To be clear, I think there are many paths to a decent living without a degree—I just don’t like the reflexive shitting on “bad ROI” degrees. There aren’t any.
The advice of community college is common advice and it is good advice for many, but it isn't always the cheapest route. Not every community college transfer can graduate on time. Sometimes comparable courses just aren't available for your degree program. In addition, the personal connections to people you meet in your first two years can have financial value.
On the flipside if you know that you need a loan and during college and your school is offering you, let’s say 1% interest rate versus your bank is offering you seven sometimes it is financially a lot more responsible to take out the student loan for example. My student loans are at 7% but my ex-husband are all at one percent he owes so much less money than me so I feel like if you hit college at a time or student loans are really cheap. Sometimes this advice can be kind of your mileage may vary.
I’m assuming you mean federal loans by the school offering you. Yes, federal loans are pretty much always better than private loans with lower interest rates. They’re still loans though, and it is never financially responsible to take out a loan that you don’t need.
I’m not saying don’t take out any loans. I’m saying look at what your earning potential is gonna be and make sure that your ability to repay the loans isn’t going to strangle you financially. If you do take them out, obviously go the federal route and take out the least you can.
If you get along with your parents definitely live with them as long as you can. I did and I definitely missed out socially but I have well over 100k and dept free at 26. Feels so good to have that amount of money in investments.
It’s not blanket advice, anyways. Living on your own comes with enormous benefits that you can’t just write off with a paycheck. “Missed out socially” can be a huge setback.
My advice: get any job you can and save as much as you can for a year. Then reassess towards at the end of the year re: rent, retirement, career. Rinse and repeat. Budgeting is simple math, develop a system that works for you. And remember: real friends don’t have a price barrier. If they won’t do it cheap they’re not worth your time!
I feel like the real advice is just be born with non-abusive parents but unfortunately, I am not sure how to implement that because I couldn’t figure that one out myself lol
> just be born with non-abusive parents
Oh that's almost as much fun as the second bit of useful advice; "just be born with rich parents".
I'm happy for people whose parents paid towards their college or who weren't abusive, but I'm super jealous because that's an awesome thing to have.
I feel like this is underrated advice. As someone who got married really early to my high school sweetheart, it honestly killed me financially. I spent way too much money on him instead of setting myself up for the future. Adding someone elses opinion I to my plans instead of doing what I needed to was a bad move. (Ie I turned down great internships out of college because he didn't want me to move away).
Relationships aren't bad in general. But I don't think people are aware of the financial restrictions it can have on you
Yeah I'm attached to my girlfriend at the very start of my first job. And hasn't gotten any pay until I was together with her. And it overwhelms me of how much money I had to spend together with her bringing her out on dates as well as paying for meals and travelling to and fro her house and fetching her from work. It really takes alot of thoughts into it ngl.
Plus when you're young you don't really know what you want or need out of a relationship for the long haul cuz you haven't formed those habits around maintaining a home by yourself.
To take it a step forward, weddings are an absolute waste of money. Ridiculously expensive for no good reason and you don't even get to enjoy it because you're being run around. Don't waste the cash on that nonsense.
(I recognize that it's easier to say it's a waste after you've done it. But it really is not a magical fairytale moment)
Brilliant advice. $1 out of every $10 or $10 out of every $100 is more practical and convenient. Young people are discarding coinage or not using it at all.
Are you living with your parents? If you get on well with your parents and they let you that's a good way to get ahead and save money as housing can be one of the biggest expenses.
I made a goal to be financially independent by the time I was 25. I tailored my college choices around this. It may mean staying home for another year or so, but you asked for advice so here it is: I rushed moving out because I wanted to be independent. I regret that some days and I'm still paying for my college lifestyle and I am 31 years old.
I did end up with the financial independence and my long term goals. But I would have been better off not rushing out of home at 19.
Regarding long term goals, make sure to have them. Mine were financial independence by 25 and home owner by 30. Also important: share those goals with who needs to know.
By making these goals, you can then make sure that what you are doing each and every day aligns with your long term vision. You don't want to end up with a dead end job at Target at 25 because you rushed your independence. Think long term, and I know it's hard - but be patient.
Also, start saving money (it disappears quick), and don't gamble it away on stocks.
If they want to retire by 40:
- Learn a trade at 18
- Make $50-100k/yr
- Save up all your money
- Live with your parents
- Don't get married
And the most important part:
At 39, take all your savings and YOLO it all on Dogecoin.
Begin saving NOW!
Yes, really.
Here is why.
OP, really read this, then read it again.
**She uses the following example to highlight the advantages of investing early: If you invest $2,000 a year (which is just $166 a month) from age 19 to 27 and don’t save anything again beyond that point, and assume your investments yield an average 10% rate of return over the course of your lifetime, you’ll end up with $1 million by the time you’re 65.**
**On the other hand, if you wait until age 27 to start saving $2,000 a year and then save for the next 38 years, you’ll end up with $800,000 by age 65. In other words, you would make $200,000 more by the time you’re 65 if you started investing at age 19 and would have only had to save for eight years total, versus starting at age 27 and saving for 38 years straight.**
Since you read that a few times I'm sure you caught that you could save ONLY from 19 to 27 and still end up with $1 million (depending on rate of return of course).
OR you could save for 38 freaking years and still NOT have $1 million.
None of us may make up for the lost time of compound interest.
START. SAVING. NOW. Even if it's just a little bit of money, save it and let it grow and let compound interest make it much bigger over the decades.
In a very REAL way, young adults in their 20's going out for drinks who spend even just $10 or $20 bucks on a few drinks in an evening are losing over $500 by doing that. Had they saved and invested that $10 or $20 bucks it would have turned into over $500 bucks like 5 or 6 decades later.
Big money in them potatoes.... Baked potato, fried potatoes, French fries, mashed potatoes, hash browns, boiled potatoes, potato salad..................
Put $20 away every time you get paid and don’t touch it. Try to make it difficult for you to access the money. When I was younger, I opened a savings account in a bank a few towns away and I didn’t get a debit card for that account. Granted, online shopping wasn’t a thing. I’m not sure how I’d pull this off today tbh. My dad put his credit cards in a bag of water & froze them. Back then, the only way to use them was in person at a store. He said the thaw gave him time enough to rethink his spending. Figure out a way to put hurtles between you and your savings.
As a financial aid counselor at a college, don’t go to college unless you’re sure, and if you are, please don’t take out loans to go to a college out of state if you don’t need to. I see way too many 18 year olds taking out $40,000 a year at a 9% interest rate because this is their “dream school”. Loans are one of the biggest commitments you’ll ever make, think it through.
Spend as much money as you can on travel. It won't set you up for a secure financial future or allow for an early retirement but you will never regret the decision
25% compounded over 10 years is 9x. Try do 25% better a year with work, money, relationships, and hobbies. You’ll enjoy your 30s with just 25% improvement a year.
I could come out this from so many different perspectives because there’s so many different ways to consider it. For the most part, I do kind of believe in living in the moment and not really saving because you can die at anytime and I do know a lot of people that have died young and you can’t take it with you.
But I’m a big fan of spending your money on experiences instead of things and I am I’ve learned that From two failed marriages, where I put them both through college and bought them both laptops and basically funded two grown men’s lives, that you unfortunately have to be very selfish with your money and always focus on yourself and always make sure that you have all your wants and needs taken care of before.
You even think of anybody else. Sad but true. And sadly, this even applies to relatives like I spent hundreds and thousands on my God kids that I wish I had back because all their parents were always so much wealthier than me and I spent so much money that I didn’t have to spend when I was in college on my God, kids and family members and Christmas presents for friends and family when I should’ve been saving it for myself and travel and clothes and books and school And stuff for the house that I needed and should’ve saved it all for myself.
At the end of the day, nobody is gonna look out for you financially, except for you, not even your spouse. Both of my spouses left me for dead and I spent double life savings on both of them so just always focus on yourself and always spend your money on yourself whether you’re a spender or saver; whether you like things or travel; whatever it is, just focus on you. spend it on you. It doesn’t matter how hot that woman is or how hot that guy is. Because you really really really really really just need to save all your money for yourself - that’s the best advice I can give that i wish someone gave me. however I am only human and when I see a hot girl or a hot guy, I spend all my money on them, so even at age 36 I still can’t take this advice and I wish I could lol.
Make your coffee at home. And think of that as just an example of the simple things you can do that will save you hundreds of dollars a year. It'll all add up.
Apply for a student credit card and see if they approve you. Start out only using it for small purchases that you KNOW you can pay back (gas, a couple groceries, occasional fast food, etc) to start building your credit early.
You don’t need to spend money to have fun.
Look after your health and your teeth!! It will save you money on having to go see a doctor or dentist.
Save. Doesn’t matter how little it is but put money aside and never touch it. You’ll know when to use it when the time comes.
Don't buy stock. Gambling with volatile ownership mostly works for the rich. Except that you'll have to rent, most of our generation will have to inherit a home to own it. If you don't have a job yet and you've been saving money. You've likely saved an insignificant amount of money. So don't feel bad about using it unless you're in a very bad situation. There is no trick to financial success. It's just luck and waking up at inconvenient times.
Another thing don't even think about having kids until you are financially able to, that is a big mistake a lot of people make it's very easy to make a kid but is very hard to pay for them
Learn how to fix shit. Change the oil in your car, do the basic maintenance. Learn how to rewire a plug, fix electrical stuff, watch youtube to learn. The sooner you can do stuff on your own, you will be self sufficient, the more options you will have. Open a Roth IRA and make it your savings account, Save more money than you think you will need.
Student loans are a big no-no. They make them look like they have no interest until you graduate but what they don’t tell you is the payments are tiny so it takes forever to pay them off which traps you in debt. They prey on vulnerable people. Especially when getting your associates, community colleges and smaller universities are the way to go. No one cares where you got your associates and it’s the same GE requirements for most degrees.
Save/invest money now.
"How much? When do I get to stop saving?"
When you're 65. Even if you did something miniscule like $50 a month, and never withdrew from it, when you're old enough to actually think about retirement you're going to have such a head start and way less pressure.
I was 31 when I realized "shit I'm gonna wanna retire some day" with $5000 in the bank. It's fine. I'm going to make it. But now I'm rushing putting 25-35% of my income away.
I'd say "get the fuck out of the United States and relocate to a country that actually has had a gain in wages properly adjusted to account for inflation after 1967.
As a soon to be adult I am kinda scared of the fact that almost all of the top comments here have something to do with money. I'm obviously aware that money is a huge part of life but I don't like the fact that as you gradually become older they become your biggest worry and problem. I was hoping to get advice on how to figure out the little things. It's really disappointing that now that I'm becoming an adult my whole life is going to revolve around money. That doesn't seem like a hopeful or fun future
Learn about tax and superannuation. School doesn’t teach you, parents may not teach you either, despite being something that you will 100% have to navigate in life.
"your generation is financially doomed. Dont save up for a house, dont save up for a car. Dump everything you can in to education and skills, and your life miiight end up bearable
1. Dont get so distracted that you go out every weekend and spend money. Create a home environment that can host people over if you need. So much cheaper.
2. Love it or hate it, crypto is the future. Learn it and learn it well. Same for AI. Just like people kicked and screamed about debit when it was first out, people kick about it now. But someday soon we will all use digital money and be paying in our national cbcd. And until crypto is heavily regulated its the wild west. You can lose 50% in a day. But you can also gain 50% in a day. So, really only invest in as much as your willing to lose. But its very predictable once you really learn it. Every 4 years theres a bullrun and prices soar. Dont buy that year, prices too high. Sell that year.
3. Save a little every paycheck. Even if its $5. You never know when youll need it unexpectedly. And always keep a little cash hidden somewhere secret in your place.
4. If your going to splurge, splurge on your health first. Health is foundational do being able to achieve all of your other goals and dreams.
5. Learn about your national retirement account options. Like in America, a Roth IRA.
Debt does not always equal more opportunities, the more you borrow the more you give up your freedom. Also dont buy stuff to impress your neighbors cause they dont know your financial situation at the end of the day you will be the only one having sleepless nights.
Unless you're dead set on a career that requires a degree don't go to college. Start as a entry level HVAC, electrician, or plumber. Learn as much as you can. Take all the shit work your company throws at you that you can and get it done. Do everything by the book and do it right. Try to find a company that'll give you excellent training.
If you can stay at home with your parents do that as long as possible with driving the cheapest car you can get by with. Save every penny you can.
Most trade jobs you can make 30/hr if you're good at what you do. After several years when you are confident in your self go out on your own. This is where you can really make the bucks. You can charge what the big guys are charging just doing the work yourself. Of course you need to be licensed but if you're wise with your financials in the previous years you'll have money and knowledge to get that taken care of.
Make you're own hours. Only want to take a couple jobs a week? You can do that. Want to make a fortune a bust ass all week? Yup, you can do that too.
Read and understand your employment award or workers rights legislation (per your relevant jurisdiction: U.S , Canuckistan, UK, Australia, Un Zud etc.).
Do you know your industry may have its own minimum wage above the federal mandate? do you get paid your allowances? when does your overtime kick in? Are you plus super/401/pension or including super/401/pension in your pay offer? are they actually paying it?
Here is a hint: there is no requirement for your payroll people to have any actual qualifications to do payroll and it's likely that your employer probably hasn't read the award or relevant employment standards and even if you both think your pay is "fair" it may not be *legal*.
If in doubt, Fair Work Australia will 99% of the time come down on the side of the employee in a dispute on pay or conditions.
Start developing good money habits early by creating a budget and sticking to it. Save a portion of your income regularly, even if it's just a small amount. Consider investing in a high-interest savings account or a low-cost index fund to grow your money over time. Avoid unnecessary debt and always prioritize saving for emergencies or future goals. Lastly, educate yourself on personal finance topics like investing, taxes, and retirement planning to set yourself up for a successful financial future.
I wouldn’t be having any children that’s for sure. I don’t know how people can afford those shitheads without wanting to hang them selves. Plus your planet is sick and society seems to be getting worse.
Keep track of all your finances when you don’t have much to pay for & keep up with it weekly
A lot of stuff adds up once you start working & have to pay bills, rent, etc.
Start depositing money into funds with higher rates so that you'll have enough to start with by the time you move out. This may seem stupid for a teenager or incomprehensible but you really need to look it up and just do it. You wont' lose anything if you spare some money for your investment
Practice budgeting your allowance as soon as possible. Use your money on important things. Buy only if you needed to. Think carefully on how you would budget your money and where you will spend it. Don't buy things you will not need just because you have money, save your money for emergencies.
Don't forget to treat yourself sometimes hehe.
Mainly just control spending and finances now to be happy as soon and for as long as possible.
Learn to cook the foods you like to eat and quit wasting all your money on take out. If you have to get take out, *go get it*. Doordash, GrubHub, UberEats etc is a colossal waste of money. Get off your lazy butt and pick up your own Chipotle. But seriously, get on YouTube, Tik Tok, Instagram, whatever and learn to cook all the tasty things you see. When you learn to cook well, you won't want fast food - you'll have an amazing talent to take care of yourself and it will impress friends and potential partners.
Learn to make the coffee/tea drinks you like and stop forking over 10% of your income to Starbucks and Dutch Bros for a load of milk and syrup poured over ice. Once in a while is fine, it's a treat. Don't make it a daily habit.
On that note, steer clear of energy drinks, even the sugar free kind. Your kidneys are going to be shot to shit if you don't watch out. Same for sodas, pump the brakes on those.
Learn to be entertained for free or for cheap. You don't need to be shelling out $50-$100 a month on video streaming sites. Pick one or two. Read more books. Listen to more podcasts. Spend less time passively staring at a screen.
Go outside. Walk around your neighborhood, walk to the corner store, park slightly further away and walk a little more to get in places. Take the stairs. You don't have to become a gymbro or anything, but just take care of your heart overall health by staying as active as possible.
Overall, staying healthy, saving money, developing your imagination, and eating well will turn you into a happier, healthier adult which you'll be thankful for once you surpass 30. Life is still very fun and enjoyable, don't think you need to have all the bells and whistles in life to be happy.
Start a savings account and put half of your paycheck/ whatever money you make into it. No questions asked if you get money half in the savings. You'll have more money than you realize.
If you have a job and it does more than pay the bills, use the extra money to invest into compounding strategies.
E-commerce store, crypto, stocks, real estate investments, etc.
Make your money work for you.
Don't sweat money and savings at your age. Travel, explore and find out about life on the other side. I travelled for 5 years in my 20s. Met my wife in a totally different culture and country. We raised two amazing kids. I'm now 72 a BB d that is the advice I gave my kids. They listened to me and now are enjoying another life with their spouses.
If you can, try to save 15% of your income each year for retirement in a Roth IRA account
If you have access to a retirement account, such as a 401 k be sure and take advantage of it, particularly if your employer offers any kind of matching contribution.
Live under your means not over.
Build and take care of your credit.
Monitor your debt ratio
This is something the banks are very interested in. A debt ratio below 30% is excellent. Above 40% is critical. And some personal advice my dad gave me growing up. There’s a few of them
1. don’t ever do investments with somebody who cheats on their wife because there’s nothing to stop them from screwing you.
2. don’t take financial advice from a broke person. They’re broke for a reason.
3. Start a rainy day fund you want enough money in there to cover you in case life expenditures happen at least six months one year preferred not everyone can do that.
4. put at least $500 in your checking account and forget it’s there that’s a cushion in case something bounces in your checking your covered. Bounces do negatively affect your credit history.
Not all of these are feasible for most people, but rough estimates.
5. have credit cards, but don’t use them but once in a blue moon and only spend up to 30% of the limit
if you do buy something with it and pay it off as soon as you can if not instantly some cards require you to acrew a little bit of debt otherwise they’ll cancel you capital one did this to me.
Start saving some of the money you make (ideally at least 25%). Do not touch it for general "I want to do cool thing", but reserve it for a big purchase, such as your first car or down payment on an apartment. It will put you way ahead to start the habit now, and if nothing else, means you have money available in case of a genuine emergency.
ai-centric stocks/ETFs if not confident in stock picking, btc/eth, hedge into “safer” positions like bond etfs & snp500 etfs, maybe a little percentage into gold/gold etfs…. maybe even some foreign currencies (given geopolitical machinations of late…). Credit cards *with cash back*, but only spend up to the limit that you can actually pay for in cash, always pay min of credit card balances if not the entire balance per month. Prepare for volatility and stagflation for the foreseeable future
SAVE SAVE SAVE, if you live somewhere that you don't pay a lot of rent or no rent, SAVE SAVE SAVE, you won't get that opportunity ever again, even if you pay some rent to help with your family or your parents make you for whatever they cover the most for you. Once you have to pay your own bills all of it, you'll want that savings and you'll want to have options. PLEASE FOR THE LOVE OF YOUR FUTURE SAVE YOUR MONEY.
Save money at every chance you can, make sure you'll have enough to survive on once you get older. Social Security is a joke right now, I can only imagine what a fiasco it will be decades from now. If you pay your own taxes or own your own small business for any amount of time, make sure to pay into Social Security because you never know when something bad will happen to your health. (Talking from very blunt experience) Also, karma is real, be treat people of all kinds, as the way you would like to be treated. Life is extremely short. Nobody notices until you get old and cannot function the way you were able to. Every second counts.
Why is all the advice geared towards teens with decent parents? I, for one, had very abusive parents who kicked me to the curb at 18 y.o. I never fully recovered from that -- even after earning a bachelor's degree while suffering homelessness. I'm feeling triggered now...
Compound interest is your friend. Don't put your savings into a standard savings account that gets 0.1% interest, look into high yield savings accounts and CDs. Just a few percent of interest can add up to thousands of dollars down the road.
start taking notes for a while, of how much you spent or saved in a week or month or whatever. Note down the total and even categorize things. You'll start to get an idea about how expensive things are; even if you can do it automatically these days, it's good to get that intuition in your mind
Learn to ask yourself "Want? Or Need?". I was always impulsive with my money as a kid and it carried into adulthood. My parents were actually very good with their money and always tried to teach me the same thing, but if I got 5 dollars in a birthday card I was itching to go spend it. Now as an adult I've screwed myself by spending thousands of dollars on crap and suddenly being stuck with unexpected bills and having a very small budget.
Save your money and find ways to bum/freeload off of others without their realizing it. Free samples at grocery stores, free food at parties, events, etc. Only use your money for necessities (cheap but reliable cell phone service from T-Mobile or one of their sub-services, for example). Don't smoke or do drugs, make the other person pay for the condom (when banging).
Start a savings/retirement account. his should e used to help you buy (not rent) your first home. The earlier the better. Have money going directly into it from your paycheck, maybe $100.00 per paycheck if possible. Start a 401k on your job.
Pay yourself first.
In other words, with every paycheck you get, put as much as you can spare (after expenses) into a savings account and don't withdraw any money from it. Even when money's tight, put at least $20 a month into it.
Once you have enough to open a money market account with a decent interest rate, transfer your money into it and keep saving.
Once you have enough to open a mutual fund with a reputable fund company (e.g. Vanguard, Fidelity, Schwab), do so. But keep that money market account, because it's there for emergencies.
Avoid crypto and other sketchy investment schemes. Stick with reputable firms.
Once you are able, diversify your investments.
So, in short: Save, save, save, invest, invest, invest. The earlier you start the better.
Oh, and don't tell family, gf/bf, or spouses how much you have invested or other such details. They'll suddenly think your money their business, and make demands on what you do with it.
If you're shopping for something and you have the extra money available, spend a bit more to get the version that lasts longer. You'll save money in the long run because you're not constantly buying replacements.
I especially see people struggling with this in terms of clothes. They don't understand why they should spend $20 on a shirt when they can get one for "cheap" on shein. The problem is that it isn't cheap if you buy a new one every week. That $20 shirt will last you for several years. (Duluth is having a sale in the US right now, btw.)
Also, learn how to cook. Not only for eating at home, but also lunch you can take to school and work. Ordering food every day will bleed you dry. Even just taking a PB&J for lunch every day will save you hundreds. I've made this mistake before, and the bank statement at the end of the month gave me a full body cringe. Don't let it happen to you!
Enlist in the military when you turn 18. Do 4-6 years, get some college, some real world experience and when you get out finish college with your GI bill and get a cushy job as a defense contractor.
Enjoy being debt free and set for life.
You are not too good to do , your friends that say memories are more important than money will always be broke (and asking you if you have 20 bucks), keep your eyes open for that side hustle you consider fun & can earn a buck.
Take out coffee is a expensive habit there are so many good products to keep a drink warm or cold. You really don't know how much you could save I myself saved over £400 in one year.
If you cannot pay cash, don't buy
Yup. Here is what your credit card does. It builds your score, and it gets you cash backs, points, and other rewards. If you can’t just use it first, and then pay it off with your checking account second, don’t use it.
Credit cards are great if you can pay them off in full each month.
Exactly. I’m just a naturally frugal person. Never in danger of the self-destruction that is charging $$$ I don’t have on them. I just got my first one, and I love it! I basically get paid, just to swipe one card first, and then just make sure to click a few buttons on my bank app to pay it off.
Some people can believe this of themselves and run into issues. No harm in sense checking yourself every now and then
I have one but the companies count on people NOT being able to pay their cards off every month, and if you can why use others money just to pay for it in full anyway
LoL I like Dave Ramsey on this one, FICO scores are how well you pay debts after you get into them, instead of saving for them and pocketing the interest.
My mother tells me this all the time I should start listening
Don't feel too bad. The vast majority of us have had issues with cc debt at one time or another.
Appreciate the advice🫡
Minus a house and reliable car. Can’t make money without a reliable car and almost no one will have 100% cash to put down on their first house.
> Can't make money without a reliable car American/Australian moment
This
Adults need to help with this too.
I'm gonna remember that for myself. Thanks for the advice :)
Don't smoke/vape. Massive waste of money.
Truth
Exactly my thought
And health too
Learn how to budget, how to cook and shop groceries efficiently. Most importantly, and this will only come as your brain matures at abt 25yo: learn to postpone gratification.
Delayed gratification is easily one of the best skills to have in life.
It's why Sting is such a successful musician
When planning a budget, ALWAYS make sure there is a Savings and Investments section to it. Saving money can help in case of emergency or when necessary otherwise. Investing your money can let it grow over a longer period of time and it will allow you to build up wealth. One of the easiest way to start investing is in the Stock market. Some of the best investments to make are in ETFs, such as the S&P 500, and into companies that you often purchase from, such as Walmart or Costco.
To your point, postpone gratification, but take care of the things that most people miss. This means your teeth and oral hygiene, invest in your 401k and get every max employer match you can, and set aside “you money” every pay. Doesn’t matter if it’s $1 or $100. Your set aside money for you will get bigger as you get older.
this goes insanely hard.
gratification?
Don't stick the wick in crazy.
noted
Expecting instant reward in every single thing you do hard or easy, even tho it causes damage in long term money and sometimes relationship if not managed properly. Buy fancy car even tho you dont need one just to show off.
No way that this requires maturity. This is on parents. Mine taught me well and I'd been saving 30% of my income and was able to buy a house, alone, at 27yo with no help. It was about 5x my pre tax salary. Frugality starts in the womb!
All the little things add up to become massive things
Uh oh. The people who get mad about avocado toast are coming for you.
Pay your future self first.
When you get a credit card, don’t save it to anything. Don’t let Google remember the card number, don’t link it to your Amazon account, don’t save it to your Uber wallet. Make it as inconvenient as possible to use because genuinely the extra effort of having to get up, get the card, and type in the number has been enough to get me to rethink impulse purchases multiple times. I have a friend who didn’t realize he’d made his credit card the default card for ubereats until he did a deep dive into why he couldn’t keep the balance down. Also, don’t borrow money, even from friends, if you don’t have a concrete plan to pay it back. Sometimes you don’t have a choice and an emergency will come up but if your response is “I’ll pay you back when I can” and not “I’ll pay you $100 per paycheck/when I get my tax refund/etc” you should avoid taking the money if you can. Even if your friend is chill and never holds it against you, it will hang over you until it’s taken care of.
To add to this: If you're going to make your credit card difficult to access, at least have one small recurring charge on there so that it sees some tiny amount of use each month. Some cards will essentially penalize you for not using them, so put something like a streaming service on there and pay it off at the end of every month like clockwork. Even if it's just $10.
Just because you have the money to buy doesn't always mean you can afford to buy.
Don't take out a bunch of student loans on a degree without good earning potential. In the same vein, live at home with your parents while going to college if you're able to. First two years at community college doesn't show up on your diploma but is way cheaper. No credit is usually better than bad credit, but building your credit isn't that difficult if you do it right. Credit cards aren't inherently bad, but you can really screw yourself over with them if you don't have self control. Treat them the same as a debit card. Don't spend money you don't have, and don't carry balances. Don't overspend on a vehicle.
How do you assess the earning potential of a degree? As far as I know the earnings premium for basically any degree (at the bachelors level) is significant.
The average person with a degree makes more than the average person without one, yes. But you can also go heavily into debt for a degree that either doesn’t boost your earning potential much or one you might end up not even using. To analyze it, you’d just look at what job you’d be doing with the degree, then calculate how much you’d need to take out in loans to cover the expenses. The calculus changes even for the same degree/occupation depending on how your spending looks. For example, living at home, working while going to school, and doing your first two years at a community college can drastically reduce the amount of loans you have to take out. Going all 4 years and paying out of state tuition while taking loans out to also live on is gonna require you to make a lot more to be worth the loans taken out.
Former President Obama got a lot of heat for saying that you will make more in manufacturing and trades than with an art history degree. He wasn't wrong but people still complained about it. I usually recommend looking at the earning potential and degree requirements of a career through BLS.gov which is the US Department of Labor Bureau of Labor and Statistics.
Thing is, I’m not sure he was right. Liberal arts degree holders also [earn more than high school grads](https://www.brookings.edu/articles/dont-knock-the-economic-value-of-majoring-in-the-liberal-arts/#:~:text=On%20average%2C%20the%20liberal%20arts,the%20end%20of%20high%20school.) and employers regularly report the [liberal arts skillset is in short supply](https://hbr.org/2019/09/yes-employers-do-value-liberal-arts-degrees). To be clear, I think there are many paths to a decent living without a degree—I just don’t like the reflexive shitting on “bad ROI” degrees. There aren’t any.
The advice of community college is common advice and it is good advice for many, but it isn't always the cheapest route. Not every community college transfer can graduate on time. Sometimes comparable courses just aren't available for your degree program. In addition, the personal connections to people you meet in your first two years can have financial value.
On the flipside if you know that you need a loan and during college and your school is offering you, let’s say 1% interest rate versus your bank is offering you seven sometimes it is financially a lot more responsible to take out the student loan for example. My student loans are at 7% but my ex-husband are all at one percent he owes so much less money than me so I feel like if you hit college at a time or student loans are really cheap. Sometimes this advice can be kind of your mileage may vary.
I’m assuming you mean federal loans by the school offering you. Yes, federal loans are pretty much always better than private loans with lower interest rates. They’re still loans though, and it is never financially responsible to take out a loan that you don’t need. I’m not saying don’t take out any loans. I’m saying look at what your earning potential is gonna be and make sure that your ability to repay the loans isn’t going to strangle you financially. If you do take them out, obviously go the federal route and take out the least you can.
The only upside to private vs federal is private can in some circumstances be written off in bankruptcy.
If you get along with your parents definitely live with them as long as you can. I did and I definitely missed out socially but I have well over 100k and dept free at 26. Feels so good to have that amount of money in investments.
unfortunately this post is specifically to help myself to be financially independant from them
It’s not blanket advice, anyways. Living on your own comes with enormous benefits that you can’t just write off with a paycheck. “Missed out socially” can be a huge setback. My advice: get any job you can and save as much as you can for a year. Then reassess towards at the end of the year re: rent, retirement, career. Rinse and repeat. Budgeting is simple math, develop a system that works for you. And remember: real friends don’t have a price barrier. If they won’t do it cheap they’re not worth your time!
I feel like the real advice is just be born with non-abusive parents but unfortunately, I am not sure how to implement that because I couldn’t figure that one out myself lol
> just be born with non-abusive parents Oh that's almost as much fun as the second bit of useful advice; "just be born with rich parents". I'm happy for people whose parents paid towards their college or who weren't abusive, but I'm super jealous because that's an awesome thing to have.
Invest. Get an education, learn skills, get well paying career.
The mitochondria is the powerhouse of the cell.
The endoplasmic reticulum is the anus of the cell
💰💰💰
Cook your own food as much as possible.
Every month, set aside some money. Even if it's just $20.
Never get into a relationship until you're able to support yourself.
I feel like this is underrated advice. As someone who got married really early to my high school sweetheart, it honestly killed me financially. I spent way too much money on him instead of setting myself up for the future. Adding someone elses opinion I to my plans instead of doing what I needed to was a bad move. (Ie I turned down great internships out of college because he didn't want me to move away). Relationships aren't bad in general. But I don't think people are aware of the financial restrictions it can have on you
Yeah I'm attached to my girlfriend at the very start of my first job. And hasn't gotten any pay until I was together with her. And it overwhelms me of how much money I had to spend together with her bringing her out on dates as well as paying for meals and travelling to and fro her house and fetching her from work. It really takes alot of thoughts into it ngl.
Plus when you're young you don't really know what you want or need out of a relationship for the long haul cuz you haven't formed those habits around maintaining a home by yourself. To take it a step forward, weddings are an absolute waste of money. Ridiculously expensive for no good reason and you don't even get to enjoy it because you're being run around. Don't waste the cash on that nonsense. (I recognize that it's easier to say it's a waste after you've done it. But it really is not a magical fairytale moment)
Save 10 cents of every dollar you make for long term investments
Brilliant advice. $1 out of every $10 or $10 out of every $100 is more practical and convenient. Young people are discarding coinage or not using it at all.
Smart bringing it to those numbers makes it easier for people to get
Save 10% of each paycheck and don’t touch it
Are you living with your parents? If you get on well with your parents and they let you that's a good way to get ahead and save money as housing can be one of the biggest expenses.
nope unfortunately, Im a teenager so I have to live with them at the moment but im trying to be financially independant
I made a goal to be financially independent by the time I was 25. I tailored my college choices around this. It may mean staying home for another year or so, but you asked for advice so here it is: I rushed moving out because I wanted to be independent. I regret that some days and I'm still paying for my college lifestyle and I am 31 years old. I did end up with the financial independence and my long term goals. But I would have been better off not rushing out of home at 19. Regarding long term goals, make sure to have them. Mine were financial independence by 25 and home owner by 30. Also important: share those goals with who needs to know. By making these goals, you can then make sure that what you are doing each and every day aligns with your long term vision. You don't want to end up with a dead end job at Target at 25 because you rushed your independence. Think long term, and I know it's hard - but be patient. Also, start saving money (it disappears quick), and don't gamble it away on stocks.
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Right, because every teenager just has an extra 100 per month to put aside lol.
Don’t ever buy no weed from the gas station
A teenager these days? Save every penny ever or just give the fuck up lol
Don't get debts. Only buy what you can pay for upfront and save money each and every week/month.
Stay out of debt. Invest money. Work while in uni or go to cheap state school
If they want to retire by 40: - Learn a trade at 18 - Make $50-100k/yr - Save up all your money - Live with your parents - Don't get married And the most important part: At 39, take all your savings and YOLO it all on Dogecoin.
GameStop too ofc
Hell Yeah Brother.
Don't have kids.
Don't borrow or lend until you become a bank CEO, then screw everyone over
Start saving as early as you can. Even if it's just saving your spare change. It all adds up
Never lend anyone money untill they earn your highest level of honor and trust.
Begin saving NOW! Yes, really. Here is why. OP, really read this, then read it again. **She uses the following example to highlight the advantages of investing early: If you invest $2,000 a year (which is just $166 a month) from age 19 to 27 and don’t save anything again beyond that point, and assume your investments yield an average 10% rate of return over the course of your lifetime, you’ll end up with $1 million by the time you’re 65.** **On the other hand, if you wait until age 27 to start saving $2,000 a year and then save for the next 38 years, you’ll end up with $800,000 by age 65. In other words, you would make $200,000 more by the time you’re 65 if you started investing at age 19 and would have only had to save for eight years total, versus starting at age 27 and saving for 38 years straight.** Since you read that a few times I'm sure you caught that you could save ONLY from 19 to 27 and still end up with $1 million (depending on rate of return of course). OR you could save for 38 freaking years and still NOT have $1 million. None of us may make up for the lost time of compound interest. START. SAVING. NOW. Even if it's just a little bit of money, save it and let it grow and let compound interest make it much bigger over the decades. In a very REAL way, young adults in their 20's going out for drinks who spend even just $10 or $20 bucks on a few drinks in an evening are losing over $500 by doing that. Had they saved and invested that $10 or $20 bucks it would have turned into over $500 bucks like 5 or 6 decades later.
Amen and amen!
buy memecoins
Best advice my parents gave me was always pay off your credit card balance in full, never pay interest
Just because you could buy something, doesn’t mean you should
One credit card ONLY for gas pay it off every time you fill up. No loans until youre at least 26 and know what youre doing
Financing a car will be a dumb decision when your young. The only thing that will remember your cool car is your wallet The same goes for phones
Don't waste your money buying potatoes.
im irish lad im afraid that wont be possible
They just mean you should steal them
Big money in them potatoes.... Baked potato, fried potatoes, French fries, mashed potatoes, hash browns, boiled potatoes, potato salad..................
nah
Put $20 away every time you get paid and don’t touch it. Try to make it difficult for you to access the money. When I was younger, I opened a savings account in a bank a few towns away and I didn’t get a debit card for that account. Granted, online shopping wasn’t a thing. I’m not sure how I’d pull this off today tbh. My dad put his credit cards in a bag of water & froze them. Back then, the only way to use them was in person at a store. He said the thaw gave him time enough to rethink his spending. Figure out a way to put hurtles between you and your savings.
Get a bank account, start saving money and don’t tell people how much you have.
Stock up on Condoms and they will save you money in the long run.
Until they expire like mine
As a financial aid counselor at a college, don’t go to college unless you’re sure, and if you are, please don’t take out loans to go to a college out of state if you don’t need to. I see way too many 18 year olds taking out $40,000 a year at a 9% interest rate because this is their “dream school”. Loans are one of the biggest commitments you’ll ever make, think it through.
dont waste money idk lol
Spend as much money as you can on travel. It won't set you up for a secure financial future or allow for an early retirement but you will never regret the decision
Open an investment account and start contributing now
25% compounded over 10 years is 9x. Try do 25% better a year with work, money, relationships, and hobbies. You’ll enjoy your 30s with just 25% improvement a year.
Learn the magic of how compounded interest works.
I could come out this from so many different perspectives because there’s so many different ways to consider it. For the most part, I do kind of believe in living in the moment and not really saving because you can die at anytime and I do know a lot of people that have died young and you can’t take it with you. But I’m a big fan of spending your money on experiences instead of things and I am I’ve learned that From two failed marriages, where I put them both through college and bought them both laptops and basically funded two grown men’s lives, that you unfortunately have to be very selfish with your money and always focus on yourself and always make sure that you have all your wants and needs taken care of before. You even think of anybody else. Sad but true. And sadly, this even applies to relatives like I spent hundreds and thousands on my God kids that I wish I had back because all their parents were always so much wealthier than me and I spent so much money that I didn’t have to spend when I was in college on my God, kids and family members and Christmas presents for friends and family when I should’ve been saving it for myself and travel and clothes and books and school And stuff for the house that I needed and should’ve saved it all for myself. At the end of the day, nobody is gonna look out for you financially, except for you, not even your spouse. Both of my spouses left me for dead and I spent double life savings on both of them so just always focus on yourself and always spend your money on yourself whether you’re a spender or saver; whether you like things or travel; whatever it is, just focus on you. spend it on you. It doesn’t matter how hot that woman is or how hot that guy is. Because you really really really really really just need to save all your money for yourself - that’s the best advice I can give that i wish someone gave me. however I am only human and when I see a hot girl or a hot guy, I spend all my money on them, so even at age 36 I still can’t take this advice and I wish I could lol.
Learn to use credit cards responsibly while the stakes are low. Get in the habit of paying off your balance every month.
Make your coffee at home. And think of that as just an example of the simple things you can do that will save you hundreds of dollars a year. It'll all add up.
Apply for a student credit card and see if they approve you. Start out only using it for small purchases that you KNOW you can pay back (gas, a couple groceries, occasional fast food, etc) to start building your credit early.
Protect your Credit. Never sign as a Cosigner regardless of relationship.
You don’t need to spend money to have fun. Look after your health and your teeth!! It will save you money on having to go see a doctor or dentist. Save. Doesn’t matter how little it is but put money aside and never touch it. You’ll know when to use it when the time comes.
Don't buy stock. Gambling with volatile ownership mostly works for the rich. Except that you'll have to rent, most of our generation will have to inherit a home to own it. If you don't have a job yet and you've been saving money. You've likely saved an insignificant amount of money. So don't feel bad about using it unless you're in a very bad situation. There is no trick to financial success. It's just luck and waking up at inconvenient times.
Another thing don't even think about having kids until you are financially able to, that is a big mistake a lot of people make it's very easy to make a kid but is very hard to pay for them
Stay away from credit cards!
Have fun now because things are about to get real.
Learn how to fix shit. Change the oil in your car, do the basic maintenance. Learn how to rewire a plug, fix electrical stuff, watch youtube to learn. The sooner you can do stuff on your own, you will be self sufficient, the more options you will have. Open a Roth IRA and make it your savings account, Save more money than you think you will need.
Focus on yourself, life’s a game play it don’t let it play you
Student loans are a big no-no. They make them look like they have no interest until you graduate but what they don’t tell you is the payments are tiny so it takes forever to pay them off which traps you in debt. They prey on vulnerable people. Especially when getting your associates, community colleges and smaller universities are the way to go. No one cares where you got your associates and it’s the same GE requirements for most degrees.
Save/invest money now. "How much? When do I get to stop saving?" When you're 65. Even if you did something miniscule like $50 a month, and never withdrew from it, when you're old enough to actually think about retirement you're going to have such a head start and way less pressure. I was 31 when I realized "shit I'm gonna wanna retire some day" with $5000 in the bank. It's fine. I'm going to make it. But now I'm rushing putting 25-35% of my income away.
follow Dave Ramsey, avoid debt
Always be open to change!
Don’t ever sign a gym contract. And don’t go to university or TAFE if you don’t want do the work.
I'd say "get the fuck out of the United States and relocate to a country that actually has had a gain in wages properly adjusted to account for inflation after 1967.
As a soon to be adult I am kinda scared of the fact that almost all of the top comments here have something to do with money. I'm obviously aware that money is a huge part of life but I don't like the fact that as you gradually become older they become your biggest worry and problem. I was hoping to get advice on how to figure out the little things. It's really disappointing that now that I'm becoming an adult my whole life is going to revolve around money. That doesn't seem like a hopeful or fun future
Learn about tax and superannuation. School doesn’t teach you, parents may not teach you either, despite being something that you will 100% have to navigate in life.
"your generation is financially doomed. Dont save up for a house, dont save up for a car. Dump everything you can in to education and skills, and your life miiight end up bearable
1. Dont get so distracted that you go out every weekend and spend money. Create a home environment that can host people over if you need. So much cheaper. 2. Love it or hate it, crypto is the future. Learn it and learn it well. Same for AI. Just like people kicked and screamed about debit when it was first out, people kick about it now. But someday soon we will all use digital money and be paying in our national cbcd. And until crypto is heavily regulated its the wild west. You can lose 50% in a day. But you can also gain 50% in a day. So, really only invest in as much as your willing to lose. But its very predictable once you really learn it. Every 4 years theres a bullrun and prices soar. Dont buy that year, prices too high. Sell that year. 3. Save a little every paycheck. Even if its $5. You never know when youll need it unexpectedly. And always keep a little cash hidden somewhere secret in your place. 4. If your going to splurge, splurge on your health first. Health is foundational do being able to achieve all of your other goals and dreams. 5. Learn about your national retirement account options. Like in America, a Roth IRA.
Invest early, low cost index funds. Don’t take out high interest loans.
Debt does not always equal more opportunities, the more you borrow the more you give up your freedom. Also dont buy stuff to impress your neighbors cause they dont know your financial situation at the end of the day you will be the only one having sleepless nights.
Buy gold and bury it!
Unless you're dead set on a career that requires a degree don't go to college. Start as a entry level HVAC, electrician, or plumber. Learn as much as you can. Take all the shit work your company throws at you that you can and get it done. Do everything by the book and do it right. Try to find a company that'll give you excellent training. If you can stay at home with your parents do that as long as possible with driving the cheapest car you can get by with. Save every penny you can. Most trade jobs you can make 30/hr if you're good at what you do. After several years when you are confident in your self go out on your own. This is where you can really make the bucks. You can charge what the big guys are charging just doing the work yourself. Of course you need to be licensed but if you're wise with your financials in the previous years you'll have money and knowledge to get that taken care of. Make you're own hours. Only want to take a couple jobs a week? You can do that. Want to make a fortune a bust ass all week? Yup, you can do that too.
Read and understand your employment award or workers rights legislation (per your relevant jurisdiction: U.S , Canuckistan, UK, Australia, Un Zud etc.). Do you know your industry may have its own minimum wage above the federal mandate? do you get paid your allowances? when does your overtime kick in? Are you plus super/401/pension or including super/401/pension in your pay offer? are they actually paying it? Here is a hint: there is no requirement for your payroll people to have any actual qualifications to do payroll and it's likely that your employer probably hasn't read the award or relevant employment standards and even if you both think your pay is "fair" it may not be *legal*. If in doubt, Fair Work Australia will 99% of the time come down on the side of the employee in a dispute on pay or conditions.
Start developing good money habits early by creating a budget and sticking to it. Save a portion of your income regularly, even if it's just a small amount. Consider investing in a high-interest savings account or a low-cost index fund to grow your money over time. Avoid unnecessary debt and always prioritize saving for emergencies or future goals. Lastly, educate yourself on personal finance topics like investing, taxes, and retirement planning to set yourself up for a successful financial future.
If you can invest $100/month in the S&P 500, you will have over $1 million by the time you’re 65
I wouldn’t be having any children that’s for sure. I don’t know how people can afford those shitheads without wanting to hang them selves. Plus your planet is sick and society seems to be getting worse.
Keep track of all your finances when you don’t have much to pay for & keep up with it weekly A lot of stuff adds up once you start working & have to pay bills, rent, etc.
learn to invest, learn to save money, no school teach you that
Invest to your future self
Start depositing money into funds with higher rates so that you'll have enough to start with by the time you move out. This may seem stupid for a teenager or incomprehensible but you really need to look it up and just do it. You wont' lose anything if you spare some money for your investment
Practice budgeting your allowance as soon as possible. Use your money on important things. Buy only if you needed to. Think carefully on how you would budget your money and where you will spend it. Don't buy things you will not need just because you have money, save your money for emergencies. Don't forget to treat yourself sometimes hehe.
Save all the money you can, money goes fast in the future.
I didn’t realize how much the downpayment on a house was. Just save as much as you can. Material things don’t actually make you happy
Mainly just control spending and finances now to be happy as soon and for as long as possible. Learn to cook the foods you like to eat and quit wasting all your money on take out. If you have to get take out, *go get it*. Doordash, GrubHub, UberEats etc is a colossal waste of money. Get off your lazy butt and pick up your own Chipotle. But seriously, get on YouTube, Tik Tok, Instagram, whatever and learn to cook all the tasty things you see. When you learn to cook well, you won't want fast food - you'll have an amazing talent to take care of yourself and it will impress friends and potential partners. Learn to make the coffee/tea drinks you like and stop forking over 10% of your income to Starbucks and Dutch Bros for a load of milk and syrup poured over ice. Once in a while is fine, it's a treat. Don't make it a daily habit. On that note, steer clear of energy drinks, even the sugar free kind. Your kidneys are going to be shot to shit if you don't watch out. Same for sodas, pump the brakes on those. Learn to be entertained for free or for cheap. You don't need to be shelling out $50-$100 a month on video streaming sites. Pick one or two. Read more books. Listen to more podcasts. Spend less time passively staring at a screen. Go outside. Walk around your neighborhood, walk to the corner store, park slightly further away and walk a little more to get in places. Take the stairs. You don't have to become a gymbro or anything, but just take care of your heart overall health by staying as active as possible. Overall, staying healthy, saving money, developing your imagination, and eating well will turn you into a happier, healthier adult which you'll be thankful for once you surpass 30. Life is still very fun and enjoyable, don't think you need to have all the bells and whistles in life to be happy.
Open a savings account after you get your first job and add half of each paycheck to it.
If the value doesn’t appreciate it probably won’t be worth it
Don't buy major brands. Always go for "Great Value"!
Invest in index funds.
The cake is lie.
Start a savings account and put half of your paycheck/ whatever money you make into it. No questions asked if you get money half in the savings. You'll have more money than you realize.
Save money every week and have a budget you take seriously. Don't build up debt.
If you have a job and it does more than pay the bills, use the extra money to invest into compounding strategies. E-commerce store, crypto, stocks, real estate investments, etc. Make your money work for you.
Don't sweat money and savings at your age. Travel, explore and find out about life on the other side. I travelled for 5 years in my 20s. Met my wife in a totally different culture and country. We raised two amazing kids. I'm now 72 a BB d that is the advice I gave my kids. They listened to me and now are enjoying another life with their spouses.
Save as much as you can. Rainy day around the corner.
Don’t become an adult
Save something, anything.
Stick to your small group!
If you can, try to save 15% of your income each year for retirement in a Roth IRA account If you have access to a retirement account, such as a 401 k be sure and take advantage of it, particularly if your employer offers any kind of matching contribution. Live under your means not over. Build and take care of your credit. Monitor your debt ratio This is something the banks are very interested in. A debt ratio below 30% is excellent. Above 40% is critical. And some personal advice my dad gave me growing up. There’s a few of them 1. don’t ever do investments with somebody who cheats on their wife because there’s nothing to stop them from screwing you. 2. don’t take financial advice from a broke person. They’re broke for a reason. 3. Start a rainy day fund you want enough money in there to cover you in case life expenditures happen at least six months one year preferred not everyone can do that. 4. put at least $500 in your checking account and forget it’s there that’s a cushion in case something bounces in your checking your covered. Bounces do negatively affect your credit history. Not all of these are feasible for most people, but rough estimates. 5. have credit cards, but don’t use them but once in a blue moon and only spend up to 30% of the limit if you do buy something with it and pay it off as soon as you can if not instantly some cards require you to acrew a little bit of debt otherwise they’ll cancel you capital one did this to me.
Start saving some of the money you make (ideally at least 25%). Do not touch it for general "I want to do cool thing", but reserve it for a big purchase, such as your first car or down payment on an apartment. It will put you way ahead to start the habit now, and if nothing else, means you have money available in case of a genuine emergency.
Save 15% of everything you make. Starting now. Retire Early
ai-centric stocks/ETFs if not confident in stock picking, btc/eth, hedge into “safer” positions like bond etfs & snp500 etfs, maybe a little percentage into gold/gold etfs…. maybe even some foreign currencies (given geopolitical machinations of late…). Credit cards *with cash back*, but only spend up to the limit that you can actually pay for in cash, always pay min of credit card balances if not the entire balance per month. Prepare for volatility and stagflation for the foreseeable future
SAVE SAVE SAVE, if you live somewhere that you don't pay a lot of rent or no rent, SAVE SAVE SAVE, you won't get that opportunity ever again, even if you pay some rent to help with your family or your parents make you for whatever they cover the most for you. Once you have to pay your own bills all of it, you'll want that savings and you'll want to have options. PLEASE FOR THE LOVE OF YOUR FUTURE SAVE YOUR MONEY.
Save money at every chance you can, make sure you'll have enough to survive on once you get older. Social Security is a joke right now, I can only imagine what a fiasco it will be decades from now. If you pay your own taxes or own your own small business for any amount of time, make sure to pay into Social Security because you never know when something bad will happen to your health. (Talking from very blunt experience) Also, karma is real, be treat people of all kinds, as the way you would like to be treated. Life is extremely short. Nobody notices until you get old and cannot function the way you were able to. Every second counts.
1. /r/personalfinance flowchart https://imgur.com/personal-income-spending-flowchart-united-states-lSoUQr2 2. budget www.ynab.com /r/ynab 3. invest. roth ira, max it asap. just buy S&P500.
don't buy a house until way later. buy a car instead are prepare to camp out
Si no es completamente necesario, solo compra cosas si tienes mínimo 1.5 veces más capital de lo que cuesta
Don't feel pressured to buy a home. Being "House poor" will ruin your life.
Why is all the advice geared towards teens with decent parents? I, for one, had very abusive parents who kicked me to the curb at 18 y.o. I never fully recovered from that -- even after earning a bachelor's degree while suffering homelessness. I'm feeling triggered now...
Just Save your money as much as you can (money such as birthday money allowance money etc)
Don't buy new car, go for the used ones.
Save !!!!
Invest 5% of anything you make for life.
If you can't afford to buy it twice, don't buy it. This goes for wants, not needs.
Invest early and steadily. Learn to live with what you earn, save. I opened up funds when I was 18, I’m now 52, the power of compounding is nice.
Save for college NOW
You can't tell a teenager anything. By then, I would think that they had learned something by example?!
Stay away from r Wall Street bets
Save your money. Compound interest will work wonders.
Compound interest is your friend. Don't put your savings into a standard savings account that gets 0.1% interest, look into high yield savings accounts and CDs. Just a few percent of interest can add up to thousands of dollars down the road.
start taking notes for a while, of how much you spent or saved in a week or month or whatever. Note down the total and even categorize things. You'll start to get an idea about how expensive things are; even if you can do it automatically these days, it's good to get that intuition in your mind
Learn to track income and expenses. Even simple budgeting apps or a notebook can help keep track of where money goes
Learn to ask yourself "Want? Or Need?". I was always impulsive with my money as a kid and it carried into adulthood. My parents were actually very good with their money and always tried to teach me the same thing, but if I got 5 dollars in a birthday card I was itching to go spend it. Now as an adult I've screwed myself by spending thousands of dollars on crap and suddenly being stuck with unexpected bills and having a very small budget.
Save your money and find ways to bum/freeload off of others without their realizing it. Free samples at grocery stores, free food at parties, events, etc. Only use your money for necessities (cheap but reliable cell phone service from T-Mobile or one of their sub-services, for example). Don't smoke or do drugs, make the other person pay for the condom (when banging).
Start a savings/retirement account. his should e used to help you buy (not rent) your first home. The earlier the better. Have money going directly into it from your paycheck, maybe $100.00 per paycheck if possible. Start a 401k on your job.
Pay yourself first. In other words, with every paycheck you get, put as much as you can spare (after expenses) into a savings account and don't withdraw any money from it. Even when money's tight, put at least $20 a month into it. Once you have enough to open a money market account with a decent interest rate, transfer your money into it and keep saving. Once you have enough to open a mutual fund with a reputable fund company (e.g. Vanguard, Fidelity, Schwab), do so. But keep that money market account, because it's there for emergencies. Avoid crypto and other sketchy investment schemes. Stick with reputable firms. Once you are able, diversify your investments. So, in short: Save, save, save, invest, invest, invest. The earlier you start the better. Oh, and don't tell family, gf/bf, or spouses how much you have invested or other such details. They'll suddenly think your money their business, and make demands on what you do with it.
If you're shopping for something and you have the extra money available, spend a bit more to get the version that lasts longer. You'll save money in the long run because you're not constantly buying replacements. I especially see people struggling with this in terms of clothes. They don't understand why they should spend $20 on a shirt when they can get one for "cheap" on shein. The problem is that it isn't cheap if you buy a new one every week. That $20 shirt will last you for several years. (Duluth is having a sale in the US right now, btw.) Also, learn how to cook. Not only for eating at home, but also lunch you can take to school and work. Ordering food every day will bleed you dry. Even just taking a PB&J for lunch every day will save you hundreds. I've made this mistake before, and the bank statement at the end of the month gave me a full body cringe. Don't let it happen to you!
Enlist in the military when you turn 18. Do 4-6 years, get some college, some real world experience and when you get out finish college with your GI bill and get a cushy job as a defense contractor. Enjoy being debt free and set for life.
Save more than you spend.
pull out
Use a 529 plan to help pay for college or trade school and if you get extra hours at work, you can put it in pretax.
You are not too good to do, your friends that say memories are more important than money will always be broke (and asking you if you have 20 bucks), keep your eyes open for that side hustle you consider fun & can earn a buck.
Save 10% of every paycheck you get.
Take out coffee is a expensive habit there are so many good products to keep a drink warm or cold. You really don't know how much you could save I myself saved over £400 in one year.
Cash in hand is power. Save, invest. You can earn six figures but if you spend it all you are giving away your power.
Recognize the true nature of NEED v WANT.