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You are in your 20’s, Avoid These Financial Mistakes

April 19, 2018 by OSYB Staff

Gen Y Planning’s Sophia Bera shares common mistakes that you need to avoid in your 20’s.   You are out of college and starting off your life with a brand new job and you’re feeling on top of the world.  You are enjoying the freedom of living on your own and a steady paycheck.  Life seems to be quite painless.  You can afford your basics and some extras, should you be concerned about your finances?

Sophia Bera says, “The bad news is you always need to think about your finances, even when you’re just starting out and don’t have much money to your name yet.  The good news is that just a few action items now can set you up for financial comfort later. The earlier you start, the less catching up you’ll need to do in future decades.”

Here are 8 money pitfalls you should avoid:

  • not saving for emergencies
  • not having health insurance
  • not getting renter’s insurance
  • not paying off student loan debt
  • not building good credit
  • not preparing for retirement
  • frivolous credit card spending
  • keeping up with the Joneses

Having a good time in your 20’s and enjoying your life is a great way to live, and you do deserve it for all your hard work.  Keep in mind that when you start saving for the future, even in small amounts, you will have an even brighter future waiting for you in the horizon.

For details:  8 Money Mistakes to Avoid in Your 20s

Image Credit:  Deposit Photos

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