It’s easy to make financial mistakes when you are just starting out. Even after graduating high school, trade school or college there are still going to be a lot of things you must learn, particularly in the area of personal finance.
Bayside, N.Y. (PRWEB) February 14, 2013
Personal Finance expert Walter Edelstein, CFP® has published 10 Money Mistakes that Hurt Young Adults on BankingAdvice.com that can help young adults better achieve their long-term financial goals. Consumers need to get objective information on best practices they can use to improve their financial situation. BankingAdvice.com is one of the sites that are part of TheAdvice.com Personal Financial Site Network that provides consumers with free information and easy to implement practical ideas to help them achieve their personal financial goals. Following is a summary of the new article which is one of the many “How to” articles that have been published on TheAdvice.com Personal Finance Site Network.
According to Mr. Edelstein "it’s easy to make financial mistakes when you are just starting out. Even after graduating high school, trade school or college there are still going to be a lot of things you must learn, particularly in the area of personal finance." Money missteps that a person makes when they are young can be some of the most devastating, even if the financial value of the error is relatively small. We’re constantly being evaluated through the activity on our credit reports, so errors that are made early in life can have a negative effect for many years.
Also, not focusing on saving money at a younger age, and leveraging the impact of long-term compound growth, is a major hurdle for many younger folks. Here are ten mistakes that young adults should look to avoid.
1. Incurring Credit Card Balances. Some young adults can get themselves into serious financial problems by running up significant balances on their credit cards. While carrying too much credit card debt can hurt an individual of any age, it can be particularly damaging to a young person.
2. Only Paying the Minimum Amounts on Credit Cards. Even if an individual’s credit card debt is kept to “manageable” levels, one can still end up paying a lot in interest charges just to continue carrying that debt.
3. Making Late Payments. Making even a single late payment on any of your credit cards, (or a utility bill or any other financial obligation) can significantly reduce a credit score. Don’t make the error of making even a single late payment.
4. Not Saving. It’s essential for every young person to save, even if they think they don’t have enough money in their budget to do so. Building up an emergency fund to cover unexpected expenses should be a budget priority from your very first paycheck.
Click here to read the rest of the money mistakes.
About TheAdvice.com Personal Finance Site Network
TheAdvice.com Personal Finance Site Network was launched in 2009, and since then has provided consumers with hundreds of free articles and financial tips across a broad array of personal finance topics. Several of the sites in TheAdvice.com Personal Finance Site Network include:
CreditCardAdvice.com – where consumer can learn how to establish credit, protect credit, choose the right credit card, and unlock the secrets of a credit report.
RetirementAdvice.com – where consumers can learn how to plan and navigate the path to the future beyond work, including 401K, IRA and Roth IRA information. Read how to develop a retirement plan or a pre-retirement plan that helps achieve individual long-term goals.
Mr. Edelstein has financial experience that spans over thirty years. It includes being a Certified Financial Planner™, having a Master's Degree from Columbia University, and having served as Chief Marketing Officer for a major online bank where he honed his online marketing skills to help consumers achieve their financial goals.
TheAdvice.com proudly reaches out with this network of personal finance websites to help individuals and families discover the path to financial knowledge.