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Money Mistakes To Avoid In Your 20’s

financial mistakes 20 year olds can avoid

Lord knows I made some big money mistakes in my 20’s. Thankfully, I’ve had the opportunity to redeem myself, but I still wish I’d had someone give me financial lessons back in the day. Who knows if I would have listened, but here some money mistakes to avoid in your 20’s. Consumer Debt I think the biggest mistake I made was to take on consumer debt. Our credit card debt didn’t peak until my mid 30’s, but if I’d slammed the door on debt from day one, we would have never had to devote so much time and energy to debt repayment when we could have been building wealth. I also wish I could rewind and set my retirement contributions to the max from my very first eligible pay period. I could have learned to live on what was left after investing. After all, I went from earning $25,000 a year as a resident to $70,000 a year as a rookie optometrist. Don’t tell me I couldn’t have lived large on $50,000 and socked away the rest! Lifestyle Inflation Instead, I let lifestyle inflation and the need for instant gratification guide me into buying too much stuff that really adds ...

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