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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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Five Money Mistakes You Will Not Make in 2015

avoiding financial mistakes

The holidays are meant to be time spent with the family, to relax and to recharge for the upcoming year. Now that the year has barely started, it is a good time to plan what you want to achieve. Since I don’t like the word “resolution” I will use the word “goal”. Setting goals is crucial if you want success in all aspects of your life: financial goals, personal goals, fitness goals, travel goals, etc. For 2015, here are five things you should swear not to do: 1. I will not carry a balance on my credit cards Your first goal should be not to carry a balance on your credit cards so you can avoid very expensive debt. With an interest rate that can go up to 20%, credit card debt is something you want to stay away from. If you already carry a large balance on your credit card, you should cut back on your expenses and dedicate a portion of your salary to pay it back. To make your life easier, you could program automatic deposits to your credit card. For example, if you earn 500$ per week, you could setup an automatic payment of 50$ the ...

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