7 Things About Money I Wish I Knew in My 20s

Affordable Health Insurance - 7 Things About Money I Wish I Knew in My 20s

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If only there was a mandatory class in high school or college to get ready students for the often-confusing world of personal finance - or at the very least, a crib sheet handed out at graduation listing all the common money traps that befall 20-somethings.

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Unfortunately, most young adults find themselves on their own when entering the "real world" without advice about money and how to conduct it. It's time to play Monday morning quarterback and relate some of the basic money pitfalls that many of us post-20-somethings wish we had known in our twenties:

Start recovery for withdrawal as early as possible.

For most 20-somethings, the budget is tight and there isn't a whole lot of room for extras. But when it comes to recovery for retirement, allowing time for your money to grow is just as prominent as the money itself.

Consider this: Your money is worth more now invested than it will ever be. If you spend just when you're 20, it will be worth 1.75 times more than invested when you're 30, 3.5 times more than invested when you're forty and seven times more than invested when you're fifty because of the power of aggregate interest (assuming 8 percent rate of return and withdrawal age of 65).

What's more is many fellowships will match your withdrawal gift - that's essentially free money! So start recovery for the future now... Even if it's just a little bit.

Don't skip out on health insurance.

I get it - health insurance isn't sexy. It's not even tangible. But if you find yourself in the hospital without health insurance, you may be headed for financial ruin very early in life. If you're not covered at school or by your employer, consider purchasing a health plan on your own. The new Affordable Care Act allows you to stay on your parents' insurance until you're 26 (starting in Fall of 2010) and some insurance providers offer plans designed for cash-strapped 20-somethings.

Live below your means.

If you went to college, you should be used to this lifestyle by now anyway. Why not expand the frugality for a few more years? Living modestly will allow you to save more money for your future. consider living with mom and dad for a little longer, driving that jalopy for other year and avoiding new monthly bills for services you don't precisely need.

Save early, save often.

When you're barely scraping by, it's tough to think about recovery money. But having an urgency savings fund can help you avoid financial hardship in the event that you lose your job, encounter a major car mend or are slapped with a large unexpected expense. Keep in mind this is a totally distinct fund than your withdrawal savings. This one is for urgency purposes, the other is for your future and should be considered off-limits until then.

No one expects you to sock away thousands of dollars when you're living on Ramen noodles, but even a small gift can add up with time.

Just because you qualify for credit, doesn't mean you need to take benefit of every offer.

You don't need five prestige cards and 10 sell store prestige cards. I know it's tempting to take benefit of those "10 percent off your buy today" offers that sell shop throw at you, but those cards often carry high interest rates and fees. Now is the time to build your credit. Start with one card and pay your bill on time and in full every month.

Credit card balance transfers often cost more than they're worth.

On more than one occasion, I've been swayed by tempting zero percent balance transfer offers only to get stung with outrageous fees. If you carry a balance on your prestige card and are curious in taking benefit of a lower interest rate on other card, make sure you read the fine print. Often, balance transfers come with fees that cost more than the savings you'd get in return.

Avoid the slippery slope of debt.

In your twenties, you should be reasoning about building your credit, not sinking it. Only payment items on your prestige card that you can pay back immediately. And avoid only paying the minimum - If you get into this habit, you will be in debt for a long, long time.

It's also prominent to only borrow what you need. Just because you may qualify for a large loan - whether it be a trainee loan, auto loan or home loan - doesn't mean you should take on the full amount. consider what you precisely need to get by and only borrow that amount.

Taking on too much debt, too early, is one of the most common money mistakes 20-somethings make. The free time to payment anyone you want whenever you want is a tempting proposition. But when you ultimately come to and realize the error you've made, you may spend the rest of your twenties - and in some cases, the great part of your thirties - paying off what you owe. Don't let this happen to you.

By avoiding many of the traps that 20-somethings generally encounter, you'll set yourself up for greater financial success. And at 30 or 40, you won't have to wonder, "If only I knew then what I know now."

I hope you have new knowledge about Affordable Health Insurance. Where you can offer used in your daily life. And most importantly, your reaction is passed about Affordable Health Insurance.