Biggest Financial Mistakes That Young Adults Make
Did you know that young financial decisions can prepare you for future financial success? In this video, we will talk about the biggest financial mistakes that young adults make.
Make wise financial decisions from the beginning. Being young provides you with the benefit of time and a fresh start. You can set yourself up for long-term success and avoid costly mistakes. When you're young, retirement may seem like a lifetime away. However, starting retirement savings is essential as early as possible. The sooner you start, the more time your money will have to grow. If you wait until you're older to start saving, you may not have enough money to last through your retirement years. To avoid this, start contributing to a retirement account as soon as possible.
In fact, many young adults are in this situation because they haven't learned how to budget or save money. As a result, they're constantly struggling to make ends meet and often have to rely on credit cards to get by. This cycle can be challenging to break, but it's essential to do so if you want to achieve financial stability. #financialmistakes #financialgoals
#adulting101
Time Stamp
00:00 Introduction
00:29 Spending that's both excessive and out of control
01:05 Never learning to budget
01:43 Failing to save for retirement
02:17 Buying a brand-new car
02:55 Not giving importance to health
03:53 Incurring credit card debt
04:50 Living paycheck to paycheck
06:00 Not having an emergency fund
06:39 Not knowing where your money is going
07:26 Not having adequate insurance
08:09 Lacking financial literacy
09:17 Not investing
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