Tips You Should Know

by Warren Cormack

PROTECT YOUR PERSONAL INFORMATION

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Keep all of your personal information from prying eyes. If you use a computer, be sure to only use credible sites, and change your password frequently. Identity thieves can steal lots of money if you leave your social security number or bank account number online or in the open

MAKE SCHOOL YOUR FIRST JOB

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Getting a diploma and doing well in school leads to a good career. Some people get distracted from schooling by working on side projects too much, but this can be less financially responsible

TAKE TIME NOW TO PREPARE FOR YOUR CAREER

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Many people end up in a job they don't love because they didn't plan for their future. By planning your career path, you can end up with a great job.

SAVE ON SNACKS

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When you're in college, food can be a big cost. By lots of food in bulk, maybe sharing with a roommate, to save on the cost of food. The snacks that you buy will likely be healthier and less expensive!

SEPARATE NEEDS FROM WANTS

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Begin to decide what you need and what you want, and make sure that you are making enough money to fund your needs. Your wants can then be paid with the money that you have left over from your needs and after you've saved at least 10%

TAKE ADVANTAGE OF STUDENT DISCOUNTS

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Many stores have year-round student discounts. Carry you college ID wherever you go so you can take advantage of these and save some money!

CREATE A BUDGET AND STICK TO IT

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Creating a budget allows you to decide how much you need to save in order to pay your expenses and have money left to save and spend on wants.


BUILD GOOD CREDIT

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Many young adults don't know how to begin making good credit. To do so, always pay taxes and bills on time, and get a credit card and make payments at the right time. A good credit score will save you money for loans in the long run.

TAKE CONTROL OF YOUR CREDIT CARD

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Many people are in credit card debt. A way to get out of this early on is only get one credit card when you are starting out and pay your credit card bills promptly, and only buy what you know you can afford. NEVER use a credit card as a loan.

LEARN THE POWER OF COMPOUNDING

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Start saving early! This will pay off very significantly in the long run. Beginning saving even a year earlier means significant long-term gains. Just notice the graphic! Jane made almost 3 times Gary's money because she began saving and compounding 10 years earlier.

LEARN ABOUT YOUR OPTIONS FOR SAVING AND INVESTING MONEY

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Figure out all your saving and retirement options, and pick the ones that work for you. You should do this relatively early so that you can start investing right.