Unfortunately, personal finance is not a required subject in most high schools or colleges. This lack of basic financial education leaves many youth and young adults clueless about how to manage their money and how to get or stay out of debt. To help you get started, we’ll take a look at eight of the most important things to understand about money if you want to live a comfortable and prosperous life.
#1. LEARN SELF-CONTROL
If you’re lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your finances in order. Do not buy things on credit. You may end up paying double the price in form of interest. Wait until you have saved up the money.
#2. CONTROL YOUR FINANCIAL FUTURE
If you don’t learn to manage your own money, other people will find ways to (mis)manage it for you. Some of these people may be ill-intentioned, like unscrupulous commission-based financial planners. Others may be well-meaning, but may not know what they’re doing like Menz*#$% and others.
Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with personal finance knowledge, don’t let anyone catch you off guard – whether it’s a significant other that slowly siphons your bank account or friends who want you to go out and blow tons of money with them every weekend. Understanding how money works is the first step toward making your money work for you.
#3. KNOW WHERE YOUR MONEY GOES
Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure your expenses aren’t exceeding your income. The best way to do this is by budgeting. Once you see how your morning java adds up over the course of a month, you’ll realize that making small, manageable changes in your everyday expenses can have just as big of an impact on your financial situation as getting a raise.
In addition, keeping your recurring monthly expenses as low as possible will also save you big bucks over time.
#4. START AN EMERGENCY FUND
No matter how low your salary may seem, it’s wise to find some amount – any amount – of money in your budget to save in an emergency fund every month. Having money in savings to use for emergencies can really keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly “expense,” pretty soon you’ll have more than just emergency money saved up.
#5. START SAVING FOR RETIREMENT
It is never too early to start to prepare for your retirement well in advance. If you’re already working, find out from your employers how much they are contributing towards your social security benefits. If you are a private business owner, speak to your bankers to find out what options you have. Because of the way compound interest works, the sooner you start saving, the less principal you’ll have to invest to end up with the amount you need to retire and the sooner you’ll be able to call working an “option” rather than a “necessity.”
#6. GET LIFE INSURANCE
For the youth and young adults who seek for financial freedom, it will be a smart move on your part to buy a life insurance for yourself if you are married and have kids, parents or close relatives. Life insurance is a fundamental part of having a sound financial plan. Depending on your type of policy, life insurance is fairly cheap, which means there’s no excuse not to get coverage now. Plus, over the years, you’ll find comfort in knowing money will be available to protect your loved ones.
Also if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise.
#7. GUARD YOUR WEALTH
If you want to make sure that all of your hard-earned money doesn’t vanish, you’ll need to take steps to protect it. If you rent, get renter’s insurance to protect the contents of your place from events like burglary or fire. If you have properties, make sure that you have legal documents covering them. Never invest in an investment that is “too good to be true”.
#8. ENJOY YOUR MONEY NOW
Saving for the future is fine, but you also have to make sure that you are enjoying in the present as well. So not only is it okay to appreciate and spend your money on things that will make you happy now and then, it’s the right thing to do!
THE BOTTOM LINE
Remember, you don’t need any fancy degrees or special background to become an expert at managing your finances. If you use these eight financial rules for your life, you can be as personally prosperous as the guy with the hard-won MBA.
for free financial advice contact cbokor@scaleupfuture.org OR aaffran@scaleupfuture.org

mask-with-filter   reusable-mask   washable-mask   face-masks   best-face-masks   do-face-masks-work   lush-face-masks   diy-face-masks   face-masks-for-acne   korean-face-masks   best-face-masks-for-acne   cpap-masks-full-face   natural-face-masks   freeman-face-masks   walmart-face-masks   face-masks-diy   face-masks-walmart   cool-face-masks   how-to-make-face-masks   what-do-face-masks-do   good-face-masks   homemade-face-masks   do-face-masks-expire   face-masks-for-men   best-korean-face-masks   3m-mask   3m-respirator-mask   3m-n95-mask   3m-dust-mask   3m-face-mask   3m-gas-mask   3m-mask-filters   3m-full-face-mask   3m-filter-mask   3m-p100-mask   3m-half-mask   publix-pharmacy   mask   heb-pharmacy   face-mask   gloves   masks   rite-aid-stock   publix-pharmacy-near-me   disposable   face-masks   rite-aid-stock-price   procedural   cvs-near-me-now   target-patio-furniture   facea   vons-pharmacy   surgical-mask   mouth-mask   facemask   ebay-adult   fqace   medical-mask   amazon-fsa   ㄹㅁㅊㄷ   publix-easy-ordering   allheart-scrubs   good-morning-america-steals-and-deals   facial-mask   laryngeal-mask-airway   medical-gloves   walgreens-invitations   shein-outlet   t&t-nails   allergy-mask   latex-mask   gma-deals-and-steals-today-2019   lma-airway   surgical-masks   986-pharmacy   amed-stock   facemasks   walmart-ear-plugs   medical-face-mask   rite-aid-san-diego   mouth-masks   walgreens-orlando-fl   pface   pollen-count-nj   face-mask-amazon   target-bath-mat   masks-for-sale   pollen-count-tampa   sick-mask   pollen-mask   dog-cone-walmart   cough-mask   walmart-item-locator   surgical-face-mask   dental-salon   costco-custom-cakes   hospital-mask   rite-care-pharmacy   face-cover   pollen-count-las-vegas   flu-mask   facial-masks   black-surgical-mask   face-cover-mask   mask-face   up&up   sick-face   the-mask-3   latex-glove   costco-air-filter   walgreens-allergy-medicine   amazon-face-mask   mouth-cover   medical-masks   ralphs-pharmacy-near-me   walmart-sale-paper   cvs-pharmacy-san-diego   walgreens-birthday-invitations   dust-mask-walmart   face-mask-walmart   protective-mask   no-face-mouth   walmart-face-masks   face-masks-walmart   face-mask-sick   walgreens-medical-supplies   walgreens-medical-supply-store   disposable-face-mask   walgreens-sale-paper   laryngeal-mask   heb-prices   kids-face-mask   face}   walgreens-tampa,-fl   humidifier-costco   target-face-mask   heb-plus-pharmacy   whose-face-was-used-to-make-the-mask-in-the-movie-halloween   how-to-make-a-face-mask   how-often-should-you-use-a-face-mask   how-often-should-i-use-a-face-mask   how-often-should-you-do-a-face-mask   respirator   respirator-mask   n95-respirator   3m-respirator   full-face-respirator   p100-respirator   n95-respirator-mask   respirator-fit-test   paint-respirator   welding-respirator   n-95-respirator   3m-full-face-respirator   papr-respirator   3m-respirator-mask   particulate-respirator   supplied-air-respirator   home-depot-respirator   mold-respirator   half-mask-respirator   lowes-respirator   respirator-mask   n95-respirator-mask   3m-respirator-mask   half-mask-respirator   full-face-respirator-mask   respirator-mask-lowes   face-mask-respirator   respirator-mask-for-mold   respirator-mask-walmart   best-respirator-mask   respirator-mask-for-chemical-fumes   chemical-respirator-mask   full-mask-respirator   half-face-respirator-mask