These tips can put anyone on a strong financial footing later in life, but all-too-often people make costly mistakes like:. We literally pay for making these kind of irresponsible decisions, and they haunt and follow us around for years — affecting how much things cost. Because time works in your favor when you're young and money invested wisely can grow without you having to work. There are things you can do right now to start your personal finance journey on the right path, or course-correct if you've already made any missteps. You don't want to find yourself older wishing you hadn't procrastinated putting money to work for you. So let's review the best financial advice we've found — because, let's face it, financial tips for young people differ from those in mid-career or closing in on retirement.
8 Financial Tips for Young Adults
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How Young Adults Can Build Credit, Without Going Into Debt - Experian
When it comes to auto loans, teens are often at a disadvantage because they typically lack credit history or stable income. This means lenders see them as high-risk borrowers, which increases interest rates and the challenges of getting approved. That said, a teen car loan can be a powerful way to begin building good credit history at an early age, especially if all of the payments are made on time, every time. The approval tips for car loans for teens are similar in many ways to car loans for people with no credit. Click Here to Get Started.
12 Financial Tips for Independent Young Adults
Bookmark our auto loans calculator to estimate your monthly payment. Source: Experian Information Solutions. Also, the best interest rates are available for shorter loan terms. NerdWallet recommends 60 months for new cars and 36 months for used cars. Other providers run a full credit check, which temporarily lowers your credit score by a few points.
Making informed financial decisions for your future success starts with learning about the basics of money management. Call us at or visit an office. As a high school or college student, learning financial basics today will help you make smart choices for tomorrow.
