Insurance feels like a waste of money. However, the reality is that you probably need it. Without it, your assets — meager as they may be — are at risk.
When you buy the insurance you need, you can cover your assets in many situations. Let’s be real: if you totaled your car, and you still owe money it, could you really afford to buy a new car right now? Plus, you’d still have a loan to deal with.
In this episode, we look at the disturbing reality that insurance is a necessary part of financial planning. In some cases (like health insurance and auto insurance) it’s even the law.
We’ll help you figure out what insurance you need to be effective.
Concepts
How insurance works.
Ways insurance can keep you from ending up in a worse financial situation.
Types of insurance required by law.
Insurance policies everyone should have.
Insurance policies that can be beneficial, depending on your situation, but that aren’t for everyone.
Types of insurance policies you should avoid.
Tips for figuring out what insurance you need.
This week, DO NOWs look at what you need to do in order to get the insurance you need. This includes writing down your needs, and documenting what you have in your home so you’re ready in case of a claim.
This week’s listener question looks at how you can feel better about the whole insurance thing. We look at ways you can get over the idea of “wasting” money on insurance.
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More than 6.5 million people in Florida were instructed to evacuate before Hurricane Irma struck the state. Leaving everything behind is not easy for a family — and it’s not cheap. While insurance may cover damage due to the storm, how do you handle the expenses you have when you need to change your plans with a moment’s notice?
You need an emergency fund. It’s one of the first steps for preparing for the unexpected — and handling your money like an adult. If you don’t have an emergency fund yet, you need to start it now.
Here are some of the best banks for emergency funds today — because they pay out some of the highest rates.
My friend’s brother lives in Florida, and his home was hit hard by Irma. He, his wife, and his daughter secured their home as well as possible and left town, driving with thousands of others north, away from where the hurricane would do the most damage. Because he had an online savings account with CIT bank, an emergency fund for the family, they were able to come up with the money they needed to get out of town and stay in a hotel for a few days before reaching family.
Start that emergency fund now.
Add to your emergency fund little by little. Transfer a small portion of every paycheck. It won’t hurt you to miss 1% of your pay today, and it will help you later when you need to come up with money fast.
Could you make more money by investing your money in stocks instead of a savings account? Sure, but it could take more time to withdraw the value of those stocks when you need the money, and chances are good you’ll need the money at a time when the stock value is lower than you’d hope.
Add the taxes you have to pay on top of that, and it’s easy to see why investing is not a good option for money you might need in an emergency. That’s why high-yield savings accounts are the best options for emergency funds — like the one you need to withstand the next hurricane.
Choose a bank below to start your emergency fund.
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Amassing debt is easy. It’s a lot harder to answer the “how” and “why”. These answers can help you avoid mistakes and they can help you remedy them. Read More...
When the topic of credit card debt came up on the Adulting editorial calendar, it only made sense to assign it to one-half of the Debt Free Guys.
In case you’re not familiar, my husband and I acquired $51,000 in credit card debt despite having years of experience in financial services. The reason we amassed that impressive total was that we were living and spending unconsciously and trying to make up for years of insecurity and self-doubt.
Our story is just one example of how people find themselves in more debt than they can handle. There are numerous reasons why people get into debt. Below is a list of what to look out for so you can avoid getting into debt yourself. And if any of these describes your story, know that there is a way out.
Don’t know their financial goals.
It’s my belief (and my husband’s) that more people are in debt than there needs to be because they aren’t clear on what their financial goals are.
It’s like knowing your destination when you’re in the car. The very first and most important thing you need to know is where you want to go. You can have the nicest car, years of experience driving, and it may be a beautiful, bright, and sunny day. But if you don’t know where you want to go, you’ll never get there.
This issue was my challenge. I didn’t know what my financial goals were and so I spent my money on any and everything. I sought short-term, easy satisfaction rather than long-term, secure satisfaction.
Don’t know their life goals.
The sister reason why people get into too much debt is that they aren’t aware of their life goals. Financial goals and life goals are not synonymous.
For example, our stepson just graduated high school. He recently asked for help to create a plan to ensure he’ll be financially secure, not necessarily wealthy, but stable. Financial security is his financial goal. After doing some exercises with him, we’ve since attached a dollar sign to what financially secure means to him and how to get there.
His life goal is to be an artist. He’s currently interested in videography and photography and is going to college for photography. He knows there’s a chance he won’t make a fortune in photography, but in that instance, his financial goals will support his life goals.
Without knowing what you actually want and developing a strategy to get it, you’ll go in any direction the wind takes you. Have you met people like that? Every time you meet them, they have a new goal, they’re moving elsewhere, they’re focused on something new.
Try to keep up with the Joneses.
It is challenging to live in such a consumption society. Everywhere you turn, someone has something newer and nicer than you. Whether it’s your neighbor or the guy on television who you want to be like or be with, it’s easy to get sucked into competitive consumption.
My sister and brother-in-law experienced this in their neighborhood. Theirs is an interesting case study. They lived in a quiet area full of homeowners about their age and children all about their children’s ages. They were all middle-income earners, all within the same income bracket.
Sure enough, when a neighbor did an upgrade to their home, suddenly several other neighbors did upgrades. When someone bought a new car, suddenly there were new cars all over the neighborhood. It all ended finally when one couple said they had to move away because the competition was hurting them financially.
Trying to keep up with The Joneses is like trying to live someone else’s dream. In either case, you’ll never achieve true happiness if you’re living someone else’s life.
They don’t know how to manage money.
Most of us never learn how to handle money. It’s a major disservice of our school system. We motivate and encourage our students, regardless of student loan debt, to get the best and highest job possible, and yet they don’t know how to manage their money.
Being financially secure is not contingent on how much money you earn, but how you handle the money you do earn. With the accessibility of the internet, there is a host of financial information at anyone’s fingertips.
They live and spend unconsciously.
This issue is synonymous with sticking your proverbial head in the sand. Often people live and spend unconsciously because taking the time to learn about their financial situation would mean they’d have to live and spend better. Whether they earn too little income to support their lifestyle or are trapped in an increasing cycle of amassing debt, they continue not to pay attention because it’s easier than addressing the truth.
Unfortunately for many, they learn Stein’s Law the hard way. That law says that if something can’t go on forever, it won’t. Stein’s Law is why most of the emails my husband and I receive are from people who are about to file bankruptcy or have reached retirement age and can’t retire.
They just divorced.
Divorce can be paralyzing to one’s life and finances. No part of divorce is fun, and it can leave both parties bruised emotionally and financially.
Not only is divorce itself expensive due to legal and court fees, but the division of assets rarely seems fair to both sides. The compound effect is that contractual obligations, such as requirements to repay debts, don’t disappear when you divorce.
Over 75% of Americans are in debt. It’s logical to conclude that 75% of couples in America who get divorced also have debt. Those debts must still be repaid despite the status of your marriage.
They have unexpected or large medical bills.
Healthcare in the United States is not getting cheaper, and a health scare or issue can easily wipe out one’s life savings. Even with an increased usage of HSA accounts and access to retirement funds to cover medical expenses, the wrong ailment can ruin one’s financial life.
People don’t make logical decisions when they have an addiction. You might automatically assume that this point is about gambling. To be sure, gambling does ruin a lot of people’s financial lives. They lose life savings and acquire numerous, even sketchy forms of debt.
This point also applies to people with drug and alcohol addiction who may make poor financial decisions that can cause them to acquire debt. It’s easy to get wrapped up in letting debt subsidize your addiction.
They don’t understand how credit cards work.
In part, because many people don’t understand money, most people don’t know how debt works. We receive too many emails from people saying that they weren’t aware that their interest rate could increase. They assume that the only reason their credit limit increased was that they’re doing well financially. They assume that the only reason they were offered a credit card was due to their creditworthiness – because they’re doing well with their existing credit cards.
That’s simply not true.
Just as with purchasing investments, it’s important for people to understand the nuts and bolts of how credit works. This is where reading the fine print helps and reading personal finance blogs that you can trust helps even more.
They’re unemployed or underemployed.
Even though the economy has been recovering since 2008, and wages are increasing, too many people are unemployed or underemployed. The economy is changing, and more jobs are being automated.
It’s incumbent upon American workers to increase their skill-sets and diversify income streams. This is one of the reasons why I recommend to everyone –everyone – to start a blog. Regardless of your career or skill set and regardless of what direction you want to take your career, a blog is a critical component of future career and financial success. Some people, in fact, think having a blog is more important than having a resume.
These are the top 10 reasons why many people find themselves in more debt than they can manage. Once you know what to look out for, it’s easier to avoid the mistakes. If you see yourself in one or more of the reasons above, now that you know your problem, you’ll more quickly remedy it.
Have you experienced one or more of the reasons above? Were you able to climb out of debt? We’d love to hear about it in the #Adulting Facebook community.
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One of the best ways to get ahead in your career and in life is to learn from someone else. If you can find a mentor, you have the benefit of wisdom and experience.
But how does one go about finding a mentor? And what can you do to maintain a good relationship with a mentor?
Concepts
How it can help your business and life to find a mentor.
How a mentor can help your career.
Advantages of an outside view.
The importance of learning from others and benefitting from their experiences.
Tips to help you find a mentor.
How to get referrals from your networ for a mentor.
How to use mentorship to network and find new opportunities.
Tips for developing a good relationship with your mentor.
What you need to know about choosing the right mentor for you.
As you prepare to find a mentor, this week’s DO NOWs can help. Start by identifying one area of your life you want to work on, whether it’s money, career, or your health. Pick one area of focus. Write down the names of people in your network who can help in your area of focus. Ask one of the people on that list to lunch or coffee.
This week, our listener question deals with concerns about using a mentor someone else picks out for you. We talk about taking a chance, and how to identify if the mentoring relationship is going to work early on.
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Your retirement plans may be a bit different than your parents’ and you’ll probably need more money than they’ve saved up. It won’t be easy but here’s how to get there. Read More...
For many of us, retirement seems a million miles away. And, with more and more companies handing retirement responsibilities into the hands of their employees, many of us are wondering: how on earth do I retire with more than my parents?
Fortunately, it is possible to retire with more money than your parents-if you have a financial plan that you work ruthlessly.
Let’s be clear, your parents may have a completely different vision about retirement than you do. When conceptualizing your own retirement, you need to be clear on what retirement will look like for you and an understanding of what your monthly expenses will entail during the duration of your retirement.
Are you just dreaming about golfing or fishing in your old age?
You may want to embrace FIRE (financial independence retire early) and retire in your thirties. Your retirement may be on a boat sailing around the Caribbean. Or, you may want to live in a large house in your hometown.
Own your vision for retirement and then begin working a plan to move you towards that vision.
Look for ways to save more.
For those of you who are younger and are currently in the process of deciding where to go to college, double down on going local. Local tuition is always cheaper than out of state. In fact, if you’re still in high school, earn college credits
In fact, if you’re still in high school, earn college credits at a discounted rate before going to college so that you can decrease your time in school. With the money that you save on tuition, begin saving for the future.
Negotiate every financial expenditure with the idea of investing your savings for the future. Keep your housing costs as low as possible and work hard on keeping your overall monthly and yearly operating budget as low as possible.
Currently, I have a budget of $2500 for both my personal and business expenses and I’m aggressively working hard to lower that number. It took awhile to lower my expenses, but once I did, I’ve been able to reallocate my money towards financial choices that will serve me well in the future.
I also embrace the “keep it small” philosophy. You’ve probably heard the buzzword “minimalism” and, in my view, keeping it small and simple is basically the same thing without the snazzy black t-shirts that minimalists always seem to wear.
I’ll be honest and say that I have no interest in super sizing my home and having a larger mortgage. Keep your housing and car expenses low so that you can invest your savings for your future.
Finally, don’t drive away your savings by purchasing too much car for your needs. In 2016, CNBC reported that the average monthly car loan payment was $503. Imagine if you paid cash for a used car and used the money that you saved on transportation costs towards retirement savings?
You also need to earn more.
Look at every opportunity to earn more money and to save money on every financial transaction you find yourself in.
Earn more money. Let’s be frank, financial conversations seem to always cover: paying off debt, spending less, and changing your habits, but never seem to cover earning more money.
Don’t mind dealing with blood and can get scholarships? Think about becoming a nurse or doctor. Do you love teeth? But, you don’t want to take on student loans to become a dentist? Become a dental hygienist instead. Do you love science and computers? Become an engineer of a highly specialized field or a computer coding badass.
Embrace a financial strategy that includes finding employment with an organization that matches your retirement savings. Increase your savings as you earn more (while being mindful of savings limits). Don’t let your lifestyle costs creep up, just bank your earnings so that you save more over time.
If you want to retire with more money than your parents, keep your eye constantly on your ultimate retirement savings goal and work your plan unapologetically.
Start a business. One of the best things about becoming an entrepreneur is access to retirement savings tools that enable consumers to save substantially more than for someone who is employed.
It’s not too late.
And, for those of you who started late, all of this advice still is applicable to you. But, in all honesty, you’ll have to double your efforts and approach your long-term retirement goals with a single-minded focus and tenacity that someone who started early won’t have to deal with.
Have you begun mapping out your retirement plan? Are there any helpful methods you could share? Please join us in #Adulting Facebook community.
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Once in a while, we present Adulting.tv LIVE! Subscribe on YouTube to hear about future events, and share your questions about or suggestions for our next discussions!
Show Notes
We don’t have a video this week, but we do have an interview with an expert. Lynette Davis is an entrepreneur coach and mental health advocate. She knows what it’s like to lose touch with yourself and the importance of mental health as an entrepreneur.
In this episode, Lynette talks about the importance of self-care, watching for signs that you might need to pay better attention to your mental health, and how better mental health can help you make the most of your business.
We also talk about the importance of getting help when you need it and removing some of the stigma related to mental health from the national conversation. Listen in to find out what you need to know about mental health as an entrepreneur.
Hosted byHarlan L. Landes and Miranda Marquit Produced byadulting.tv Edited and mixed bySteve Stewart Music bybensound.com
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Suffering from renter’s guilt? People making you feel less adult for not buying a house? Dude… please. See why you’re probably better off. Read More...
When it comes to the game of adulting, buying a home is often seen as the final challenge. It’s easy to think that once you own a home, your peers will admire you, your parents will respect you, and the Adult Club certificate will arrive in the mail shortly after.
Maybe buying a home was the final step to becoming a true adult at one time, but things have changed. The barrier to entry is much higher, with rising home costs, stagnating salaries and a general frustration with the intense home buying process.
If you have no interest in owning a home, you’re not alone: according to a recent survey from Experian, consumers who aren’t planning to purchase a home in the next 5-10 years have increased by 8% in the last year.
Owning a home isn’t just a financial decision. It’s also a question of how you want to spend your time. Do you want to devote your weekends to picking tile patterns, installing a new garbage disposal or fixing the broken toilet?
You might think it’s a joke that all homeowners spend their free time fixing something around the house, but those stereotypes exist for a reason.
When my pipes get clogged or the gutters get full, I don’t have to worry about taking care of them. I call my landlord, who fixes the problem himself or hires someone else to do it. I don’t have to decide if I want to replace the pipes now or wait a few years.
It limits your options.
Most financial experts say you shouldn’t buy a house unless you’re willing to stay there for at least five years, since that’s how long it takes to see a profit on your investment. That’s partly why people equate buying a home with settling down and starting a family. It’s something you only do when you’re prepared to be somewhere for the long haul.
Owning a home and having a mortgage makes it harder to take a job across the country, to start your own business, or to travel the world. Buying a house doesn’t make sense if you’re the type who’s always dreamed of living abroad or being a digital nomad.
My then-boyfriend and I considered buying a home a few years ago, but now I’m glad we didn’t. Instead, we moved to Colorado where we’ve continued to rent. If we had owned a house, it would have been harder to quit our jobs and move across the country.
It can lead to financial ruin.
Most people assume that buying a home is a decision that every real adult makes when they can afford to. If you have a good job and decent salary, you can afford to buy a house. Many people say it’s the best investment you can make, but it can also be the worst.
Becoming a homeowner ties you to a property in a way that a lease doesn’t. If you’re a renter who needs to downsize, you can get out of your lease early, rent out a spare room, or list your place on Airbnb. Most leases are only a year long, and no one can force you to live there after your lease runs out.
A house is different. Until you find a buyer, you’re stuck with the mortgage, property taxes, and insurance payments. It took my parents four years to sell their house after the Great Recession because of declining home values and high unemployment rates. In the end, they sold the house at a $20,000 loss.
Buying a home isn’t always cheaper, even when the mortgage payment is less than what you’re currently paying for rent. For example, renters insurance is about $10-$15 a month, but homeowners insurance is closer to $60-$100 a month.
Utilities can also be more expensive, especially if your landlord pays for your heating, electric and water bills. If you dive in unprepared, those extra costs could leave you struggling to make mortgage payments and headed down the road to disaster.
What to do instead.
If you don’t want to buy a house now, but anticipate being a homeowner at some point, it’s still a good idea to start saving for a down payment. A basic mortgage requires a down payment between 3.5% and 5% of the asking price, and many experts recommend putting at least 20% down to avoid extra insurance fees.
Start by making automatic transfers to a separate savings account, as much or as little as you want. I wish I had done this years before I was ready to own a house so I’d already have a nice nest egg. Instead I’m saving aggressively, forced to cut expenses, and live on a shoestring budget.
If you decide to never buy a home, you can use that money for a vacation, another deposit into your retirement account, or a new car. You can even use the money to fund your rent indefinitely. If you do want to become a homeowner, you’ll already have a down payment, so it’s a win-win.
Have you decided to opt-out of the home buying experience? We’d love to hear about it in the #Adulting Facebook community.
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Once in a while, we present Adulting.tv LIVE! Subscribe on YouTube to hear about future events, and share your questions about or suggestions for our next discussions!
Show Notes
Harlan and Miranda are joined by Jessica Moorhouse and Jaclyn Phillips. Jessica is a personal finance expert (blogger, podcaster, speaker) and Jaclyn Phillips is a fitness expert (fitness coach, yoga instructor, champion bodybuilder). We talk money and fitness — and how they go together.
Jessica Moorhouse is an award-winning personal finance blogger, speaker and host of the popular Mo’ Money Podcast, who regularly shares helpful money tips with major news outlets and magazines as a go-to millennial money expert.
Focusing on building her community offline (in addition to online), Jessica founded the Millennial Money Meetup in 2016 to promote financial literacy amongst millennials in her city of Toronto. Aside from being passionate about personal finance, she’s also a fitness & balance advocate, having launched her first e-course with fitness coach Jaclyn Phillips, the Rich & Fit Bootcamp, in June 2017.
Jaclyn Phillips is a registered yoga teacher, fitness coach and international bikini competitor based out of Toronto. She has been active her entire life and approaches health and wellness from a holistic perspective. Finding balance between work, fun and health has always been her focus and lifestyle.
Priorities for Jaclyn are making the time to eat healthy, work hard and train hard, and she has a passion to share this with others. Her goal is to inspire and motivate others by sharing her fitness journey and experiences through progress, nutrition and workouts. Jaclyn has a soft spot for animals too – especially dogs – and loves all things nature.
Student loans are a huge burden for many graduates — and the economy. With 44 million people affected and $1.4 trillion in student loans outstanding, there’s a good chance you feel the weight of your own student loans.
So, what happens when you can’t pay your student loans? What are your options? This weeks episode tackles that thorny issue.
Concepts
A look at some of the reasons there’s so much student debt.
Prices to attend college continue to rise.
The importance of developing a marketable skill.
Stagnant wages make it even harder to repay student loans.
Income-based repayment plans for when you can’t pay your student loans.
How to talk to your lender about your options.
Downsides to deferment and forbearance.
Tips for spending less money and boosting your income.
The importance of making a plan to pay off your student loans.
This week, our DO NOWs are all about solving the problem when you can’t pay your student loans. Start by getting all your student loan information together, using the list offered by Department of Education. You should also see what programs you are eligible for. If you qualify and are struggling, you can start the loan consolidation and income-driven repayment process.
This week’s listener question deals with the question of what happens if you don’t want to pay off your student loan debt quickly. Does it ever makes sense to keep the student loans for a little longer?
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I know you won’t follow every piece of advice you’re about to read. Some of this won’t have anything to do with you, anyway. But bear with me.
That’s because I and the rest of the Adulting.tv team asked hundreds of people — some of them adults and others… “adults” — what advice they’d give their younger self. Some answered with very specific advice about opportunities they had at the age of 21. Some offered tidbits of wisdom they gained from making mistakes. Most didn’t answer at all.
Don’t worry — even if you take some advice to heart, you’ll still make mistakes in life. Mistakes are the best way to learn about yourself and how you can grow as a person.
But if you have the opportunity to avoid a few, you might as well take it. So let these certified adult experts help you.
Something in this fantastic round-up of advice will apply to you, at any age.
“21 wasn’t that long ago for me but I would say this: Choose a place to live that is inexpensive and allows you to save. Spending too much in rent can really hurt your ability to pay off your student loans, invest, and even travel the way you want to in the future.” Kevin Matthews II
“Don’t be afraid to try new jobs and careers. Like your actual life, your working productive life is a very long period of time and you’ll have many opportunities to switch and try new things. Don’t be afraid to do so, especially when you’re early and have less to risk!” Jim Wang
“Take the time to explore your priorities and hobbies, but make sure you have some buffer in your account. I ran out of money in my early 20s and found myself scrambling and unfulfilled. There is a way to be YOLO yet at the same time be responsible with your spending. Think about money as buying you time and choices instead of cool things, which was what I was most concerned about when I first graduated college.” Sarah Li-Cain
“Don’t always look to see what others are doing with money or what the current trend says you should be doing. Figure out what works for you… This also applies to starting a family, your career and pretty much anything else.”
“Don’t listen to people telling you that starting a business is the ultimate thing to do. Not everyone is built for it mentally or emotionally and it takes more than passion or an interest to make it a success. It’s more than acceptable to be an employee of someone else and plenty of people have lived great lives that way.” Eric Nisall
“Alcohol and sugar are overrated. Try sobriety and protein for a couple weeks.” Doug Nordman
“21 was just a few years ago for me, but the best thing I did and therefore the best advice I have is to start paying off debt ASAP, especially if you are single and don’t have children. I wasn’t dating anyone then, so I lived at home with family, worked 2 jobs and debt snowballed like crazy to pay off as much as I could so that someday when I got married I would be in a little less debt. It really helped, because when I got married at 23 a lot of the financial pressure was off since I had paid off about $17,000 worth of debt on my own. Also– be careful what major you pick in college! I graduated with a degree that I can’t do anything with, that I picked solely because the classes were fun and interesting. Unfortunately, I’m going to have to go back to college for a second degree to actually get a decent job.” Bailey Kay Cummins
“Trust your gut. It will never steer you wrong with jobs (if you are getting a stomachache thinking about the promotion you feel like you have to take, you’ll probably quit 6 months later), with dating (if you feel leery about a guy, he’ll probably be the sort of guy who gets mad at you for being sad), with money (if it feels like a bad use of your money, it probably is). Don’t railroad over those gut feelings.” Emily Guy Birken
“At 21 years of age I was living in a dumpy apartment in a Philadelphia slum with a year-old baby. I had a permanent part-time job and no child support or government aid. As a result, I was so broke I did all our laundry (including the diapers) on a scrub-board. Here’s what I would tell my 21-year-old self. Tough times show us what we’re really made of and what we’re capable of accomplishing. Often, we later realize that what we perceived as misfortune was actually crucial to making us the people we have become. (And in fact, that’s happened.)” Donna Freedman
“At the start of your career, move into a cheap apartment that you hate (ideally with roommates). Why? You won’t want to spend any time there. That makes it easy to skip out on luxury utilities (tv, internet, etc) and expensive furniture. Lower expenses means more cash to put towards investments. You’ll also be able (and willing) to put in more hours at work, creating clear differentiation between you and your peer group. Hustling hard early on should produce a steeper compensation trajectory. Before you know it, you’ll be on a clear path to financial independence.” Eppie Vojt
“This fall you’re going to go through the Student Union at college. There will be a Citibank representative there soliciting students to apply for a credit card. Do not stop. Flip him both birds, yell, “F YOU!” at the top of your lungs and keep walking.” Travis Pizel
“Start contributing to a Roth IRA and take advantage of all the tax benefits in retirement investing. Even if you can only afford $50 a month, those early contributions really add up over the years. Just one $50 investment can grow to $749 over 40 years on a 7% annual return. Now imagine you were able to make that $50 a month!”
“When you’re young and don’t pay much in taxes, you might not be getting such a benefit from the instant deductions of a 401k or a traditional IRA. This is when a Roth IRA makes the most sense. You don’t get an instant deduction but get to withdraw the money totally tax-free in retirement, that’s contributions and all earnings tax-free.” Joseph Hogue
“Find what makes you happy and then organize your life around that. Quit comparing yourself to others. Everyone moves at a different pace and has a different focus. What’s important is that you do what’s best for you. Not what’s best for your friends or others around you. Life is much more enjoyable when you do that.” Andrew Daniels
“I know you’ve spent the last 16 years of your life in school, but don’t stop learning now. Keep learning and mastering new skills whether they’re related to your work or not.” Julie Starnes Rains
“Don’t build a life that requires a financial partner. Make your own money and make sure you can support yourself if the shit hits the fan. It’s great to HAVE a financial partner, but it’s another thing to NEED one.” Morgan Marie Quinn
“My biggest revelation after wasting four years of college and working a dead end job was learning that the market doesn’t care about my passions (which were fickle anyway); the market rewarded professions that were IN DEMAND. So my job was to find a niche in the job market that married my skills and interests with jobs that were HIGHLY needed, and that small realization changed everything for me. I no longer felt guilty for “selling out” to make money, because by choosing a career that society valued it was a win-win for everyone.” Curtis Hearn
“Negotiate everything! Your salary, purchases, and business deals. It’s a muscle that needs to be built and there is always an opportunity to build it.” Alanna Jackson Anthony
“Don’t underestimate yourself. You might not think you qualify for those scholarships, but you’d be wrong. You’ll be kicking yourself to find out later only five people applied for that $5,000 scholarship and you thought 1,000 people would apply! This goes for graduate school scholarships and TA positions. Just apply.” Melissa Hoffman
“Youth is time to experiment and have new experiences. Manage your money so you can do that. It’s a better investment than grad school for most people. Be bold. But always be able to support yourself.” Teresa Mears
“I’d tell my 21-year-old self to party less. I was a neo in my fraternity at the time and basically wasted a year in school partying. My priorities were not in order.” Jason Butler
“No one cares more about your finances, your career, or your health than you do. Learn about each and pay equal attention to each one so that you have a secure and balanced life for years to come. Don’t let the fear of the unknown stop you. Life happens. Let it.” Amy Savage Blacklock
“Exercise. Find a workout routine that makes you feel great and make movement part of your life every single day. I don’t care what you do, whether it’s running or yoga or lifting or walking for miles or playing rec league sports, just find something that gets you physically active most days. Physical exercise benefits your bod, but it’s also an investment in your mental and emotional well-being (and staying healthy = less in healthcare costs). Getting into a workout routine only gets harder as you get older, so start now while it’s easier to work it into your day so it becomes a part of your long-term lifestyle.” Kali Hawlk
“Take a deep breath and understand career success doesn’t happen overnight. Every day when you get to work, it is a new opportunity to impress your team and keep up the momentum. But don’t stop side hustling. Don’t be afraid to invest a few bucks in your projects and stay focused!” Eric Rosenberg
“(1) Work for experience, not income, because eventually the experience will command a far higher income. (2) Buy rental real estate instead of renting and begin as early as possible. Beg or borrow the down payment if necessary. As long as the property is positive cash flow and financed with a fully amortizing, fixed rate mortgage your financial security is just a question of time, and time is why you want to start as early as possible. Rental real estate provides inflation adjusting income you can never outlive, and there’s not many investments you can say that about.” Todd R. Tresidder
“Invest in defense industries. They seem to be doing better and better.” Mason Handke
“Jump on Bitcoin and Ford stocks. In other words, when you see a good financial deal, take time to learn enough to invest in it and do it quickly. Also, skip that whole finishing college thing. You guys know what you want to do; just get your certs and get out. The lost earning potential will eat you up later. Don’t let anyone else tell you what God wants from you. You’re smart enough to figure it out yourself. You’re going to have a lot of ‘I wish…’ moments down the road when you realize you’re letting someone else control your moral compass. Lastly, take that trip to Costa Rica. Just do it. Once you have kids and a real job, it’s going to be so much harder to do. The money’s there. Take the opportunity.” Lacey Keller Smith
“Ironically, my 21-year-old self had more money to save and invest than my 37-year-old self. I would have told him to do that. But more than that, start a business. The barrier to entry for many businesses like insurance companies, online companies, etc. is so low, starting it young means great rewards while you’re still young instead of when you’re older like most people. But even more than THAT, be creatively productive with free time. Back then I had GOBS of free time and I did a fair amount of writing, but nothing else I did really created. I was focused mostly on entertainment. Nowadays I have all kinds of desires to continue to be creative, but no time. But if I had started something back then it would have been easier to *continue* working on my passion instead of trying to add time in my day for things I’m passionate about.” Greg Hamblin
“If you make $N per hour and can pay someone to clean your house (or other tasks) for $M per hour, and N>M, pay someone to clean your house while you work more. Now don’t forget to work the extra hours.” Brad Cole
“Open a Roth IRA.” Rhiannon Fox
“Don’t be so serious. Let things roll and have some fun. Explore more. Don’t be so afraid of life.” Joe Saul-Sehy
“Don’t get married!” Arantza Zabala
“You have another half-dozen major failures and reboots in front of you. Don’t take them so hard. Don’t bother getting complexes. Be more focused on what you can and can’t control and fight the one in spite of the other.” Rodney Staton
“Don’t be afraid. Although life can be scary, it is also worth it to face that fear. Don’t give up on your self. What most other people think if you doesn’t matter, especially those who dont like you. Don’t let those people decide your future. That have no investment in you! Work hard! Nothing is easy.” Laurie Clark-Jacobson
“If it is important, financially, it will still be there a week later. Be happy. Don’t take life too seriously.” Morgan Dayna McKinnon
“Do not look for someone else to make you feel good or happy. Try if you can to be secure in yourself. If you are looking, look for someone with same morals, values, and expectations. If your future is to be together your values will allow you to work together on any obstructions that come up. Values discussed before a close relationship, married or not, is key to enjoyment of one another.” Lenorah DeAngelis
“Jäger is NEVER a good idea. Neither is tequila. That petty thing or person you’re overly stressed about now? Let it go. It most likely won’t be there in one year and it doesn’t deserve your energy. See also: people who make you cry for stupid reasons. No one else’s opinion of you matters more than your own. Plan for all the things but don’t plan so much you can’t handle whatever is thrown at you. All those things people in their 30s and 40s tell you? It’s solid advice. Don’t dismiss it. They know their shit (or pretend like they do).” Jana Lynch
“Start early and always save a portion of your paycheck. Try to make it be the same each week.” George Morrison
“Find something you are really good at and make a business.” Kade Marquez
“Invest your money instead of wasting it on all the crap you’re about to buy. Oh yeah, and start a blog — the internet is not a fad.” Tom Drake
“Life is not going to turn out the way you think sweetie, but don’t worry, you are gonna make it and it’s gonna be GOOD.” Charlotte McLendon Baker
“When I spoke to a group of middle-schoolers earlier today I took them on a journey. I told them that I’ve been at my job for 10 years. And I showed them the importance of being picky with how they spend their money. I said 10 years ago, when I started my fancy pants engineering job I could have spent $5 per day on Starbucks coffee. Instead I bought Starbucks stock and now it has tripled in value! And I showed them different examples showing how those small choices made a huge impact! Crystal Hammond
“When you meet people always ask how you can help them achieve their goals, or how you can be helpful in general, and then help them. Never expect anything directly in return but forming those early bonds, and staying in touch will serve you well for your entire life.” Bobbi Rebell
“Get an IUD. ” Elyssa Jean Kirkham
“Make self development a habit. It will take you from good to great.” Felix A. Montelara
“Travel while you can! I didn’t have the travel bug back then. Once you get kids, the game changes. Both time and money are in very short supply. At 21, travel. David Leonhardt
“If you truly believe in your stance, hold firm. People will try to intimidate you, but that doesn’t mean you’re wrong. Applies to just about every part of life.” Kay Bell
“So strange. My nonlinear, unplanned, dirt poor youth doesn’t look at all troubling to me. Maybe just… invest in Microsoft.” Dean Ferguson
“Never marry someone who makes you cry.” Sherri Bible
“Travel. Leave your bubble and visit somewhere where you don’t speak the language; it’s even better if you can live in another country for a while. When you come home, start planning the next trip. Don’t let having kids deter you from traveling; it involves a bit more planning, but they only make it better. Pay off your student loans ASAP then save; you really don’t need a lot of material items. Spend your money on experiences (see first paragraph) and save your money.” Leslie Smith
“No matter your culture, it is okay to be single in your 20s. Discover yourself rather than discovering others, as this will be the one opportunity you have to do so.” Brynne Conroy
“Research is the key to everything related to finances. From renting a place to live and the utility payments required when you move in, to car knowledge when you go shopping for a car. Building credit and how to do it right. Relationships? Be smart, don’t just jump in. Know what matters to you and make those things important in your relationships. Oh, and credit is IMPORTANT. Don’t fuck that up.” Nik Thurnbeck
“Plan well for your retirement. Put away more than you think you can. Stretch! The time sneaks up on you – enjoy yourself some now, enjoy yourself a LOT later – you’ll deserve it! Also, be as good as you can to others — don’t leave anything to regret (oh there will always be regrets — so try to keep them to a minimum) I really think that’s the most important piece of advice. Be kind, be good. Be honest. Especially with yourself. Please keep your promises — every one. If you don’t think you can keep it, don’t make it. Sounds hokey, huh? But its true. Live the very best life you possibly can every day. Respect nature. Look to nature for lessons on life. The more you look at animals, birds, and just nature around us, the more you can understand about human nature. Seek simple affirmations and actualization. The more actualized and complete you feel, the easier it is to be satisfied by the little things. Now to take my own advice – early to bed and early to rise – huh, I wish! Oh one more — Polonious – Act I Scene III – Hamlet: ‘Neither a borrower or a lender be.’ Oh boy, I really mean that one!” Shari Berman Landes
“Always be nice. And don’t sweat the small stuff.” Wendie Berman Biegel
“People will show you who they are.” Jenna Carpenter Smith
“Spend time alone. You don’t have to be in a relationship all the time, and certainly don’t judge your worth based on whether you’re single or in a relationship. Learn to love yourself first.” Chris Kilian
“Don’t pour yourself into a man who doesn’t care enough to do the same for you.” Magdalen Sheffield
“All these responsible things but also make sure you have fun and travel in your 20s. Don’t be so work focused because your 30s, if you have kids, could be very very very boring.” Christina Marie
“Never be afraid to be who you truly are. Do all the things!” Aaron Sheffield
“Don’t worry about how successful other people are. It’s not a contest, and if it were, it would be a marathon, not a sprint.” Francesca Pellegrino
“Go to Vanguard and take the spot at Mystique. You’re gonna change jobs anyway.” Sean McReady
“Life isn’t a race. There’s no rush to finish college in 4 years. It’s OK to be the last of your friends to get married, have kids, buy a house, have a career. Life is a journey to be enjoyed. You will accomplish your goals when the timing is right.” Elizabeth Buono
“Travel as much as you can and don’t be in a hurry to settle down.” Nakki A. Price
“Follow your instinct. It’s usually right. Don’t be afraid to say no.” Danielle Marone
“First you need to know the most important investment to make is in yourself. Strengthen your weaknesses. Fortify your strengths. Sometimes maybe go out of your comfort zone. Find yourself at a job. It may pay the bills and take care of your family but something that you don’t hate going to do everyday. Start at Step 1. Investments, credit, all of that stuff comes later. If you can’t manage yourself you can’t manage the rest of that stuff. Be successful at managing yourself and that’s when those other options start opening up. That’s when you start considering them.” Colin R Gelles
“If it’s working, it’s working. A messy, backwards, or unconventional approach to something doesn’t mean it’s wrong. I’ve finally learned to accept the way I live, create, and give, and it doesn’t look like anyone else’s. All kinds of people are needed to make this world work, so ignore what you’ve heard in the management, productivity, and success books. If you are working at your best and comfortable with the process, that is what matters. I wish I wouldn’t have fought against convention for all these years and just accepted my way. What a waste of time!” Linsey Knerl
“Make — and especially keep — more social connections. Your friends can become your support network (emotional and business) as you all gain more experience and responsibility.” Virginia Rich Diaz
“Listen to yourself and learn to trust what you hear.” Alan Steinborn
“And carpe diem!” Sally Dikowitz
“Try to prepare for things like illness, accidents, etc. and the possibility you may not be able to work at some time, you never know!” Pamela A. Parker
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” Elyssa Jean Kirkham
