Money Mistakes

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The top five mistakes that most young people are making right now

Every one makes mistakes, but don’t you just want to kick yourself thinking about if you only knew …. when you were younger? This article is for the young people, we’re going to show five common mistakes that most people make.

This isn’t to guilt or to shame, just to educate. Keep it in mind when you’re thinking about your next financial move.

Mistake #1 Expensive holidays

I get it, you have the money right now why shouldn’t you be able to spend some, but people seem entirely too caught up in expensive exotic holidays lately. Try looking to your own country, most of us haven’t seen nearly enough, and you’ll save a mint on travel expenses and even passports.

You can still take vacations and have fun, just recognize you don’t have to go all the way to Bangkok to do it and watch your bank account thank you instead.

Mistake #2 Uneducated investing

I’m not talking about GICs here, I’m talking about people getting involved with a friend’s business, or the stock market, without knowledge or education necessary to understand the risks being undertaken. Unless you’ve done extensive research, it’s best to leave investing out of your financial portfolio, at least riskier investing like the stock market.

That being said, financial advisers everywhere would be thrilled to talk to you about mutual fund options and other safe savings plans that can earn you a higher than normal interest rate on your dollar. Feel free to investigate these options – with the help of a professional.

Mistake #3 Getting a degree…with no application for jobs

It’s hard to pick a major, a lot of people report difficulty with the decision, but there are some that are better than others to fall back on. You’re paying a lot for your education, you want to make sure that at the end of the day it enables you to take on a host of jobs.

Do research beforehand on the job markets. Are there jobs available, and how much competition is there in the field? Both should be considered seriously before undertaking anything as serious as a major in the field.

Mistake #4 Credit cards

Chances are your parents warned you about the dangers of these, but in case they didn’t – don’t carry a balance on your credit card. Pay it off if you have one, and don’t go into debt for anything less than an emergency. Anything less than that is just going into debt, and paying interest on that debt, for something you probably didn’t need any way.

Mistake #5 Impulse spending

Look, this isn’t just a mistake that young people make, but it’s something I definitely wish I better understood in my early years. Our society is geared entirely towards marketing for impulse spending, spending on something you had no plans for or need of – and that doesn’t help. Try to create a space between the time you decide to buy something, and the time the purchase is made – and use this time to think about whether or not you really want that new iPad.

 

 

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