Before you retire, get on the same page with the important people in your life about what this important life change means to you. It will make for an easier transition and help you avoid financial missteps.
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You can work your way through financing a first car or getting a good starting salary at a first job. In other words, you already know more than you think. And, wherever you stand now, you can take three steps that will translate into more financial security in the future.
It’s difficult to think about saving money for emergencies, the future, and retirement when you’re holding a large amount of student debt and living paycheck to paycheck, but that’s no excuse for not saving. Start now. That should be the mantra of all 20somethings when it comes to saving for the future.
Did you know? Every mortgage payment is a form of savings because it increases the amount of your home that you own, known as the “equity” in your home. Renters are not able to build equity with their monthly payments.