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The Biggest Financial Mistakes to Avoid in Your 20s

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A turbulent housing market: 2023 was the most expensive home-buying year in a decade. Not to mention, low wages, staggering student debt and compounding credit card debt. In the long run, this ignorance is bliss mentality only leads to more problems, whether it’s mounting credit card debt or puny retirement funds.

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30 New Year’s Resolution Ideas to Make 2024 Healthier, Happier & More Secure

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Learn a new skill. Online personal development courses can help you build inner peace and soft skills. Calculate your monthly income, track your spending, determine your goals and priorities and develop a plan to manage your expenses. Save more for retirement. Improve your credit score. Improve your credit score.

2024 298
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A Millennial’s Guide to Finances: 5 Things to Start Before You Turn 30

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However, important skills like when and how to manage your finances don’t come naturally to many. Be more descriptive than simply “transportation” because a Lyft to the bar on Friday night should not be marked as a vital expense. A healthy guideline is to have between six and 12 months worth of expenses set aside,” Kemp says.

Finance 279
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The Biggest Financial Mistakes to Avoid in Your 20s

Success

A turbulent housing market: 2023 was the most expensive home-buying year in a decade. Not to mention, low wages, staggering student debt and compounding credit card debt. In the long run, this ignorance is bliss mentality only leads to more problems, whether it’s mounting credit card debt or puny retirement funds.

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Lessons From Past Recessions

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How much debt do I have (credit cards, student loans, car loans, mortgages, etc.)? What are my basic monthly living expenses (including food, shelter, health insurance, utilities, phone, transportation and childcare)? Am I anticipating any major life events with significant expenses attached (like a new baby or retirement)?

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16 Rich Habits

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Stay away from accumulating credit card debt. Try to stash six months of living expenses in an emergency fund in case you lose your job or your business goes belly-up. Try to stash six months of living expenses in an emergency fund in case you lose your job or your business goes belly-up. Don’t gamble.

Mentoring 317
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Tori Dunlap, Founder of Her First 100K is on a Mission to Close the Gender Pay Gap

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I’m no stranger to setting lofty money goals : At 9 years old I became cognizant of the idea of college—a seemingly far-off milestone that my parents described as “important” and “expensive”—and decided I needed to proactively save money for my college education. Leverage credit to your advantage.