As a 20 yr outdated, I wasn’t well-versed in private finance. In truth, my 20-year-old self was in over $15,000 of debt and had no concept methods to handle cash. Most of that debt was student loans, which I took out although my monetary assist lined all of my tuition and books.
As I look again, I can undoubtedly attest to the notion that hindsight is 20/20.
Despite being in a a lot more healthy monetary state now, I can not assist however consider how a lot additional alongside I might be if I’d simply made the precise selections once I was 20.
Here are the 5 issues I want I may inform my 20-year-old self about cash and credit playing cards.
1. Credit card limits are NOT free cash
When I obtained my first credit card, I used to be tremendous excited. I bear in mind calling my mother and telling her the excellent news. It was like I’d gained the lottery.
Except it wasn’t.
The “free” cash I assumed I’d obtained was cash I needed to pay again — with curiosity. The minimal funds I made would inevitably entice me in a debt cycle for years.