Here are six basic yet vital tips to help young adults keep their debt burden down and their net worth climbing.
I’m sure you’ve heard someone say, “Well, they said you need to buy a home to build wealth.” Or maybe, “Paying rent is a waste of money.”They may say: “Don’t worry about paying off your college debt right away because it’s good debt. Invest instead.”I’ll tell you who. Most often, it’s people with a biased interest in how you spend your money.
They are frequently wrong. They will contribute to your financial stress, making you feel you’re not succeeding fast enough. Lenders and real estate professionals need home buyers. But until you are ready for such an expensive move, rent.. And for some of you, that’s okay. You are not throwing money away when paying to put a roof over your head.
And yes, eventually, you want to invest so that you have a chance of your money beating inflation. But if you are leaving college with debt, tackle that first. You still have time to invest.Referring to debt with an adjective is unhelpful. It’s just debt, and it all can be destructive if overused and too oppressive.billionaire Warren Buffett was asked by a 14-year-old what financial concepts he would give young people who still have time to implement them.
Buffett, one of the most successful investors in the world, didn’t talk about how to pick the right individual stock, as many might have thought he would.“If I had one piece of advice to give to young people, you know, across the board, it would be just to don’t get in debt,” Buffett said.debt, don’t wait until you have to start paying back the loans to figure out what you owe.The grace period is a time to practice.
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