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7 Financial Skills Every 20-Year-Old Needs To Learn (7 financial skill or…
7 Financial Skills Every 20-Year-Old Needs To Learn
7 financial skill or tools
Be tight-fisted with your dollars
The sum of insignificant item could become an incredible value
Ex: Coffee, candy, fast food-->add $400 a month-->car payment
Obtain and keep a good credit score
Build a credit early-->avoid co-sign for loan or apartment
Way help build credit score for kid
set up joint credit card when they in college and pay a bill full in month
Add them in to auto loan when buy a car
Keep your overhead low
Subscription model pricing --> upfront costs down
Switch to frugal mode
super-saver mode when unexpected expense come up / income drop suddenly
Ex: skipping taxis / taking public transportation / bring sandwich to work etc.
Cook
Dining out can be expensive-->Will save thousands of dollars a year on food cost.
Choose a right roommate
Sock money away=to make the savings stick
Setting up auto-draft from checking to savings
Open a savings account at a different bank
Skip the debit card for your “don’t-touch” savings account
Example of author's son, Rick
Six year working experience + serious skill of managing his finances
Layoff wouldn't be financial crisis