financial lessons you need to learn before you hit 20

Financial Lessons you need to learn right before you hit 20.

1. Credit Credit and Credit. Everything and anything you need in your early twenties and thirties depends on… you got it CREDIT! So when you get those lucrative $500-dollar crappy credit card offers during college, DECLINE THEM! Instead, get a secured credit card which acts as a debit card except with the benefits of it being reported on your credit report. Plus, you can’t ever be late on it. Its amazing!
2. Loans are like prostitution. They feel amazing when they arrive, but you feel the long term effects of interest rates for the rest of your life! They are the leeches that suck your soul and lead you to do your demise. But, if you must, make sure you get the lowest interest rate possible! When your money is drained every month, you start to take it out on others. i.e. Alcohol, Smoking, your spouse and your sanity ;)
3. Establish a savings that you cannot tap into- Start saving 1/10 of your paycheck. There will always be that voice that gives you these brilliant get-rich schemes in your head, DON’T follow them. It’s the devil. Just save that money.
4. Life is like a penis, when it gets hard, you don’t screw it. Pay attention to your spending habits when your undergoing struggles. They help you determine the kind of investments you will pick up when your older. You have to learn to master the ability to not live above your means. Careful how you spend that $100 on a bottle or a grand night that will you cost ten more nights. As you grow older, these habits become permanent. In 10 years, you’ll have the ability to spend, except you’ll be ruining$1000 instead of $100. Slowly, Chapter 9 is now a reality. Be patient and weather the storm
5. Invest in a 401k
6. Pay attention to fads and trends. Make sure you don’t get sucked into it. But learn to profit off it. (Jordans, American flags, Flappy Bird, Dabbing) If you know what the interest is, you could make thousands off of networking
7. Do not lend your credit to ANYONE to cosign. UNLESS, your married and have been for 5 years with savings in BOTH of your bank accounts. That cosign will be the worst decision of your life.
8. Do not spend your paycheck hooking up your car. Save it. Buy something efficient and hold off until your semi-dream car and then eventually you dream car.
9. Invest in mid range stocks. Hire a financial advisor.