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| Education and Financial

10/05/13

Young Money: Starting To Save For The Future Has No Age Requirements

When you were a kid, you never questioned how you got clothes or food or who paid for your house, car or the food in the fridge.
It was just there.
As you get older, go to school and get your first job, it is incredibly easy to answer those questions that you never really bothered to pursue when you were young. That first job, first apartment and first cable bill allow you to appreciate your parents much more than you did when you were a teenager, attending high school and only griping about homework.
Truthfully, the time to start saving money begins during that part-time job when you're 16 or if you're a little older and have a job, and still living at home.
The biggest mistake young adults make is spending money as fast as they're making it, without so much as a care to consider saving. Why would you need money if you have no bills or overhead?

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That delicate age between 18-25 is the wheelhouse demographic where your financial portfolio begins taking shape, without you realizing it. Instead of buying clothes, eating out with your friends or buying a newer car even though mom and dad have an old "beater" waiting for you, are just a few examples of money madness gone even more haywire.
That first paycheck deserves to be a milestone, but it wouldn't hurt to move some money around, instead of giving it all to retailers and restaurants in your immediate area. The younger crowd should open a savings account as soon as they start making money, no matter how little of an amount it is. Even $50 per paycheck when you're 18 years old could conceivably turn into close to $10,000 by the time you're 25. That money could be a nice way to transition from your old bedroom in your parents' house to an apartment, plus a sense of security.
If you are in your mid-20s and don't have the luxury of living at home, you're probably not going to want to hear about a 401K or retirement plan; you assume you'll need every last red cent to stay in the black.
That's where the art of budgeting and forward thinking rears its anything but ugly head. You should put at least something into a retirement plan and take a long hard look at your monthly budget to start cutting. Do you really need a gold star cable package or a cell phone plan that gives you unlimited data?
Think bigger picture with better results. Those who opt for a retirement investment in the form of a 401K or even a simple IRA searched out on your own can begin putting aside money for not only the future but in case of emergencies.
Unlike when you were a kid getting an allowance from mom and dad, you're not going to be young forever.
The trick is to make your money and that starts at a younger age than you may think.

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