25 things you wish your parents had told you about adulthood. From “buying a house” to “having children,” these are the tips that could have made life easier for today’s adults.
“Overprotective parents” is a phrase that many people use to describe their parents. It’s not always the case, but it can be a struggle when your parents are overprotective.
Isn’t it more convenient to have a grownup instruction manual? A book that covers all that parents should have taught their children about personal money, careers, happiness, and the important things in life?
Regrettably, there is no handbook or playbook to guide you through all of these new grownup choices. But if it did, it would contain these 25 things you wish your parents had told you about becoming an adult.
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Adulting: 14 Personal Finance Tips You Wish Your Parents Told You
It’s hardly surprising that money is the major cause of stress for 44 percent of adults when two-thirds of parents don’t talk about money with their children. There are numerous personal financial issues to address after you reach adulthood, from working and budgeting money for your monthly expenditures to paying off student debts and accumulating money for retirement.
While most individuals don’t keep track of all their finances (and the majority of Americans have no idea how much money they spent last month), these 14 personal finance ideas may help you start adulthood on the right foot.
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1. Make a budget and use it to actively manage your finances.
Did you ever wonder how your parents paid for the home, vehicle, food, clothing, and everything else while you were still living with them? You may have overheard your parents talking finances, but it’s a different story while you’re driving. Now that you’re an adult, you’re faced with the reality of having to pay a variety of expenses, including credit cards, utilities, television subscriptions, groceries, and so on.
As a result, the first step in actively managing your money is to create a budget. You can understand how you can afford both the necessities and the things you value by tracking and monitoring your spending. On weekends, for example, you may do activities without spending any money. You’ll have extra money to spend on a new automobile or a trip with pals.
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2. Set aside a portion of your pay each month.
If you don’t have a budget and aren’t sure where to begin, the 50/30/20 budget rule is a decent place to start. According to this formula, you should devote 50 percent of your take-home money to your necessities, 30 percent to your desires, and 20 percent to your savings.
These figures may be out of reach for recent grads, but they are an excellent target to strive towards. What matters is that you save money from your earnings on a regular basis, even if it means beginning with $5 every paycheck and working your way up.
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3. Put up an emergency fund
The first thing you should do with your savings is to start putting money aside for an emergency. Because unexpected costs may occur, it is necessary to set away money for emergencies. A flat tire, a huge medical cost, or even losing your job are all scenarios that should be considered.
An emergency fund should, on average, cover 3 to 6 months of living costs, giving you a buffer until you find a new work. Of course, achieving this objective will take time, but the most essential thing is to get started.
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4. Begin putting money down for retirement.
It’s time to start saving for retirement when you’ve built up your emergency money. Retirement feels like a lifetime away when you first become an adult. However, a key but often misunderstood concept is that the sooner you start saving for retirement, the better. Your future self will appreciate you for saving as soon as possible for retirement.
Before the days of mortgages and children, you may have less financial obligations while you are young. While it may seem to be a waste of time to save money for retirement rather than spend it, keep in mind that the earlier and more you save, the sooner you may retire.
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5. Invest and wait for your money to grow
Because many parents do not discuss money with their children, they are unaware that your money may work for you rather than you working for money until they reach adulthood. You could make different decisions with your hard-earned money if you understood from the outset that investing might help you achieve your financial objectives. Investments may offer a steady source of income to supplement your overall financial objectives and help you develop wealth over time.
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The Distinction Between Good and Bad Debt
Understanding the difference between good and bad debts can save you a lot of money and worry in the long run. Student loans and mortgages are often seen as positive debt. Credit cards, car title loans, personal loans, and payday loans, on the other hand, are negative debts. While it is almost hard to live without a credit card, using one to pay an unaffordable lifestyle is not a good way to start adulthood.
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7. Using cash to make impulse purchases may help.
If you’re having trouble keeping to a budget and are prone to impulsive purchases, purchasing with cash may be beneficial. Because it’s so fast and simple to use a credit card, counting out your hard-earned cash might help you be more careful of your spending and develop healthier money habits.
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8. Make a full payment on your credit cards.
To avoid high interest charges on your purchases, you should pay off your whole credit card amount every month. It will also help you boost your credit score. When you don’t pay off your credit cards in full, interest accrues, making it more difficult to pay them off.
It might be a difficult task to pull oneself out of that hole. If you have credit card debt, it’s critical to pay it off as quickly as possible to avoid compounding interest costs.
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9. Take advantage of 0% credit card offers to help you get out of debt.
You may be eligible to transfer a credit card debt to a 0% credit card if you have a good credit score but a credit card bill. If you qualify, you’ll have three to twelve months to pay off your loan without incurring interest. If you ever find yourself in this scenario, a 0% credit card offer will help you get out of debt more quickly.
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10. Interest Rates on Credit Cards Can Be Negotiated
You may negotiate a reduced interest rate if you don’t qualify for a 0% credit card transfer. Did you know that you may simply ask your creditors a question by calling them? Creditors may be willing to cut your rate if you have a strong payment history and a decent credit score.
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Late payments have a negative impact on your credit score.
Late payments might lower your credit score, which is a number that indicates your trustworthiness. Your credit score ranges from 300 to 850, with higher scores being preferable. Total debt, repayment history, the number of open accounts, and other variables all have a role.
Companies also use it to figure out how likely you are to repay them. When you rent an apartment, apply for a mortgage, buy a vehicle, establish a bank account, or apply for a credit card, this number will be required. As a result, make timely payments a priority.
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12. Use the Internet to Automate Your Payments
Your parents may not have described the advantages of online bill payment since they grew up and spent a portion of their lives in a conventional banking period. It’s a simple approach to pay your payments on time since everything occurs automatically after you’ve set it up. However, be cautious not to spend more money than you have, since dipping below your balance can result in pricey overdraft penalties from your bank.
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13. Credit Cards Can Help You Protect Yourself
Credit cards have more security safeguards than debit cards while purchasing online. Furthermore, a credit card will give stronger protection in the event of fraud. If you purchase online often at one site, such as Amazon, consider getting a credit card that rewards you with points or a percentage of cashback.
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14. Be familiar with the terms of your credit cards.
How can you play the game if you don’t know the rules? Assume you’ve applied for a credit card in order to obtain free flights or hotel stays via travel hacking. In such scenario, reading the small print is critical to avoid costs and penalties, as well as ensuring that you obtain the huge sign-up incentives.
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11 Things Your Parents Should Have Told You About Adulthood
While money is an important aspect of maturity, there is so much more to life and finding your place in it.
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15. It’s Fine to Discuss Money
While it’s frequently taboo to discuss money in America, if you’re having financial difficulties, don’t keep it hidden. The sooner you work through the issues, whether with your parents, friends, or financial institutions, the quicker you can build a strategy to overcome them.
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16. Finding a job that you like will take some time.
Your parents may have advice for you in terms of college majors and careers. They’re probably coming from a place of love. What they may not tell you is that finding a career that you like will take time. And that it could include trying out several positions and going through the elimination process. It’s possible that you won’t know whether you like (or loathe) anything until you try it. Then, with time, you’ll be able to figure out the path you want to go in order to get a career that you like.
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Dreams from childhood may change.
You may realize that your childhood fantasies have altered as a result of this elimination process. Parents and instructors often inquire about their children’s future plans. Our childhood ambitions give some guidance early in life, whether we desire to be a doctor, a lawyer, or a police officer. Things may alter as you get older. Inquire about your parents’ childhood ambitions and how they affected their professions.
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It’s All Right To Ask For Help
Asking for assistance is the last thing most young people who are striving for independence want to do. Our minds are designed to encourage us to accomplish things on our own. But life isn’t always simple. It’s OK to seek support from family, friends, and experts if you’re having a difficult day, having trouble managing work, or feeling melancholy.
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19. Don’t Be Afraid to Express Your Emotions
You may have developed a tendency of suppressing your emotions if you grew up in a household where unpleasant sentiments were not tolerated. You’ll need to focus on your communication abilities now that you’re an adult. The last thing you want to do at work is suppress your emotions for so long that you explode in a meeting and lose your job.
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20. It’s Difficult to Navigate the Workplace
While you’ve previously dealt with the complexities of middle school, high school, and college relationships, the intricacies of interpersonal connections in the workplace take things to a new level.
Did you think group assignments in college were difficult? Unfortunately, the workplace is a never-ending communal endeavor. If you’re having trouble doing this, seek out a Career Coach who can help you develop your soft skills so that you can excel in any position.
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21. While you’re young, take calculated risks.
While your cautious parents may not encourage you to take chances, it’s one of the most important things you can do as a young adult. You’ll have fewer things to lose. You acquire knowledge, experience, and confidence in your talents and resilience as a result of it.
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22. Mistakes Teach Us Something
You may have been taught to avoid making errors at all costs as a child. However, if you play it safe and never challenge yourself, you’ll lose out on opportunities for development, experience, and learning. There is no such thing as a flawless person. Ask your parents what they learnt from some of their greatest errors if you have a solid connection with them. This will give you the confidence to try new things as an adult.
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23. Make Gratitude a Habit
It’s likely that you didn’t learn how to express thanks from your parents. Gratitude, on the other hand, is one way to pleasure at an age when you’re constantly comparing yourself to your peers and their achievements. Gratitude may help you feel more good emotions, appreciate your experiences, enhance your health, and develop great connections, according to Harvard Medical School.
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You Can’t Control Everything In Life, No Matter How Hard You Try.
Another way to be happy as an adult is to let go of what you can’t control. It may be difficult to make the turn as an adult if your parents did not exemplify this conduct. While you may do all you can to be a great candidate for a job or an apartment, the choice on who gets chosen is ultimately out of your control.
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25. Don’t Pay Attention to What Others Say
What your friends think of you has a lot of weight at this age, but what others say is something you can’t control in life. Everyone wants to be accepted and loved, yet evolving into a new perspective is an important part of growing up. You may follow author Brene Brown’s lead and teach yourself to respond by asking, “How can I improve?” rather than “What will they think?”
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MediaFeed.org syndicated this story, which first appeared on Savoteur.com.
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