What a Financial Planner Wishes She Knew at 22
You're not alone in feeling overwhelmed by money. But making sense of it can be a skill, one you can develop over time. A financial planner looking back at her early 20s reveals key takeaways that could've saved her from financial mistakes.
Here's what she wishes she knew:
- Compound interest is a two-edged sword: It works for you or against you, depending on how you use it. In my experience, high-interest debt can spiral out of control fast.
- Start saving early: Research by Dr. Annamaria Lusardi shows young adults struggle with debt management. Saving even a little each month can add up over time.
- Know the difference between federal and private loans: Student loan debt is crippling many young adults. Understanding the gaps between federal and private loans can help you choose the right path forward.
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