Mistake: Getting a credit card-way too young!
When I went to college I had an excellent work ethic, but, no idea about finance. I believe that a lot of people fall in this category. So, I innocently walk up to a table offering something free and leave with a new credit card. Wow, I can buy whatever I want. What a powerful feeling! I remember the time that my friends and I spent about $1000 at the mall, Express clothing was a highlight of that day. Sadly, it only went downhill from there. Why on earth would anyone give a kid a credit card?? Because 18 year olds are easy marks. So, for many years after college I would be maxed out and living way beyond my means, and the cards kept on coming. Why in the heck do you think I’m writing a personal finance blog? Now, I am hyper vigilant about talking to people about credit, money, and savings so that other people won’t make the same mistakes that I did. I supervise college aged students as well and I talk to them constantly about saving money, retirement, and investing. They do listen, and occasionally they will read books that I recommend to them. I tell them that if they can afford beer and shopping, they can spare $50 a month and put it in a Roth IRA. If you find yourself in a position to inform other people about ways to succeed financially what type of information do you share?
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