The social media team at CBOE is proud to welcome a new contributor. I met LaTisha Styles when visiting Kennesaw State University a few years ago. She is one of the brightest and most articulate students I have had the pleasure of meeting while traveling on behalf of CBOE. In 2010 LaTisha started YoungFinances.com and has been posting videos that offer financial advice to the newest generation of investors
— Russell Rhoads
It’s easy to try to coast through your twenties. College comes and goes and you start a new career. In the meantime, you ignore your finances because you think, hey, I don’t have to think about that yet.
But ignoring your personal finances can be detrimental to your personal success. Here are four common mistakes that millennials make and what you can do to take control.
Mistake #1 Missing Out on the Free 401k Employer Match
If your employer offers a 401k match, take advantage of it. Whenever there’s free money, take advantage.
Mistake #2 Stalling Student Loan Payments
Don’t wait too long to pay your student loans! Set up a budget that includes student loan payments and triple your payment if you can. The quicker you can pay those suckers off, the faster you can save for a house or just enjoy a debt free life.
Mistake #3 Ignoring Credit Card Debt
Speaking of debt… Yeah, it’s not going to pay itself off. Don’t make the mistake of thinking everyone has credit card debt. Many Americans use credit but it’s important to get into the habit of paying your cards off in full each month.
Mistake #4 Emotional Spending
And finally, stop spending because you feel like it. Each purchase that you make should have a purpose.
Correct these mistakes and you will be well on your way to becoming a financial success!