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Important financial tips for young adults

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Posted  Tuesday, January 7  2014 at  02:00

In Summary

Managing personal finance starts with willingness to do a little reading - you don’t even need to be particularly good at math.

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Personal finance has not yet become a required subject in school, so you might not know how to manage your money when you’re out in the real world for the first time.
Managing personal finance starts with willingness to do a little reading - you don’t even need to be particularly good at math.
These important tips will help you out

Learn Self Control
If you’re lucky, your parents taught you this skill when you were a kid. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your finances in order.

Take Control of Your Own Financial Future
If you don’t learn to manage your own money, other people will find ways to (mis)manage it for you. Some of these people may be ill-intentioned.

Know Where Your Money Goes
Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure your expenses aren’t exceeding your income. The best way to do this is by budgeting.

Guard Your Wealth
If you want to make sure that all of your hard-earned money doesn’t vanish, you’ll need to take steps to protect it.
If you rent, get renter’s insurance to protect the contents of your place from events like burglary or fire.

Guard Your Health
By taking daily steps now to keep yourself healthy, like eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, not consuming alcohol in excess, and even driving defensively, you will thank yourself down the road when you aren’t paying exorbitant medical bills.

A Financial Basis for Life
Remember, you don’t need any fancy degrees or special background to become an expert at managing your finances.
If you use the tips for your life, you will be as personally prosperous as the guy with the hard-won MBA.

[investopedia.com]