Almost half of all professionals I know complain about whether they take out a student loan or pay off their debit card. Few can find their place because of their enormous debts. What do college students do?
I believe we do not teach our young people how to manage their finances properly. Personally, no one ever sat me down and talked about credit, interest, savings, and debt. This is partly because my parents do not understand those things either.
Most college students do not understand the consequences of debit cards. The average low in 2004 was four debit cards and more than $ 2,000 in debt. Adults have the most balanced, probably because over time, it only becomes more robust.
The average grad student earns $ 5,800 on a debit card. They do not know that they have to pay the credit card debt properly into their 40. That makes debit cards the first mistake college students make.
The second mistake is to lend money to students. Parents like to believe that those loans are used to pay for college. But in fact, many college students use their student loans for other purposes as well. I buy a new refrigerator a year with some of mine.
Student loans are designed to cover tuition, room and board, and books. That is what you should use them. Do not use more than you need. If you have ended up with extra money, put it in the business balance to be suitable for next year’s spending.
Many of the graduates are unable to complete their student loans. Some people have to pay more than $ 400 a month for student loans. Keep in mind that these are loans that you will repay for 20 years, so take them out on a profit.
The third mistake comes from debit cards and student loans. Many college students have ruined their credit score. I did. And most loans are understandable when I explain that I am a college student.
Your debit card will follow you for the rest of your life. If you overpay, do not pay on time, and get to your card address every night, you will find that you are unable to get a mortgage, a mortgage and, in some cases, did not get to be looking for a job. Take the time to learn about your credit and what affects it. Get it right.
Part of college is learning to live in everyday life. I remember when my husband and I could eat $ 40 a month. The problem is that many college students do not know how to spend money. They have heard of cash, and they think they will never have fun again.
But the investment is not a limit, and it is a plan that you can use. It would help if you learned how to handle the money you put in and out. These are tools that will help you, not only in college but for the rest of your life. And save for retirement.
If you were a parent, remember that you are teaching your children to manage their finances properly. If you are a student, start learning on your own. The future financial success of young people depends on robust financial management tools.
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