{"id":282591,"date":"2021-06-24T12:05:00","date_gmt":"2021-06-24T09:05:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/"},"modified":"2021-06-24T12:05:00","modified_gmt":"2021-06-24T09:05:00","slug":"nerdwallet-5-money-lessons-i-learned-in-my-20s","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/","title":{"rendered":"#NerdWallet: 5 money lessons I learned in my 20s"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35a9943ff77\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35a9943ff77\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/#What_you_do_in_your_youth_will_have_ripple_effects\" >What you do in your youth will have ripple effects<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/#Get_serious_about_goals\" >Get serious about goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/#Figure_out_a_budgeting_system\" >Figure out a budgeting system<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/#Learn_from_mistakes\" >Learn from mistakes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/#Build_financial_fortitude\" >Build financial fortitude<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/#Take_advantage_of_that_long_time_horizon\" >Take advantage of that long time horizon<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/nerdwallet-5-money-lessons-i-learned-in-my-20s\/#Sean_Pyles\" >Sean Pyles<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#NerdWallet: 5 money lessons I learned in my 20s<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"What_you_do_in_your_youth_will_have_ripple_effects\"><\/span>\n  What you do in your youth will have ripple effects<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000310629\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000310629\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       <em>This <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/article\/finance\/trial-error-and-what-i-learned-about-money-in-my-20s?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=anne-stanleymarketwatch-com&amp;utm_content=1011767\" class=\"icon none\"><em>article<\/em><\/a><em> is reprinted by permission from <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/blog\/?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=anne-stanleymarketwatch-com\" class=\"icon none\"><em>NerdWallet<\/em><\/a><em>.\u00a0<\/em><\/p>\n<p> Your 20s are a time of self-exploration, finding your footing as an adult \u2014 and likely making some money mistakes.<\/p>\n<p>To save you from learning the hard way \u2014 and pass on some knowledge as I enter my 30s \u2014 here are five money lessons from my past decade.<\/p>\n<div class=\"paywall\">\n<h6><span class=\"ez-toc-section\" id=\"Get_serious_about_goals\"><\/span>Get serious about goals<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p> For several years, my main financial goal was to go out as much as I wanted and still have enough money left at the end of the month to cover rent.<\/p>\n<p>Eventually, though, groggy mornings and paltry savings proved unfulfilling. My partner and I decided to set goals and plan for them. We wanted to buy a house, which meant moving to a less expensive city so we could build savings.<\/p>\n<p><strong>Tip:<\/strong>\u00a0Know your passions to know your goals.<\/p>\n<p>Sacramento, California, certified financial planner Pam Rodriguez suggests identifying what brings you joy, then crafting a financial plan to create more of those moments.<\/p>\n<p>\u201cPersonal finance is a lot more emotional than it is a math equation,\u201d Rodriguez says. \u201cEven though the numbers have to add up, you\u2019ll never take action unless you feel strongly about something.\u201d<\/p>\n<p>If you want to buy a house to host friends and family, for example, identify how much you\u2019ll need for a down payment and closing costs, then work toward that savings goal over time.<\/p>\n<p>Learn more: Take these 3 steps toward financial literacy<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<h6><span class=\"ez-toc-section\" id=\"Figure_out_a_budgeting_system\"><\/span>Figure out a budgeting system<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>For most of my 20s, my budgeting system was defined by the lack thereof. Eventually, I sucked it up and started tracking my spending. At first, I felt that I was slacking if I didn\u2019t document where every penny went. But I quickly realized that keeping a simple budget was more my style.<\/p>\n<p><strong>Tip<\/strong>: Choose a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/article\/finance\/how-to-budget?utm_campaign=ct_prod&amp;utm_content=1011767&amp;utm_medium=wire&amp;utm_source=syndication&amp;utm_term=anne-stanleymarketwatch-com\" class=\"icon none\">budgeting system<\/a>\u00a0that reflects who you are.<\/p>\n<p>If you\u2019re a hyperanalytical person, a detailed budgeting spreadsheet might suit you. But if you\u2019re more hands-off, a budgeting <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> might do the trick.<\/p>\n<p>No matter how you budget, it\u2019s important to at least understand the money coming in and going out monthly.<\/p>\n<p>\u201cWhen people see their spending, they have an aha moment, because they didn\u2019t realize where their money was going,\u201d says Sidney Divine, an Atlanta certified financial planner.<\/p>\n<p><strong>Watch<\/strong>: Getting started investing <\/p>\n<h6><span class=\"ez-toc-section\" id=\"Learn_from_mistakes\"><\/span>Learn from mistakes<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Did you know that if you work a contract gig and don\u2019t put aside enough cash to cover taxes, you may be left making monthly payments to the IRS for years to come? In my early 20s, I learned this the hard way.<\/p>\n<p><strong>Tip:<\/strong>\u00a0Locate the source of a problem and find a solution.<\/p>\n<p>In my case, the problem was that I ignored my finances and didn\u2019t think about tax obligations. I resolved the issue by proactively managing my budget and paying off my tax debt. Getting a new job that wasn\u2019t a 1099 gig helped, too.<\/p>\n<p>\u201cYou\u2019ve got to figure out: Is it the same mistake you\u2019re making over and over? Is it a pattern?\u201d says Christine Papelian, a certified financial planner in Phoenix. \u201cIf it\u2019s a new mistake, then now you have an opportunity to get back on track. It\u2019s almost never too late to change a behavior or a habit.\u201d<\/p>\n<p>If you have a habit of making\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/article\/finance\/late-bill-payment-reported?utm_campaign=ct_prod&amp;utm_content=1011767&amp;utm_medium=wire&amp;utm_source=syndication&amp;utm_term=anne-stanleymarketwatch-com\" class=\"icon none\">late payments<\/a>, for example, think about setting up automatic bill pay so you don\u2019t have to worry about tracking various due dates.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Build_financial_fortitude\"><\/span>Build financial fortitude<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The past year has been a crash course in instability. And while recent crises were unusually severe, you can count on unexpected financial challenges to pop up throughout life. For instance, a broken alternator on my car once drained my emergency fund, but at least I was able to avoid going into debt to cover the expense.<\/p>\n<p><strong>Tip:<\/strong>\u00a0Make savings mandatory.<\/p>\n<p>\u201cFocus on building an\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/article\/banking\/savings\/emergency-fund-why-it-matters?utm_campaign=ct_prod&amp;utm_content=1011767&amp;utm_medium=wire&amp;utm_source=syndication&amp;utm_term=anne-stanleymarketwatch-com\" class=\"icon none\">emergency fund<\/a>,\u201d Rodriguez says. \u201cEveryone needs one because everyone is going to have an emergency come up.\u201d<\/p>\n<p>Consider using direct deposit to send part of each paycheck into an emergency savings account or setting up automatic transfers from a checking account to savings.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Take_advantage_of_that_long_time_horizon\"><\/span>Take advantage of that long time horizon<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Youth may be wasted on the young, and so is their financial time horizon \u2014 at least for those who don\u2019t seize it.<\/p>\n<p>Despite the various mistakes I made in my 20s, saving for retirement is one area that I didn\u2019t neglect. Once I saw the power of compound interest via <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/newretirement.marketwatch.com\/planner\/retirement-calculator\" class=\"icon none\">a\u00a0retirement calculator<\/a>, I quickly set up regular contributions to my 401(k).<\/p>\n<p><strong>Tip:<\/strong>\u00a0Use these years to boost retirement savings.<\/p>\n<p><strong>Watch<\/strong>: The miracle of compounding<\/p>\n<p>One way or another, your 20s will have ripple effects on your retirement years. And life may get more complicated later, especially if you buy a house and start a family, making it harder to save for retirement. Tucking away more cash now can save you from playing catch-up in later years.<\/p>\n<p><strong>More From NerdWallet<\/strong><\/p>\n<ul class=\"articleList\">\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/article\/finance\/what-to-do-if-you-save-too-much-for-retirement?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=anne-stanleymarketwatch-com&amp;utm_content=1011767\" class=\"icon none\">What to Do If You Save Too Much for Retirement<\/a><\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/article\/finance\/when-its-ok-to-let-your-good-credit-score-drop?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=anne-stanleymarketwatch-com&amp;utm_content=1011767\" class=\"icon none\">When It\u2019s OK to Let Your Good Credit Score Drop<\/a><\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nerdwallet.com\/article\/finance\/memorial-day-shopping-tips?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=anne-stanleymarketwatch-com&amp;utm_content=1011767\" class=\"icon none\">Set Your Strategy for Memorial Day Sales<\/a><\/p>\n<\/li>\n<\/ul>\n<p><em>Sean Pyles writes for NerdWallet. Email: spyles@nerdwallet.com. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>: @SeanPyles.<\/em><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Sean Pyles \",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Sean_Pyles\"><\/span>Sean Pyles <span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-74BD-65B2D9335A43%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#NerdWallet: 5 money lessons I learned in my 20s&#8221; What you do in your youth will have ripple effects This article is reprinted by permission from NerdWallet.\u00a0 Your 20s are a time of self-exploration, finding your footing as an adult \u2014 and likely making some money mistakes. To save you from learning the hard way&#8230;<\/p>\n","protected":false},"author":1,"featured_media":282592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-282591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=282591"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/282592"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=282591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=282591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=282591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}