What Young Adults Need To Know About Money When Just Starting Out

by Hank Coleman

Need To Know About Money When Just Starting OutCollege graduates and their parents are faced with a daunting challenge of managing their finances on their own, often for the very first time. But, many recent high school and college graduates have a lot of questions. It stems from not receiving the proper education from our school system and their parents on how to handle money, debt, and investing on their own and not knowing what to do when they are just starting out.

Many have questions such as: How much do I need to save for in an emergency fund? Should I invest in my employer’s 401k retirement plan? Are credit cards the right way to build a credit history in order to help me pay for my first home? These are many of the financial questions, and there are more, that young people in their 20s and 30s are struggling with and do not know where to turn for the answers when they are just starting out.

Our school systems have done a poor job preparing our children to answer these personal finance questions. We as parents have also done a poor job preparing our children for the daunting tasks of managing their money, investing for retirement, paying down debt, and living the lives they had dreamed of growing up.

What Young Adults Need To Know About Money When Just Starting Out

In this episode of the Money Q&A podcast, “Your Money: Your Choices“, I interview Chris Smith who is a former senior finance executive with Hewlett Packard and the author of the book, “Securing Your Financial Future: Complete Personal Finance for Beginners”. We talk about a wide range of personal finance topics from budget, debt, student loans, credit cards, emergency funds, and everywhere in between. This is a great conversation for both recent high school and college graduates and their parents which tackles the tricky personal finance questions head on. You won’t want to miss it.

More About The “Your Money: Your Choices Podcast”

Roth IRAs, CDs, stocks, insurance, your 401K . . .what are the right choices for your financial future? Your Money: Your Choices will clear out the cobwebs and confusion surrounding these concepts and more with clear and concise information. You’ll hear tips and tools that you can put into action right now to help save your hard earned income in way that will protect your future for a healthy retirement. Whether you are a single mom or a father of five, “Your Money: Your Choices” will get you on track and put your money back in your control where it belongs!

download-on-itunes

Download the podcast on iTunes!

NEW!! Download The Podcast’s Transcript

Download Episode #15 Transcript HERE!! (Right Click Here To Download!)

Or, You can click the “Show” button below to read the podcast’s transcript.

show

Past Episodes Of “Your Money  Your Choices”

  • Episode #14 (8-19-13) - How To Make Money Investing Like College Endowments
  • Episode #13 (8-12-13) Money Conversations Parents Must Have With Their College Freshmen
  • Episode #12 (8-5-13) - Don’t Hide Your Head In The Sand When Planning For Retirement
  • Episode #11 (7-29-13) - Investing In Gold For Your Retirement Accounts
  • Episode #10 (7-15-13) - Interview With Gary Vaynerchuk & Getting Through Burning Out
  • Episode #9 (6-24-13) - What Is Your Magic Retirement Number?
  • Episode #8 (6-10-13) - Life Insurance Policies That You Do Not Need
  • Episode #7 (5-20-13) - Why Everyone Needs To Have A Will And An Estate Plan
  • Episode #6 (5-6-13) - Increase Your Investment Return With Peer-To-Peer Lending
  • Episode #5 (4-22-13) - Living Your Life And Completing Your Bucket List
  • Episode #4 (4-8-13) - How To Incorporate Your Values Into Financial Planning
  • Episode #3 (3-18-13) - You Need A Side Hustle To Earn Extra Income
  • Episode #2 (3-4-13) - Conquering Your Debt With The Debt Movement
  • Episode #1 (2-18-13) - Everyone Should Be An Entrepreneur
Share the Love
Get Free Updates

About Hank Coleman

Hank Coleman is the founder of Money Q&A, an Iraq combat veteran, a Dr. Pepper addict, and a self-proclaimed investing junkie. He has written extensively for many nationally known financial websites and publications. Hank holds a Master’s Degree in Finance and is currently pursuing his Certified Financial Planner credentials. Email him directly at Hank[at]MoneyQandA.com.


Hank Coleman has written 525 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman.


Subscribe To Money Q&A

If you want to learn more about taking back control of your money please subscribe to Money Q&A’s RSS feed or via email to receive all the latest articles! You can also subscribe to our Free Weekly Newsletter.

{ 3 comments… read them below or add one }

Rita P

It is very sad that our school systems does not provide any education to our youngsters on financial handling. We being responsible parents need to start teaching them on handling finances in early stage. This would help them in great extent once they become independent. We were not lucky to receive such training from our parents but we are doing our best for our kids so that they manage their finances in a better way
Rita P recently posted..Become rich now or neverMy Profile

Reply

Kevin @ Growing Family Benefits

The Affordable Care Act has young adults in its cross-hairs. As we speak the government is rolling out a huge advertising outreach and young adults are the primary target.

They are simultaneously the most unaware, under-insured, and most coveted. There will be plenty of “education” aimed at this group. Their participation is needed to subsidize costs for older, sicker populations.
Kevin @ Growing Family Benefits recently posted..Why do You Need Maternity Insurance?My Profile

Reply

Simon @ Modest Money

Great interview!
I think as young people we need to realize that time is one “asset” we have working in our favour. If one can start early and stash away something, they won’t have to struggle so hard later in making things work financially. They will have a solid base on which to build on throughout life.
Indeed, “Time was invented to prevent everything from happening all at once.” :)
Simon @ Modest Money recently posted..Mint Review – Detailed Review of Mint.com SoftwareMy Profile

Reply

Leave a Comment


CommentLuv badge

Previous post:

Next post: