CHARLOTTE, N.C. — Being in your early 20s and just about to graduate from college is an exciting part of your life, but it's also a make-or-break time when it comes to developing healthy money habits.
Lilias Folkes John, the financial consultant and author behind the money management blog Your Financial Stylist, said teaching children about money sets them up for success.
"If you teach kids about money and how to use it wisely from a very young age, those habits will stick with them," John said.
Here are five things young adults need to know about money according to John:
1. Your Social Security number is sacred
To protect yourself from identity theft, John says you should only give your Social Security number when it's absolutely necessary.
2. Don’t just buy the brand, own the stock
The watch you’re striving to own, the shoes you just have to have ... learn about the companies behind the brands you like and invest in those companies.
3. Start investing as soon as possible
John says it doesn't take a lot of money to invest wisely.
"The access is so easy, you can start investing with $5 a week, or $5 a month," she said. "It's really what you can afford because now you can buy fractional shares. That was not an option a few years ago."
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4. Save 20-30% of your paycheck
Start saving when you get your first full-time job. Your older self will thank you.
5. Have a plan to repay debt
John said you shouldn't borrow more money than you can realistically make your first year out of college.
"If your four years of education costs $40,000, you need a job that's going to pay you at least $40,000 or more," John said. "That way, you will pay off your student loans in that 10-year window that they give you or less."
Navigating your finances seems scary but you don't have to go it alone. John has a free Facebook group called the SuperSavers Club. Click here to learn more.
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