Being Financially Prepared as an Adult with Lance Advisors
When you turn 18 and are turned loose with your own financial responsibilities it is important to know the ins and outs of what to do and how to properly manage your money otherwise you could end up in a real pickle. One thing about blogging is that I feel that I get to stay in the know with new financial procedures and often get to look at my own budget and goals, but honestly it has taken me years of mistakes that had to be corrected because I didn’t know any better.
Get Advice from Lance Advisors
Many people think that getting financial advice is something that they should be anxious over. They worry that they will be judged, especially if they are young. I say there is no time like the present. But what is a financial advisor? A financial advisor is a professional who suggests and renders financial services to clients based on their financial situation. In many countries financial advisors have to complete specific training and hold a license to provide advice.
Many people wait until retirement age to contact a financial advisor. In reality this is too late for some and there is not enough time to get their finances in order and they find themselves working well past retirement age.
Advice For College Students with Lance Advisors
Financial advice for someone entering college is essential in a time where the internet is used so frequently for information. To be sure you are not following the wrong path contacting an organization like Lance Advisors is a must.
Here are some financial tips for college students
- Avoid Student Loans (When Possible)
- Spend Less Than You Earn
- Create a Budget
- 4. Make a Plan to Tackle Debt
- Pay Yourself First
- Take Out a Limited Amount of Credit Cards
- Start Investing Now
- Create an Emergency Fund
Some other basic tips include shopping smart for textbooks. Buy used instead of new. This helps the budget as well as allows for a little wiggle room with college funds.
Make a Plan with Lance Advisors
Often when young adults are sent out into the “real world” they have some pretty unrealistic worldviews. These include not really knowing the difference between the wants and needs of life our on your own.
When I first moved out of my parents home it was hard especially when grocery shopping to know that there absolutely needed to be a budget otherwise we would blow all of our money on things that we didn’t necessarily need, but they were wants and usually purchased on a whim. I decided to use the list method and make a plan that not only created a shopping list, but also a budget. We shopped sales and used a lot of coupons to stretch the budget even further. This even allowed some room for things that we could stock up on when they were on sale and while I didn’t get into extreme couponing I found that having a little stash of extra household items made things a lot easier to manage. While this isn’t exactly something you would discuss with a financial advisor, it is something to consider if you are presented with the idea of creating a detailed budget.
Put Your Credit Cards Away
Many people get credit card offers in the mail and immediately just apply. They are usually accepted and while this is great in some ways in others not so great. Did you know that there can be annual fees associated with some credit cards? These fees can vary. Annual fees are one of the most common credit card fees. It’s a fee that’s automatically charged once a year to your credit card account for the benefits that come with that credit card. Annual fees, when they’re charged, range from $25 to $500 depending on the credit card.
These fees can really blow a budget, but what can blow it even more is using your credit cards in a frivolous manner and thinking you have it under control. Often people look at credit cards as a way to splurge. As an older adult I have learned that the cards that have $0 annual fee and no other associated fees can be treated as emergency funds. These are great to have because you never know what can pop up, especially if you own a home or vehicle and do not have a stash of cash sitting around. An unexpected emergency or even an illness can set people back hundreds or even thousands of dollars behind and having a little emergency credit doesn’t hurt. But remember you want to pay the balance in full as soon as possible to avoid monthly interest fees from stacking up.
Ask For Help
No matter how old you are it is always okay to admit that you need help and to ask for it. I have consulted with advisors as well as trusted family and friends when we have been in need of financial support. Sometimes it is best to just have someone as a listening ear and to talk your your plan instead of just thinking about it to yourself. Anxiety and depression often accompany financial woes for some people and I have found that talking things out with someone does calm that.
We also have a great financial section on Product Review Cafe to help those who just need some more reading material about financial issues and for those who find that reading is somewhat easier than listening. (I am one of those people sometimes.)
No matter what stage of life you are in always remember it is highly important to have a financial plan and to be prepared for an emergency, even if it is just having a couple hundred dollars stashed away. Maintaining a credit score is important as well since so many lenders look at that as a determining factor in credit approval.
Stay tuned to the blog for future financial articles and we hope you have a prosperous 2019!