Welcome Back!

jenhurlerjenhurler CT, USAPosts: 9
edited February 2017 in How to Adult
I'm so happy to hear that How To Adult is coming back! There's so much potential for the channel and so many topics that they were never able to get to in the past.

What do you think are some topics they should cover?
by jenhurler

Comments

  • jenhurlerjenhurler CT, USAPosts: 9
    Personally, I really hope that they cover more stuff about personal finance, and delve into some more serious topics beyond things many people experience in college for the first time, like laundry (though that's certainly helpful for some people). I find that as a young professional, the things that I struggle with the most are areas of finance like different insurance (health, car, renters, etc.), 401K, IRAs, retirement, taxes, etc.
    Even things like credit cards and good credit are things that can seriously impact a person's future (for loans, house mortgage, etc.) but we don't cover it at all here, in the US at least.
  • alfaxardzalfaxardz Posts: 2
    Nice one
  • RialVestroRialVestro Posts: 6,383 ✭✭✭
    My only advice on Credit Cards is to never own a Credit Card. There's no such thing as good credit. You will have to eventually pay back everything you spend with interest and that interest is going to keep building up the longer it takes you to pay it.

    I should also mention that interest rates in banks are low because that's money you're earning. When they have to pay money out they keep the interest low so it's practically nothing. Credit Card interest rates however are designed to be high in order to keep you in debt. You might think it's not that much I'll have this paid off in a couple months, but no one ever works in the interest payments, a couple months turns into a couple years and pretty much as long as you owe money the interest will ensure that you will always owe money.

    Unless you can get really lucky to pay the whole thing off all at once but if you could do that then you wouldn't of needed the loan in the first place.

    There are also other penalties if you miss a payment also designed to increase the amount of debt you owe. You're better off borrowing money from friends or family if you can because they won't charge you any more than what you originally borrowed in the first place. Unlike a credit card or a bank loan where you can end up owing ten times what you originally borrowed.

    Of course online shopping typically requires you to pay with a Credit Card. There are some places where you can send a check or money order instead. If you do get a Credit Card just for that reason just make sure to never spend more than you have and pay off the card as soon as possible. If you don't have the money already available to you then you shouldn't be spending it. That's a sure fire why to build up debt.

    You might also think if it's something small that it won't be a big deal but small things add up too and with interest even the smallest purchase could turn into a large debt if you're not careful.
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