I know, I know finance is “boring.” It is “not your thing” and you plan to just “hire a money person” take care of everything for you in the future.
I hear these excuses and more from my classmates, friends, and other young professionals I come across daily. In the words of famous author Robert Kiyosaki “You think just because you will have a high-income job that you don’t need to worry or learn about money, but that’s wrong. Truth is, most people who make more money just get into more debt”
How could I, a person with nearly $200,000 in student loan debt, even begin to think about financial freedom, investments, or retirement plans when I had no job and was still in school?
Truth is, I had to start somewhere. I simply couldn’t afford not to. The more I waited to educate myself on money management, the longer I would spend making bad financial decisions that could dig me deeper in debt and delay my life of prosperity. Things needed to change and they needed to change now.
Don’t take out more loan money than you need. Figure out your monthly expenses (rent, food, transportation, gas, school expenses, incidentals, etc). Only take out in loans the amount that you need and do so at the lowest interest rate you can find. Although it’s nice to have “just in case” money, for emergencies or unexpected expenses, most of us just end of using the extra money for shopping trips or vacations. So unless you have an unprecedented amount of self-control, it is probably best to only take out what you need.
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