Wednesday, April 30, 2014

What I Wish I'd Known About Money When I Was 21

Couple holding handfuls of money Blend Images/Getty Images

By Gerri Detweiler At 21, young people have all the financial responsibilities of adults -- without much experience managing them. So we asked some of your elders (via Facebook and Twitter) what they wish they'd known earlier -- or the best advice they'd been given.

Many pointed out that in young adulthood, time is on your side. You may not have much money, but if you put some aside, it has lots of time to grow -- and the money you put aside now will have a huge effect on the amount you have when you retire. (And yes, I know how hard it is to think about retirement when you are just beginning your career.) Save as much as you can. There will always be killer deals and other temptations, but the money you can save now will be incredibly valuable -- whether you are saving it for retirement or for a trip you'll never forget. Time is on your side in another way, too. You have time to travel, decide what's important to you, pick a life partner (or not) and decide where to live. You don't have to rush other life decisions (though getting started on saving is crucial). How to Save Your Cash

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