5 Financial Moves to Make When You're Young
The challenge of being young often boils down to having a limited income. After all, it stands to reason that the further along you progress in your career, the more money you stand to earn, and the newer you are to the workforce, the lower your paycheck reads. But in spite of this, it still pays to focus on certain financial goals when you're young. Here are a few key moves that could set the stage for a lifetime of success.
Having emergency savings to tap in a pinch could be the one thing that keeps you out of debt when unplanned bills pop up. Ideally, you should aim to sock away three to six months' worth of essential living expenses so that you have money available if you get hurt, lose your job, or encounter a costly automobile or home repair. Furthermore, that money should be accessible to you at all times, which means you don't want to invest it. Rather, you should stick it in the bank -- preferably a high-yield savings account.
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Source Fool.com
