A recent survey found almost a third of millennials aren't doing as well financially as they THOUGHT they'd be ten years ago.
Here are four of the biggest mistakes young people make with money . . .
- Taking a carefree approach, so you have to play catch-up - Like someone who decides to start saving for retirement LATER, once they're making more money. Then before they know it, they're 40 and still don't have a plan.
- Creating a lifestyle focused on spending instead of saving - It's more common now because of the whole "FOMO" mentality. So you end up spending all your money instead of saving 20% like you're supposed to.
- Relying on credit cards too much, and not paying attention to your credit score - Building good credit is important, because you end up with lower interest rates later. Which makes it easier to buy a house, or get a loan when you need one.
- Not preparing for emergency expenses - Which goes hand-in-hand with taking a carefree approach and being too optimistic. Then when something happens . . . like you lose your job...it's immediate panic mode.
SOURCE: Business Insider