You typically only know a few basics of personal finance after relying on your parents to handle financial matters for so long. Graduating from college leads to in charge of your own financial decisions even if you aren’t prepared for them. There are some challenges that have to be overcome to manage financial responsibilities.
Become Financially Literate
Schools don’t teach literacy about financial matters. This leaves it up to young people to educate themselves about living within their means, paying bills, making a budget and saving money. The basics can be found by using a print or online resource for things such as taking care of retirement planning, student loans and debit management.
The biggest challenge young people today seem to face is student loans as they try to obtain advanced degrees. The pressure to get a quality education before entering into competition for a limited number of jobs is causing young people to take out loans for the financing of educations that will not pay for themselves even with an amazing job after graduating. Winter Park, Fl attorney Shane Fischer says he would have gone to a public school instead of an expensive private school if he had known what he knows now when he was young.
The average debt for grad school is approximately thirty one thousand dollars and over half of graduate students finance their education through loans. Nearly ninety percent of law students borrow money for their education and incur eighty thousand in debt on average. The average debt for the eight seven percent that borrow for professional degrees is over eight seven thousand dollars with undergraduate debt adding approximately ten thousand dollars to the loan debt.
Investing and Taking Risks
Young people have watched the investment returns of their parents’ vanish while unable to find work over the past few years. This had made many of them afraid to invest. They have to learn how to overcome the pressures of society and stand on their own feet financially.
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