8 months ago
Adult responsibility yo, pretty scary
Happy Birthday. Good luck on the whole adulthood thing...
I'm still working on it.
Lmao thanks, I need it
I have two major pieces of advice for you:
Your credit is one of the most important things in your life. Take it seriously and protect it like a baby. Never run or hide from debts. Tackle things head first and it will serve you very well.
As an adult, you are responsible for yourself in this life. Don't blame others for things. Don't shy from the responsibilty but embrace it. You will be a far better man for it.
Congratz and enjoy!!!
Credit: Definitely noted, my dad has screwed up his credit and runs from debts all the time, I'm not going down the same path as that
Responsibility: Yep, I don't do this myself already so I believe I'm set in that regard, blaming my **** and responsibilites on others is just trash
Credit is something a lot of young people don't think about until they need it and at that point, its too late. Most apartments want a credit check before you get to rent, some people need to finance a vehicle, maybe you transfer student loans to your name from parents, etc.
Most of those things are difficult/impossible with no credit/young credit.
I turned 18 back in March and my parents had a discussion with me about credit. Right now I have a credit card which I use pretty much only on gas. I'll fill up each week and I've been making $45 to $50 payments paying it off completely. Don't know if that helps that much, but It's a start at least.
Get between 4-6 accounts (can be small). Like, 2 small credit cards, 2 small peronal loans, and a small auto loan. That is a solid number of credit accounts to have on a report to build good credit.
Try to keep the credit cards between 20-30% credit usage.
Pay slightly higher than the minimum payments.
Reschedule payments if you ever have to be late so that it won't affect you (ensure this with the specific company).
Never close a credit card or revolving account (unless there is a large recurring fee). Just pay off the balance as your age of credit history is only as old as your oldest account. This can seriously affect your credit if you shorten your age of credit history. Also, keeping accounts alive helps you with negotiating better rates.
Doing these things will help you gain very good credit and keep it.
It's a great start. Always pay it off in full and never carry a balance and you'll have awesome credit in only like a year or so.
Nice to meet you, 18.
Adult responsibility is cool! Sometimes it sucks though. But then it's cool again! Happy birthday.
Since all the oldies are giving you advice in here, I guess I'd say: budget. If you have a stable income already, create a budget. You can use Excel/Google Sheets, or you can use apps for this like Mint. Allocate money into buckets for different things (gas, groceries, etc). Part of the budget should be your income; always underestimate this/round down. The reason why is you will bake in savings if you do this. "Dark money", I like to call it, that collects in your account. I love having that dark money for 'oh ****' moments, or for fun things. This should not replace a savings account. You should have a savings account as part of your budget, whatever you can afford after your bills and other necessities.
Second piece of advice is, live frugally/below your means. Act like you have less cash than you do, as much as you can. These things obviously tie in to eachother, and it's all about exercising restraint when you have money.
Ayyyy, thanks and thanks for all the monetary advice! I'll definitely keep it in mind
4 months away from turning 18 myself :D
My advice for you as a new adult is this: never buy new cars.
Cars depreciate really fast, and so its not a good investment in the long term. The problem with old cars is that since they dont have warranty, you`re at a greater risk of headaches when replacing parts, specially from european brands.
s not a good investment in the long term. The problem with old cars is that since they don
Get a car whose model is 3 years old. The 3 year old mark is when the depreciation tanks the most (balances out) and most cars have already depreciated between 30% and 50%. This way you get a modern machine for cheaper, and you will have some years left in your warranty which will save you a few headaches.
But don't buy just any 3 year old car. The average mileage per year of a car is 12,000 miles or roughly 20,000 Kilometers. The car should have less than 36k miles by the end of the 3rd year. Otherwise, it means the car has been abused more for a shorter period of term. Indeed, a 3 year old car with the same mileage as a 5 year old car means the 3 year old car will be in worse condition.
Some manufacturers like KIA include a 10 year/100k miles powertrain warranty on their NEW vehicles only. But not every manufacturer offers this lenght of warranty, so if you end buying a new car, research which manufacturers offer the longest warranties first.
May this advice serve you during your early 20s.
If you are going this route you need to look into if the warranty is transferable as well. 10 years / 100,000 miles doesn't mean **** if that warranty doesn't transfer to you.
mmmm. Yes, that makes sense.
Thanks for all of your advice!
Happy B-day. I understand that feeling, I will be 18 in about 8 months.
Ayy thanks, and happy early bday to you!
Np, very early lol.
Happy birthday! I hope you have a great future ahead of you. Just don't get into debt(unless necessary), and use common sense, and you should be go!
Im about 6 months away from 18 myself. I plan to buy a stack of Playboys and a pack of smokes.
Lol nice, and thanks!
Happy Bday 1 day late!
I can relate because i was still in High school when i turned 18, still barely feel an adult in my early 20s.
Lmao I still feel like I'm 15, hell I still look like it too
I got 6 more months till i'm 18 and im looking forward to jumping head first into a job that only hires 18 year olds and up. I'll be buying pc parts with money i get lol.
Yup, I've heard about that, time feeling like it's moving quicker the older you get, esp the later half vs the earlier half
1. Noted, I'm not messing with that noise when I'm older
I only loan money out if I don't mind not getting it back. It's a good way to see someone's character and accountability.