15 money lies you should stop telling yourself by age 30

Discussion in 'News Feeds' started by Kathleen Elkins, Jul 8, 2015.

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    You'll always be allowed a few life mulligans, but by the time you've hit the big 3-0, you should have sorted out most of the reckless habits we tend to fall into as young 20-somethings.

    This is especially true for money matters, considering you're close to entering — and need to prepare for — your peak earning years.

    While most of us have a general idea of what it takes to succeed, we sometimes let ourselves — and a few money lies — get in the way.

    Don't let these 15 lies hold you back.

    Mandi Woodruff contributed to an earlier version of this post.

    SEE ALSO: 13 tips to save up to $1,000 in 30 days or less

    So long as my job pays well, it's OK if I hate it.

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    The job market may not be what it used to be, but by age 30 no one should be toiling away at a job that leaves them stressed out and dissatisfied with life. Sometimes your just have to say no, and have the confidence to quit.

    We were inspired by a young woman who wrote about turning her back on a lucrative job on Wall Street when years of 14-hour work days made her overweight, burnt out, and miserable.

    "I'm a few months into my new job [as an asset manager for a nonprofit] and it's made my life richer. I'm making an effort to breathe, smile, eat healthier and have positive thoughts about my future," she wrote.

    "I took a pay cut of about 30% to change positions, but I don't think that I should be applauded for making the choice to accept less pay – I don't view it as a sacrifice."



    If I turn a blind eye, somehow my finances will figure themselves out.

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    The worst things to do in your early 20s is to ignore financial red flags when they arise.

    Check your bank account, no matter how fearful you are of how low the number might be; don't leave your credit report untouched; and take advantage of work benefits, such as the 401(k) match.

    If you're broke, you might as well know it and own it. It's the only way you'll ever truly be able to do something about it.



    I should get married because it's the 'next step.'

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    Tying the knot by 30 seems to be the trend these days, but there are few people who can actually afford the absurdly expensive cost of the average American wedding.

    Why kick off your lifetime union with a massive pile of debt that will only cause stress and inevitable arguments down the line? If you're truly in love, chances are The One will still be around by the time you're both financially fit to face those bills together.

    "Impulsiveness in general is typical when you're younger, whether it's impulsive decisions to buy the car, go on the vacation, or even marry the wrong person," certified financial planner Michael Egan tells us. "That's a big one actually. You need to make sure your spouse, if you're going to be sharing your life with them, has a similar stance on money to you."



    See the rest of the story at Business Insider


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