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  • Paula M

What are 9 bad financial decisions to avoid in your 20s?

  • Don't buy a new car. Don't pay depreciation.

  • Negotiate a longer term for your student loan if you can. You will pay more over time, but your earning power is low when you just graduate.

  • Focus on work, not consumption. Avoid "shopping" as an activity.

  • Learn to cook. It is enormous. It's fun serving a gourmet meal to friends. Cooking regular meals at home saves money.

  • Avoid going out to drink regularly. It is a habit to be avoided. I prefer to invite friends over for a beer or two. An occasional outing is good.

  • Number 7 opens an account with a discount broker, makes a modest monthly wire transfer, and invests or trades mutual funds and stocks.

  • Subscribe to Investor Business Daily for a while.

  • Become familiar with the real estate market in and around the city where you live. Observe the cyclical variations over the years..

  • Never risk "everything"; risk what you can afford to lose

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