1. Stop asking your parents for money
Time to close your account at the Bank of Mom and Dad. Learning to make it on your own now will be a big help later. (You knew it had to end eventually.)
2. Establish good credit
Don’t let bad credit in your youth hold you back in the future. It’s never too early or too late to build good credit.
3. Have an emergency fund (three months' income)
It sounds hard, but you need to plan for the unexpected. A small sacrifice today could prevent a major setback tomorrow.
4. Have a budget (and use it)
You know how much you make. Make sure you know how much you spend.
5. Have a financial plan
You need to have goals before you can reach them. Work with a financial expert to set up short-term, medium-term, and long-term financial goals.
6. Have a healthy relationship with credit cards
Go ahead, get those reward miles. It’s okay to charge it. Just make sure to pay it off… every month.
7. Have a basic understanding of financial terms
It’s time to learn what it all means. Start now.
8. Get insured
Home/tenant insurance, car insurance, life insurance. Stop putting it off. It has to be done.
9. Have (or are working on) building a positive net worth
Make sure what goes out every month isn’t more than what comes in.
10. Open an RRSP
It might feel like you’ve just started your career, but it’s already time to plan for it to end. A strong finish starts here.
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