In this week's Weekend Reads, learn the career mistakes to avoid in your 20s, the money mistakes to avoid always, and the life mistakes of assuming your net worth is a non-negative value!
You Need A Budget is one our favorite tools for getting your finances under control. They also have a blog and videos that have a habit of breaking down financial concepts into easy-to-understand lessons. YNAB has a theory of giving every dollar a job, and that extends to saving. Don’t just sock money away and then . Have a plan for why you’re saving, and you’re less likely to just see your drone budget or Beyonce fund as "extra" money that you can dip into when you decide that you really wanted that extra night eating out. Insights like this, plus strategic use of "this one thing" headlines, are why YNAB is at the top of the money management game.
Your 20s are a time to make mistakes. Are old people going to be upset at you and act like they never had any problems in their youth? Of course, because that’s their prerogative, just like it’ll be yours some day. Now, though, whether it’s your social life or your job, you’re bound to screw up a thing or two. The least you could do is learn from them. Or, you know, have someone else make those mistakes, learn from them, and pass those teachings on. So ask someone to be your mentor, be nice to interns, and negotiate, because if you don’t it’ll come back to bite you. (Also, buy life insurance.) And you need all the help you can get when it comes to your career, because your net worth is...well, it’s depressing. Take a look below.
Who is your favorite Millennial? Mark Zuckerberg? Kim Kardashian (I think she’s a Millennial)? Jaden Smith? I hope not because, wow, you and I have nothing in common with them. Well, at least when it comes to net worth. While Zucks is valued at probably some new number they had to invent just for him, the average Millennial has $30,000 in student loans, and combining that with things like average starting salaries and annual savings rates, The College Investor has estimated the average net worth of Millennials ranging from around $20,000 for the class of 2003 to -$39,000 for people who are currently 21 years old. Yes, that negative sign is on purpose. But incoming college freshmen will raise that all the way to -$9,000, so things are looking up!