Top 5 Financial Tips for Young Adults

1. Avoid or pay-off car loans as a priority. This is borrowing for a depreciating asset and accelerates the negative equity of your net wealth.

2. Replace your credit card with a debit card. Use your own money instead of the bank’s and avoid the high interest charges. Debit cards also provide greater security if your account is hacked.

3. Don’t underestimate compound interest. If you are either saving or paying off a loan, then you will realise that even small amounts have a big effect over time. Go by the rule of thumb, every little bit helps.

4. Cap your personal spending (to ensure that you allow enough for savings of at least 10%). Items such as clothes, food & entertainment, whilst they are enjoyable, a sensible approach needs to be applied, and priority given to your savings plan.

5. Invest in appreciating assets such as property and shares. These assets will make your money work for you, and provide good life lessons for later investment patterns.

If you’d like to take a closer look at your personal financial situation, please contact me on 0437 922 210 or andre@thanegroup.com.au

Disclaimer:This post and or its links or the content of the post or links do not represent the views, intentions or advice of any business component of the Thane Group.This post and its links are not intended in any way to formulate any part of advice formal, personal or otherwise. This post is designed for the information only purposes of its audience.

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