How do I avoid the financial mistakes people make in their 20s?


    Nobody is perfect when it comes to their finances – sometimes even millionaires slip.

    So when you start to believe that you are worse off than your parents, nephew, or friends, remember that all 20 year olds have made mistakes that can cost them a lot of time.

    But if you are guilty of making some of these mistakes, don’t fret. You can still redeem yourself! Here are some of the worst mistakes you can make and tips to help you get out of the hole.

    Mistake # 1: Not receiving free gift cards when shopping

    What do you usually do with your receipts? You check out, they give you a mile-long piece of paper and you desperately cram it on the bottom of a grocery bag. Pretty worthless.

    However, a free app called Fetch Rewards turns them into gift cards. It works with tons of brands to give you points for every grocery receipt you share. Then you can exchange them for gift cards at places like Amazon, Walmart, Chipotle, and dozens of other retailers.

    And it’s perfect for those of us who don’t want to put a lot of work into this cause. All you have to do is send. Get a photo of your receipt and it will do it all for you. No more scanning barcodes or searching for offers – and you can use it with any purchase receipt.

    When you download the app, use the code PENNY to automatically earn 2,000 points when you scan your first receipt. Then, snap photos of your last receipts to see how many points you can earn without a single trip to the store!

    Not too bad for a useless receipt, right?

    Mistake # 2: You make nothing on your savings

    You’ve probably heard that the best way to grow your money is to put it in a savings account and keep it there forever. That is bad advice.

    But maybe you’re just looking for somewhere to safely stow it away – and still make money. You won’t get anything under your mattress or in a safe. And a typical savings account doesn’t do much better. (Um, 0.05% is nothing these days.)

    However, with a debit card called Aspiration, you can earn up to 5% cashback and up to 20 times the average interest on the money in your account.

    Not too shabby!

    Enter your email address here to receive a free Aspiration Spend and Save account. After you’ve verified your email address, securely link your bank account so you can get extra cash. Their money is FDIC insured and they use military grade encryption which is nerd-talk for “this is perfectly safe”.

    Mistake # 3: Paying too much interest to credit card companies

    If you have credit card debt, You know. The fear, the interest rates, the fear that you will never escape …

    And the truth is, your credit card company doesn’t really care. It only gets rich by fooling you on high interest rates. But a website called AmOne wants to help.

    If you owe your credit card company $ 50,000 or less, AmOne compares you to a low-interest loan that can be used to pay back every single one of your balances.

    The advantage? You have to pay an invoice every month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you will no longer have any debt The much faster. Plus: No credit card payments this month.

    AmOne keeps your information confidential and secure, which is why after 20 years in business it probably still has an A + rating from the Better Business Bureau.

    It takes two minutes to see if you qualify for up to $ 50,000 online. You need to give AmOne a real phone number to qualify, but don’t worry – they won’t spam you with phone calls.

    Mistake # 4: Paying Too Much for Car Insurance

    When was the last time you checked car insurance prices?

    You should shop for your options roughly every six months – this could save you serious money. But let’s be real. It probably isn’t the first thing you think about when you wake up. This need not be.

    A website called makes it super easy to compare car insurance prices. All you have to do is enter your zip code and age and it will show you your options. saved an average of $ 489 per year.

    Yup. That could be $ 500 in your pocket just to take a few minutes to consider your options.

    Mistake # 5: I think you don’t have enough money to invest

    Take a look at the Forbes Richest People list and you will find that almost all billionaires have one thing in common – they own another business.

    But when you work for a living, and you don’t happen to have millions of dollars lying around, it can sound completely out of your reach.

    But it doesn’t have to be with an app called Stash. This allows you to be part of something normally reserved only for the richest of the rich – Stash lets you buy pieces from other companies for as little as $ 1.

    That’s right – you can invest in well-known companies like Amazon, Google, Apple, and others for as little as $ 1. The best part? If these companies benefit, so can you. Some companies even send you a quarterly check for your share of profits called a dividend

    Registration takes two minutes and is completely secure. With Stash, all of your investments are protected by the Securities Investor Protection Corporation (SIPC) – this is an industry talk for “your money is safe”. 2

    If you use the link above, Stash will give you a $ 5 sign up bonus once you’ve deposited $ 5 into your account. *

    Mistake # 6: Suppose life insurance is expensive and time consuming

    Have you thought about how your family would do without your income after your death? How are they going to pay the bills? Send children through school? Now is a good time to start planning for the future by purchasing term life insurance.

    You’re probably thinking: I don’t have the time or money to do it. However, your application can take minutes – and you can leave up to $ 1 million for your family with a company called Bestow.

    Prices start at just $ 16 per month. Knowing that your family is being looked after is invaluable.

    If you’re younger than 54 and want to get a quick life insurance quote without a medical exam, or even get off the couch, get a free quote from Bestow.

    1Not all stocks pay dividends, and there is no guarantee that dividends will be paid every year.

    2It should be noted that the SIPC cover does not insure against the possible loss of market value.

    For securities priced above $ 1,000, fractional purchases start at $ 0.05.

    * The offer is subject to the promotion Terms and Conditions. To take part in this promotion and receive the bonus, you must successfully open an individual brokerage account, link a finance account to your investment account AND deposit USD 5.00 into your investment account.

    The Penny Hoarder is a paid affiliate / affiliate of Stash.

    Investment advice from Stash Investments LLC, an SEC registered investment advisor. This material is distributed for informational and educational purposes only and is not intended as investment, legal, accounting, or tax advice. Investing involves risks.


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