Money Saving Tips for the 20 Something

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There are a few things you should do in your 20’s- get that ‘first job,’ obtain healthy eating habits, make amazing memories, and S-A-V-E. There are also a lot of things you shouldn’t do in your 20’s, and they usually involve finances. Here are the Top 4 mistakes to avoid in your 20’s according to Yahoo Finance.

1-Investing in your 401k, then forgetting about it

Instead of enrolling and forgetting about your 401k, you should evaluate it on a half-yearly basis. By reallocating your assets, you reduce the risk of getting off track. It is also a great opportunity to invest and grow what you’ve already saved.

2-Assuming low-cost healthcare in retirement

Healthcare expenses seem like a distant thought when you’re young and healthy. But, on average, healthcare expenses after retirement can easily go above 100k. Start thinking about it now and set up a medical savings program.

3- Cashing out too early -stocks, bonds, and savings plans

Although cashing out early sounds appealing, you aren’t doing yourself any favors. When you cash out, you pay a 10% penalty on top of taxes, robbing yourself of thousands of potential dollars in retirement funds.

4- Don’t wait to save

You should start saving as early as possible because the most important advantage is time. Also, when you are in your 20’s you can take advantage of ‘compound interest’ which allows your savings to grow more and more over time. For example, saving 2k in your 20’s is worth more than saving 10k in your 50’s.

1 Title-Secured Loans, Secured LOCs and Title Pawns: Maximum pledge amount in Mississippi is $2,500. Maximum loan amount in Tennessee is $6,500, assuming customer qualifies for and accepts both the pledge max of $2,500 and Secured LOC max of $4,000. Refinancing is not available for Mississippi or Tennessee Pledge products. Minimum loan amount for title-secured loans in South Carolina is $601.

Must be at least 18 years of age (19 in Alabama). Account approval requires satisfaction of all eligibility requirements, including a credit inquiry and motor vehicle appraisal. Must present valid government issued ID. Certain other eligibility requirements and terms & conditions apply. Loan/LOC/Pawn amounts vary by states and product. LOC customers are subject to a periodic collateral review to maintain credit limit. Proof of income documentation and ability to repay analysis is required in Missouri, Nevada, some Texas locations, and Utah.

2 Personal Unsecured Loans/LOCs: Unsecured loan amounts and products not available in all stores/states. In-Store: Account approval requires satisfaction of all eligibility requirements, including a credit inquiry. Bring in active bank account details (dated within the last 60 days), and a valid government-issued ID to apply. If your bank account statement does not show recurring income deposits, you will need to also bring in proof of income, like a paystub, from within the last 60 days. In AZ, a valid AZ motor vehicle registration in your name is also required. Min $601 in SC. For new personal/unsecured loan customers without SSN or ITIN, max loan amount is $300. Online: If you do not have an SSN or ITIN, please visit us in store to apply. Additional items required for eligibility, including: a valid and active email address and telephone number, and a valid SSN. You must also reside in a state in which we do business (currently AZ, DE, KS, MO, MS, SC, TN, TX, UT or WI). Min $610 in SC. Certain other terms and conditions may apply.

– California, Illinois and Virginia Residents: TitleMax® no longer originates new loans in CA, IL or VA, but continues to service existing loans.

– Please see our California Resident Notice at Collection and Privacy Policy: Submit a Verified Consumer Request to understand what information we collect, disclose, or sell, to request that we delete your information, and/or opt out of selling by clicking Do Not Sell My Personal Information.

– In Georgia, TitleMax offers Title Pawns.

– New Mexico Consumers: please see important New Mexico Consumer Information and Disclosures.

– In Nevada, title loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any title loan transaction. Ability to repay analysis with income documentation required.

– In Tennessee, TitleMax offers title pledges, and secured and unsecured Lines of Credit (“LOC”). Only one LOC account allowed per customer, inclusive of other lenders. LOC customers are subject to a periodic income (and collateral, if applicable) review/validation.

– TitleMax of Texas, Inc. and TitleMax Online of Texas, Inc., d/b/a TitleMax acts as Credit Services Organizations to assist customers in obtaining a loan through an unaffiliated third-party lender. Please see store associate for details. Please see Texas Schedule of All Fees. TitleMax does not offer pawn loans or pawn transactions in Texas.

– TitleMax®, TitleBucks®, and InstaLoan®, are not considered competitors. Please see a store associate for details.

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