Financial experts at Stonegate Capital Advisors share why it is important for young people to make strong financial decisions and how they can start in 2016.

2. UNDERSTAND THE VALUE OF MONEY
• BEFORE MAKING LARGE, SPUR OF THE MOMENT PURCHASES, IT IS IMPORTANT THAT YOUNG INDIVIDUALS
REALIZE HOW MUCH THAT MONEY REALLY MEANS TO THEM.
. They must understand how many
hours will need to be worked before
they earn that amount again, and
where that money could be better
spent. If the money can be of more
benefit spent in a different way, those
options need to be considered.

3. START RETIREMENT
PLANS EARLY
• THOUGH NOT EVERY JOB WILL OFFER
BENEFITS LIKE A 401(K) PLAN, SOME MIGHT.
INDIVIDUALS WHO HAVE A POSITION THAT
OFFERS THEM THESE BENEFITS SHOULD BE
SURE TO TAKE ADVANTAGE OF THEM. THOSE
WHO DO NOT HAVE A 401(K) OPTION CAN
STILL BEGIN PLANNING, AND CAN INVEST
PART OF THEIR PAYCHECK INTO AN IRA.
• THE EARLIER THAT AN INDIVIDUAL STARTS, THE EASIER IT WILL BE TO SAVE UP FOR RETIREMENT AND
HAVE A SIZABLE FUND. A FEW YEARS CAN MAKE ALL THEDIFFERENCE.

4. BE SMART ABOUT CREDIT
• IT CAN BE VERY APPEALING TO YOUNG ADULTS WHO
HAVE BEGUN RECEIVING OFFERS FOR THEIR FIRST CREDIT
CARDS AS THEY SEE IT AS AN OPPORTUNITY TO GET THE
THINGS THAT THEY WANT NOW WITHOUT HAVING TO
WORK LONG HOURS TO GET THEM. HOWEVER, MANY DO
NOT REALIZE JUST HOW HARD PAYING BACK ALL THOSE
CARDS CAN BE, AND THEY MAY FIND THEMSELVES IN
CRIPPLING DEBT BEFORE THEY REALIZE IT.
• CREDIT CARDS SHOULD BE USED SPARINGLY AND RESPONSIBLY, AND INDIVIDUALS SHOULD ALSO LIMIT
THE NUMBER OF CARDS THAT THEY ARE USING TO AVOID LOSING TRACK OF THESE FINANCES.