Here are my top 10 things every 18-year-old should know about money.

What did I miss from my list? Let me know in the comments below!

1) Open a bank account
2) Get a credit card
3) Start investing
4) Understand your expenses
5) Avoid consumer debt
6) Realize all the ways to make money
7) Get a job
8) Be careful who you trust
9) You don’t have to wait until you are 65 to retire
10) You won’t have it all figured out

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Turning 18 is an exciting and liberating time in many young people’s lives. It’s the age when you become legally responsible for yourself and your finances. As you step into adulthood, it’s important to have a basic understanding of money and how to manage it. Here are the 10 things you need to know about money when you’re 18.

1. Budgeting
Learning how to create and stick to a budget is essential for managing your money. Start by setting aside a portion of your income for necessities like rent, groceries, and bills. Then, allocate a portion for savings and discretionary spending.

2. Saving for the Future
It’s never too early to start saving for the future. Whether it’s for college, a car, or even retirement, setting money aside regularly will help you achieve your financial goals.

3. Credit Cards
Credit cards can be a useful tool for building credit, but they can also lead to debt if not used responsibly. Understand how interest rates and fees work and use credit cards sparingly.

4. Student Loans
If you’re planning to attend college, it’s important to understand the implications of taking on student loan debt. Research different loan options, consider how much you’ll realistically be able to repay, and explore other forms of financial aid.

5. Building Credit
Building a good credit history is crucial for your financial future. Pay your bills on time, keep your credit card balances low, and be mindful of how frequently you apply for credit.

6. Taxes
Once you start working, you’ll need to file taxes. Learn about different tax forms, deductions, and credits to ensure you’re maximizing your tax return and avoiding any penalties.

7. Understanding Interest
Whether it’s on a loan, credit card, or savings account, understanding how interest works can help you make more informed financial decisions.

8. Investing
Start learning about the basics of investing early on. Even if you don’t have a lot of money to invest right now, understanding the concepts and options available will be beneficial in the long run.

9. Insurance
Understanding the basics of insurance, including health, auto, and renters insurance, is important for protecting yourself and your assets.

10. Seeking Financial Advice
Financial literacy is a lifelong journey, and it’s okay not to have all the answers at 18. Don’t be afraid to seek advice from parents, teachers, or financial professionals when it comes to managing your money.

As you embark on this new chapter in your life, having a solid understanding of these financial concepts will set you up for a successful and secure future. Take the time to educate yourself and make smart financial choices – your future self will thank you.