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It Is Sad If You Do Not Even Understand Basic Financial Management
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You’ll always be allowed a few mulligans, but by the time you’ve hit the big 3-0, you should have sorted out most of the reckless money habits you may have fallen into in your 20s.
While most of us know what it takes to succeed, we’re all guilty of perpetuating lies about the state of our finances. You don’t want those lies holding you back in the next stage of your life, and into your peak earning years.
So free yourself from these 15 money lies by the time you’re 30.
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1. So long as my job pays well, it’s OK if I hate it.

The job market may not be what it used to be, but by age 30 no one should be toiling away at a job that leaves them stressed out and dissatisfied with life. Sometimes you just have to say no, and have the confidence to quit.

We were inspired by a young woman who wrote about turning her back on a lucrative job on Wall Street when years of 14-hour work days made her overweight, burnt out, and miserable.

“I’m a few months into my new job [as an asset manager for a nonprofit] and it’s made my life richer. I’m making an effort to breathe, smile, eat healthier, and have positive thoughts about my future,” she wrote.

“I took a pay cut of about 30% to change positions, but I don’t think that I should be applauded for making the choice to accept less pay – I don’t view it as a sacrifice.”
2. If I turn a blind eye, my finances will figure themselves out.

One of the worst things to do in your early 20s is to ignore financial red flags when they arise.

Check your bank account, no matter how fearful you are of how low the number might be; don’t leave your credit report untouched; and take advantage of work benefits, such as the 401(k) match.

If you’re broke, you might as well know it and own it. It’s the only way you’ll ever truly be able to do something about it.
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3. I should get married because it’s the ‘next step.’
Tying the knot by 30 seems to be the trend these days, but there are few people who can actually afford the high cost of the average American wedding.

Why kick off your lifetime union with a massive pile of debt that will only cause stress and inevitable arguments down the line? If you’re truly in love, chances are The One will still be around by the time you’re both financially fit to face those bills together.

“Impulsiveness in general is typical when you’re younger, whether it’s impulsive decisions to buy the car, go on the vacation, or even marry the wrong person,” certified financial planner Michael Egan tells us. “That’s a big one actually. You need to make sure your spouse, if you’re going to be sharing your life with them, has a similar stance on money to you.”

Start by having these important money conversations with your partner before even getting engaged.
4. Banks and bill collectors will get their way no matter what I do.

At some point, life eventually will get in the way and you’ll find yourself on the wrong side of your bank or, worse, a bill collector.

Stand your ground. Negotiating your way to lower credit rates, car insurance, cable bills, and bank fees is possible, especially if you monitor your accounts dutifully and refuse to take no for an answer.

If you’re ever in doubt, think about Kenny Golde, a 40-something Hollywood producer who managed to negotiate $220,000 worth of debt down to $70,000.
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