Money mistakes to avoid in your 20s

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  • I know it. I Live it. I Love it. Provo, UT
    March 15, 2014 11:42 p.m.

    Tithing first. Being well-informed is useful, but nothing is useful if you aren't right with God.

  • pleblian salt lake city, utah
    March 14, 2014 4:32 p.m.

    #1: Owning a home is NOT that important. A mortgage means you rent your house from the bank. If you do not put a 10-20% down on your home loan, you will pay 200% the value of the home before you pay off a typical 30-year FHA loan. Your home likely will barely be worth 200% the value it is today in 30 years. Thus, your home isn't an investment, it is a waste of opportunity cost.

    Wait until you can afford favorable loan conditions, and pay more than your minimum monthly payments before jumping into a home. Or, buy a home for less than you can afford, live in it for a minimum of 5 years, and "trade up" with any equity.

  • toosmartforyou Farmington, UT
    March 14, 2014 11:47 a.m.

    A couple more: Don't go into debt for that extravagant, exotic honeymoon; Don't spend a lot of money on non-essentials, like jewelry and designer clothes; Don't forget that eating at home is better and MUCH cheaper than going out all the time (fast food is tremendously over-priced), and a new car helps if you are going to take care of it and drive it for a while because you won't have repairs, maintenance etc. but make sure you pay it off early and increase your credit score by so doing because come house-buying time, a lousy credit score just to have a new car is a bad trade-off. A basic car that is reliable is better than the fancy one with all the options, too.
    Oh, be careful about needing (?) the big screen TV and latest cell phone and tablet and lap-top, etc. When I was young it was a fancy stereo. Spending too much is a curse.

  • Ernest T. Bass Bountiful, UT
    March 14, 2014 11:01 a.m.

    Don't forget pay tithing first. You will always have plenty of money if you do that.

  • george of the jungle goshen, UT
    March 14, 2014 11:00 a.m.

    I like you points, lot of hind site. Me I have a ego problem I lived in a fantasy so I spent a lot of time and money and labor in me home that I'll never recoup. I think before you go crazy redoing your house I think you need to know your going to live in it.

  • TriFul Midvale, UT
    March 14, 2014 10:58 a.m.

    My biggest money mistake in my 20's was not putting my husband and I on a strict budget.
    He was younger than me and had never lived on his own.
    I let him handle his own finances as a student not working and it blew up in our faces.

  • Jamescmeyer Midwest City, USA, OK
    March 14, 2014 10:53 a.m.

    I find the majority of DN's financial articles to be sound, but this is certainly one of the simpler, more easily applicable ones.

    It also makes me feel good about myself, like reading about healthy living after coming inside from a run.

  • SillyRabbit Layton, 00
    March 14, 2014 10:17 a.m.

    Pretty good all-around tips.

    Finally, DN. Finally, you give us a proper finance article. Reprinted from someplace else.

    That's one step forward, at least.