Top Money Mistakes That Young Adults Make

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When you’re in your 20s, making regrettable financial decisions may be the last thing on your mind. After all, you’ll never have a better body, higher libido, or bigger dreams than in your starry-eyed youth. Yet the personal finance choices you make before you hit 30 can affect you for decades to come.

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Taking out as much as you can in student loans is easy. Paying those loans off, not so much. It’s a bad idea to apply for more money than you need so you can buy a car, study on better furniture or live in an off-campus apartment.

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U.S. Student loan debt was nearly $1.5 trillion in 2019, with around 11% of total student debt more than 90 days delinquent or in default, according to the Federal Reserve Bank of New York.

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Your best friend may be a blast for a night of clubbing, but will she pay rent on time? That guy from school plays a mean game of basketball, but can he hold down a job? Pick a deadbeat roommate and you could pay for it later with your credit score.

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