Starting life as an “adult” can seem like you are drowning in information that previously wasn’t relevant to you. Taxes and other things adults seem to handle with ease can be tough for those who are filing for the first time. Being proactive about being knowledgeable about certain topics can be a huge advantage for a young person in the real world for the first time. Most people aren’t aware of what they don’t know so look up a simple checklist of things you should know how to do as an adult to start. You might find that there are numerous things that you have no idea about. The following are things that you will need to be knowledgeable about after college.
Your Parent’s Plan For Their Estate
Regardless of how good the health of your parents is you should still sit down and talk with them about their plan for their estate. If possible, having all siblings present when this happens can help. This could include where they have kept their will or people to contact in order to collect on a life insurance policy. Many people do not want to think about their parents dying but it is a fact of life. Nothing is worse than losing your parents then scrambling around to try and figure out the allocation of assets between possibly feuding siblings. If your parents have no idea what they are going to do with their estate then CLA Estate Planning workshops can help educate them on what their options are.
Building Your Credit and Loans
One area that many people have issues with after graduation is that of managing their finances. There are plenty of people who spend well beyond their means and hurt their credit as a result. Not only do you damage your credit by missing payments but it can also cause your interest rate to multiply. Pay for things on time and do not let credit card debt accumulate as it is nearly impossible to pay back after a certain point. Many people look to take out loans whether it is for a car or a mortgage for a home. Your credit will directly impact the interest rates on these loans so keeping it respectable is of the highest importance.
The college budget is making it one month to another before your parents or financial aid come through with some help. Budgeting in real life is much more complex as saving the minimum doesn’t allow for large purchases like cars or homes. Taking the time to sit down with a financial advisor to see where you can save and how much is important. Things like going out to eat can cripple a budget as sitting at home with a meal you made yourself is much less expensive. Set money aside for emergencies that rolls over from one month to another. This will come in handy when you need new tires on your car or you have to call a plumber to fix a leak.
After college many people’s metabolism becomes stagnant and they gain weight. This could also be due to the fact that many people work in a sedentary environment. This is the first time in your life you have the money and knowledge to make health lifestyle choices. Instead of opting for the high calorie fast food option, you might stop in a Whole Foods to see what they have to offer. Put yourself on a healthy diet and make sure you try to eliminate bad habits like binge drinking or smoking cigarettes.
The above are things you should be knowledgeable about after college. It might take some time to learn but the effort spent will help improve your quality of life!
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