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The road to financial independence is not easy, and usually requires patience and diligence early on.
For young people still trying to establish their careers, focusing on retirement or saving for the future may not seem like a top priority. But making the wrong money moves early on can be costly.
Here are the five most common mistakes young adults are making when building their financial lives:
Planning for retirement is about finding a balance between putting money aside for later and having enough to pay for stuff now. But financial planners warn that the price of delaying can be high.
Thanks to compound interest, even modest amounts of savings will grow exponentially over longer stretches of time.
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