What I Wish I’d Known at 18: Money Advice For a Graduating Senior

I’m just about to hit a big milestone: my oldest is about to graduate from high school and head out into the big bad world. I am sentimental about having him leave home. And, like all good parents, I also wonder if I’ve taught him all the right things to maximize his success.

So in honor of sending (kicking) him out of the nest, here are 7 Basic Habits of Prosperity I want him to understand and begin to apply in his life.

Study Money

Make financial education a regular part of your routine. Money-savvy does two things for you: (1) it sets you up for financial prosperity (good offense), and (2) it protects you from wasting money (good defense).

Be a Skeptic

A large part of building wealth is learning to hold on to your money. There are millions of people trying to help you part with it at every turn. Learn to be a skeptic.

Avoid Debt

Get your degree without mortgaging your future. Just because you see a lot of kids going into loads of debt, it doesn’t make it smart or right.

Be Wary of Predictions

Watch out for doomsday rhetoric. It plays on your fear and regret. Most of us actually fear losing money more than we get joy out of making money. The effect of this is that you can get paralyzed.

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