3 Financial Advantages of Being on the Older Side of Twenty-Something
As you get older, you may understandably feel dismayed and even depressed. The three-decade mark is a point that can creep up on younger adults, and it often is met with apprehension. Concerns about raising children, planning for retirement and dealing with cosmetic signs of aging are increasingly common as you get older. While few people wholeheartedly embrace getting older, there are some financial advantages associated with this stage of life.
Lower Auto Insurance Rates
If you are a driver, your auto insurance premium is a regular expense in your budget.
Teens and young adults commonly must pay a small fortune for auto insurance.
This is because younger drivers statistically are involved in more accidents than older and more experienced drivers.
As you get older, you may notice that your auto insurance rates decrease. Some insurance providers may maintain your current rate, however.
Because of this, it may make sense to shop around for new quotes every year or two.
The simplest way to find savings is to simply search Google using local terms like “New Jersey auto insurance” and see what comes up for you.
Professional Experience
When you are fresh out of college, you may have a degree under your belt.
However, most college graduates lack professional work experience in their field. As you gain experience, you may qualify for raises.
You may also be able to climb the corporate ladder or otherwise advance to higher positions in your field.
By doing so, you may increase your earning potential dramatically. Keep in mind that you may need to switch companies periodically in order to take advantage of higher income potential associated with your professional experience.
A Real Estate Purchase
Some very young adults are financially-positioned to purchase their own home, but many adults must wait until they have been out of college and have earned a decent income for at least a few years before real estate ownership becomes a realistic possibility.
Compared to renting, owning your own home comes with numerous financial benefits in many cases.
For example, your monthly housing payment is being applied to your real estate equity when you are a homeowner.
There are also tax advantages associated with home ownership. Just keep in mind that since your home is such a valuable asset, you need to protect it.
You can go to an insurance website like marineagency.com to see what kinds of options are available for homeowner’s insurance to go along with your auto insurance.
There are many advantages to being a young adult, but you can see that financial advantages increase dramatically as you approach the beginning of your middle-aged years.
Keep in mind that issues related to poor savings habits and abuse of credit cards can be problematic at any age.
While you have these financial benefits to look forward to, you should take steps to be financially responsible in the years to come.
Share this:
Category: Financial Planning
