Question of the Day: Can you name one of the top five money mistakes that millennials made while in college?
- Given that the average college graduate leaves school with about $30,000 in debt, does it surprise you that 9 out of 10 who borrow don't understand the terms of their loans?
- Which of the items above could be mistakes made by young people who don't go to college?
- What concrete steps can you take to avoid making similar mistakes?
Behind the numbers (College Finance):
When you’re younger, failures may seem to come more readily, and even when you learn from your mistakes, the consequences of your actions can follow you – particularly the financial kind. In 2020, student loan debt in America rose to a record-level $1.6 trillion, and many students carry the weight of the debt around with them for years after their studies have ended.
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About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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