Must-Have Financial Skills for Young Adults

The next fundamental financial skill everyone needs is: work!  Maybe your dad always told you that “Money Doesn’t Grow on trees!” Annoying as that was, it’s the truth. So, start at the bottom if you have to, work hard, and develop your resume!

In Colossians 3: 23 and 24, we see the key to successful work: “Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward.  It is the Lord Christ you are serving.”

The next skill is to open and manage a bank account. Then, make sure you develop habits of giving and saving from every paycheck. Watching your balance increase will encourage you to stick to your plan. Keeping track of your bank balance will also help you understand your limits.  You can’t spend what isn’t there.

The next skill will also help you understand your limits. Learn about credit.  Don’t fall into the trap of believing that a credit card equals permission to spend all you want. Instead, keep track of your balances, pay your balances in full every month, and watch your credit score.

Or, ask someone you trust, who knows about finances, to help you.

Now more than ever, young adults need financial skills to succeed in the “real world”.  

Our challenge to our bright and hopeful “Gen Z” generation is to pursue a firm faith and financial literacy.  

• Is an annuity a good option for retirement saving
• How should someone determine whether to sell the family home after a divorce?
• How does one go about buying a parent’s home that is currently in an irrevocable trust? 
• Is it wise to borrow against your existing home to purchase a vacation home? 
• Is there a way to seek loan forgiveness for a “Parent Plus” loan? 

• Zillow.com