July 3, 2016 3:24 am

The Ugly Undeniable Truths About Financial Security

Financial Security is a concept that should gain traction in this economy. Your parents are either retired or are planning to retire relatively soon. Part of becoming an adult is thinking of your financial security. The Millennial generation has spent more time at home then any other generation of the 20th century. You should not count on your parents’ supporting you until your 40 years old and, especially don’t count on a large inheritance. The only one you can count on is yourself. Creating financial sustainability for you and your future family will require hard work on your part. These are some basics that may come off as common sense.



The most important thing to keep in mind is your Credit Score. This will affect your whole life from job inquiries to mortgage loans. If you can avoid college debt, do so. Private universities charge a lot of money and even, if you have scholarships, there will be a portion you will have to pay back. City Universities and State Colleges don’t charge students as much as Private College and even have some of the best Professors. This is especially true in New York where CUNY Professors’ are the best paid and have some of the best credentials. If you want the prestige of a Private College, then go to one for Graduate School. If you have already accumulated college debt, make sure to pay it promptly as soon as you have a job.



Then, there are the Credit Cards which you will find out, when you have them that they are the bane of your existence. If you see a line in front of your college at the beginning of a semester, avoid it like the plague. Why do you need another t-shirt just so that you can sign-up for another credit card? Credit cards should not be used as your personal bank. Do you really need a Home Theater or a 80-inch 4K TV? Miss a payment and the creditors will be like sharks or bees on honey, calling you day and night. With your Credit Score in the toilet, you will have trouble even finding a job.

The ugly undeniable truth - don’t count on Social Security being there for you when you retire. (It is supposed to run out in 2030.) However, You can fix your Credit Score and even save for your retirement by following a few simple rules. Always pay your bills on time. If you cannot pay them, than call your creditor and make arrangements to pay them over time. When you get a job, take a look at the benefits. If they have a 402k with matching funds, sign-up to put away as much as you can. And, finally do not buy anything that is not absolutely necessary.


Guest article by Paul Guevara

Paul is a native New Yorker, following today’s top trends in marketing and advertising.