10 financial tips for young people.

1. By Inside Option Trading Platform

2. If I could go back in time, I would do certain
things differently. I'm not saying I have a lot of
regrets. But when I was younger, I tended to have
myopic vision. For instance, it was hard to
imagine that one day I would be older. Even
today, sometimes I look in the mirror and
wonder, who the hell is that? I wish that, when I
was younger, someone had sat me down and told
me a few things. Or else I wish that I'd listened
when someone attempted to do this. If you're
young, take a seat and listen up. These gems will
help you on your quest for financial success.

3.  Go to college. You may want to do something that
doesn't require a college degree. For instance, you may
dream of playing professional golf or running a barn and
training horses. But give serious consideration to
enrolling in college anyway. Yes, it's a major investment,
but if your parents are unable to help you pay for it,
make it happen yourself, even if it means taking out
loans. One way to save on costs: Go to a community
college first; then transfer to a four-year university after
two years.
 It's easier to get a degree when you're young than when
you have a home, family and all the adult responsibilities
that go with these things. Your earnings potential
increases significantly with a college degree -- which
will come in handy if your other dreams don't
materialize. Plus, you will likely experience a love of
learning that you will never outgrow.

4.  Find your purpose. If you're having trouble figuring
out what you want to do with your life, look within.
You were born with certain talents and natural
abilities. You know which subjects you excel in and
which ones you struggle with. Choose a career that
enables you to maximize your gifts in a way that
fulfills you or helps others. As you grow, your career
may change along with your desires. But for now,
gravitate toward a field that feels like home.
 3. Begin retirement planning with your first job. This
tip is so important. If the company you work for
offers a 401(k) plan, sign up at your first
opportunity. If there's no such plan, divert some of
your paycheck into an IRA. Believe it or not, if you're
lucky, one day you'll find you are older, so it's best
to be prepared. Setting up automatic contributions
to either one of these retirement vehicles at a young
age will help you build wealth painlessly.

5.  Just as an example, let's say you invest $200 a
month beginning at age 25, and you earn 7 percent
annually on that money. By the time you turn 65,
you will have about $525,000 saved up. If you wait
until you're 35 to begin saving, assuming the same
monthly investment and rate of return, you'll have
amassed less than half that amount -- about
$244,000. This illustration simply shows the impact
that a 10-year head start can make on your savings,
thanks to the magic of compounding. Do the math
yourself with Bankrate's retirement calculator.
 Naturally, the more you earn, the more you can
stash away. A better way to invest: Rather than
target a specific monthly dollar amount, sock away
7 percent of your earnings in the beginning, and
increase it each year a little bit until you're diverting
15 percent a year.

6.  Place a value on money. It doesn't buy happiness,
but it can certainly make you comfortable. Just
understand what it's worth. Money is what you earn
in exchange for your time in some productive
pursuit. Let's say you earn $20 an hour at your job,
and you're considering purchasing a TV for $500.
You may calculate that you spend 25 hours, or about
three days, earning that money. It's worth it, you
may think. But that's not an accurate value estimate.
If you're single, you're in the 25-percent tax bracket,
so you actually spend about 33 hours earning the
net income required to make the purchase. It still
may be worth it, but there may be competing
demands for that money, such as rent and car
payments, not to mention your retirement fund. Each
purchase represents a trade-off. Make these
decisions wisely.

7.  Use the credit card sparingly. This tip is also
really vital. Bankrate receives tons of letters
from strapped consumers who regretfully
overused their credit cards and now find
themselves in really dire financial situations,
some contemplating bankruptcy. It's easy to
spend now with plastic and much harder to pay
later. Use credit responsibly. Comparison shop
for your card. Remember that you'll be relying
on your future earnings to pay for today's credit
card purchases. And if you keep a running
balance, you'll also be paying interest,
sometimes at usurious rates. Don't fall into this
trap. Instead: Save money to meet financial
goals.

8.  Follow the golden rule. Contrary to popular
belief, the duplicity and craftiness of
Machiavellian tactics won't really help you
survive, but instead will engender mistrust in
your relationships. Treat others fairly, the way
you wish to be treated. No one looks good when
trying to make others look bad. When you're on
the job, avoid gossip. Beware that when
someone takes you into his or her confidence to
point out someone else's foibles, it's only a
matter of time before your foibles come to light.
Always be honest in your dealings with others.
Seek out the company of people who are
positive and supportive of your efforts.

9.  Select your partner wisely. Choose someone
whose values match your own -- not just where
money is concerned, but more importantly,
ethical and moral values. Get to know your soul
mate over the course of at least a year. Passion
is important, but trust more so. Make sure you
are free to be yourself. If you hook up with an
angry or overly critical partner, you will be
subjected to hostility and may lose your sense
of self. Conversely, if you're the one with anger
issues, resolve them before they poison a
perfectly good relationship.

10.  Be prepared for the unexpected. Someday you may
lose a job through no fault of your own. Prepare
today by stashing money into an accessible
emergency fund. The easiest way to do this is to
automatically divert a portion of your earnings into a
savings account in addition to the amount you're
contributing to a 401(k) plan or IRA.
 Try not to use that 401(k) money for emergencies. It
will cost you plenty, between income and penalty
taxes. For instance, if you have $10,000 in your
account and you're in the 25-percent tax bracket,
you'll lose $2,500 to taxes, plus pay another $1,000
penalty for breaking into the money before you reach
age 55. (For IRAs, the early withdrawal penalty applies
up to age 59 1/2, with certain exceptions.) Bottom
line: Your $10,000 dwindles to $6,500. Worse, you
will have lost the opportunity for that money to
compound and build wealth for your retirement.

11.  But don't leave that money behind with the former
employer either, lest you lose track of it. Instead, in a
trustee-to-trustee transfer, roll it over into your new
employer's plan or into a rollover IRA.
 Learn about investing or hire help. It's not rocket science;
in the beginning you just need to overcome fear and select
one or two good, cheap mutual funds. Ask the human
resources department for help with that. After you've
amassed some wealth, it may be time to hire someone. If
you do, you will obviously have to pay for the service. Get
referrals and then check out the qualifications and
credentials of a prospective financial adviser or broker.
 Make sure you understand the fee structure of the
services. Is it commission-based or do you pay an hourly
fee or a percentage of assets or some combination of
these fees? Ask for a complete breakdown. Also, check
with the appropriate authority to see if any disciplinary
actions have been taken against a certified financial
planner or broker before you initiate contact. The Financial

12.  Be thankful for your good fortune. It's not all about
money. If you work at it, you will have abundance --
through strong family ties and solid relationships as
well as monetary assets. Take some time out each
day to reflect on the good in your life. Spend at least
one day a week in a recreational activity or hobby
that you enjoy, and take a minimum one-week
vacation annually if you possibly can. My aunt Genie
advises that you travel throughout your life, rather
than waiting for retirement to do it. Again, save for
the trip.
 If you have children, spend as much time as you can
with them when they're still young and dependent on
you. Before you know it, they'll be old enough to get
a driver's license, and you'll see less and less of
them from that point on.