All Americans, whether they go to college or not, are expected at some point to have the wisdom and experience necessary to make intelligent life decisions. When it comes to managing money, too often we are expected to make decisions before we have the skills or training to do so. And that’s why so many of our financial mistakes happen early in life, before we know any better.
One of the biggest mistakes that young people make is keeping too much cash. We get a job and start to earn money, and before we know it we have more money than we’ve ever seen in our lives. And so we take to hoarding it, instead of letting it work for us through investments. When we keep cash we end up with less of it over the long run and are more likely to spend it in the short run.
Click here to read more of the mistakes we make with money when we’re young.