Editors note: We asked each of our Top 15 to tell us a story about a money-related blunder that they've made.
What Was I Thinking?
Four years ago I was fresh out of college at Michigan State University and already beginning my career as a radio personality in Lansing. It was my first "Big kid" job and I didn't really know what to expect. Of course it was all very exciting hearing that I'll be making a salary instead of getting paid by the hour and I'll receive benefits instead of being on my parents plan. Other options that were available to me through the company were retirement savings and stock options. This is where I wish I would've had someone or some organization I felt comfortable talking to about these issues such as Young & Free Michigan.
I had no idea what options to enroll in or how much to try and set aside in a possible 401k each pay period. It was honestly all very unfamiliar to me because I wasn't a finance major. And here's where the "What was I thinking?" comes in. After looking at how much I was making a year, which wasn't much, I decided that I wasn't even making enough money to set any aside for future savings. Now as I look back, I realize I was WRONG. You can always find ways to save some money and I totally regret not taking advantage of the options that were available to me through the company.
Now that I am no longer with the company and am starting to be a little more conscious of my spending and saving, I can't help but wonder how much I would've or could've saved. So don't be like me and regret what you've done with your money. Instead don't be afraid to ask questions and get informed when you have issues. This is what I'm here for now with Young & Free Michigan powered by Michigan First Credit Union. We'll talk about money related issues that concern our generation and work through it together while also having FUN!
Also just remember you're never too young to start thinking about saving for retirement and when I was 21 years old I thought I was too young to care. That was pretty foolish. You live and you learn right?