There are many money lessons that can be learned, but in the interest of saving time, we came up with the top five every adult should know, regardless of gender or economic background.
First off, everyone knows debt is bad. No one wants to be in debt, but realistically, everyone is at some point in their lives. Whether you have a car loan, a bank loan, or a credit card loan, are invested in a bad penny stock, you are paying down debt.
Lesson #1 is pay off your debt as quickly as you can. The longer you let it linger, the more interest you will accrue, and the longer it will take you to pay off. So, the lesson here is don’t acquire more debt than you can afford to pay off.
Lesson #2 is to start saving money once you become debt free. Many people are faced with the temptation to celebrate when they finish paying off a debt. How do they do this? By spending money on something! If you really want splurge on a new outfit or a trip, save for it. Put money into a saving or CD account. And, always put more in than you plan to take out. You can never go wrong with an emergency fund.