Learning to manage money can be difficult for young adults with no experience. Learning to budget, save and deal with monthly expenses is confusing and takes a lot of work. By following these 8 financial tips, young adults will have an easier time managing their money:
There are many things individuals should know about themselves. Your credit score, financial situation and your savings goals are all things that everyone should be aware of. Another important category to add to this list, in order to get you in good financial standing, is to know your net worth. Assets: anything you own that can be converted into cash. Examples: real estate, personal property, cash, etc. Liabilities: representation of your debts. Examples: loans, mortgages, student loans, credit card debt, medical bills, etc. Net worth: the different between the total amount of your assets and liabilities. Example: assets – liabilities
It’s certainly no surprise, but average net worth varies depending on where one lives. Those who live in Canada’s largest cities are more likely to have an average net worth that is close to the national averages for the middle class. Residents of Montreal and Quebec City, however, are more likely to have a net worth below the national average. For Quebec, this can be explained by the higher percentage of younger households, composed of Canadians just beginning their careers.