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Managing Money


SCOTT GALLOWAY'S BEST MONEY TIP FOR YOUNG PEOPLE

By Maurie Backman

According to the Federal Reserve, as of 2022, 37% of U.S. adults could not cover
an unplanned $400 expense without borrowing or selling something to raise the
cash.

You’ve probably seens stats like that before and so you also probably know that
you should have an emergency fund in case a surprise bill does pop up.

But if you’re a recent college graduate getting your feet wet in the workforce,
building up that safety savings can be difficult, since essential expenses such
as rent, groceries and student loan payments might be eating up the bulk of your
earnings.

In a recent interview, NYU professor Scott Galloway discussed the mistakes he
sees many 20-somethings make. He explained that many young adults don’t know how
much they’re spending and don’t understand the repercussions of financing
purchases and paying them off over time.

Luckily, he has a solution.

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