By MingYang Chen
Most financial planners and advisers suggest that young American adults get an early start on their savings plan because of the “time value” of the money principle — “the earlier you start saving and investing, the more time you have for your assets to grow”. Gref Dorriety, a certified financial planner, often advises young adults to get in to the habit of saving money, even just $10 dollars a month. He also advises young people with high incomes not to buy a big and expensive home right away because in most of cases, young people are not ready to settle down yet. Timothy Maurer, a financial planner and personal finance educator, said that most young people get caught up in purchasing fancy cars, furniture and electronics with a credit card as soon as they get their first job, but when the student loan came in, the burden to pay off those luxurious items became crushing.
