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Personal Finance: A Smart Start

Courtesy from Personal Finance: A Smart Start
By Emily Schmitt


Common-Sense Advice
It can be hard for young adults to get a handle on their personal finances, and there can be some painful lessons along the way. That's where a little common sense can work wonders. BusinessWeek asked Ramit Sethi, author of I Will Teach You to be Rich, for 10 smart ideas for those setting out on life's financial journey.

1. Consumer Debt

One of the most important things a twentysomething can do is pay off debt as soon as possible. Sethi outlines ways to streamline this process, like asking for a lower APR on your credit cards. Not all card companies will bite, but this step could significantly reduce the amount of money you owe. You may also want to prioritize your cards, making larger payments on higher-interest debt.


2. Bank Smarter

Sethi's advice: Try to avoid monthly fees, and look for accounts with a decent interest rate on deposits. Sethi says all students should have accounts with no fees an…