The 5 Best Investments for Young Adults

The 5 Best Investments for Young Adults

It's never too early to start investing money for the future. Here are some of the best investments for young adults (even if you're broke).

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Utilize Compound Interest Early

Compound interest means that if you invest money, you will gain more and more interest off of that investment. This means the longer that money is invested and gaining compound interest, the more you'll make. Even if you invest a couple of hundred dollars, you could turn that into hundreds of thousands of dollars in the future. The earlier you start investing, the more return you'll get. This is why it's important for young adults and college students to start investing right away.

Invest in Solar Panels

Start thinking about making investments that will lower your monthly costs. Investing in solar panels will cost you at first, but they will pay for themselves quickly. You can eliminate your utility bill and help the environment while you're at it! You'll also get tax rebates and incentives from the government for going solar, so the cost won't be nearly as much as you think it'll be.

Invest in Yourself

Going to college may seem like a big waste of money to a lot of people, but if you really put the work in and focus on a career path that will pay off for you, that's the greatest investment of all. By investing in graduate school, for example, you'll be setting yourself up for a lifelong career in your field of choice. This is an investment that will pay you for the rest of your life.

Learn to Live on Less and Save/Invest More

Try to cut out unnecessary purchases such as going out for drinks or food, going to concerts every weekend, or going to the movies. Instead, put that same money in a savings account or invest it. You'll end up saving a ton of money every month, and you'll make money off of that money. This doesn't mean you should never do anything fun, it just means you should think twice about going out for sushi every week.

Buy a House

This may seem like a huge purchase, but buying a house is a much more financially smart move than renting for years on end. If you are laying down roots in a city, consider taking out a mortgage for a house. You'll be paying your monthly mortgage instead of paying rent to a landlord. Eventually, you'll either completely own your home or sell it (hopefully for a profit), instead of just throwing money to a landlord.

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Bonnaroo Is Unlike Any Other Music Festival

4 days of camping, 150 performers, 10 stages, and the most incredible experience you'll ever encounter in the middle of Tennessee.

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The Bonnaroo Music and Arts Festival takes place in an enormous 700-acre field -- nicknamed "The Farm" -- in Manchester, Tennessee. Festival-goers from all over the country fly, drive, or walk into the festival to experience 4 days of music, activities, and food. This past weekend was my first time going, and I can without a doubt say that it was one of the greatest experiences of my life. One of Bonnaroo's common sayings is "Radiate Positivity," and the 4 days spent there are factual evidence of the saying. At Bonnaroo, there is no stress, no worry, and not a care in the world. People of all kinds come together each year to celebrate life, love, and music without judgment. Each person's authenticity was something I noticed as soon as I stepped foot into the festival.

You can embrace your true self without apology. Each person is there to lift you up, too.

The atmosphere is much different than anything else I have experienced before. Even when my friends and I felt tired, or if the sun was just too hot to bear, we still did not mind being on our feet for hours on end. We enjoyed being exactly where we were, despite the minor inconveniences we may have faced -- like sitting in 5-hour traffic to get into the campground! I may sound crazy for saying this, but time truly did slow down while we were on The Farm.

My friends and I pulled up to the campground at 6 a.m. on Thursday morning as The Farm buzzed with people. We were too excited to go to sleep, so we spent the morning exploring the place instead. Day or night, everyone was alive with smiles that were contagious. We heard the words "Happy Roo!" from friends and strangers alike.

No matter where you came from, everyone was family at Bonnaroo.

One thing I noticed this past weekend was that everyone was there to help one another. If we needed help with setting up our tent, our neighbors who camped next to us were there to help in seconds. If someone tripped and fell, three people would be there to help the person up. If someone needed a few bucks for water, there was someone in line who was more than willing to cover the cost. I felt so at home there, as if I was a part of this community consisting of all types of people. I felt like I belonged there.

Alongside incredible people and a fulfilling community, there was stellar music as well (of course!). Headliners such as The Lumineers, Post Malone, and Kacey Musgraves rocked The Farm with new and old hits that hyped up the crowds.

Each performer reminded us that Bonnaroo is a safe place and does not discriminate against any person.

Hearing these words so often gave me so much hope for this world and the changes we can make. Bonnaroo is known as a Music and Arts Festival for a reason because it also promotes and sells eco-friendly living and handmade creations all throughout the festival. The activities that are available to attendees set the festival apart from other music festivals.

Bonnaroo connects us all through music, acceptance, and love. I can't wait to go back next summer!

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3 Ways You Can Save Money as a Young Adult

Whether you're in college or trying to make it out in the "real world", it's important to save money in any way you can.

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Don't fall into a hole of debt as a young adult. Start making smart financial decisions and save money from the get-go. Here are some simple ways you can start saving money.

Start Budgeting

The most important thing you can do to save money is to start budgeting. Create a budget where you can lay out on paper how much you're making, how much you have to spend on necessities (rent, groceries, gas), and see how much is left. From what is left over, determine how much you should be saving per month. If you can save 25% of your paycheck, that's a great way to start an emergency fund. However, many people who are just starting out can't save that much, so just do what you can. Have a set amount of money per month for non-essentials and pleasure, such as eating out at nice restaurants, going to events, etc. By sticking to your budget, you won't fall into debt and you'll be saving at least a little bit of your income each month.

Make Smart Investments

It may seem difficult to start thinking about investing money when you don't have a ton to begin with, but you can start small and work your way up. Investing money will allow you to start making a passive income down the line, which means you'll be saving money without working any extra. You can make investments in the stock market, or by purchasing things that will save you money directly. For example, you could invest in solar panels which will end up saving you a ton of money down the line on utilities.

Pay Off Your Debt 

Many young adults are in debt, especially if they went to college and had to take out student loans. The key to not falling even deeper in the hole is by paying off your debt as fast as possible. This may mean you need to cut out some pleasure purchases such as a trip to Europe or even just not going out to dinner often. The faster you can pay off debt, the more money you'll save by not paying interest on your credit cards or student loans down the line.

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