As a young adult and student, having a credit card may be challenging and risky. First, most students, especially international ones, don’t have any credit history, so it is more difficult to get a new credit card. Secondly, controlling your expenses using a credit card can be challenging, and you can end up piling up card balances that could hurt your credit score along the way. Some of the main advantages of having a debit card are that they don’t charge any interest because you aren’t borrowing money, it’s your own money. Additionally, you typically spend less when using a debit card because you are more conscious about your money and budget. Having a budget and keeping track of your spending and savings can help encourage a healthy financial future. There is a lot of credit card debt that lies in the hands of young adults, and it has increased since the pandemic.
Many people are drawn to credit cards nowadays because they offer travel points or other rewards. However, Onyx offers many rewards for their membership. Imagine receiving 1-10% cash back on all purchases, free Priority Pass lounge access, and a discount on a Lifetime Gym membership, all from your debit card. With Onyx, you can get all of that and more! As a student or young adult who is traveling and always on the go, this membership is an amazing choice.
Not only having a debit card is beneficial, but investing at a young age is very important. You don’t want to look back when you’re older and regret not investing in the stock market or anything that could have grown your money into a larger amount. There is not a single wealthy person out there who does not recommend investing. Investing is a powerful way to put your money to work and build wealth. Even if you start with a small amount of money to invest, it still is better than nothing. Onyx offers SPIC insured investment accounts with personalized Robo-advisor portfolios, direct indexing with tax-loss harvesting, and no management fee. By using computer algorithms, Robo-advisors build you a portfolio and manage your assets based on your goals and risk tolerance, which is perfect for beginners. There is no minimum amount to invest; you can set recurrent contributions as low as $25/month and easily withdraw your money in case of any need.
Having control of your financial life and investing early is key for a balanced healthy financial life. Young adults should start controlling and planning their finances as soon as possible. You can easily budget your money better by using a debit card and limiting the amount of purchases you make on things you don’t need. Investing is essential in reaching financial freedom, as it can beat inflation due to the power of compounding interest. Using these practices of wealth management can help you build wealth and retire early when you develop smart money habits.
Check out the Broke Millennial Book Series for more investing and money tips.