Things I wish Id known about money in my 20s

Things I wish Id known about money in my 20sThings I wish Id known about money in my 20sThe saying goes, If you knew better, you would do better. That applies to your personal finance decisions, too, right?Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreMoneyGeek asked around the office and on social media for lessons people wish someone wouldve taught them about money in their 20s. Heres what they came up withPay off yourleistungspunkt cards dont run a balance. Plus, the power of saving versus investing when you dont have much money. If I invest $50 today and it doubles over 12 months thats a great return, but I only have $100 total. However, if I save $10/month at the end of the year I have $120. Pretty simple stuff really.- Doug M.Its so important to start some kind ofretirement accountbecause of return rates on the money invested. Lets say we put away some money starting early (in our 20 s), by the time folks are in their 30s or later, the rate of return would be compounding, and we will see the money way faster than if we start in our 30s. When in our 20s, we think retirement is so far away but we forget and/or ignore the compounding factor.- SaiI wish I had taken 401(k)s more seriously when I was in my 20s. I also wish I had a better understanding of different investment options (IRAs, mutual funds, money funds, etc.). In fact, I mucksmuschenstill wish I had a stronger understanding of those things. Basically, anything about saving. I definitely didnt think much about long-term savings in my 20s and now wish I had made more of an effort to do that.- Heidi1) What refinancing means more generally not just for a mortgage but also things like student loans. This is the idea that a loan is something you can restructure and negotiate, but there are reasons why a lender would do that or not (basically market conditions).2) When should you buyinsuranceor when should yo u not the economic concept that you should only get insurance if the potential loss is so great that you would face significant financial harm. (This is the rationale for generally declining things like product warranties usually absorbing the cost of a new phone is not going to bankrupt you, or you can live with the cost of paying to have it fixed.) Or if its illegal not to have it, like for car insurance (but even then, there are different types, not all of which are required).- LydiaThe age of your credit history is an important factor on yourcredit score The older your credit history, the better. One of the easiest ways to start your credit history is to open a credit card account.- KarimInvest, invest, invest- NathanHere are a few questions I had How can youstart savingwhen you get your first REAL job and arent living paycheck to paycheck anymore?Rent vs. buy Which makes more sense? Am I throwing away money by renting a house or condo rather than buying?Car buying How can I negotiate, be confident, find a good deal and find what I need?- DianaStart anemergency fundas soon as you land that job out of college. You never know what will happen.- KimSaving and investing Alsobudgeting Im just now picking that life skill up, admittedly waaaaay too late.- LorynThis article first appeared on Money Geek.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people