Things No One Ever Tells You About Becoming An Adult
Becoming an adult, especially in the middle of a global pandemic, can feel overwhelming. No matter how well your parents may have tried to teach you about lenders, credit scores, mortgage rates, property taxes, credit ratings, and even dental services, the truth is that there are many things you’ll need to learn on your own. As a young adult looking to navigate the world on your own, the good news is that the internet offers the answers to most questions. A fantastic resource to help you learn about things like down payments, interest rates, and even how to become a homeowner, it’s a good idea to start doing your research now to increase your odds of being successful and meeting your goals. If you’re a young adult looking to learn more about things no one ever taught you, read on.
Housing isn’t cheap.
If you’re like most young adults, you’ve probably heard other adults complain about things like housing costs, financial institutions, interest rates, and the difficulty in securing an FHA loan. However, until you’ve had to tackle questions like what is a mortgage yourself, it can be difficult to understand just how expensive houses are. The good news is that finding a mortgage lender and becoming a homeowner or even securing a conventional loan doesn’t have to be hard or unaffordable if you make a plan to live below your means.
If you’re a young adult intimidated by the housing market, it’s okay to take a step back and reassess just how much house you need. Going in on renting a property with roommates while you save up for a traditional loan could be a great way to make a house more affordable when the market slows down, too.
Dental hygiene matters.
Most kids were reminded to brush their teeth and to floss to avoid gum disease their entire childhoods. However, when you become a young adult, your worries turn from saving missing teeth for the tooth fairy to how you’ll afford dental coverage and health care. If things like paying for teeth in a day implants to give you your best smile are now on your radar, it’s important to remember that you’re not alone. Talk to your health care providers about treatment plans. Ask about monthly payments for surgical procedures, and so on. By communicating with dentists and doctors, you’ll find yourself in a better position to pay for the treatments you need.
Health insurance isn’t a given.
The same way you’ll need to save for things like dental implants, prosthetics, or surgeries, or other interventions, there will come a time when you have to get off your parents’ health insurance plan and buy one on your own. If you live in the U.S., consider a visit to healthcare.gov to enroll in the open marketplace. Or, if you’re lucky enough to have a plan at work, take advantage of it. Signing up for health insurance, even when you’re healthy, will save you money down the line. Especially if you plan to become a first time homeowner, this will be important not only to your ability to secure a loan but your credit score as well.
Jobs aren’t guaranteed.
The global pandemic has disrupted the job market. In many places, jobs are in abundance. In others, they’re harder to find. If you already have a job, be sure to keep it before joining the great resignation. Instead, get another job to replace it before making a big move. This is the best way to keep your resume sharp and buy yourself financial freedom.
No one ever said being an adult was easy. At the same time, your ability to navigate a homeowners association, government agency, or even secure a lower rate will all add up to independence and a better quality of life. The best way to handle the unknowns that come with adulthood is to dive in and be willing to ask questions. Using Google as your friend is a great way to double-check yourself and make your decisions. Time flies! Before you know it, you’ll be successfully navigating adult life and focused on retirement.