canada goose 6 financial perks of being in your 20s Susannah Snider, U.S. News & World Report Aug. 15, 2016 canada goose cheap , 2:36 PM Flickr / Aspen SnowmassAsk any young person, and they’ll tell you that being young is hard work. Their salary is a joke. Their savings account is nonexistent. Their student loan bills are mammoth. And they have no idea how to manage their anemic assets. Being young is baertakreation , like, such a bummer, dudes. But despite their meager savings and pitiful paychecks, young people have lots of financial advantages, experts say. “Financial planning when you’re young makes so much sense,” says Stephanie Genkin, certified financial planner and founder of My Financial Planner, LLC in Brooklyn. Here are six financial advantages to youth. [Read: 10 Financial Perks of Growing Older.] 1/ 1. A fresh start “The ability to start off with a clean slate is huge,” says Eric Roberge, certified financial planner and founder of Beyond Your Hammock, based in Boston. Youngsters at the beginning of their financial lives have yet to make the critical errors that have derailed older savers and investors. They don’t have to take the time to undo investing, credit and spending mistakes, accrued over 40 years of misguided financial planning. “You lose that time to catch up and fix your mistakes as you get older,” says Jonathan H. Swanburg, a certified financial planner and investment advisor representative for Tri-Star Advisors in Houston. [See: 10 Foolproof Ways to Reach Your Money Goals.] 2/ 2. Time When it comes to saving and investing, a fat paycheck is helpful, but so is lots and lots of time, which young people have in spades. Young investors can cash in on compound interest – the process of earning interest on interest. The earlier these youngsters start investing, the more time their investing accounts have to grow. And nothing, not even socking away huge sums of money in old age, can make up for the beauty of compound interest. For example, someone investing $10,000 per year starting at age 25 will have nearly $1.9 million at age 65, assuming a 6.5 percent return rate, according to calculations from J.P. Morgan Asset Management. A 35-year-old, who starts setting aside the same $10,000 annual contribution, at a 6.5 percent return rate, would earn just over $900,000 by 65. Put simply, starting investing just 10 years later can halve the amount saved by retirement. “By starting early you give yourself such a head start that people who start later can’t catch up,” Swanburg says. In order to take advantage of compound interest, young investors should start investing as soon as possible for retirement, making sure to contribute whatever they can, even if it’s only to earn their employer’s full 401(k) match. When it comes to compound interest, “You don’t need a lot of money to get started and have a big impact over a long period of time,” Genkin says. [See: How to Live on $13,000 a Year.] 3/ 3. Affordable health insurance Young people are typically healthier and may be able to shell out less for health insurance than their older counterparts. They may have the flexibility to choose a high-deductible plan that costs them less month-by-month. Having time to invest may also mean that they can benefit from more time to build a health savings account, experts say. 4/ 4. Discounts Senior citizens aren’t the only demographic group cashing in on discounts on entertainment, food and transit. For students, sporting your student ID can score you discounts at the local movie theater or on local public transit. Local live entertainment venues may also offer discounts to the younger crowds. For example, in the District of Columbia, the Kennedy Center offers discounted tickets to performance-goers between ages 18 and 30 through its MyTix program. Broadway theaters, opera houses, symphony halls and other local entertainment halls in your area may have similar programs. 5/ 5. Flexibility When you’re young, with fewer responsibilities, you can jet off at a moment’s notice to take a new job across the country or head back to school after a bout of unemployment, experts say. “That flexibility, that freedom when you’re young is your biggest resource,” Swanburg says. As you age and accumulate a house, spouse and children, making those bank-boosting changes becomes harder and harder. You have more fixed expenses, and you’re not the only one at risk when you make financial gambles with your job or your assets. 6/ 6. The ability to budget At 25, living with your parents and eating ramen noodles means that you’re saving your money. When you’re older, it’s not as cute. Budgeting when you’re young may mean taking on a new roommate or cutting back on dinners out. When you’re older, budgeting might involve pulling your kids from private school or skipping summer camp. The decisions to cut back get tougher, and inflict more collateral damage, with every year. “It’s OK to be young and poor, but it’s terrible to be old and poor,” Swanburg says. Previous 1/ Next Read the original article on U.S. News & World Report. Copyright 2018. Follow U.S. News & World Report on Twitter. SEE ALSO: This 22-year-old intern just spent 40 days living in his car — here's how he still managed to show up for work every day in a suit canada goose parka