Post # 1
I’m 25 years old and feel like I’m still feeling out the adult world. It seems like all other adults have it so together and understand things that I havent figured out yet. For instance, I still struggle with understanding:
-taxes (what is taken out of my paycheck, what do I get back each year? What can I claim?)
-healthcare (HMOs, deductibles, co-insurance, basically how the entire process works)
anybody else not have a total grasp on certain “adult” topics that everyone else seems to get?
Post # 3
@AbeeCee123: You are not alone….I don’t understand any of those things either!!
Post # 4
I’m in my 30s and those confuse me, too. When I lived abroad, all those things were taken care of for me. Low taxes taken care of by my employer, great low-priced healthcare, and a national plus company retirement plan. Living in the U.S. is a big adjustment for these things and I still haven’t totally figured it out.
Post # 5
I have no idea about those things.
@everyheart: I’m in that situation now. I don’t pay taxes because of an agreement between my home country and my country of residence, healthcare is national, and I don’t have the option to retire through this job so they pay out parts of what WOULD be my pension every time I finish a contract and it’s mine to put away or spend as I wish.
Most of this stuff is handled for me as an expat… and I left shortly after college. So yeah, no idea about these things…
Post # 6
@Bebealways: You are in Korea, right? That’s where I was. I sure am missing it!
Post # 7
@everyheart: Yesss. I love it here. I make less money than almost all of my friends and yet I shop more, eat out more, and always have more left at the end of the month. I wish I could do this forever.
Post # 8
This is probably less to do with my age and more to do with my very low income, but I zone out when some of my friends talk about investments and shares. I barely have enough money to pay rent and bills, so investing money is just not a possibility for me! I don’t know what I’ll do when I start full time work next year, chuck it in a savings account maybe.
Post # 9
I don’t know anything about stocks or 401k. I feel I should at least know about 401k… I know I have it and that’s about it!
Post # 10
@AbeeCee123: You’re not alone. I still struggle every year. I think you’re mature than most your age. LOL.
Post # 11
@AbeeCee123: I used to feel the same way!
Luckily, my previous job made us take classes on personal finances, investments and life planning. Sounds strange, but it was a 2 year young professionals development program, so they allotted a few hours each week to this kind of stuff.
I would suggest looking to see if free classes are offered at local universities, libraries or through your work. It is really daunting at first, but soooo helpful in the end.
Post # 12
- Wedding: June 2010 - parent's backyard
that’s why financial advisors, HR managers, accountants, etc are being paid to give us guidance. so it’s totally normal to not understand these topics. I don’t understand them myself!
Post # 13
– basketball (not sports, just basketball)
– real estate procedures and costs (FI is a real estate agent on the side and it’s the only topic I zone out on when he gets into it)
– salaries (Haha I am still paid hourly and I am convinced that putting someone on salary in my field (architecture) is like cutting their pay somehow. I still make overtime! I get paid for all those extra hours I work!)
Post # 14
Politics. I know nothing about them, don’t pay attention to anything politics related and I can’t even vote in Canada yet. Whenever anyone talks politics around me my eyes glaze over.
Post # 15
@AbeeCee123: Everything you mentioned. Lol I still don’t understand 401k or how to figure out taxes.
Post # 16
I don’t understand the US Tax Code (not for complication, but for sheer boring-ness). But I don’t have to. I pay my accountant to know all that stuff. Likewise, there are accountants who couldn’t write a contract to save their souls. They, in turn, hire lawyers. It’s nothing that should make you feel inadequate. Realizing that you don’t have (or don’t wish to acquire) certain specialized knowledge is fine, so long as you’re not suffering for your ignorance (i.e. hiring someone to do the “knowing” for you).