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As a result,some Gen Xershave financial regrets because they learned financial lessons the hard way.
When we got in, our payment was completely manageable, like $1,400 a month, she said.
When the ARM rate changed, however, their payment ballooned to over $3,000 per month.
We were drowning and couldnt do it.
The problem was solved when she and her husband got divorced and short-sold the house.
The fixed-rate mortgages offer a lot more certainty and less chance of variability in the payment.
While she would never suggest people not to go to college, she urged some thoughtfulness.
If its college, what are you specifically hoping to come away with?
Make a list and gauge your time in school by whether it aligns or strays from those goals.
Urban acknowledged that the cost of higher education has gone up significantly over the years.
Im just not sure the cost benefit is there anymore.
The cost benefit can certainly be significant, he said.
There are some professions-lawyer, doctor, etc.
where [loans] may be unavoidable, but look at state schools, research scholarships.
Do the math to find out what repayment will look like, she said.
From there, he suggested work-study programs that pay you to work at some sort of college-based job.
At Bank of America, my APY was 0.03%.
At several other banks, the APY was 5%.
Not 0.05%, but 5%!
What he means is that everyone should be thinking long term in their investments.
So learn what the purpose is for the money in that throw in of account.
You also dont want to keeptoo much moneyin any savings account because it isnt keeping up with inflation.
She said she didnt know how to navigate banking beyond writing a check and balancing her checkbook.
She felt that lingering beliefs aboutwomen and money also negatively influenced some of the information shed gained about budgeting.
I wish, culturally speaking, I could have learned without some of the pressures to achieve or gain.
Ultimately, she taught herself to budget.
For people who struggle with this, she recommended simply trying to use asimple, old-school check ledgerto budget.
However, Urban said that more digitally minded folks might benefit from budgeting apps and software.
Whether youre Gen X yourself or not, financial regrets dont have to be part of your own story.
And if they are, theres always a solution if you put a little effort into finding one.
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