The podcast episode features Brian Lehrer of WNYC hosting a special series with Michelle Singletary, a personal finance columnist from The Washington Post. The series focuses on “Money Milestones for Every Age,” with this episode specifically addressing financial advice for people in their 20s.
Singletary offers guidance on various financial topics pertinent to young adults, including:
Credit Cards in Your 20s: She advises against obtaining credit cards while in college, instead suggesting the use of cash or debit cards to avoid accumulating debt. Upon nearing graduation, individuals can consider applying for a secured credit card to establish credit responsibly.
Moving in with a Partner: Singletary emphasizes the importance of establishing a cohabitation agreement when living together without marriage. This document outlines financial responsibilities, division of expenses, and procedures in case of a breakup.
Managing Finances During Unemployment: A caller named Alex seeks advice on managing finances while unemployed but financially responsible for family members. Singletary stresses the importance of prioritizing one’s financial stability first before helping others, drawing an analogy to the oxygen mask on an airplane.
Parenting and Tough Love: Another caller, Monique, shares her experience of tough love in parenting and how it contributed to her daughter’s fiscal responsibility. Singletary underscores the importance of discernment in parenting, balancing assistance with allowing children to face consequences and learn financial responsibility.
Health Insurance at Age 26: Singletary discusses the options for obtaining health insurance after aging out of parents’ plans at 26. She recommends exploring the health insurance marketplace, particularly for those with lower incomes who may qualify for subsidies to make coverage more affordable.
Throughout the episode, Singletary provides practical advice grounded in personal finance principles, emphasizing the importance of financial responsibility, open communication, and informed decision-making, especially for young adults navigating various financial milestones.
