Just Starting Your Career?


It can be a little scary when you’re a young adult and just starting a new career or moving out on your own for the first time. You don’t know what you don’t know! Keeping your current finances in check and thinking about future finances may not be top of mind, but they definitely should be!

As a member of Ironworkers USA Credit Union, we want you to be as financially successful as possible. Here are a few tips to keep in mind as you step out on your own.

Start Planning for Retirement

“I’m just getting started. Retirement is years away,” you say. That’s true, but that means it’s a perfect time to start saving money. When you start saving even a small amount each month, that money will keep growing, and compounding interest will build. For example, if a 

25-year-old started investing $200 per month (assuming a 6% return), by the time they turned 65, they’d have $393,700. But if they’d waited until 35 to start saving $200 a month, even with the same rate of return, they’d end up with almost half that ($201,100) by age 65. Ironworkers USA Credit Union offers Traditional, Roth, or Education IRA with minimum opening balances of just $100.

Renting vs. Buying

Should you rent or buy a home? It’s an age-old question. It’s good to weigh the benefits and drawbacks of each choice.

Homeownership Benefits & Drawbacks

Owning can give you a sense of security and freedom, and you have the right to make changes to the property. The financial advantages owning has over renting are also strong as most homes increase in value over time. It also has credit history advantages. Lenders may perceive you as a good credit risk because your home can act as security against future loans.

On the flip side, you’ll be responsible for not just the monthly payment of principal but also interest, taxes, and insurance. Maintenance is also all your responsibility. Another problem is that if you want or need to sell but the housing market is down, you may end up stuck with the mortgage. 

Renting Benefits & Drawbacks

If you don’t want to commit to a specific home or neighborhood or know that you will not be in the area for long, renting can be the ideal choice. It can also be more cost-effective than buying since other than the security deposit and first and last months’ rent, it usually doesn’t take much to get into a rental. Plus, the landlord is usually responsible for most of the property’s upkeep, which can greatly reduce expenses.

The primary problem is that you never accumulate any equity in your home. Also, most rental properties have rules and guidelines that you have to follow. The agreement you sign is a contract, and it binds you to those restrictions, such as not having pets or parties, and a specific number of people who are allowed to live in the home.

If you think you’re ready to buy a home, contact one of our loan officers at 1-877-769-4766 or apply online.

Responsible Credit Card Use

Credit cards are a valuable financial tool, but spending can get out of hand if you don’t pay attention. The best rule of thumb is to use your credit card, but pay it off every month so you don’t accrue interest payments. Paying off your credit card each month is also an excellent way to build credit. 

The Ironworkers USA Credit Union Visa offers low rates and no hidden fees. Apply for your Visa here. 

Remember, we are here to help you make the most of your financial life. If you have any questions about budgeting, loans, debt, or any financial needs, give us a call at 1-877-769-4766. We are here to help!



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