There are a lot of things that we were not taught as kids. A lot of these information are things that not only did our parents not teach us but most of these are not taught in schools either. These things that are about to be mentioned are not just any kind of abstract wisdom but it should be common knowledge that you should know as functioning adults.
- Knowing How Your Taxes Work
- The rates apply to taxable income, which is defined as adjusted gross income less the standard deduction or allowable itemised deductions. Thus, income up to the standard deduction (or itemised deductions) is taxed at zero percent. The federal income tax rates are graduated: As taxable income rises, so does the tax rate.
- Getting Insurance
- When looking for insurance plan for young adults, you would need to look at the payout and coverage of these plans in order to make a proper decision. Consulting a parent, adult or financial advisor is advised.
- How You Should Spend Money
- When you are a working adult, you would have your own form of stable income in a way. This new wave of money coming in can be hard to manage. Therefore the first step is to always have a monthly financial plan. This is so that you limit yourself to how much you would spend on designated things and having a set amount of money being transferred into a savings account that you would have on the side.
- Knowing what is worth your money is also important, spoiling yourself once in a while is advised because you need to enjoy life as an adult because you would be unable to enjoy yourself like you used to when you were younger. You should know what to spend your money on, something that is based on your interest and that is functional to a degree and that is more than just a decoration is okay to spend on. But this also applies to non-functional items that can give you a better drive when it comes to doing what you like is also good.
- Importance of Communication
- As kids, we often make friends and lose friends. Before, it was not as important when we lost friends because of how easy it was for us to make them. When you are older you should know how to value your friends while keeping the circle small. This comes with simple yet complex communication. For example, if there were to be any friction or headbutting between yourself and a friend, solving the issue with a proper conversation is key because it would help both parties understand where the root of the issue is and face it together.
- In a relationship, as adults, we would ideally want a long lasting relationship. Therefore, we must know the importance of communicating to our significant other. Knowing when to listen and when to talk is an important aspect that we need to master. As adults, there are a lot more at stake when losing a relationship because it would affect our job which would affect our income therefore also affecting our daily lives. This is why knowing how to keep your significant other happy though understanding and compromise is a good thing as an adult.
- Contingencies and Retirement Plans
- As adults, we need to always be prepared for anything. Therefore when making plans, we must always put some thought into contingencies in the unfortunate case of anything bad happening to force said plans to change.
- Having a retirement plan is the same thing. Knowing that you have a plan when the youthful part of your life comes to an end is important to find peace. Knowing that you have things planned not only puts you at ease but also helps you keep a stable life in order to maintain the retirement plan in the first place.
