When you’re in your early 20s and about to graduate college, you have a lot of ahead of you. You may be trying to start a family, buy a car or even have trouble renting an apartment. You may be getting ready to experience a decade of living paycheck to paycheck just to put a little bit of food on the table.

When you’re just starting out or your own, you’re most likely going to be facing these five financial barriers.

1. You Don’t Have a Career Yet.

Even if you work for the next two years as an employee, that’s job experience that no one can take from you. Many people merely work the hours, do the job and then jet out of there as fast as they can to enjoy their free time. They don’t like to work too much. If you’re in this boat, you can differentiate yourself by showing the world that you are not an average employee. Instead, you’re a top performer.

2. You’re Underpaid.

You may find yourself working in a job where you’re not only underpaid, but you may not even be paid at all if you are in an unpaid internship. What you settle for now will easily set the tone for the rest of your life. If you can learn how to make a lot of money that trend will likely continue well into your 30s and 40s.

Many people don’t like to work and it’s a common experience to have a manager shoot you down. When it happens, you need to look for new job, but don’t quit until you’ve found one.

3. You Have No Credit History.

It’s a mistake if you rely on your debit card throughout your college years instead of applying for credit card. If you can apply for a credit card as soon as you can, you’re likely to get approved and you can make your credit history positively impact your life in the future.

4. You Have a Lot of Student Loans.

You may end up with a good chunk of your paycheck being used to repay your past rather than build your future. If that’s you, you may be better off by applying for federal loans such as Pay As You Earn with loan forgiveness. Furthermore, there are 15 financial institutions who are willing to refinance your student loans if you’re having trouble paying. However you choose to spend your money, do not default on your loans.

5. You Don’t Have Much Financial Experience Yet.

Seek help and guidance before you make any financial decisions – that includes deciding where you’re going to live and what you’re going to drive. Seek the financial advice of a certified financial planner so that your financial decisions can help you in the future instead of hinder you.

Financial Barriers Millennials

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