Have you heard of the Stanford Marshmallow Experiment conducted in 1972 by a Stanford University psychologist? In this experiment, children are given a marshmallow and told they would receive a second marshmallow if they could resist eating the first. Scientists studied how long each child resisted the temptation to eat the marshmallow. A long-term study of the children who participated in this experiment showed those who were able to wait for the marshmallow – to defer gratification - were most successful in life.

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Time is money—literally. For a recent graduate, time might also seem like an abundant resource, with many thinking they have plenty of time to save for their future – later. The traps of bad credit and debt snare many unsuspecting young adults and cling to their financial history for years.

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Very few people could “save” enough for retirement with today’s long life expectancies and earlier retirements. If you just “save” – yet do not have growth that exceeds both income taxes and inflation, you are more likely to run out of money.  

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Many people don’t realize the importance of building and maintaining a good credit score to their overall financial well-being. Before you make any buying decisions involving credit, think about your overall financial situation and the long-term impact of living “outside your means.” The cost of bad credit may be more than you realize. 

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