What Should You Know Once You Turn 18
Turning 18 is a huge celebration in many places. In the UK, it means you can consume alcohol and you’ve finally become an adult. In the US, it means it’s time to pack up and leave the home. In Asia, it means you’re an adult. Different cultures and countries have their own way of celebrating adulthood of every former high schooler. What most people don’t tell you after turning 18 is that there are several things you must do as you’re in your first few steps to adulthood. So here are some things you should know once you turn 18.
First of all, if you have great money management and you can afford it, take a credit card. Credit cards are allowed to 18 year-olds in most countries but not in Malaysia. But you can take a joint credit card with your parents. Credit cards are a great way for you to rack up your credit score and improve your chances of getting a house-loan. A good credit score is a vital aspect of adulthood but sadly not even parents share this with their kids. If you’re a bad money manager, then stick to a debit card. It’s less hassle and you don’t have to worry about owing anyone money ever. With a credit card however, you can rack up points like 25% cashback on expenses or even free points to take flights anywhere.
Next, you should register to vote the moment you turn 18. Now, many countries allow you to vote when you’re 18 but not every country has an automatic registration for young voters. Parents who don’t teach their children, end up having adults who don’t know the voting system. If you have a kid over the age of 18, get them registered to vote. The process is as easy as it can get and they only need their IC for verification. This allows them to be a full-fledged member of the society whilst being a productive member. They can also take part in elections and exercise their power to vote.
Finally, if you’re 18 you can also start doing trading like forex in Malaysia. If you’re 18 and have some money saved up, you can start investing in too many platforms. Malaysia requires an older age of 21 but most other countries allow you to invest. You can register at your national stock exchange and start trading stocks and other goods. Be careful who or what you’re investing into because not all companies listed will give you a good return. You can also invest your money into safer funds such as mutual funds or unit trusts. These funds are low risk but give you an average of 8-10% returns each year, which although insignificant is a good way to start your investment portfolio. Most parents are not aware that their children can invest and build their income up and some don’t have financial literacy but if you have the resources and the right people near you, you should go for it.
All in all, if you’re an adult in your state, you should strive to do things that you can. Volunteer or invest so that you can give back to the society. Everyone should know their rights once they turn 18 due to the lack of awareness there is about being an adult. Good luck and happy adulting.
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