As a very sad, I-have-no-idea-what-I’m-doing-next-year senior, I can’t imagine a time when Thursday’s aren’t thirsty and Saturday’s don’t involve tailgates. And what I hate even a little more is that I have to be the one to tell you this: there will come a time when we’ll have to retire our college selves, hang up our cactus cups once and for all, and start “adulting”. If you’re not familiar with this term, I’ll give you the 411.
Adulting (v): to perform a task that is considered or associated with being grown up; typically used with boring or mundane tasks.
Still confused? Let’s try a sentence, “Today I had to take my car to get an oil change, stop at the grocery, and drop a check off at the bank. Adulting is exhausting.”
Though adulting doesn’t have to be a snooze, it also isn’t always full of thrills and cocktail parties. Whether in our personal or professional life, there are a few “adult” things we’re just expected to know by the time we’ve hit a certain age. Unfortunately for most of us, there isn’t any specific situation, class, or experience that teaches us exactly what we need to know. Luckily, I am here to help. To make sure you don’t pass on a killer 401k plan because you think it’s 250-mile race, below are ten totally adulting things you’ll need to know in the next ten years.
1. How to boil water.
What I’m getting at here is that you’ll have to eventually learn to cook-- and I mean really cook. Frozen pizzas, cereal, and eating out won’t cut it much longer and, unless you plan on moving back in with your parents, it’s time to step up your game in the kitchen. My advice is to start small and don’t be afraid to experiment a little. Throw some of your favorite vegetables and spices into a pasta and call it your signature dish. Because there’s no real rules or failures when it comes to learning to cook, unless of course you catch your oven on fire (been there, done that), so grab your spatula and let your tastebuds be the judge.
2. How to get a 401k plan.
Nope, it’s not a race. It’s a little plan to help you save money for retirement, because who really wants to work forever? It lets you invest a percent of your salary, before taxes (this is a good thing!), into a savings plan that consists of stocks, bonds, and other money making investments. As an added bonus, most employers will match it. You save 3% of your new 60k salary, they’ll match it, and boom! You have $3,600 in savings for when you call it quits at the office and retire.
3. How to wrap your head around the rest of your employee benefits.
The perks of having a grown up job! Think medical coverage, dental, vision, life insurance, paid vacation, and some companies even throw in a fitness and wellbeing package. Did you hear that, they will pay for your SoulCycle classes! The amounts will vary with size and status of the company, but having benefits suitable for YOU are necessary when deciding on potential jobs. One of the most important aspects will be your health coverage. When deciding on your coverage, pay attention to the money you’ll pay for medical expenses out of pocket (deductible) until insurance picks up the tab.
4. How to get life insurance.
This lifesaver is usually included in your benefits plan but let me be the first to tell you, it won’t cut it --especially if you see a family in your future. Here’s what you need to know: If anyone depends on your income, you need life insurance. With any life insurance plan (they’re called policies) you pay a little every month (a premium) and sometimes if you pay extra it can act as an additional form of savings. When you buy life insurance you’ll do a physical exam with your MD and fill out some forms about your lifestyle (it’s called being underwritten). If you do it at a younger, healthier age the amount you pay (again, premium) is lower because you are expected to live longer. Moral of the story: the sooner you buy the better.
5. How to file your taxes.
The epitome of adulting, having money taken away from you. So how does it work? When you start a new job you will fill out a W-4 that tells your employer how much of your income you want witheld for taxes. You have two options, the maximum or minimum amount withheld given your salary. Need some extra money? Put the minimum, but there's a catch: If you put the minimum, you are susceptible to owe more after your taxes are filed. If you pick the maximum, you’ll likely get a tax return. When tax season approaches, you’ll pick a tax form depending on your marital status, who you provide for (dependents), and your taxable income. Hint: taxable income is everything that’s not nontaxable. Next, you’ll get to itemizing, otherwise known as trying to remember every expense you’ve incurred that decreases the price tag on your taxes (deductions). Finally sign, seal, and deliver by April 15th and pray for a large tax return!
6. How to take care of a car.
They aren’t just for the boys anymore, at some point we all need to know a thing or two about what’s going on with our car. First, the oil will need changed about every six months or 3,000-5,000 miles. To check, lift the hood and remove the circle-lookin handle (technically known as the dipstick) and clean it with a rag. Re-insert said dipstick, leave for a moment, and remove to check. If the oil hasn’t reached the marking on the stick, like Barack Obama said, it’s time for a change. What about if the car battery dies? Get jumper cables. Put your car and your saviors car in park or neutral. Red clips clamp to positive(+) part of the battery in both cars. ONE black clip clamps to negative(-) part of SAVIORS battery. The last black clip attaches to the metal that holds your hood open and finally, start your engines. But of course, AAA is never a bad idea.
7. How to look up your credit score -- and keep it above 700.
Basically your likelihood of finding love in a hopeless place, the bank. Your credit score reflects how much or how little the bank can trust you to make credit card payments on time and in full. It ranges from 300 to 850 with anything above 700 being considered good and worthy of borrowing other people’s money (loan). To build good credit, consider signing up for a credit card now (just having the account open starts building your credit) and using it only for purchases you know you can pay off almost right away. If you sign up on creditkarma.com you can easily check your score for free (and, if you're like me, you will realize your credit score needs a makeover).
8. How to decide between buying and renting.
Let’s talk renting. For starters, you’ll put a deposit down of about your first and last month’s rent. Make notes of all damages to the home/apartment before moving in and present them to your landlord. You don't want someone else's keg-sized hole in the wall to be taken out of your deposit. Demand receipts for all payments and document, document, document. Landlords are all about the money, so the more research you do to make sure your landlord isn’t a slumlord- the better! When it’s time to buy, give yourself a budget and stick to it. Know what you absolutely have to have and what you can live without. When it comes to cost, try to put a decent amount down upfront to lower your monthly payments (mortgage). Look into first time buying loans, research different banks for the lowest interest rates, and find yourself a legendary realtor to soak up their knowledge. Also, always ask about big repairs -- roofs, foundations, windows -- and see if you can work those into your offer. Go in strong and hold on tight.
9. How to negotiate.
Not to be confused with fighting. Negotiating is huge when it comes to buying a car, making an offer on a house, and settling your salary. Most first-timers don’t know how to challenge costs and end up paying more (or leaving more on the table) than they deserve. Being a superstar negotiator is about knowing the facts, knowing your limits, and knowing when to walk away. If there is one thing to remember (young women out there especially--rumor has it we make this mistake more commonly) no does not mean ‘no’. No simply means ‘you haven’t convinced me yet’. Get smart, get clever, and be prepared to walk when no becomes ‘never’.
10. How to speak up.
Being assertive is the happy medium between ‘I get walked over’ and ‘I have no chill’ when it comes to speaking up. In the next ten years, there will be an uncountable number of opportunities for your voice to create meaning and impact. Regardless of age, sex, gender, race or class you have the responsibility to use it and use it effectively. Effectively means you don't get to mumble and you don't get to shout. You don't become dictated and you don't point the finger. You don't shrink and you don't overpower. You listen. You stand tall in your truth and you look whatever or whoever it is in the eye, confidently letting your voice be heard.
