I’m the youngest of 4 kids: Here are 4 key lessons about money and success I picked up from my older siblings

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I love being the youngest sibling.

I know, that’s such a youngest sibling thing to say. But it’s not because I got any special treatment from my parents or had fewer rules at home, as older siblings often lament. It’s because of everything my older brother and sisters taught me.

I have three older siblings: Kari, who’s nine years older than me; Zack, who’s seven years older; and Kassidy, who’s two years older.

Getting to watch each of them grow up gave me a great opportunity to learn. They were pioneers in school and at home, and through their trials and triumphs, I often learned what to do — or not to do — to succeed.

Like many people, I learned my earliest money lessons at home, and I’m grateful to have witnessed my siblings go through various financial events, from taking out student loans to managing credit card debt. Their experiences have helped inform my own approach to money.

Here are four money lessons I learned from my older siblings.

1. Avoid private student loans if you can

Kari and Zack weren’t eligible to take out federal student loans when they left for college and both wound up with private loans. Our family’s financial situation left them ineligible for federal aid — which includes federal loans — but still unable to pay for college outright.

Kari left school before finishing her degree, but after her grace period ended, so she didn’t have many options for reprieve or a lower monthly payment. She hit a rough patch financially around the time I was in high school, and was unable to pay her loans for a period.

As a result, Sallie Mae representatives called our house constantly, hounding her for payment. I was a young teenager and didn’t fully understand the situation, but I knew the drill when “Sallie Mae” flashed on the home phone’s caller ID: Do not answer.

For some families, private loans are the only choice to pay for college, as they were for my siblings. And often, they can be worth it if they allow you to finish your degree and obtain a high-paying job.

But federal loans generally come with a lot more protection for borrowers. The interest rate, … Read More