Alexa Von Tobel

We never intend to lose our jobs, break up with our live-in loves, or face any number of the curveballs life throws our way. But they happen all the same, so have a bailout plan just in case. Sounds corny, but I call this the 'freedom fund' because it gives you the freedom to get out of a jam without climbing into debt.

Without any formal personal finance education or trustworthy resources to tell them otherwise, the majority of people in the 18-to-24-year-old age bracket do not know how to use credit effectively, tackle debt or make wise decisions when it comes to spending.

If we live a self-directed, self-motivated, self-centered life, always needing to get our own way, then we're going to be miserable. In fact, many times we believe it's our problems that are making us unhappy when, in reality, it's because we're focused on ourselves!