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What Lin-Manuel Miranda wishes he had known about money in his 20s

Lin-Manuel Miranda is doing pretty well for himself these days.

But when the creator of the Tony-winning musical “Hamilton” was in his 20s, he made a financial mistake that a lot of people in their 20s and 30s might also be making today. The author and actor admitted in a recent interview with Morgan Stanley that he was so cautious about spending and taking on debt when he was starting out that he didn’t get his first credit card until he was 28.

By then, Miranda had written and starred in “In the Heights,” his first show on Broadway, and he “had enough money in the bank” when he tried to buy his first apartment, he said. But that money wasn’t enough to overcome his short credit history. As a result, Miranda had to ask his father to co-sign on his mortgage, according to the interview.

“There is so much I wish I knew about money when I was first starting out my adult life, but in particular, the importance of building good credit,” said Miranda, 37.

His experience shows one of the major challenges some people face when it comes to accessing loans: It often takes credit to get credit.

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