You can get ahead of the game by doing what it takes to position yourself for financial security before your 35th birthday.
Most of us spend our entire twenties trying to figure out how to be an adult.
By the time our thirtieth birthday arrives we’ve learned a few lessons and wised up a bit.
But when you are in your twenties financial security in your thirties can seem like a long shot, especially when you are knee-deep in student loan debt.
Financial security is closer than you think, you don’t have to wait until your thirties to get money savvy, the earlier you start the better.
Set the proper foundation and position yourself for financial security before your turn 35 with these tips:
1) Fund your emergency account. Don’t let emergencies knock you out of the game. Fund your emergency account so that you are covered in case you blow a tire or lose your job.
2) Plan to pay off debt. Notice I didn’t simply say,“pay off all debt”. Just have a plan and begin to work it. Get with a financial coach who can help you strategize ways to knock out everything from student loans to car loans. You’ll feel a lot more hopeful about your money when you do this.
3) Don’t get into unnecessary debt. Continuously getting into unnecessary debt can be a major hindrance to your financial security. Think twice about upgrading your car, or using credit cards for vacations and other things that you want. When you consider interest, you’ll be paying way more for these things than you intended.
4) Save a percentage of your income. It’s always important to pay yourself first. If you are single you can save at least 20% of your income. If you are married you can save 10%. You’ll love the way your bank account looks. And you’ll gain a sense of security knowing that you have some money stored away.
5) Work your retirement plan. The sooner you start investing in your retirement plan the better off you will be. You can accumulate thousands of more dollars in interest payments by investing in your twenties. Get with your financial coach about which options are best for you.
6) Be your own champion. Don’t follow the crowd, but be your own champion. When you see what your friends are doing on social media, stay confident about your goals. What people post on Facebook, Instagram, or SnapChat isn’t always their truth. Strive for your dreams, knowing that your time is coming.
Whether you are 25, 35, or 45 you can begin to create financial security at any age. Establish good habits with money, and you’ll begin to notice that you are winning with it.
Get with your financial coach or money mentor and work out a game plan to position yourself for the financial security that we all long for.