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đș Youâre Only Young Once...
Money goals to keep in mind during your twenties.
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Most people sabotage their chances at wealth from a young age.
If youâre young, it doesnât have to be that way.
Here are 6 money milestones to accomplish in your 20s:
1) Debt
If youâre in your 20s, you probably have some student debt.
Perhaps even some credit card debt.
Paying that off should be priority number one.
2) Budget
Itâs time to start building a budget to distribute your money wisely.
Many financial experts recommend the 50-30-20 rule.
50% needs, 30% wants, 20% savings.
I canât argue with that.
3) Credit
You must build credit for the best rates when financing homes & vehicles.
The difference in a 1% interest rate is massive over 30 years.
Purchase essentials on your credit card and pay it off each month.
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4) Savings
Start saving for those big ticket purchases:
Car
Home
Wedding
Grow your savings with the 50-30-20 rule I mentioned earlier.
5) Retirement Accounts
Itâs time to open a retirement account.
401K
Roth IRA
403(b) plans
You can open and contribute to each simultaneously if youâd like.
6) Invest
This is where things get fun.
I recommend you invest according to your interests.
Whether thatâs rental properties, DCAâing index funds, or actively investing, itâs up to you.
Thereâs no better investment than leveraging your personal expertise.
If youâre actively working on these 6 steps, youâre already in the 99% of twenty-somethings.
None of this is easy, but nothing easy is ever worth doing.
So what are you waiting for? Get out there and join the 1%.
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