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| Name | 7 Financial Goals to Achieve in Your 20s |
| Video Uploader | Video From Fintelics Finance |
| Upload Date | This Video Uploaded At 02-04-2021 12:01:34 |
| Video Discription | 7 Financial Goals to Achieve in Your 20s 1. Learn the art of Budgeting You read that right, budgeting is an art. It’s the way you earn, spend, and save money. It's much more than excel sheets or Maths tricks. Learn to budget as soon as you can. It will be your financial organizer throughout the life. You'll know what you are earning and how you are spending. Once you appraise your budgets, you’ll start cutting out unnecessary expenses. Eventually, it will lead you to savings, in turn to investments. Budgeting will be the building blocks of your financial mansion throughout life. 2. Start Saving Regularly Perhaps you wouldn’t even find an ideal job in your early twenties let alone to save something out of earnings. But the real challenge at this stage for you is to differentiate between necessities and desires. Unexpected expenses occur all the time, it shouldn’t discourage you to save again. If you have set a flexible budget, you’ll be able to adjust to such occurrences. That's the reason creating and sticking to budgets is so important. Like budgets, saving money is a habit, not just a calculation. 3. Build an Emergency Fund We all run out of cash with emergency needs then we turn to credit cards and loans. We keep paying for the old ones until we face the situation again, and the cycle continues. Without an emergency fund, you’ll never be able to keep the debts under control. Start saving small and build an emergency fund not only for a one-off payment but for three months’ full expenses at least. Saving for an emergency fund should be on top of your budgeting manual in the first step above. 4. Repay your Student Loan Debts will remain an inevitable part of your life. You'll have to learn managing debts. In your early twenties, plan to repay your student loan. Don't defer it until you find an “ideal job”. You'll seek larger loans than your college student loan in the future. It’s highly important to manage debts effectively. Once you start repaying the student loan regularly, you’ll set the tone to repay your auto loans, house mortgage, and other bank loans efficiently. Letting your debt burden slip at this stage will linger forever. Keep control of your debts and you’ll have an easy financial life. 5. Build your Credit Score There is no better way of managing debts than building your credit score. It's not just a number, it depicts your credit profile. It shows your ability to obtain and repay loans. Credit scores play an integral part in deciding your debt costs. Creditors will charge higher interest rates on poor credit scores. Eventually, that will lead to toxic debt with high costs and an unending debt cycle. Pay your credit card minimums on time, repay loan installments, and increase your debt-to-income ratio. It will take time to build on a credit score. 6. Keep your Credit Card bills in Check In other words, learn to live within means at this stage. You'll be overwhelmed with your credit card bills if you keep swiping them randomly. Credit cards come with the highest interest rates anyway. You miss a deadline and you’ll incur heavy penalties again. Keep a check on your online spending, subscriptions, and newsletters. Learn to manage your expenses as soon as you can. You wouldn’t be able to manage your budgets and saving plan unless you control spending habits. 7. Financial Planning – Retirement and Investment If you have followed the above-mentioned plans well enough, you have learned the first steps of financial planning. Financial planning involves every aspect of your financial life from budgeting, savings, debt, taxation, retirement planning, estate planning, and taxation. You wouldn’t be able to master all of the financial planning requisites at this stage though. Try to learn the concepts as early as possible. As a starting point, start a retirement plan now that will help you ease the financial burden later. Secondly, start investing, even if you start small it should be good enough. You can build on these skills as you learn through experience and knowledge. |
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| Tags | financial goals to achieve in your 20s | personal finance | personal finance 101 | personal finance for dummies | personal finance tips | personal finance for college students | personal finance basics | basics of personal finance | intro to personal finance | introduction to personal finance | personal finance channel | basic personal finance | personal finance in your 20s | personal finance for beginners |
