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How to Manage Money in Your 20’s & 30’s

In today’s video, I will give you 5 things to focus on in your 20s and beyond that will really get that solid financial foundation in place. 1st Make sure you have $500 to $1k saved up, this is key to keeping you out of bad debt.  2nd Consider your goals. Start with the big […]

In today’s video, I will give you 5 things to focus on in your 20s and beyond that will really get that solid financial foundation in place.

1st Make sure you have $500 to $1k saved up, this is key to keeping you out of bad debt.

 2nd Consider your goals. Start with the big picture, say 10 years out or further, and work your way back.

3rd- Increase income potential- it’s great to learn to spend less and save, but having more money to work with will make things much easier. One way you can do this is by googling ” highest paid jobs in the Xyz industry or jobs that pay 100k and see which one interests you most or find one that is in your current field of experience and then find out what the requirements are to get to that point. If something seems like it will take forever to accomplish, then think of this- the time is going to pass regardless, so envision yourself that number of years out and think about how you will feel having done the thing or not.

4th- Figure out rates on all of your debts and balances SLs, CCs, Car and create a debt payoff plan- know exactly when you’ll be out of debt. I love the loan payoff calculator from NerdWallet to help with this. 

5th Consider buying a home, it may cost less than you think. It’s standard for people to expect to pay 10-20% for a downpayment on a home, but that may not be the case. My first home downpayment was 6% and we put 5% down on our current home, so checking with a lender will give you a good idea of what you’ll actually need to pay. This can allow you to build equity vs paying off someone else’s home. 

These are the exact steps I took in my late 20’s and early 30’s that really set me up with a strong financial foundation.

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