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Your 20s are the most important years in your financial freedom journey
Avoid these mistakes
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Avoid these mistakes
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1. Poor college choices
Don’t go to college “just because”. Know your options - trade schools, community college, apprenticeships, etc. Before you commit to an expensive educational path, find out if your desired career field requires it.
Don’t go to college “just because”. Know your options - trade schools, community college, apprenticeships, etc. Before you commit to an expensive educational path, find out if your desired career field requires it.
2. Not building good credit
Everyone should have established credit by their early 20’s. Sign up for a secured card if you haven’t started yet. Credit is key to getting any loan you’ll need.
Everyone should have established credit by their early 20’s. Sign up for a secured card if you haven’t started yet. Credit is key to getting any loan you’ll need.
3. Going into credit card debt
After you get some credit cards, stay on top of them. It’s easy to buy things you can’t afford and be stuck with a big bill at the end of the month. Set up automatic payments and don’t miss a payment.
After you get some credit cards, stay on top of them. It’s easy to buy things you can’t afford and be stuck with a big bill at the end of the month. Set up automatic payments and don’t miss a payment.
4. Not tracking your money
Learn your spending habits and know where your money is going. You may be spending more than you think. Those little expenses add up.
Learn your spending habits and know where your money is going. You may be spending more than you think. Those little expenses add up.
5. Buying a new car
A brand new car is a waste of money. You don’t need the newest model to get you from point A to B. Buy a reliable well maintained 3-4-year-old car and save yourself thousands of dollars.
A brand new car is a waste of money. You don’t need the newest model to get you from point A to B. Buy a reliable well maintained 3-4-year-old car and save yourself thousands of dollars.
6. Not shopping around or comparing quotes
Don’t settle for the first price you get. You can save a lot of money by shopping around for the best deals on cars, cable, insurance, etc.
Don’t settle for the first price you get. You can save a lot of money by shopping around for the best deals on cars, cable, insurance, etc.
7. Not networking
“It’s not about what you know, it’s about who know” Having a strong professional network is extremely powerful. When you’re just starting out in your career, it helps to know people.
“It’s not about what you know, it’s about who know” Having a strong professional network is extremely powerful. When you’re just starting out in your career, it helps to know people.
8. Neglecting your retirement
Retirement seems far off when you’re in your 20s, so it’s easy to put off. However, not saving is one of the biggest mistakes you can make. Time and compound interest are on your side. Take advantage of it.
Retirement seems far off when you’re in your 20s, so it’s easy to put off. However, not saving is one of the biggest mistakes you can make. Time and compound interest are on your side. Take advantage of it.
9. Failing to plan
Have a plan monthly, yearly, and long term. A good financial plan helps you maximize your income and keeps you on top of your money. Know your numbers.
Have a plan monthly, yearly, and long term. A good financial plan helps you maximize your income and keeps you on top of your money. Know your numbers.
10. Not taking risks
Your 20s are the best time to take advantage of any opportunities that come to you. See where those opportunities take you. You have little to lose.
Your 20s are the best time to take advantage of any opportunities that come to you. See where those opportunities take you. You have little to lose.
These are the years to grow, learn, and create yourself. Work on building good habits and never stop learning. You’ll thank yourself in your 30’s for doing so. Thank you for reading. If you enjoyed please Retweet the first tweet.
