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6 Financial Lessons to Learn Before You’re 30

6 Financial Lessons to Learn Before You’re 30

Learning financial responsibility in your twenties can be a total game changer for your future. By getting the following six lessons before you turn thirty, you can set yourself up for more financial freedom and peace later in life.

1. Get a side hustle now. Seriously, while you still have the energy and time, get a side hustle. Not only will you save some money by not spending every evening at happy hour after work, but you will also be earning some cash during that time.

 

2. Every dollar has a place. In other words, get a budget! Create a budget and assign every dollar to a category. If you have money left over you will spend it on dumb stuff, instead allocate it towards financial goals so you aren’t tempted to waste in on yet another one of Kylie’s lip packs.

 

3. Set financial goals. Whether they are paying off debt by a certain deadline, saving for a retirement or a home, start thinking about your financial future.

 

4. Make saving for retirement a necessity. To the previous point, if you are debt free, then saving for retirement via Peer to Peer Investments etc. should be a fixed cost in your budget. The younger you start saving the more of the compounding interest you can rack in. Plus did you know it’s nearly impossible for someone who started saving for retirement at age 30 to catch up to someone who started saving for retirement at age 20?

 

5. Building credit takes time, destroying credit takes minutes.  Every time you open a retail card for that 10% off discount, you hurt your credit by for example: forgetting to pay the bill on that retail card.

If any of these are you: – You’re new to credit (as in just started using it in the last 6 years) or -If you don’t have an emergency fund with six to nine months of income in it, or -If you have had a bad history with credit

A good rule of Thumb is to only charge what you can pay off in 24 hours.

6. Live below your means. In your twenties you will probably make some nice advances in your career, which come with nice salary gains. You should use that as an opportunity to live below your means. Don’t fall into the trap of lifestyle inflation to match your new paycheck. Remember, just because your co-worker comes in with new designer shoes every week, does not mean they don’t have a buttload of debt they are paying off. If we live below our means when we are young, we don’t have to be tied by debt in our future.





 

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