I don?t know if there is anything more daunting than reigning in the controls of my personal finance. I find it hard to see and strategize for my financial future when I am bombarded with items designed for instant gratification. Financial planning in your 20?s is a scary step; price tags for homes and assets are massive and starting salaries are small. I struggle with the concept of buying a home or condo when my salary doesn?t quite cover the required mortgage amount. I have to remind myself that money is a tool.
Money is a useful tool that can provide security and buy experiences. To become financially independent and secure the first step is to change your attitude towards money. Money must be thought of a tool that can help you build your Lego castle or in my case ?Barbie Dream Home.?
The first steps to enhancing your personal finance IQ in your 20?s is to
- Identify your career path:
Post university it is important to think ?career,? and not job or worse yet ?pay-check.? I understand that a paycheck is necessary to survive the urban jungle but to gain financial control you need to think long-term. What do you really want to be when you grow up? Personally, I want to be a CEO who is heavily involved in business strategy decisions. I like the business game ans have a desire to help small business owners reach their business potential. By identifying my career ambitions I am able to identify areas for potential investment.
Your passions shape your financial wellbeing. I am passionate about fitness and health. It is important to me that i incorporate fitness into my daily routine. I make my work and career ambitions fit my passions. This gives me the freedom to use my passions as career inspiration.
In university, my savings fund was aimed at purses and shoes. Now, my savings fund include an ?in case of emergencies? fund. Life is full of unexpected speed bumps like car repairs, bad dinner dates, and the awkward between career engagements. Put a few dollars away each paycheck that can serve to cover your expenses for a 3-6 month financial Armageddon.
- Tackle any outstanding debt:
The average college/university student is graduating with a credit card debt of $4,100 and student loans of $40,000. Yikes! combines that is more that the medium annual starting salary. Debt is not cool and can cause long-term consequences. Bad Credit = No Bueno. Find a way to tackle your debt and get serious about it. It is impossible to start saving and planning for your financial future with the dark debt cloud looming. Credit Card debts won?t go away on its own. Be proactive and pay it off.
Source: http://eyeoftheleoness.com/2013/01/15/bfin-personal-finance-tips-for-the-20-somethings/
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