The Best Financial Advice for Your 20s: Manage Your Money Like A Pro

Getting a jump start on your financial life in your 20s is one of the best things you can do. 

The Challenges With Finances in Your 20s

For many, what can be frustrating and holding you back on achieving better finances are some of the following: - Large student debt - Lack of financial literacy - Low paying job or career - Consumer debt

Delay Gratification

Honestly, it’s not an easy battle to stop the need to have the latest “this” or the newest “that.” But if you can make improvements on financial decisions earlier and start to master it, your net worth will begin improving. 

Focus on Income, Savings, Investing, and Expenses

Income  – According to SmartAsset, average salaries for 20-24 year olds is $29,770 and 25-34 is $41,951. While not bad, if you want to improve your finances, you need to focus on increasing your salary. How can you improve your skills and add more value to your company  (or your own business)?

Focus on Income, Savings, Investing, and Expenses

Savings – With your income, you must focus on savings as well. Firstly, building an emergency fund for any unexpected life events, surprise bills, or job loss.

Focus on Income, Savings, Investing, and Expenses

Investing – Start investing early in your company’s 401k plan (if they have one) or open your own IRA. The earlier you put some portion of your money to work, the better your retirement savings can be.

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