Entering adulthood in the right financial position will eliminate numerous struggles experienced by the typical young person. Start saving in your twenty somethings. You are in the best position to correct the mistakes of your teenage years and put yourself on track to financial independence and perhaps early retirement. You’ll face choosing a career, completing college, student debt, starting a business, side hustling, marriage, kids, purchasing a home, and a number of other potential challenges that can significantly impact your ability to achieve financial freedom. Take the advice from parents that have been there before, start saving, and ensure that you set yourself up financially to outpace inflation and generate positive rather than negative compounding returns.
Start Saving – Prepare for FI in your Twenties
Discover Runaway Expenses by comparing your cost of living to the average American. I’m walking through an exercise using data from the Bureau of Labor and Statistics with my daughter. We are going to compare our family’s expenses versus the averages from the Consumer Expenditure Survey. Go through the steps yourself and find areas of opportunity to cut costs or even reveal a philosophical vulnerability, as I did.
Trevor Tune shares his experiences trading Penny Stocks in college and falling victim to the “Pump and Dump” scheme. After going on a winning streak attempting to get rich quick and then losing everything, he came to realize that long term sustainable investing is the key to success. Here’s his message for the next generation.
Every college applicant will ask themselves, “What Should I Major In?” Here is a practical method that some have used to go from minimum wage to over SIX figures in just 3 years. A degree with significant return on investment is one way to fast track Financial Independence.