Do you have good wealth building strategies? If you are one of the many who have a resolution that involves your finances, you’ll want to read this article. It’s a good time to start now while you are still young!
Get in the habit of spending and saving wisely in your 20s and you’ll be on solid footing when you’re older. Use our tips for how you can build wealth, starting now. You can thank us later.
Your 20’s are a period of fun, experimentation, and finding a footing.
But being a 20-something is not easy these days.
In between paying off student debt and looking for steady employment, 20-somethings have enough on their plates in the here and now without having to worry about their financial future.
Unfortunately, the decisions you make in your 20s can have long-term effects on your finances for the rest of your life.
You can’t go on forever with an entry-level salary. Your dreams are going to evolve, to that first house, a big vacation (or several!), and retiring off into the sunset. The only way you can make those dreams come true is to build up your wealth as soon as possible.
We are letting you in on 23 research-proven ways to start building a strong financial foundation in your 20s.
Setting the foundation
1. MAKE A FINANCIAL PLAN
What is your target salary? How much money do you want to have in the bank at age 40? When do you plan to retire?
These are important questions to ask yourself if you want to build wealth and increase your net worth.