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How would it look to retire sooner than in your 60s’? I mean wouldn’t it be awesome! But, before you do, you will need to write down these 6 financial goals for your 20s (or any age).
This post will be going through 6 habits that you need to start implementing today to start setting yourself up for future success.
6 Smart Savvy Financial Goals for Your 20s
Money is one of those love-hate relationships. We should consider just loving it!
“Whatever you hold in your mind on a consistent basis is exactly what you will experience in your life.” – Tony Robbins
Saving money is not an easy thing to do when you have bills and responsibilities. Many people catch themselves saying they do not have enough money or would want more. The truth is that mindsets need to start changing before money can start come rolling in.
Start getting into the habit of goal setting and keeping track of your finances. Your relationship with money needs to start getting real and it needs to start now no matter what age you are.
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6 Smart Savvy Financial Goals For Your 20s
1. Plan your strategy and financial goal for your 20s
Habit Tracker and Goal Planner You can have your dream life by writing your habits and goals daily in a journal. Get rid of your bad habits and replace them with good ones.
Make sure you are tracking your progress throughout this journey. It may seem like a daunting task but if you are not taking a step back to see where you were at and where you are in the first, second, or third year you will not be able to adequately reevaluate your goals and make changes where changes need to be made.
2. Write down your financial goals in your 20s
Every great idea that has become a reality has been thought out and written down.
Write your financial goals and the amount of money you would like to make in a year and put it up and lock it away. The next thing you are going to want to do is to make a list of what you want to achieve in 5 years to achieve.
Don’t put too much emphasis on this as many times you may receive this in a different way than you expected.
Your 5-Year Plan Should Include Answer:
- How much money would I have wanted to save up in 5 years?
- What are some things you are interested in investing in?
- How much money are you going to invest?
- Write down how much debt you will be paying off.
- How many homes are you going to own?
- Where do you see yourself living 5 years from now?
As you write down your answers, jot down additional plans that come to mind that would involve your finances:
- Travels and vacations
- Health and leisure
- Buying a home
- Retirement plan
3. Measure your financial progress in your 20s
Make sure you are tracking your progress throughout this journey. It may seem like a daunting task but if you are not taking a step back to see where you were at and where you are in the first, second, or third year you will not be able to adequately reevaluate your goals and make changes where changes need to be made.
4. Manifesting your retirement starts in your 20s
Be the person who looks forward to retiring earlier. How can you do this? Well, you of course need money. But the goal here is to get you to look at the bigger picture.
“We receive exactly what we see. See yourself living in abundance and you will attract it.” – Rhonda Byrne
There are a few ways you can start saving for your retirement by investing:
- Stock
- Mutual funds
- 401K
- Real estate
- Crypto
5. Invest in yourself for financial success in your 20s
It’s important to invest in yourself in different ways whether that is through courses, or putting money into something you look forward to getting back plus more. Find out what type of hobbies and skills you are good at that you can work to monetize and take a course in it to grow your knowledge.
6. Let money work for you
This one is probably the biggest one many of having a hard time figuring out. Money only works for you in the end if it is growing and making more of itself. Think about the money you have in your bank account not growing as much as it can with some of the options mentioned in this article.
Your money is going against inflation so looking into ways that your money can work for you will be one of the biggest money moves you can make.
Conclusion
It is important to think of a financial strategy for your future. This post went over the 6 fundamental ways you can set yourself up for success as early as you 20s.
- Plan a strategy
- Write down your financial goals
- Measure your progress
- Manifest your retirement
- Invest in yourself
- Let money work for you
