Wealth Building In Your 20’s
by: Dan Cavalli Business and Money Strategist
Fresh from college, you head out knowing the world is yours. And the best part is, you have all the time in the world. Why worry yourself with retirement? You’re still young. Mortgage? It’s like being sentenced. You want to be free. After all, the world is yours right now. There’s always a time and place for wealth building, and it’s LATER!
Twenty years from now you’ll probably remember this. How would you possibly react? Never mind, I think I have an idea already. So, after getting the “big” picture, what’s your plan? Read on and learn.
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1. Formulate a goal and decide on a deadline. Be specific about it. A specific figure would be much better than being general about it. Think if it’s attainable without sacrificing what you already have. Your goals must also be realistic. It must be something that you are confident about.
2. Try to spend less. Of course it’s illogical to spend more than what you earn, you know for sure where this will lead. And drowning on too much debt is not part of your plan. With controlled expenses, you can set money aside for saving and investing.
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3. Think of extra income. Because you can only strangle your expenses that much, you need to start looking new alternatives. Any hobbies? You can exploit it so you can have a side income.
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4. Decide what to do with your finances. A good idea would be to designate a part of your paycheck and put it in savings account with high interests. Bank CD’s is also a good option. Make sure you set up an emergency fund. You’ll never know these crazy times.
5. Down with the credit card debt. Make debt payment a priority. Give yourself an aggressive stance on it. You need to pay those bills, and on time. If able, don’t think twice and pay the full amount owed. And never, ever lend your credit card, even if it’s a family member.
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Just think of those devilish smiles in the movies while holding those cards. It’s your responsibility, so you must hold it at all times. When it’s all over, cancel your credit card right away and don’t ever look back.
6. Give importance to insurance. Health insurance is something you shouldn’t miss. Try to play with short-term health insurances. It can save you considerable money. If you also lower your risk with a low-risk group, you can end up with advantageous premiums that can also save you money which will be useful in other ventures. To lower your risk, get a healthy lifestyle. http://www.freeofmoneyworries.com
Exercise regularly and watch your eating habits. And try to quit smoking. Not only smoking can shorten your life, insurers are also going to stay away from you. To them, you probably look like a walking disaster and they wouldn’t want anything to do with you. If you happen to own a car, have it insured to protect it.
$200 is not that painful as it is very important. There you have it. Twenty years from now you will not be having that rather silly debate with yourself how you messed up big-time. Your 20’s is freedom, and you definitely own the world. Just make sure you keep it that way. It’s time for wealth building.
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About the Author DAN CAVALLI’s noted by the “Financial Review” as one of Australia’s “Internet’s Untold Millionaires”. He is also the author of the internationally sold financial book, "Blueprint for Making Millions." Get your FREE chapters here: www.blueprintformakingmillions.com