If there is one issue besides health that I love to preach on, it's being a financially and mentally stable independent adult. At 21 years old, getting a start in a great company, and living on my own, I have been taught many lessons. I have learned how important and rewarding working so hard and making a life for yourself can be. From making a budget every month, to scrubbing my toilet and taking the trash out, to working a corporate job and making time for my work out's -- it is a fantastic life. It is now the beginning of May and a lot of my friends are about to graduate from college, so I felt like this would be a great blog for everyone to read. I am sharing advice and tips I have researched, read, and most of all, lived!- First thing's first: make a budget! I love budgeting and financial planning so I devoted a whole entire blog to the subject! Check It Out!
- Start paying off any debt that you have. Whether you are paying off a student loan, credit card, or car loan - get your debt paid off as quickly as you can. The sooner and younger you are the better. Having a bad credit score following you around in life makes everything so much more harder.
- Develop goals. Decide where you want to be with your life in the short-term and the long-term. Think about not of your bank account, but all aspects of your life. For each goal, determine what steps you will need to take to achieve them. This helps map out what you want for the rest of your life. - Keep an emergency cash fund. A lot of people do not worry about this because "it wont happen to me" but absolutely can and probably will. It may be a flat tire or broken dishwasher or it could be a car accident. You never know. Keep money saved.
- Be patient with marriage and children. I know this is hard for a lot of people. Most dream of their fairytale wedding and perfect family. Take your time with this. Marriage and children take a lot of work, money, and time. Establish yourself first. The older you get the more you find about yourself, who you are, and what you want.
- Keep a level head. By managing your expectations, you won’t be disappointed when you can’t find a management position earning $100,000 with no experience right out of college. Growing within a company, even with a college degree, takes a lot of time. In MOST cases, you cannot have the $40,000 car and 500,000 house within the first few years of employment. You first have to prove yourself and worth in your career. - Invest your money in something! I love investing and it fascinates me. I have definitely starting investing my money so over the next 20 years it can steadily grow. This is also a good idea so you do not spend it. Another example, If your employer offers a 401(k) or 403(b), take advantage of either option as soon as possible. In many cases, companies offer “employer matching” contributions; for example, for every $2.00 you contribute, your company may thrown in an extra $1.00.
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