It’s okay to not have your dream house and car in your twenties and it’s okay to not make six or seven figures in your thirties.
Every time we open Instagram it seems like there is yet another rags to riches story from an influencer who is traveling the world, has all the best clothes, barely works, and is making six-figures.
This narrative can easily trigger you into believing that you are behind, when in reality, you are right where you need to be.
Despite what social media may portray, most millionaires don’t reach millionaire status until their 40s and 50s. It takes decades to build substantial wealth.
Use your twenties and thirties to strategically plan for the financial future that you are working and dreaming for. Here are 3 Money Tips Every Woman Should Follow in Her 20s and 30s.
Spend Consciously
Keep your current financial situation in mind when making purchases. If you cannot afford it without having to beg, borrow, or steal, reconsider your purchase. (P.S using credit cards is a form of borrowing money.)
Avoid trying to keep up with the latest trends just to impress those who may or may not even notice or care. If they aren’t paying your bills or funding your dreams, you should not make any financial decisions with them in mind. Period.
Reaching your long term financial goals may mean making a few sacrifices, but that’s okay. You are a visionary with way bigger goals then having the coolest shoes and purses. Soon enough, it will all be worth it.
Have Multiple Sources of Income
If this stubborn Coronavirus and all its dusty strains didn’t teach us anything else, it taught us that we can’t depend on a job for financial security. Having one source of income is too close to having none.
In your 20s and 30s work on building multiple streams of revenue. The average millionaire has at least 7. Don’t stress, you don’t need to figure them all out today. You should be strategizing and positioning yourself for them, however.
Look for opportunities to make passive income. Look for lucrative industries to to invest into like real estate or cryptocurrency for example. You can even try monetizing the gifts and knowledge that you have, or start a business. These are just a few ideas to diversify your income; there are thousands more.
Maintain Good Credit
I know you’ve probably heard this before, but it’s worth mentioning again. The poor credit decisions that people make in their 20s and 30s end up costing them thousands of dollars in the future.
Keeping a good credit score gives you access to benefits & privileges you otherwise would not have. Low-interest rates, uncomplicated credit approvals & inexpensive insurance rates are just a few of the perks of having good credit. So, remember to pay your bills on time & keep your credit utilization low!
The best motivation for getting a personal credit card should be to build your credit. If you are in a dyer financial situation, opening a new credit card should be a last resort. Lastly, until you have learned to be responsible with your own money, you shouldn’t be signing up to handle some one else’s money.
Yes you are young now, but you won’t be young forever. Make sure you are making wise financial decisions that align with the financial future you are looking to have. Millionaires aren’t made overnight. They start in their 20s or 30s.
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