IF YOU ARE:
- Recently Employed in your First “Real”Job/College Graduate
- Start or increase your 401K Contribution RIGHT NOW. Go on your company’s employee website, and pull up or print out the form.
- If you don’t contribute yet, start contributing 5-10% of your salary RIGHT NOW in a 401K or Roth IRA. If it’s too overwhelming to make good fund choices choose a Targeted Age Fund or a fund that matches the Total Stock Market, generally called something wild and crazy like ‘Total Stock Market’. Find an investing calculator on a financial website, put in your age, and be amazed at how much that investment will grow… tax-free!
- https://www.bankrate.com/investing/investment-goal-calculator/
- Start or increase your 401K Contribution RIGHT NOW. Go on your company’s employee website, and pull up or print out the form.
- Engaged/About to Get Married- Have the money conversation. If it’s too hard to have it right now, imagine how it will be when you are married! Be willing to share your entire financial picture with each other. Talk about your short and long-term goals. Discuss how you will combine your money and how you will spend/save your money. If you have doubts about your partner’s spending habits, weigh this carefully before committing. This conversation can set you on a secure path as you start your life together.
- Single Person– Ask a trusted friend/family member to review your finances with you every 6 months just to keep you accountable and on track for your goals. Plan for the long-term; bump up your retirement savings RIGHT NOW.
Take these steps in your 20’s to start feeling comfortable with your financial situation and what you can do to build for your future. Enjoy today and build for tomorrow!
Take One Step at a Time- First, Find the Root Problem
