July 6, 2018

Money Moves You Need To Make In Your Twenties – Vol 2

If you’ve already decided to start investing in your 20’s, kudos to you. You’re already one step closer to securing your future.

However, you’ll soon find that there are almost too many goals to save for at this phase of your life. You need to get your own place, buy a new car, tick off countries on your 30 by 30 list while keeping something aside for retirement.

Here’s a couple of ways to ensure you enjoy your life as you look to secure your future:

  • Increase Your Savings As Your Career Progresses

You could start with something as simple as 2 percent of your salary, then increase this to 4% a couple of years down the line and so on.

By the time you hit your 30’s, you’ll be saving more than 10% of your income. By 40, you’ll be saving at least 20% and if you get regular raises in income, putting more money aside will come much easier.

  • Avoid Unnecessary Pressure

Social media has ramped up the fear of missing out which drives young people to chase trend in a bid to fit in. Unfortunately, this can lead to you spending money you don’t necessarily have and choosing to “YOLO” your way through your 20’s.

The people you look up to on social media may look like they have it all but there’s a good chance their luxurious lifestyles are not self-funded. For example, brand sponsorship and influencer marketing are no longer restricted to celebrities.

A solid advice would be to tune out these distractions and focus on securing your future. Something simple to consider is opening a retirement savings account.

Start investing in your future now and you may find yourself jetting off to Zanzibar on a whim someday on your own dime.