Just Starting Out in Your 20s

This is probably the scariest moment in your life. You’re starting out and living on your own the first time.

Your parents are there, but not close enough.

Your don’t have any saving, or if you do it’s a small sum only. You don’t know much about money or investing because it was never taught in school or from your parents.

You’re earning a beginning income, which is eaten up with high tax rate, because you have no business, real estate property or family to take advantage of any tax deductions.

According to the x-curve, you are in the beginning of your life with many responsibilities and minimal wealth. You are in the very beginning of your journey to financial freedom.

But it’s okay. This is a good thing, because you have "time" on your side. According to the wealth formula, you need time to grow your money.

You're lucky at this stage.

Take advantage of this benefit as time waits for no one. The earlier you start saving the more your money compound as time goes.

Here are a few Strategies to Achieving Financial Freedom for the Beginners.

Get financially educated. I can’t stress it enough. Learn how money works now, or work the rest of your life for money. Sign-up for FREE financial strategies workshops in Honolulu to get financially educated.

Get an income from a job, a gig or a business. Whatever you can get some money in. You can’t get money without doing anything. But you can in fact start making money without spending much. For example, driving for uber or starting a business in the financial industry.

Now that you have some money coming in. Be sure to Pay Yourself First…put aside at least 3-5% of your income every month in your “rainy day” bucket. Start with a small insurance policy, because if something happens to you, your family immediately would have $100,000 or more. Once you have an insurance policy in place, put the rest of the money in an emergency fund that can provide for 3-6 months of your living expenses.

Live Below Your Means and spend what is left after your saving. This is the money that you can use to pay off your debts, go out to nice dinner, buy a few nice things for yourself. Buy only what you can afford with your money NOW, not your future money. This is avoid getting into debts.

Manage Your Debt. Some of you may have college debts, and some of you may also have consumer debts. High interest on credit card debts can compound quickly and eat up your savings and slow your progress to financial freedom.

When you have saved a big enough chuck of money, then you can use that for down payment for your first property or invest.

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