15 Nov 2017

Three Important Money Decisions You Should Make In Your 20’s

…or 30’s, because it is never too late to start following the financial tips that we are going to list down here!

It is practically normal for a lot of bros to struggle getting their financial groove until well into their thirties, but with our ever fluctuating and undependable economy? It is never too early to start being financially smart, is what I say!

Hence, to help you out with that, here are some important financial decisions that you should make as early as possible.

Have an emergency savings

First job, first bunch of paychecks. Finally, freedom from the ‘rents. It really is exciting to spend your money. Your OWN money. I’ve been there too. If I remember it right, I was just excited to get approved to that car loan – that car has long since been wrecked, God have mercy on its soul. I miss you Jarvis!

But if there’s one important thing I can advise to any fresh grad out there enjoying their first job, it’s this: start an emergency savings. Losing your job can happen. Getting sick can happen. A thunderstorm, tornado, or whatever Mother Nature wants to do with us can happen. And the only thing that can save you financially is having an emergency savings. How much? Here’s a rule of thumb: enough to sustain you for three months without a job.

Plan for your retirement

WE are young! Notice the emphasis on “we”? Because even with thirty-somethings like me, we still ignore the impending natural disaster called old age. But it’s coming. If we can be sure of one thing, old age is coming…and don’t even dare to think of the alternative unless you want to join that weird club of celebrities who died early.

If I’m going to retire I want to do it in style, and the only way to do that is by planning for your retirement early. Start that 401(k) right away, or start another similar retirement plan. You’ll be thankful you did this by the time you start hitting your fifties.

Embrace your freedom!

Finally, here’s my final advice. Be a man and free yourself from your parents. It can be tough, but the earlier you learn to survive on your own, the better. Nothing turns off a lady than a man who still clings to his mommy’s pension.