I don’t think young people think about finances like they should. We think we are making money therefore we can spend money. At times, we spend more than we have and really get ourselves into trouble. It is important for us to make wise financial habits. Here are three of my financial goals:
- Live debt free: This is so important! Debt is like slavery. When we are in debt, everything about our lives can fall apart at any moment. The bank can take our homes, cars, and savings because of debt. We may lose our jobs and create major trouble for our families. It is so important to get out of debt, and stay out!
- Invest: Passive income is awesome. You probably don’t want to have to work for the rest of your life so it is important to figure out how to generate passive income. Consider investing in stocks, bonds, and real estate. There are several factors you’ll need to consider, but creating passive income for yourself is a great way to have income in the future.
- Save: There is always something to save for whether it’s long term or short term. Short term would be saving for a new computer, long term would be saving for a house. I highly recommend you start saving now. You should be saving up for a home and your retirement. The earlier you start, the more you’ll have later.
Developing financial goals can help all aspects of your future, so set aside a little money each paycheck for the future. Also consider how the decisions you make now can affect the rest of your life. $100,000 in student loans now, $30,000 car loan, $300,000 home loan all adds up to a lot of debt. You will be working the rest of your life just to pay these things off. Take your time and be smart about your money.
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