In this episode, Dan & Ian dissect the Top 5 Financial Goals to achieve before you reach the age of 25. Remember, this is a generalized list and you should not feel belittled if you have not achieved these yet. It is never too late to get on the path to financial freedom. Please see the show notes below to help guide you.
1. Get out of high interest debt
-Credit Cards, learn to play the credit score game
-Student loans
-Refinancing
2. Learn how to create a budget
-Try the concept “living below your means”
-Be realistic with yourself, materialistic things come and go. "We need to stop purchasing things to impress people we don't like."
3. Retirement account
-Roth IRA or Traditional IRA
-401k (employer sponsored)
-Self Employed retirement plans (SEP IRA, SIMPLE, Solo 401k)
4. 3-6 months living expenses in a savings account
Example: Rent $1000, Cell phone bill $50, Car insurance $200, Groceries $100 per week = $400 a month = $1650 a month, that means you will need 4,950 for 3 months or $9,900 for 6 months
5. “Do something today your future self will thank you for”
-Living with this saying in your head will give you a head start on what your goals are
-If you want to be proud 3 years from now of who you are, you need to take steps to get there
BONUS: QUIT THE BANK OF MOM AND DAD
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