Yusra3
VIP Contributor
If you're looking to build wealth in your 20s, here are 9 steps you can take:
1. Make a habit of saving money and investing it.
2. Learn how to save money on your mortgage and car payments.
3. Develop a long-term financial plan that takes into account all of your expenses, including student loans and taxes.
4. Start a side hustle or business to generate extra income while you're young and flexible, so that you can make more money when you're older!
5. Get out there and meet new people! It's not about how old you are it's about how many connections you've made over the course of your life. You never know what opportunities will come up through this person or that one will spark an idea for something amazing down the road!
6. Use credit wisely but don't overextend yourself by taking on too much debt (especially with student loans). Pay off those loans as quickly as possible so that you don't end up paying interest on them later!
7. Invest in stocks and bonds.
8. Shop around for the best credit card rewards program available and use it as much as possible!
9. Don't buy things impulsively. ask yourself why you want them first before buying them (it's called "self-control").
10. Save up some extra cash once every month by using a budgeting app like Mint or YNAB instead of regularly withdrawing from an account like checking or savings accounts which may pay interest on top of actual money owed (this can really compound over time).
1. Make a habit of saving money and investing it.
2. Learn how to save money on your mortgage and car payments.
3. Develop a long-term financial plan that takes into account all of your expenses, including student loans and taxes.
4. Start a side hustle or business to generate extra income while you're young and flexible, so that you can make more money when you're older!
5. Get out there and meet new people! It's not about how old you are it's about how many connections you've made over the course of your life. You never know what opportunities will come up through this person or that one will spark an idea for something amazing down the road!
6. Use credit wisely but don't overextend yourself by taking on too much debt (especially with student loans). Pay off those loans as quickly as possible so that you don't end up paying interest on them later!
7. Invest in stocks and bonds.
8. Shop around for the best credit card rewards program available and use it as much as possible!
9. Don't buy things impulsively. ask yourself why you want them first before buying them (it's called "self-control").
10. Save up some extra cash once every month by using a budgeting app like Mint or YNAB instead of regularly withdrawing from an account like checking or savings accounts which may pay interest on top of actual money owed (this can really compound over time).
