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But too much of this lifestyle might put you in a difficult place, financially. Information presented on Personal Finance Blog by MoneyNing is intended for informational purposes only and should not be mistaken for financial advice. In your early 20s, you almost certainly have competing priorities and a starting salary. There are a lot of online articles and quizzes about how to tell when you’re mentally and emotionally prepared to have kids. The way that I define minimalism is simple: Only spend money on the things that you need or that bring real value to your life. In addition to this I will be opening an Roth IRA pretty soon. You don’t want it to have to take that long. By Theresa Healey Monday, December 08, 2014. It will help you make decisions to help you build you savings, a retirement plan, and adopt investment strategies to help grow your portfolio. I learned at a young age to work for my money collecting pop cans, selling farm animals, and selling produce to save money. The growth of your investments over time will be amazing if you start in your 20s. Keep your family secure. Although your parents will always be an important source of social support in your life, if you want to be entirely independent as an adult, your parents should not be the first people you approach with questions, requests for help, or requests for financial assistance. I won’t go into the fact that compound interest is covered in math (multiple times from elementary on), budgeting is covered in whatever “home economics” is called now (so the guys don’t feel too embarrassed to take it) which is required in most states I’m aware of, or that most social studies classes cover issues associated with stocks and investments as project ideas. Being financially stable means you’re spending less money than you earn, which can be a daunting task. But paying down debt is difficult while you’re still in college, so I think that should be put on the backburner until you’re financially stable. My parents always told me to put at least 10 percent of earnings into a savings account and another 10 percent into a retirement account. I also know quite a few people who are teaching English abroad. Should I Buy a Tesla If I Can Afford One? More Tips on Financial Goals. My student loans feel like they’re crushing me. The answer to your question is two-fold: First, you need the right foundation from your parents and secondly, you need to have the willingness to do it. Parents start hoping you to be more mature. Any advice you would offer me? Now, $4,138 is bad, but people in their 20s are clearly not the worst age bracket at managing their finances. The most important point is that some basic financial education happens early in life – I really believe that financial awareness that is ingrained at an early age will become a part of your every day thinking. Having a plan that’s based on hard numbers, data, and evidence will help draw a comprehensive plan for our future. Is it hard to understand? It starts with talking with them in their teens and it’s the parents’ job…it’s OK if schools want to join in as well. Here are 25 tips to help you pay down debt. We definitely tend to stay with what we already believe in early in childhood, and actually, it’s much easier to shape our habits early rather than later, so take the time to learn early. You are making stereotypical assumptions and generalizations. Notify me of followup comments via e-mail, Free signup to get a free ebook on How to Save Money on Everything! 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