Anyone who works hard enough can prosper. When you think of people who have “made it,” do you imagine young people? Well, you should! Achieving financial goals is well within your grasp as a 20-something.
It’s time to bust through the myth that you have to be mega-rich to have financial success. As with all kinds of success, you get to define what it looks like.
Perhaps you ultimately want to retire with a tidy savings, own your home, or be able to afford a really cool car, but getting there requires you to set and achieve short-term financial goals.
The first major wealth-related success you’ll experience in your 20s is a job with a steady income. Hopefully you’ll have enough money flowing in to pay the bills and have a little something left over. It’s what you do now with that “little something” that can have a surprising impact on your future finances.
Perhaps you’ll choose to pay down debt or save up for a car.
Many financial experts recommend tucking away some savings and allowing it to grow as soon as you can. Choose a savings account with compounding interest for a low-risk wealth building technique, or buy stocks for a higher-risk approach.
You can also invest in real estate, such as by buying and flipping homes or simply purchasing land that you believe will become more valuable in the future. You might also try the same method as our contributor Margaret Selerno and invest in cryptocurrency.
The bottom line is that you don’t always have to work really hard for your money. Let your money work hard for you. Raising that initial lump sum to tuck away or invest might require a side hustle, but the results are worth it. Set a goal and learn all the different financial hacks that can help you achieve it with the help of a financial coach. Then report back to the Guide community by submitting your own wealth success story!