Everyone knows that in order to achieve financial stability and security as an adult…
You need to start saving money as soon as possible.
First thing you need to do is:
#1. Get a Job and Start Working
This may sound silly, but it is an important first step towards financial stability.
Even if you’re in school, working spare hours can make a HUGE difference!
You want to get as many years of experience under your belt as possible in order to make yourself more employable in the future.
Plus, you’ll likely be making more money as well!
The average person with five years of experience in their field can make around $63,000 per year.
If you can work at a company near the end of your schooling, that would be best.
Until then, build up your resume with related jobs. Even if it’s lot level work, it can be in the similar field.
Most low level jobs can turn into internships or co-ops.
That’s huge R.O.I. considering you’re getting paid for career advancement.
You’ll have a chance to meet the hiring managers and make a good impression.
If you need to work while you’re in school, look into on-campus employment.
Many universities have departments dedicated to finding part-time jobs for students!
#2. Open a Credit Card
Credit cards are often seen as a bad thing, but that’s not always the case.
In fact, having a credit card can actually help your financial situation.
If you open a card that has a low interest rate and make your payments on time, you could get a good credit rating.
My credit raitng is REALLY good (800+) since I started so early!
Credit cards with good interest rates can help you build up a large amount of debt, but they can also help you pay off that debt faster.
If you have a large amount of debt, try to find a way to pay it off as soon as possible.
Credit cards are just like any other kind of debt, and they can really hurt your financial situation if you’re not careful.
If you’re going to open a credit card, make sure you can pay it off every month. Credit cards are great for building your credit, but you don’t want to get in over your head with debt.
#3. Save 20% Of Your Money
This may seem counterproductive if you’re trying to get out of debt, but as you start to build a nice savings account you’ll be giving yourself a nice financial cushion.
Something as simple as putting a few hundred dollars into a savings account every month can make a huge difference in your financial future.
Also, it can help you avoid debt, which can help you avoid student debt payments.
Take advantage of the tax benefits offered by a variety of savings accounts.
There are special accounts designed to benefit people who are saving for retirement or other long-term goals.
If you have a job with a company that offers a 401(k) retirement savings plan (RRSP for Canadians), make sure you sign up for it right away.
#4. Invest Your Saved Money
Investing your money in the stock market can lead to significant financial gains over time.
The best way to do this is to open an investment account with a brokerage company or a robo-advisor.
This lets you purchase shares in various companies!
You can either choose to manage your investment account yourself or let the robo-advisor manage it for you.
If you want to make a lot of money over the long term, you’ll need to invest a significant amount of money each month.
Compound interest is your best friend!
Make sure you have a long-term outlook when it comes to investing.
You should be willing to ride out the market’s ups and downs if you want to see significant gains.
#5. Don’t Pay Student Debt (quickly)
If you’re in significant student debt debt.. There’s no shame in making minimum payments.
Public service jobs like teaching, social work, and public defenders allow you to have your federal student loans dismissed after 10 years.
Check out those options, but also don’t rush to pay it off.
Since the interest on that loan is 1% – 3% you may as well invest the different in a vehicle that pays 10%.
Don’t make any significant payments on your federal student loans until you get a job in your field.
There are many financial experts who argue against paying off student debt too quickly!
They claim that it’s better to let your debt sit and grow a little interest, instead of paying it off as fast as possible.
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