Career & Financial Tips Every Young Adult Should Know

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As a young professional trying to find their footing in the world, you are bound to face challenges. However, the path to success involves tackling these challenges head-on and becoming the best version of yourself. While there are no set guidelines that can guarantee success, this article by Mills Way takes you through a few important steps you can take to become financially and professionally stable in your life.

Become Financially Literate

As you grow older you will receive financial advice from everyone, whether it be family, friends, social media influencers, or anyone else you can imagine. But, before making any financial decisions, you need to understand what you’re getting into. Invest time and effort towards improving your knowledge regarding concepts such as investment, real estate, taxes and debt, through reading books like Richer Living, taking courses, or following the work of experienced financial experts.

Additionally, do not let others sway you into investments you are not prepared to take, such as:

  • Taking debt to purchase a home or vehicle
  • Investing in unknown stocks or long-term investment schemes
  • Paying exorbitant prices to buy branded luxury goods

Create a Five-Year Plan

While it’s easy to dream of owning a nice house or a car, without sound financial planning it is not possible. Having a plan will motivate you to work towards a goal and create a framework to achieve it. Here are some key elements your plan should include:

  • The Goal: Specify the various objectives you want to achieve in the coming five years.
  • Income & Expenses: Ascertain your total income from all sources and then subtract expenses to find your disposable income.
  • Debt: Make provisions for successfully making your monthly payments. The faster you eradicate debt; the more freedom you can have over your spending.

While you can make short-term financial plans it’s advised to set long-term future goals and then adjust your short-term goals and spending habits accordingly.

Start Investing Early

When it comes to investing, the number one advantage you can have is time. As a young adult, through investing early, you can take a massive step towards securing your financial future. The secret to this lies in the power of compounding interest.

For example, if you start investing $100 a month into the market in your 20s, expecting a 12% return per year, by the time you retire (in your 60s), you will have amassed more than $1 million. However, if you start investing in your 30s, you’ll generate a meager $200,000. Hence, take advantage of your age, do your research and start investing early.

Most private and public sector employers have retirement schemes as part of their hiring benefits. But, if you are a freelancer or entrepreneur, you can still start a private retirement scheme.

In addition, consistently invest towards creating an emergency fund. You never know what life may throw at you, but with money in hand, you will be in a much better place to handle challenges. As reported by Discover, here are a few financial instruments that provide a balance between good returns and liquidity:

  • Money market funds
  • High-yield savings account
  • Certificate of deposit (CD)

Focus on Education

As reported by the University of Phoenix, young professionals with a Bachelor’s degree earn a median income of around $67,000/year compared to earnings of $40,000/year by those with a high-school diploma.

Pursuing a degree in the United States is often assimilated with debt, however, that is no longer the case. The University of Phoenix provides one of the lowest costs per credit in the country and allows students to use past work experience and certifications towards reducing tuition costs. Moreover, with their degree programs being online you save thousands of dollars on housing and travel expenses.

Depending on your experience and interests you can choose from a plethora of specializations such as accounting, marketing, healthcare, information technology, and more. Having a degree will make you a viable candidate in the eyes of employers and widen your scope of jobs.

By incorporating these habits in your life, you will improve your financial knowledge, learn how to make informed decisions, and inch closer towards becoming a responsible and independent adult.

Mills Way is more than financial freedom — it is a way to help people have choices in their life and map out their own route to financial freedom and happiness.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

Thanks, Julie Morris for the above great info. You are good.

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If you need more help, I can help with my Coaching service. I just want to help people have less stress about their Financial Future or their Retirement plans and spend more time enjoying life.

“The definition of insanity is doing the same thing over and over again, but expecting different results”. By Albert Einstein. I would also say the definition of insanity is believing you can live a financial responsible life without tracking how you are doing, having a budget and goals. I like following others who track their finances to compare our also. I enjoy helping people with their finances and goals.

We want to give our boys the best chance to have their money last them thru their retirement years and have them reach their Financial Freedom goals. They need to live somewhat with a frugal mindset and spend less than they make so they can Invest towards their Financial Freedom goals. The boys will need to maybe put off Net Flix or buying a New Video game or going to the movies until they are on the path to Financial Freedom.

Here are some positive quotes I like;

“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill

“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett

“There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

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Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

Visit my Podcast at www.Live4.Club on Anchor.fm, Spotify, Pocket Casts, Breaker Audio, Google Podcasts, Radio Public, I-tunes, Apple Podcast and more. If you would like to be a guest on my Podcast, drop me an email at bruce@millsway.com or Text me at 480-389-6224

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Check out all my Published books on Amazon.com. Here are a few of them:

Money Secrets – https://www.amazon.com/dp/B088GKF2TM

Richer Living – https://www.amazon.com/dp/1695676815

Wake Up –  https://www.amazon.com/dp/1694989585

Thanks, and have a great night.  Please Support or Follow me at https://www.patreon.com/millsway  for access to all my blogs.

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