Whenever I think about the financial pressures and the resulting stress most people face today, I'm struck by how often people underestimate the power of time. Every day, I come across people who know they need to change how they spend, save, and even how they invest, and yet they keep putting it off. "Not right now. I'll deal with it later. Besides, maybe it'll all work out and I can just keep doing what I'm doing."
You may be in your twenties and still establishing your financial practices, fresh from a divorce or bankruptcy, or just looking for a fresh start, but either way there are some important financial habits and strategies to adopt that will set you up for wealth and peace of mind as you move into the next stage of your life.
When I was in my early twenties, newly married and starting out, there were not the insurance options that there are today. You were expected to insure your car, your home if you owned one, life insurance if you had a family, and to have health coverage, but that was it. These days there are so many kinds of insurance. You can choose to insure your travel, your pet, your wedding, and your purchase of almost any size. Are these new insurance options good things?
There are so many things you could do with an extra $1,000 a year. You could create an emergency fund for unexpected expense, such as a health emergency or car repair. You could put a big dent in your credit card debt. You could make some extra car payments and shorten the length of your loan. Or you could put it into your child's college fund to grow over time.
There are so many things you could do with an extra $1,000 a year. You could create an emergency fund for unexpected expense, such as a health emergency or car repair. You could put a big dent in your credit card debt. You could make some extra car payments and shorten the length of your loan. Or you could put it into your child's college fund to grow over time.
Home ownership shouldn't define the American Dream and many people are beginning to realize that renting is often a better choice for achieving financial freedom.
