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Youre probably starting out in yourcareer, exploring your independence and trying new things.
Iflong-term financial securityis a goal of yours and why wouldnt it be?
you should lay the groundwork in your 20s.
Try implementing these strategies toget a head start on establishing financial security.
I think I was a little wound up.
Nobodys as wound up as me.
Its easy to stress about not achieving enough financially.
If you feel that way in your 20s or at any other time, youre not alone.
Up to 80% of Americans stress about money.
People may feel stressed and disappointed if they dont achieve those milestones quickly.
Maybe youre trying to project an image of success thats not sustainable.
Maybe your current career doesnt fit with your long-term financial goals.
Financial therapists work with clients to unpack their financial habits and understand what drives them.
Dismantlingbad financial habitsand establishing good ones will pay dividends as you get older.
Youve got a paycheck rolling in, so why not buy the things you want?
As Kamel explains, theres often a long-term price to pay for that youthful overspending.
I had to spend two years undoing all of the mistakes that I accumulated.
Think carefully about any significant purchases you make in your 20s.
Try waiting at least 24 hours before buying something to decide whether you really want it.
Avoid Credit Card Debt
Credit card companiesmake appealing introductory offers to college students and other young people.
Kamel says he had that exact experience in college.
Youre like, Well, those are the fun things in life.
Yes, Ill spend on that.'
If you use credit cards, take a stab at pay your balance in full every month.
That way, you wont have acredit card debt balancecharging high interest rates that average around 22.8% annually.
Kamel says, Nobody cares as much as you think they do.
Theyre too busy focusing on themselves to be thinking about you.
Dont compare your career, purchases or financial milestones to other people.
With social media, avoiding comparison is more difficult than ever, but it will pay off.
Youll feel more secure and satisfied with your financial progress that way.
Youre not actually saving money with this strategy, though.
However, you still have a lot of power to shape your financial future.
Dont obsess over the factors you cant control.
Instead, focus on what it’s possible for you to do to achieve the financial life you want.
Think about your goals and the steps that would get you closer to reaching them.
I realized that a budget really gives you freedom.
Even if you dont learn to love budgeting like Cruze, its still an essential skill for financial security.
These days, you dont need to break outphysical spreadsheets and calculatorsto create a budget.
Creating a budget isnt enough, though you also need to hold yourself accountable to stick to it.
Sacrifice Now for Financial Success Later
Taking control of your finances usually requires some sacrifice.
The process may not be fun, so people put it off.
Eventually, later catches up with you.
Kamel argues that you should make the sacrifice now to make progress toward those goals.
Looking back, youll be grateful you took that first step when you did.
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