8 Financial Goals You HAVE To Achieve In Your 20s (Money Saving Ideas!)

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Hi Everyone, welcome to The I-Khanic Show and thanks for watching my YouTube video. Today I want to go over the 8 Financial Goals To Achieve In Your 20s because I believe this will help people who want to learn investing for beginners. I believe this will help those who want to know how to become a millionaire.

8. Develop a High Income Skill - I believe everyone should develop a high income skill in their 20s. This can be a Bachelors degree, an Associates degree, licenses, certifications, etc. If you go the college route, just make sure it's a skill that can make you money!

7. Start a Retirement Account - If you have a job that offers a 401k in their benefits package then make sure you leverage it! Your job will match your what ever you deposit up to a certain amount, so it's essentially free money! Also, the power of compound growth is on your side as someone who's young! In fact, if you save $100 a week for 40 years at 7% compound growth, you'd be a millionaire! If your company doesn't offer a 401k, then consider opening an IRA.

6. Create a Budget - In your 20s, I believe you should be able to control your spending behavior and know where your money is going. Create a budget and follow it! Use mint.com, it's great and easy to use!

5. Build Your Credit - I believe everyone in their 20s should build their credit. Building your credit is extremely helpful because it opens up many opportunities. You can be approved for credit cards that have many benefits such as interest free credit or even points that will pay for your travel!

4. Stay Away From Debt - This is extremely important in your 20s. Stay away from debt that you'll carry with you for years or potentially decades. It will be much easier to save if you don't have debt on yourself.

3. Save - You should try to save as much as your income as possible in your 20s. Many recommend 20%, however I'd recommend that you save 50% or even more if possible (live with your parents!). I believe this can really set you up to get decades ahead of everyone else. It will open up many opportunities for you because you'd have capital available to invest if needed. Don't fall into instant gratification like many others in their 20s.