5 Essential Financial Goals To Achieve Before 30 #Finance

these are the five financial goals you need to achieve in your 20s to set you up for your future first build your life blueprint something that took me years to learn is there’s no point in building your wealth if you don’t build your life when I turned 21 I had no idea what I

wanted for my future the only two things I actually knew were one I hated my job and two saving money was good so that’s pretty much all I did I turned out friend Hangouts bailed on travel plans and avoided doing anything that cost money and instead I just went home to watch TV just to save a

little bit more money all the while daydreaming about saving enough to retire and live but then one day I got into a pretty bad accident on the highway with multiple cars and I realized just how miserable I had become I was making and saving money for the sake of retiring without knowing what the

heck I was going to retire to and I realized saving 50,000$ 100,000 or a million dollars means absolutely nothing if you aren’t happy and doing stuff you love or being with the people that you love but it was building my life blueprint that changed everything it became a guide for nearly all

my financial decisions and here’s how you can build yours get a piece of paper and answer this honestly without thinking about money or accessibility what are the things you enjoy in your life do you prefer the flexibility of renting or the stability of owning a house do you want a fancy car

or just something that works what challenges do you enjoy taking on your initial responses aren’t going to be your final blueprint inov ating I became a lot more aware of what I bought because it turned into a fun game where I had to try to level up and save more every month it gave me a

clear idea on where most of my money was going and what things I could cut back on that aren’t important to me but my biggest takeaway is I realized I was spending way more than I thought about $2,700 more before the Savings tracker I was mentally Accounting

for what I had left over after bills food and clothes but I was ignoring all the expens from my side hustles I always Justified these expenses as a just a one-time thing but thanks to the Savings tracker I could see that I made this excuse often you can use any app or tracker to do

this or you can download my free Savings School tracker that I use with the link below immediately after hitting my Savings goal I put my two weeks in and I solo backpack southeast Asia for 6 months sure this knocked my Savings number down a bit

but the memories and the experiences I built were Priceless like I would have never imagined riding camels in India hiking in the Himalayas or even getting bitten by a shay dog in Myanmar so find your halfway point between saving and spending your money as you move towards your life blueprint but

how much money should you save the rule of thumb is the 503020 rule basically 50% of your take-home pay goes towards your needs like housing food and utilities 30% for your wants vacations entertainment and Mr Magic lamps and 20% to your Savings so if you earn about $6,000 a month

3,000 would go to towards your needs 1,800 into your wants and 1,200 would go towards your Savings for future Investments if you can save more that’s fantastic but the beauty of the 50320 rule is it gives you flexibility and encourages you to look for cheaper

alternatives premium Netflix or regular organic Freer range guacamole or regular Whole Foods or little but keep in mind the 503020 rule isn’t a one-size fitall solution you need to understand your own personal financial situation and readjust the ratio accordingly personal

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance is personal for a reason the next Milestone I call maximize your limit what’s Wild is my cousin didn’t listen to me on this and he lost out on $113,000 but the best part is

after you do it once it becomes second nature this is kind of a sad story but one of my cousins parents are really bad with their Finances and despite me trying to help them

they never listen so one day and I I didn’t know this happened until after the fact so don’t blame me when my cousin started using Credit cards he never learned he had to pay them back in full every month he occasionally paid the minimum or just Flatout Mis payments

which ruined his Credit score and he didn’t think twice about it until 2020 when he was trying to buy a house and although Interest Rates were at an all-time low at 3% he couldn’t get anything close to that rate and don’t underestimate how much a

few percentage points can save you on a $350,000 30-year mortgage the difference in total interest you’ll pay at a 4% versus a 5.5% % interest rate is over $113,000 but a bad Credit score impacts more than just your mortgage renting an apartment will be harder getting a car

will be more expensive and sometimes even getting a job could be more challenging Credit scores range from below 300 to over 850 but I only recommend you get your Credit score above a 759 when it comes to personal

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance I’m all about efficiency and you only need above a 759 to get the most favorable rates and benefits which is why I believe obsessing over a score above 800 is largely a waste of time I recommend you check

your Credit report at least once a year to see where you stand the official site is annualCreditreport.com where it’s free and it won’t hurt your Credit score to check the easiest way to build your Credit score is by

using your Credit cards responsibly you should only buy things with your Credit card if you have the money right now to pay it off also keep your Credit card utilization ratio below 30% meaning if your Credit card lets you borrow

up to $10,000 always keep your Credit card balance under 3,000 but I get it sometimes it’s hard to build your Credit with Credit cards cuz a lot of them only approve you based on your Credit score so if you virtually have no

Credit or have poor Credit from mistakes you made in the past it can be hard to be approved for one but I found a company called Empower that can help you if you find yourself in a situation like this Empower is a money management app making financial help

accessible to everyone they recently launched their newest feature called Empower Thrive giving you access to a $200 to $400 Credit limit liit that you can grow up to $11,000 over time with your ontime payments and the best part is all Credit scores are welcome and

power doesn’t judge solely off your Credit score instead they look into your connected bank accounts on their app to look at your realtime Cash Flow like your Income expenses bills Etc to understand how responsible you are today plus Empower

Thrive offers you flexible payment PL so you can pick a plan that works for you and matches your lifestyle giving you your best shot at paying it back on time so you have a chance at building your positive Credit history one of these plans lets you schedule your payment to be paid

in full automatically on your next paycheck to receive 0% APR and if you keep on making ontime payments and power will regularly increase your Credit limit to get you up to $11,000 and once you are approved for your Credit limit you have instant access and can

deposit it right into your bank account to use so if you’re someone who wants another way to build your Credit history or know someone else who needs to leave a comment below and check out Empower Thrive with the link in my description thanks to empower for sponsoring this

CashNews.co next adopt the chess and rice strategy which contributed the most to my financial success Bar None and it goes like this thousands of years ago there was an emperor who learned about the game of chess and he was so impressed by it that he offered the game’s inventor one wish

anything he wanted the inventor humbly said that he just wanted rice one grain of rice on the first square of the chess board then two grains of rice on the second four on the third and so on doubling each time all the way through to the 64th black and white square the emperor smirked and quickly

agreed thinking this was such a silly and simple request but this single promise led to the collapse of his entire Empire by the 30th Square alone the emperor’s Debt compounded to over a billion grains of rice by the time he reached the 64th Square the emperor owed over 18

quintilian with a cue grains of rice bankrupting the entire Kingdom and that’s exactly what you need to do with your Finances stting investing your money and let it

compound for decades if you invest $10,000 in year one and get an average of 10% return on it with thep 500 you’d earn an additional $1,000 in year two you earned $1,100 in year three $1,210 just like chess and rice over time you earn interest on the money you originally saved plus the

interest you received for that original amount in just 3 years you’ve earned an additional $ 3,3 $10 without lifting a finger if we graph this over the next few decades we get an exponential growth curve which is why Albert Einstein said compound interest is the eighth wonder of the world but

what’s an even better feeling than seeing your money grow when you’re not working are the options you have when you’re older you can start a new career spend more time with your family or even retire early personally I primarily do a passive fund investment strategy this is the

easiest way to get into the stock Stock Market and you can just set it and forget it I invest in passively manag index funds like FX or vo which tracks the performance of the S&P 500 basically the 500 largest companies in the US you can use any Broker to do

this I’ve been using Mumu for the past 2 years it’s free fast and easy to use sign up with the link below and it’s a great way to support the channel for free next start proofing yourself not proving yourself like many of you when I worked in Corporate America I wanted to prove

myself to my boss and my co-workers I was caught in this idea of constantly seeking validation from them and gunning for a promotion in retrospect it was all pretty toxic we’d all brag about how many hours we worked or how we were working so hard that we had to skip lunch we’d kill

ourselves just to reach a deadline and for what the truth is the company doesn’t care about you you are just a cog in the machine if you disappear tomorrow the company would just replace you with another Cog as if you’ve never existed so instead of of proving myself to others I learned

to start proofing myself I stopped seeking validation and instead focused on self- validation I started upskilling and learning new things to the point that I became both indispensable and self-sustainable and at that stage I no longer felt confined by my job because I knew without a doubt I could

easily find a better job or use those skills to start my own business Steve Martin once said be so good they can’t ignore you once you’re at that point you’ll be more confident and ask asking for what you deserve in my case I constantly push for pay raises and promotions because I

knew what I was worth and any extra Income I got I just funneled into my chess and rice strategy so I could reach my financial goals faster which leads me to something you’ve got to start accepting and it’s that even if you’re doing everything you can with your

money you might feel like you could be doing even more and that might be because you don’t know the five high Income skills you need to make the most amount of money in the least amount of time click here to discover the best high Income skills you need