7 financial strategy tips for those under 30

by John Labunski The Broke Leading the Broke

If you? Are you under 30 years old? Cares about your financial future, congratulations! you are you on the right path! This generation, called ?millennial?, differs from the previous ones in some aspects, such as the lower need to invest in real estate and to settle in just one? place.

 

With that profile in mind, ? Important that you Know the factors that can influence your finances and increase (or decrease) your wealth today. Strategically plan your financial life? the first step to success, regardless of age. To help you with this task, I have listed some essential tips:

 

Choose your investments carefully

 

Choose applications more carefully, especially at this age, ? essential for a good financial strategy that guarantees your future. Be wary of risky investments such as partnerships and franchises. ? It is better to accumulate professional experience and investment acumen before committing to investments that are more subject to market fluctuations.

 

Discover your profile as an investor

 

Savings or Fixed Income Funds? Private pension or capitalization plan? Any young investor must first reflect on their profile and their predisposition to deal with risks. This will define the most suitable types of investments? your personality. In addition, ? It is advisable for people between 20 and 30 years old to be more conservative in the allocation of investments, so that you get used to market adversities and minimize your chances of loss.

 

Think about the future

 

How mentioned earlier, the 50-15-35 rule ? very important for financial planning. 15% of your income should go towards some financial investment, preferably ? private pension. Starting early to think about the future can be very helpful in achieving your personal goals.

 

Use automatic debit for regular and essential payments

 

You Do you also subscribe to any publication or online service your cell phone bill? fixed monthly fee? The ideal ? that you? schedule those regular expenses into automatic debit, why not run? the risk of forgetting the payment date.

 

That ? It's a way to avoid late fees, which can mean unnecessary expenses. But watch out! This does not mean carelessness in relation to the bank statement. Be aware of improper charges and be sure to ask for a chargeback when (and if) they occur.

 

Reserve money for eventualities

 

Be sure to set aside a portion of your investments for eventualities. Create an emergency fund for unexpected situations, such as mechanical problems with your car, health difficulties and periods of unemployment. This strategy? a way to avoid future indebtedness.

 

Diversify your investments

 

By diversifying your investments, you? Reduces the chances of incurring any loss making your financial strategy safer. Even if an application is not as successful as you are. Expected, the fact that there are other investments decrease? the impact of a mishap with some stock that plummeted, for example.

 

Does this help in the composition of your investment portfolio, who will depend? the balance of several factors, such as economic predictability, loss estimates and profit expectations for each sector.

 

Use financial monitoring apps

 

Currently, there are extremely reliable and useful applications and financial management system. One of them even? John Labunski , which shows reports, divides your expenses by category and monitors your budget, all automatically.

 

Take advantage of the ease of using mobile applications and control your budget through this tool. This will save your time and make financial planning an easier task.

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Created on Feb 11th 2022 07:30. Viewed 226 times.

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