Financial independence, the key to the good life we all work towards. So how to make it there by 40 when you start out with your first job at 20?
Well in 20 years of work one would hope to be ahead in life and have plenty of independence to make those choices that we saw our parents, uncles-aunts, neighbours or others not able to make in late 50’s. Well the path is not easy but it all starts with some good habits.
First habit- Save 25% of your weekly savings and put is away!
Easy said than done, but there are ways to do so if you feel you are not able to we have ways to ensure that can be done. Even at minimum wages you can save up to $20,000 in 3 years. Higher income earners can do more without a doubt.
Second Habit – Do not borrow in the first 10 years
Till you can build a considerable saving, based on the above example in by age 30 you should be able to save at least $100,000 if not more, assuming you will remain at minimum wages and never get ahead in life.
Third Habit – Listen to Advice
Making yourself accountable is difficult but once we are looking after your finances and guide you towards these habits we will be able to guide you away from all those decisions that will put you behind. Whats more we make sure that when things go wrong you are not going behind or in need of dipping into your savings.