Congratulations on beginning your career! Although you may now be making more money than ever before, you have probably realized it is not nearly enough to do all the things you thought you could. So even though you are just beginning your “earning years,” there are several steps you can take that will put you on the fast-track to financial independence:
- Live within your means. There is no greater principle to help you build and achieve wealth. If you over-spend, you will never get ahead.
- Aggressively pay off debt. You may have student loans or credit card debt that has built up. Using our financial calculators, create a plan to pay off your debts as rapidly as possible. Paying down debt will save you interest charges and will help you build a good credit record.
- Begin saving for retirement. If your employer sponsors a retirement plan, this is a “no-brainer.” By contributing even a small amount, combined with your employer’s matching funds, you will have an instant return on your money. And even if your employer doesn’t offer a plan, you can set up an IRA and begin a program of your own.
- Sharpen your skills. Almost any profession requires continuing education. Your chances for advancement will increase if you push to acquire more knowledge, go the extra mile, and look for opportunities to prove your worth.
Financial planning is an evolving plan that changes as you grow in your career path and move on in your life stages, it is a plan that needs to be reviewed as the circumstances changes for example getting married, buying a house and raising a family.
As your life goals and financial status changes you will need to review your financial plans to see if you will achieve your financial goals within the given time line. Give Johnson Financial Advisors a call and we would love to help you 602-242-4000.