During this period you will be making some of your most important life decisions.
What career path to follow, whether to change jobs or wait for a promotion, when to start a family, should you buy that car, buy a home or keep renting, should you get married, how to get the money for that trip to Thailand.
It’s difficult having so many decisions to make when you are trying to get established. You’re trying to balance your career, home and social life and you’re doing so from what feels like a crappy starting place. You’re near the start (or bottom) of your career and you feel like you don’t have a lot in your favour right now.
Lucky for you, you’re probably wrong about that!
In the early years you have less set expenses. Most people’s default position is to spend whatever they earn and when you’re starting to work, or a few years into working you’re not earning all that much compared to what you later will as you advance in your career. Even if your starting point is weak, you have time to improve and a few changes can make a big difference.
Developing a few habits now can flip your reality in a short space of time, and put you on the path for wealth later. Aligning spending with values, lowering expenses, saving, learning to invest, working to get promotions and pay increases. Actively working on this can be life changing.
Although possible at any stage, learning about this now gives you a distinct advantage. Any improvement you make is with you for life. You are still malleable. Change gets more difficult as you age and you haven’t built the financial baggage of set expenses people pick up over time.
As you develop your money muscle your improvements compound. When you’ve lowered your expenses and increased your income, you realise you’ll reach your goals faster than planned. Setting bigger goals becomes the issue.
A few months of a small difference in behaviour, you have built decent savings and options unimaginable before. You can afford a nice holiday, have a small emergency fund so don’t need to borrow money for an unplanned expense, and can afford to not work for a while.
You have built a solid financial base to work from.
Just like trying to get in shape for the first time, learning about personal finance and money management starts slow, but the achievements accumulate on top of each other and the more you do, the easier it gets.
At Money Boot Camp we will show you how to build up your money muscles from zero to hero, while still in the formative years of your life. Making changes such as lowering your debt, getting a raise, choosing financial products, getting the right insurance, setting up a pension, investing, and all the other money moves you need to do can be tricky without the knowledge needed or having someone to guide you. You need to learn this stuff now while it can have the most benefit for you.
Financial literacy leads to reduced stress, better decision making and the ability to plan to meet your personal goals.
Money Boot Camp Ltd.
Call: 00353 (0)871225761