For the Young and Ambitious

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As a new Mom entering my 30’s there are some things I already have practice at…budgeting is one of them! Having to deny credit card offers, lease a car, purchase life insurance, shop for medical coverage, and research additional income strategies allowed me to look at my funds differently – more like an asset and investment than spending it on stuff I need and want constantly. On the other hand, if I had to walk into motherhood at the same time I was entering college, I would have probably been a wreck! At that time, I had very little money to manage and was not used to the responsibility of paying bills, balancing a check book (do people even have to still do that?), and shop around for savings.

Your teen years are good for exploring interests and starting your paths toward adulthood. You are still seeking guidance from the adults in your world and should listen in on their experience. The wisdom of elders in our community is a must for success, by the way. You want to remain humble and coach-able throughout your path toward success. One of the ways to remain coach-able is to walk out of your teens with some sense of direction…you’re not expected to know everything!

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It is in your 20’s that you are a full on adult. No one expects you to still be living at home with your parents nor purchasing your dream home – you’re smack dab in the middle of your career and family life. It is also during these years that experts say its best to start developing the habit of investing and saving. The importance and habit of investing and saving are essential to a profitable portfolio. All of the comparisons I see are based on the age of the employee saving, usually a 20 something versus a 30-40 something year old individual. Risk is also so much scarier when you wait too late to save. This is why it is so important to start as early in your career as possible – you are more adventurous when you aren’t so close to retirement.

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During your 20’s however, you are not truly immersed in preparing for your future – you are still figuring out your career, possibly finishing up your education, and looking forward to building your family. Now add to the list your knowledge of investing and saving. Even if it is the smallest contribution, remember your pennies can grow! There is no need to worry about retirement, necessarily, but you need to research your options. It also helps to find out what benefits you want in a position you are looking for. If the job pays well but has no 401k or medical, it might not be worth the pursuit. Can your company support your ambitions in education and professional growth? If not, you might nee a Plan B. Are you looking into starting your own business? The research should begin as soon as possible – there is no time like the present! A practical and valuable resource for investing can be found here.


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