Connect with us

Hi, what are you looking for?

Money Management

In Your Twenties And Want To Know About What Your Finances Are Telling You?


 
People who are now in their twenties, starting in their career and concerned about where should they be financially. But really, in your twenties there is no need to stress. You should be worried more about building your foundation. What do we mean by this? Well, you should start with a savings account. You don’t want to have to rely on your credit card, right?

  • Rule of thumb: Save 10% of yearly income and put it in a regular savings account where you have very easy access to that money.
  • Rule of thumb: Then build an emergency fund. These are for the bigger things that could go wrong.

With all this being said, the nice thing about building a savings and emergency fund is that eventually it can be put into a ROTH IRA where this money can be accessed at any given time. The suggestion here is that the emergency fund be twice what the savings account is employed that 10% is good. If they are in business of themselves then they might want to double that amount both in the savings and emergency.

If they’re someone who is at risk of loosing their job then they may even want to consider upping it to around 40% or higher in case of an emergency. These are all some great things to be thinking about for people in there twenties! Remember it’s never too early to start thinking about your personal financing.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

As Russia’s invasion of Ukraine continues, many global businesses have pulled their dealings out of Russian territories due to a mix of sanctions and...

News

In the last few weeks, fears have begun to surface of another potential recession striking the United States economy. Economists have been working to...

News

It’s no secret that the highs of the COVID-19 pandemic cost movie theater chain AMC an unprecedented amount of money. As people isolated at...