Financial Planning For Young Adults – NEW YORK — (BUSINESS WIRE) — Retirement may seem like light years to many young people, but early planning and financial management is the key to achieving financial freedom in the future. To help young people manage their financial lives, MetLife has added a new seminar to its PlanSmart® Workplace Financial Education series, “Money Smart in 20s-30s.” This seminar offers 10 relevant and simple financial tips for young people who understand the importance of active financial planning.
The PlanSmart Financial Education series, launched in 2008, offers a selection of relevant seminars for employees of all ages and career paths. This series caters to employees’ interest in supporting financial education and workplace planning and covers a variety of topics such as credit management, college admissions planning, wealth and retirement planning. 10+ years in a career.
Financial Planning For Young Adults
MetLife Vice President Jeff Tulloch said, “The workshops offered by PlanSmart help people of all ages better navigate their financial goals.”
Money Tips For Young Adults Who Want To Retire Early
1. Check your paycheck: It’s important to know exactly how much you earn each month after taxes and deductions so you can plan accordingly.
2. Create a budget. Now that you know your monthly income, create a budget to manage your finances. This includes being honest about your “needs” and “wants” and living within your means.
3. Know the 28/36 Rule: Allocate about 28% of your monthly budget to housing (rent, mortgage) and keep your total debt costs (student loans, credit card payments, etc.) within 36% of your monthly income.
4. Save at least $50 a week because “something” happens: The unexpected happens in your 20s, so try to save at least $50 a week. Keep this money in a reserve account.
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5. Become a millionaire by age 65: Start saving and investing as early as possible. When you are young, time is on your side, and thanks to the power of compound interest, even the smallest movements of money make a profit.
6. Sign up for your employer’s 401(K) or 403(b) plan to get a match: if it’s possible to invest in a 401(k) or 403(b) plan through your employer’s RUN, leave. no, register. Even a small amount of money invested in 20 years can grow into a significant amount.
7. Start a Roth IRA and donate: A Roth IRA is a great savings tool for many young people who can save more. Opening this type of account has many benefits, including access to money before retirement without penalty.
8. Get insurance. Life or disability insurance may not be your top priority, but consider protecting yourself against the unexpected. The general rule of thumb is to set aside 10 times your wages for life insurance and 65-85% of your net wages for long-term disability insurance.
Brutal Truths Young Adults Should Know About Financial Planning
9. Aim for a 760+: This is the credit score you need to get the best interest rates on your new home or car. Paying your bills and paying off your debts on time will help you maintain a good credit score.
10. Set a clear savings goal. Always remember your savings goal, even if it’s small. Decide how much money you need to reach each goal, whether short term (vacation) or long term (retirement or new home), and create a savings schedule to help you reach your goals.
Join the youth personal finance conversation at #PlanSmart. For the latest news and information, follow MetLife on Twitter and like MetLife on Facebook. Visit the MetLife website at www.metlife.com.
Metlife Inc. is the world’s leading provider of insurance, annuity and employee benefits programs serving 90 million customers. Through its subsidiaries and affiliates, MetLife is the market leader in the US, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Speaking To Young Adults About Financial Planning
Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities offered by MetLife Securities, Inc. (MSI) (FINRA/SIPC Member), 1095 Avenue of the Americas, New York, NY 10036. MLIC and MSI are MetLife. company.
MetLife has added a new workshop to its PlanSmart® Workplace Financial Education series: Smart Money in Your 20s and 30s. Don’t know where to start? Check out these 8 budgeting tips.
If you think financial planning can be a hassle and an afterthought, you are not alone. Many young people are too preoccupied with the current economic situation and routine to think about long-term finances. In addition, there is always a misconception that you can only start increasing your fortune after you win your first pot of gold.
But as you might think, the best time to start planning your financial goals is when you are still young and have enough time to build up your savings.
Financial Planning For Young Adults
To help you get started with your financial planning, here are eight easy-to-apply budgeting tips.
Setting financial goals is the first important step. Writing down your goals will help you set a goal line to aim for and determine what you need to do to reach it.
You can also pin it to a bulletin board, save it to your phone, or post it on social media to save your goals. For example, Facebook and Instagram share what they posted a year ago on those platforms, so these “memory” posts can be a good reminder. Or set it as a calendar alert so you can see your plans.
If you start saving at an early age, you will have a longer path to reaching your financial goals, giving you more time to capitalize on the power of compound interest.
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You can use a formula known as a power of 72 (72 / interest rate = number of years to double) to find the number of years it will take to double your savings at a given interest rate.
We all know that we need to budget smartly, but many Singaporeans may not know where to start. One simple rule of thumb is to divide your income into three large chunks to meet your spending and savings needs. Here’s how to organize three baskets:
To simplify budgeting, take advantage of the many financial apps that allow you to track your monthly cash flow accurately and conveniently.
We recommend opening separate accounts so you don’t spend money on long-term savings. One for regular expenses and one for savings.
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Arrange automatic transfer of savings to your special account on the day you receive your salary. This can be done by contacting your bank for current instructions, which saves you from having to send money yourself each month.
You can also set up a GIRO agreement to replenish your Special Account (SA) periodically to create a pension fund. Did you know that just $100 a month in South Africa can increase your retirement savings by more than $24,000 over 15 years?
* Calculated using base interest rate of 4% per annum. On a special account (SA). Other conditions and restrictions.
*Includes 1% additional interest paid on the first $60,000 of the total balance up to $20,000 from an Ordinary Account (OA).
Coping With Financial Stress
To cut your costs, always look for ways to save money. Find the cheapest place to buy groceries, or use a credit card to get food discounts.
The kind folks at the Consumers Association of Singapore (CASE) have made it easy to find great deals with the Price Kaki mobile app. This app helps provide up-to-date information on promotions for household items, groceries and food vendors.
Controlling expenses is important for budgeting, but some experts suggest focusing more on income. In the end, the savings are limited, but in the long run, they can increase your income significantly.
To increase their income, more and more young Singaporeans are supplementing their main income with part-time jobs and concerts. If you have skills in areas such as photography, graphic design, digital marketing, tutoring, or even online sales, now is the time to use them and monetize them as effectively as possible.
Financial Planning For Young Adults
Too much debt is the main obstacle to increasing your savings. To get started, you should make sure that you make at least the minimum monthly payment on all outstanding debts to avoid late fees and additional interest.
You must also list your debts from the highest interest rate to the lowest interest rate.
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