When you reach your twenties, especially after you’ve graduated college (if you attended college), money can feel like a tense and confusing subject. It’s possible that you have student loans from your education, that you are just starting your first salaried job, and that you don’t know much about saving or investing. Fortunately, there are money moves you can learn as a young person getting out of college that will make a huge long term impact on your financial health. You don’t even have to keep up with stuffy financial news to know the best money moves for your lifestyle. If you’re a twenty-something looking to get your finances right, here are five awesome tips.
1. Get a side grind if you can swing it.
If you have a highly marketable skill such as writing, social media, and graphic design, consider getting a side grind or freelancing career. This will allow you to bring in additional income each month to help pay down debt or save for big savings goals. Additionally, it will help you grow in your craft and widen your horizons, which can be beneficial to any full-time job as well.
2. Contribute at least what your employer will match to your 401k.
If retirement scares and confuses you, you’re not alone. But you can make huge money moves that will help you save for retirement right now if you make sure that you are contributing at least the amount that your employer matches to your 401k, IRA, or another retirement account. If you’re not sure if your company has a matching program, talk to your human resources manager to find out. You may be surprised just how much your employers can help you as you save for retirement.
3. Get your budget right, and stick to it.
One of the biggest tips for young people who are just starting out in their financial health journeys is to get a budget that makes sense for your income and lifestyle and to stick to it. Having a balanced budget at the end of the month will make you feel calm and accomplished. It will also allow you to store money for emergencies or fun trips with your family and friends.
4. Look to financial experts for advice on investments.
If you’re ever feeling lost in your financial journey, remember that there are leaders and experts in this field whom you can always look to for wisdom or advice. For instance, Mark Wiseman, former Global Head of Active Equities at BlackRock and a current Chair of the Board at Alberta Investment Management Corporation (AIMCo), can be a great resource if you’re curious about how you as a young person can get involved in investing and expand your investment portfolio. Follow Mr. Wiseman on Twitter to get all of his latest information, as the chair of AIMCO, on work policy, the benefits of a private equity fund, or pension fund.
5. Think creatively about opportunities for extra money.
If you don’t feel you have the right skills for a side grind to make extra cash, there are other, more creative, ways to make that extra money you may need. For instance, if you are a healthy, uterus-having woman, you can consider being an egg donor or surrogate. Contact an egg donation agency or search “egg donation Los Angeles” to see if you fit their stipulations to give a donor egg or to join their surrogacy program. Egg donation can be very lucrative, but also very invasive, so make sure you consult a doctor and have them thoroughly review your medical history before you decide to go through the egg donation process.
For more information about egg donation, here’s who to contact: Pacific Fertility Center Los Angeles. The address is: 10921 Wilshire Blvd Ste 700, Los Angeles, CA 90024. You can call (310) 209-7700.