{"id":7243,"date":"2013-12-11T12:33:06","date_gmt":"2013-12-11T20:33:06","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=7243"},"modified":"2016-12-21T07:28:16","modified_gmt":"2016-12-21T15:28:16","slug":"financial-planning-20s","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/financial-planning-20s\/","title":{"rendered":"Financial Planning In Your 20s"},"content":{"rendered":"

Does a 20-year-old need a financial planner? Most people don’t even consider the ramifications of retirement (potential) and old age (certain) until well in their 40s or later.<\/p>\n

The short answer is: Not a financial planner \u2014 yet \u2014 but definitely a\u00a0financial plan<\/a>.<\/p>\n

\"financial<\/a><\/p>\n

That’s because planning is important at any time in one’s life, and especially important when it comes to\u00a0retirement saving<\/a>. As the saying goes, you can plan to fail by failing to plan.<\/p>\n

Which financial planning ideas matter most to young people? Here’s a quick breakdown.<\/p>\n

1. Save more, sooner<\/strong><\/p>\n

The way real wealth is built in the world is with discipline and effort. Yes, you might managed to get stock options in a hot startup company or inherit a load of money unexpectedly or enjoy some other windfall. But jut saving more gives you the ultimate in\u00a0investing\u00a0power:\u00a0Steady compounding<\/a>\u00a0over long periods of time.<\/p>\n

2. Develop a long-term goal<\/strong><\/p>\n

Retire at 40? Totally possible.\u00a0Save $1 million dollars<\/a>? Piece of cake. You can do anything so long as you set a serious goal and find a plan that gets you there. Periodic, automated saving into a retirement IRA is a good way to start.<\/p>\n

3. Learn more about\u00a0investing<\/strong><\/p>\n

The greatest investment you will ever make is buying yourself education. That can be college degree or professional schooling, but it also can take the form of reading and learning on your own. Start with\u00a0The Elements of\u00a0Investing<\/a><\/em>, and let your public library’s personal finance section become your second home.<\/p>\n

4. Consider the real risks you face<\/strong><\/p>\n

In time, you will hear a lot about insurance, particularly when you start a family. But where are you running real risks today?\u00a0One place is very likely your automobile coverage. Answer this question: If you hit a $90,000 sports car and injured the driver, how much financial trouble would you be in? A sobering thought.<\/p>\n

5. Worry less, enjoy more<\/strong><\/p>\n

Once you settle No. 4 on this list, remember, you’re young! You have time for false starts and poorly considered plans. Don’t let a small mistake be the reason you give up on\u00a0investing. If you step back from risk and\u00a0stay out of the markets<\/a>\u00a0for a decade, you blow a chance to double your money with relatively little effort.<\/p>\n

Investing\u00a0is not rocket science, no matter how esoteric it might seem. It really is just setting aside money and prudently putting it at risk over long periods of time. In your 20s, the only big mistake you can make in that game is to not play at all.<\/p>\n","protected":false},"excerpt":{"rendered":"

Does a 20-year-old need a financial planner? Most people don’t even consider the ramifications of retirement (potential) and old age (certain) until well in their 40s or later. The short … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":7245,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[42,43],"yoast_head":"\nFinancial Planning In Your 20s | MarketRiders<\/title>\n<meta name=\"description\" content=\"Does a 20-year-old need a financial planner? 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