Hey Guys! I hope you all are doing Good. In today’s article, we will talk about Financial independence and How you can become financially free in your 20s!
Before talking about Financial Independence and how to grow yourself financially I want to direct your attention towards another very important topic.
These are the things that you guys in your 20s that keep you Poor… I am 100% sure that most of the people in their 20s are making a lot of mistakes that are keeping them poor and broke. These are the mistakes, which if you do not eradicate from your life, can end up destroying your life forever.
Financial Mistakes: 12 Devastating things Guys do in their 20s that keep them Broke!
Ok now, let’s talk about the topic of the day now. Shall we?
Hmm.. tips to be financially free in your 20s, Hah? That’s what you are looking for. Right? Maybe you are here to learn how to make a good amount of money in your 20s. Chances are that you want to become financially stable and that’s the reason you are here, reading this article.
You will be served what you are here for! The answers to most of your finance-related questions will be provided in this article. I am afraid I won’t be able to list down methods to make money in your 20s but for sure you will learn more than enough to become financially free in the least amount of time!
Simple Steps to be financially Free in your 20s/Become financially independent in your 20s
- Understand where you are at.
- Get a Job.
- List down your skills (search for more as well).
- But How much money do you have?
- Don’t give up though.
- Do not look at someone else’s business.
- Cut down on your expenses.
- All the eggs in one basket? No!
- Understand where you are at (once again).
- Treat yourself well.
- “Shortcuts” are a myth.
- Change your company.
- Master the art of productivity.
- Pay off your debt.
- Quit – start something else.
- Short breaks are very important!
And that’s it. These are the 16 golden yet very simple steps that you need to master and implement in your life if you really want to see the victory trophy in your 20s.
So without any further ado, let’s hop straight into each one of these to discuss them in detail. Shall we?
1: Understand where you are at
So the first step is obviously self-realisation.
Hmm.. Hey! Where are you standing at the moment? Who are you in terms of financial stability?
- Are you born rich? Do you have a lot of money in your pocket but you still want to be financially stable? (looking for ways to make money on your own).
- No! Your family’s past history does not count.
Trust me, I have seen a bunch of people who tell stories of their ancestors that how they were super-rich and how due to just one single problem, everything messed up.
NAH! I don’t want you to be that person. Gentlemen! Where you are at? Analyse yourself.
And the next step is to write down your future goal. Where do you want to end up? I want you to write down your end goal. Alright, so what is financial freedom according to you?
Is it being able to visit your favorite brand store and not thinking about the bill? Is it being able to afford all of your expenses while saving up a good amount every single month?
I don’t know what financial freedom/independence is for you, but let me tell you something, the first step is to write it down.
I want you to write down everything that comes to your mind when someone says, “Financially Free”… But make sure that you are not writing something super unrealistic.
2: Get a Job
The next step in the list of tips to be financially free/independent in your 20s is to get a job.
Gentlemen! You need to leave all your privileges behind and get your hands dirty in the market. No matter who you are, I want you to get a job.
After all “Financial Independence” starts from paying your own bills. No?
So yeah, start by paying your own bills. Nobody else is going to pay your bills if you won’t… This is the mentality that I want you to have, my friend.
Alright, do you think that “Job keeps a man poor”? Well, guess what? I don’t want to go on that side of the discussion at least in this article.
All you need to think at the moment is one thing… “Survival”!
- You want your plans to survive (we shall talk about that in detail in the upcoming points).
- You want yourself to survive as well.
And that’s the only reason why a champ like you is preparing to get his hands dirty. Yeah, there is nothing wrong with that!
3: List down your skills (search for more as well).
So the next step in the list of tips to become financially stable in your 20s is to write down your skills.
Hmm… What skills do you have that you think you call sell in return for money?
Chances are that you are a very good designer. Chances are that you are able to make great designs. Well, thats Skill Number #1.
What else can you think of? Hey! The other day I saw you managing the whole party. You were doing a great job with the management, assigning duties and all. Guess what? You should write down “Management Skills” in your list of skills as well.
And just like that, I want you to write down as many skills as you can think of. Gentlemen! These skills are going to be your primary motivational source and your tool to make tons of money.
In case you don’t have many skills in your arsenal, you still can make good money but for that, you will have to search for skills that people are already selling online to make decent returns.
And that’s it.
Why don’t you start a marketing agency of your own? All you need to do is to know how to create great designs, manage social media, and thats it. You can write all of that down in a document and forward it to newbies around you. The new brands have great ideas but are looking for attention. Your skills are definitely going to help them take their business to the next level!
4: But how much money do you have?
Starting a marketing agency is a great idea.. But how much do you have in your pocket?
Look, every business needs funds… No matter what it is. Chances are that you have all the skills that you need, but at the end of the day, you will have to pay for the design software and other related fees, Internet, electricity, and other minor expenses.
You might also have to visit the clients to take photographs of their products… Add, Petrol cost, and other related expenses in there as well.
So let’s take a step back and look into our pockets… How much money do you have right now?
Job is what’s going to come in handy here. You are doing a job. Right? I told you to do that in the primary steps to become financially free in your 20s.
Ok, so skipped that because you had enough money saved up. Fine.
This is the money that you are going to use now to fuel your startup. Maybe you want to become a freelancer. That’s fine too. The money that you have is going to support you till the point your freelance work’s income takes over and starts taking care of your expenses.
5: Don’t give up
It is super dooper easy to give up at this point. You are missing the comfort that you had before.
I know that you used to watch shows on Netflix the entire day and you are missing that life way too much. Plus your startup isn’t going well, Your freelancing career is stuck as well.
What would a normal human being do at this point? Quit.
YEAH, they quit because they can’t bear it anymore. But should you quit? I don’t think so. I believe that you need to give this more time… After all, all great things take time. You are surely going to end up somewhere but you got to wait for it.
6: Do not look at someone else’s business
Stop right there. What was your inspiration behind this startup?
Oh, come on! You lied to me. You said you started this because you had done all your research and you had all the skills needed to take this idea to the next level.
In reality, you were just looking at Ahmed. He started this business and now he is at the heights. But do you really know about this entire story?
The hardships? and most importantly do you know about this complete skillset? He had done a job already that was linked to the business that he is doing right now. He knows about every step that can lead to failure. The dude has experienced it.
And there are you, standing in front of me, completely clueless, hoping to take this business to the next level. But how?
Please do not pursue a business just because you saw somebody taking this business to the heights. Look at your skill set, start something related, and trust the process. That’s how you do it.
7: Cut down on your expenses
Let’s say you doing everything just right.. But wait, I can’t assume that. Why?
Because I saw your bank statement. My God! You have a job and a business that is developing but your expenses are way too much!
You are buying products that are overpriced. Clothing items can be bought later (on sale) but you choose to buy them right now. Why? That FOMO thing is still stuck in your mind, I guess.
No matter what the situation is, I want you to take a step back and cut down your expenses because thats the smartest move that a person would take at this moment.
Save up more, have maximum money in your hands because you don’t pass a great business upgrade opportunity just because you didn’t have enough cash in your hands.
8: All the eggs in one basket? No!
The number #1 reason why I recommended you to cut down on your expenses was to make sure that you had enough money… To put into your cute little startup. Right?
I know it is confusing but the thing is, You should never put all your eggs in one basket. Yeah, you are not supposed to put all of your savings into just one thing. For sure, the primary investment area is your startup but what about secondary?
You need to look for ways to safely invest this saved-up cash. I don’t know what it is that you are about to invest the money in, but make sure that it is legal, 100% safe, and once that’s taken care of, go for it.
The motive here is to build multiple income streams to release the stress off of your shoulders. What if your startup ends up not paying you anything? Exactly, that’s when the other income streams are going to stop you from dying off of poverty.
9: Understand where you are at (Once Again)
Look at yourself champ. You have come this far, and I am so proud of you!
But wait a minute. Let’s play the analysis game once again now. Shall we?
I told you to do the analyses in step #1, regarding where you are standing at the moment and where do you want to go in the end. And you did it pretty well.
I want you to do the same exact thing once again. But this time your goal should be to analyze your progress.
- How’s your startup going? Should you keep on working on it or it is a fair time to say goodbye and start something else?
- How many income streams have you built? What more do you need to become financially free? How was your experience with building income streams?
- What about the job though? Are your income streams powerful enough to support you if you choose to quit your job and dedicate your entire time to your startup only?
All these questions are what you need to ask yourself now. These will decide your future plans and will give you a better, more profitable direction.
10: Treat yourself well
Let’s take a break from success and talk about something that is equally (if not more) important.
After all, there is nothing that is more important than yourself and my friend you need to take care of yourself well during this hectic time of your life.
I know that your goal is to become financially free in your 20s. Time is tough, and limited as well. But my dear friend, I can’t see you suffering way too much.
Even though your mind and your body are getting consumed but you should start doing a bunch of things to start taking care of yourself as well.
- Do not forget to take care of your skin throughout this hectic process!
- The same goes for hair care as well.
- And the diet. You need to make sure that you are eating good food throughout the entire time.
- Take yourself shopping and gift yourself special stuff!
Haircut, Facials, skincare, haircare, and other related things are what you need to make sure to include in your regular routine as these are the things that will ensure that you age well. I am sure you don’t want to end up looking like 35 years old in your late 20s when you are done making your startup successful. Right?
11: “Shortcuts”? Their is no such thing!
We are discussing simple steps to become financially independent in your 20s. Right? Guess what? There is no such thing as that.
I know that you have been bombarded with the ads in which the influencers are talking about the quick ways to make money online. Ahh! All of that is nothing but crap.
They invite you to signup and then spend cash to buy their courses. Look, I am not going to go into the authenticity of their courses but one thing is for sure 100% true, You can definitely learn all of the steps for free on Youtube and Internet. You don’t have to spend tons of cash to learn something (shortcuts) that does not exist in reality.
- Know the steps.
- Stay consistent.
- Trust the process.
- Thats it.
12: Change your Company
People who spend most of your time with are the people who are going to influence you in one way or the other.
Your goal is to become financially independent/stable in your 20s but you are spending time with boys who have no plans to become something successful in the future.
Hmm.. they are very nonserious as well. Life for them is a joke but most importantly they can’t see anyone from the group taking a step forward and making a progress.
You got to quit. Not the business but this company. I know it will be hard for you but it will be harder when this group breaks due to some other dude who decides to succeed in life. Be that dude, quit, and show others the right path as well.
Or maybe you can teach them the lesson and then you guys can progress together. That’s the only scenario you should put on the standard if you want to stay with these people. Nothing less than that.
13: Master the art of productivity.
I know that when you are hustling and when your plans are big you have very little free time. Most of your time is occupied in either work on something related to that.
And I do understand that you can’t upgrade because, in your opinion, you are already fully occupied.
What if I told you that you aren’t even 40% properly occupied. The fault lies in your routine. You are not doing it the right way boys. Are you taking care of the hardest work in the morning? If No then you might be doing it all wrong (in my opinion).
I recommend you to work on your productivity. Divide the work into proper proportions and reward yourself when you achieve that short goal. By doing that you are doing to make yourself addicted to work. Slowly increase the proportion of work and that’s how you are finally going to end up doing a handsome amount of work in no time.
By mastering the art of productivity you are going to end up doing a lot of work while still having enough time to enjoy and relax your brain as well.
14: Pay off your Debts
Our goal is to become financially free and independent in the 20s. Right? And with debt on your shoulders, you can’t claim the reward.
I don’t know how, but you have a good amount of money that you need to pay off. It is all the debt, the money that you had borrowed from your friend to start your business.
Clear it all off. I know that you have been making a good amount of money now. But you are getting greedy as well. You want to reinvest all the money that you are making in the business because you want to take it to a whole another level. That said, you are never going to find the courage to take out that borrowed money so do it now!
Yes clear it off and then you can plan however you want to, to take your business to the next level.
15: Quit – start something else.
The business isn’t working… It isn’t working after all the efforts that you had put in. Guess what? No worries. You are an experienced man. You now have the secrets that your friend had due to which he was able to take his business to an extremely successful level.
Start again but make sure that you use all your business secrets to start an entirely different business. Or maybe you have discovered the strategic mistake that you made at the start that caused all this mess. No matter what it is, I want you to change it and start it all over!
You can do this, my friend. I trust you more than anyone else in this world and I can see you getting there already!
16: Short Breaks are very important
Short breaks are very important. You need these to perform at your best. For some people short breaks might mean, “Taking a day off” but for some people, depending on their pressure level, they might need a break of a whole month!
And that’s perfectly alright. You deserve a break. Trust me, this break is very necessary. If you won’t give yourself this break then your mind ends up falling deep into the river of leisure and you might end up Quitting.
With that being said, I would like to conclude today’s article. So what are your thoughts about this list of simple steps to become financially independent/free in your 20s? Do let me know about your suggestions, comments, and feedback over at my Instagram (@worldofnyazi) and I will get back to you in another one.