by edisch
I graduated high school a little less than two years ago and have managed to save a comfortable amount towards my financial goals following a few principles:
- Do everything you can to get the most out of your time at work
- frequently consult with your employer about what they would like to see from you
- set goals to improve yourself in your career whether flipping burgers or writing code
- Find an investment strategy that you are comfortable with
- consider whether you are looking for high or low risk investment (I go with high risk since I’ve got a long time to make back any losses and my investments don’t make up a huge portion of my savings ~ 50%)
- look into brokerages without fees (Robinhood is great if you have a US passport)
- remain skeptical when considering crypto investments (popular with our generation but very high risk)
- Optimize banking and financial accounts
- find a credit card you can start putting large (PAYABLE) purchases on to build credit
- look into spending tracking apps (Empower is great and has a free tier) which can help set budgets for different categories of expenses and automatically categorizes purchases on your debit / credit card. It separates food, rent, entertainment, subscriptions, fees, etc. and helps keep track of where you over and under spend.
- if you travel a lot, find a credit card with low or no international transaction fees
- if you find you are often paying unnecessary transaction fees, figure out ways to reduce or get rid of them
- Save in the practical everyday expenses
- drive less, walk or cycle when practical
- avoid take away or eating out (save it for social events) instead consider staying in (cooking can be awesome)
- if you are paying rent or looking to move out, find a shared living space (Craigslist, etc.)
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