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Financial Choices and Your Twenties

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It is essential to realize how important your twenties are when it comes to your financial future. Your twenties are a time in your life when you are focused on building your career and when you can have a lot of fun. It is a common misconception that managing your money wisely means that you can not have any fun now.

However, it is important to realize how much your lack of money management may cost you in the future. There will come a point in which your money management choices will catch up to you. You have the choice to make that a time positive one or a negative one. By making wise choices now, you are setting up a secure future for yourself, which will ultimately allow more choices for yourself.

You may have the desire to travel abroad extensively. By making wise money management choices now, you can open those doors much sooner. Additionally you will not need to go into debt to fulfill these dreams. Your goal may be home ownership or early retirement. Taking control of your money and making wise decisions will open the door for you to achieve your dreams.

Sadly, I know several people whose poor money management decisions while in their twenties and single have affected them negatively over time. You will literally be paying for these decisions over the next several years. The amount of credit card debt you accumulate now will follow you around while you struggle to pay off the loans. Additionally you may not be able to switch jobs as easily or open up your own business because of the pressures that debt or a lack of savings puts on you.

It is also important to realize that the deciding factor in how successful you will be financially speaking (your net worth), does not have a lot to do with how much you make. You can spend as much or more than you make no matter what your salary. Your money is a tool that you control. You can decide how your life will be in the next fifty years. The key is to budget, save regularly, and get out of debt. In fact in order to make your budget work successfully you should set aside some money each month just for fun. The amount depends on your lifestyle, your priorities and your other obligations. Take the time now to make good financial decisions, so you can enjoy life in the future.

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  5. Make the Most of Your Money
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