5 ways Millennials can achieve Financial Independence

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By Hub Staff

Depositphotos_46982951_xsFrom US News -Money,  Intuit Inc.’s consumer money expert  Holly Perez describes five ways Millennials Can Achieve Financial Independence. The article is a straightforward account showing five ways American millennials can and should be preparing themselves for future financial security. Take these steps in your 20s and you may even find yourself a millionaire by your 60s!

  1. Remember Budgeting 101 — Even if you don’t think you need a budget, creating one will help you become more aware of exactly where your money is going, which will help you eliminate any possible over/ unnecessary spending
  2. Ditch the Debt — Pay off all your debts immediately, starting with those high-interest credit cards. Student loans and car payments should be dealt with after.
  3. Make Savings a Priority — A habit that every millennial should get into is to save a few hundred dollars a month. for Americans, ensuring they are contributing to, and understanding their company’s 401(k) is an essential part of this step.
  4. Think About the Future — Make sure to set concrete goals about what you want from your future finances. Making these decisions while you’re young, and sticking with them will be immensely beneficial to your future self. Putting these goals in writing- either on paper or with the help of an app- will help you to follow-through and stay on track.
  5. Track your Credit Score — Your credit score will be invaluable to you when you go to make a big purchase one day, so ensuring it is the best it can be is quite important to maintaining financial independence later on. To keep this number high, the article includes tips like keeping your oldest credit cards open, paying bills on time, and avoiding maxing out cards.

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