My colleague, Thomas Kopelman, created this great infographic for his blog post today–if you’re a young professional (or anyone getting a fresh start on improving your finances) be sure to head over to his blog to see how this actually plays out, but before you do here are a few additional thoughts I wanted to share:
- Not only does building a strong foundation for your finances proved stability today, but it could give you the opportunity to pursue future endeavors you haven’t even dreamt of yet. Your preparation today will provide you options later—you want as much optionality in your life as possible.
- There are circumstances where the order listed may not be optimal–this is PERSONAL finance, after all, so if you find yourself needing to swap “steps” that’s ok.
- Most of your peers will probably not follow a plan like this for many years, if ever. That’s ok. When it comes to your finances it is more than acceptable to not follow the crowd. The statistics are out there–do a quick Google search–most Americans are not financially stable. Many fall into this category for circumstances out of their control, but far too many land there on their own. Following a plan like the one Thomas lays out is a great way to make progress, build momentum, and create long-lasting habits.
- You can strike a balance between progressing up the steps and enjoying yourself today—balance should be a part of every plan.
- Don’t beat yourself up if you stumble–we all do.
Alright, head on over to The Long Game to check out Thomas’s post!
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.