How to start your financial journey in your early 20s?

Are you just in your 20s and struggling to make money? I agree that the early 20s is the most confusing stage in your life. But don’t worry we will be there for your rescue. We will guide you to become financially stable.

Just follow these easy six steps to start your financial journey in your 20s

1. Research

This Image Shows How To Do Research.
Research

It’s fair to say that nobody acknowledges the wisdom inside their mother’s womb. Researching is the initial step to becoming financially aware. You can search for financial ideas in just a few easy ways,

  1. Listen to the financial guru’s podcast.
  2. Read the financial books and magazines pdf.
  3. Have an in-person financial conversation with someone who has already been on their financial journey.
  4. Watch the interview of a renowned business tycoon online.

2. Saving and Budgeting

This Image Shows How To Do Saving and Budgeting.
Saving and Budgeting

Saving and budgeting money is an essential business strategy. No doubt your energy is always at its peak in your 20s. Transferring a certain amount of energy into money management can change your whole financial game.

Why save and budget money ?

1. The sooner you start saving better you become financially stable.

2. It makes you aware of money flow.

3. Saving protects you on rainy days.

4. It helps you to become accountable.

How to save and budget money ?

This Image Shows The Cycle Of The Money Chain.
Money chain

The above-mentioned chart shows how to budget money in different categories in terms of their importance.

3. Investing

This Image Shows How To Do The Investing.
Investing

After being successfully aware of saving and budgeting, investing is the crucial step in achieving financial freedom in your 20s. Investing helps compound interest to work in your favor. We will be discussing more investment strategies throughout the website.

Sectors you should invest in your 20s

  1. As a beginner, you should invest your money in Health insurance and Life insurance.
  2. Invest in shares, stocks, bonds, equities, and mutual funds.
  3. Go for Crypto investments like bitcoins, Ethereum, etc.
  4. Investment in sovereign gold bonds is also a great option.
  5. Invest in Nft.

4.Taking courses

This Image Shows About Taking Course.
Taking Course

Learning a new skill is the best way to cultivate your mind in your early 20s. You should always have enough knowledge to enter into difficult situations. Distance education is now possible due to improvements in technology. You can learn different online courses and become skillful without any degree

Which courses to choose?

  1. Choose high-income generating skill-based courses like graphic designing, copywriting, blogging, coding, etc.
  2. Take courses regarding investment plans, marketing, e-commerce, etc. It will create a foundation to start any business.
  3. Choose legitimate classes in the real estate business, dropshipping, and other passive income-generating skills.

5.Ecommerce

This Image Shows About Ecommerce.
Ecommerce

Ecommerce is also known as buying and selling goods online. Nearly 12million-24 million are estimated to be eCommerce sites across the globe, with more and more being created every hour. Ecommerce sites like “>Flipkart are the best eCommerce platform to start your business. Ecommerce is one of the best ways to start your first business once you understand the demand and supply in the market. Creating a salehoo account and getting into dropshipping is an excellent way to step into the eCommerce business.

Why choose eCommerce?

  1. It creates passive income .
  2. It acts as side hustles that are practicable for students.
  3. Globally available 24/7.
  4. It lowers the transaction cost.

6.Social media

This Image Shows About The Use Of The Social Media.
Social Media

Social media is now a powerful tool in the business world. Instagram, Facebook, and Linkedin are the most popular social platforms. You can build up personal branding through social media. Digital marketing is the new golden opportunity for starting a business in the early 20s.

How to build personal branding?

  1. Discover your core values first and jot them down.
  2. Give realistic and quality content by adding value to it.
  3. Content should be responding, clarifying, and consistent.
  4. The purpose of the brand should be clear.

Why social media personal branding ?

  1. A huge number of traffic generation. ( more engagement=more money making )
  2. Great opportunity for affiliate marketing.
  3. Helps to build global marketing.
  4. Easy for marketing own products and services

#Conclusion :

Honestly, tips themselves won’t automatically make you rich in your 20s.
However, your consistency makes it possible to happen. In addition of constant effort and determination helps you to achieve financial freedom.

Which of the following financial tips will you apply first?

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