Be Money Savvy At Any Age
Whether you are young or old money is always going to be something that plays an important role in your life. Yes, you might not be a slave to the green stuff, but you will need at least a bit of it to live a good quality of life. But how can you be money savvy no matter what stage of life you are at? Read on to find out.
When You Are Young
Now you might think that you don’t even need to worry about money if you are 20 or younger. But you are probably not aware that if you are savvy with you funds now, you can make things easy for the rest of your life.
Just ask the author of the Million Teacher, Andrew Hallam. Hallam states that by investing your earnings from part-time jobs now, in the long term, you can be a millionaire by the time you’re 30!
Sounds appealing, right? Well, before you start to shout ‘take my money,’ you need to remember that investing in the stock market is a gamble. The value of your shares can go both up and down. So you should never invest more than you can afford to lose.
Having said that as you are probably still living at home with your folks so it might be worth trying this idea. As you can keep your money in stocks until the value has gone up.
Now middle-aged folks often have the most money worries out of any other social group. This is because they lives are full of responsibilities like mortgages car payments, and bills.
Doesn’t sound that much fun, I grant you. But you do have to go through the paying off stage to get the financial benefits of owning your own things.
However, you can significantly reduce the burden by being savvy with you money and paying off any items that you have on credit, early.
For example, when paying off your mortgage, which is often the largest debts anyone has. First work out the payments that you owe each month, you can even use this how to calculate mortgage payment guide to help. Then see if you can afford to pay any more off than you are currently doing.
Although you do need to watch out for any early repayment fees!
OK so 60 isn’t that old, but it does mark the beginning of a time when you are starting to think about winding down from your career and family life and having a bit more time to do the thing that you enjoy.
But it’s pretty hard to have fun in your later years if you haven’t got any money to fund it. That is why you need to be savvy with your money even at this stage of your life.
Do this by ensuring that you work your term in your last job, so you will receive your full retirement package. You also need to budget, so you know that your pension with cover the basic and then fun things that you want to do.