5 Goals To Accomplished By 25

 

5 goals by 25

Don’t think if you haven’t hit all goals that you are doomed. This is just a list to motivate you to hit the goals and gain more wealth for your future.

1.EMERGENCY FUND

By now you should of had a full time job, and established bills. With that being said you should know the importance of having money set aside for an emergency. Every financial GURU, says to have $1000 saved. However I believe this amount is up too you. I have $1200 in my emerency fund. This is outside of my 3-6 months savings. I decided to have $1200 since my rent is that much and I know longer work so having 1 months rent accesible is perfect for my families need.

 

2. ESTABLISH CREDIT

By 25 you should have some form of credit and a bill in your name. You should also understand the importance of a credit card. The only bad thing that should be on your credit report is “not long enough credit history” I am 25 and have 2 years of credit and it still says I dont have enough history for an A rating in that category. But at this age you should at least have some credit.

 

3.LEARN HOW TO BUDGET

You may not have mastered it but you practice it every month and want to have a good financial standing. You have been on your own long enough to know how much money you need to make in order to pay your bills. Budgeting is a key factor in building wealth and setting your self up for the future. Knowing that you need a budget and how to essentially make one needs to be on the top of your to-do/goal list.

 

4.STOP COMPLAINING

While complaining there are no jobs and no work after college is acceptable, but by 25 if you are still pointing fingers at everyone but yourself. Then I am asking you to grow up some and start looking into other areas for work. No one likes to hear bad news all the time from you, find some good in this world and be grateful for what you do have. I understand the market can be hard, and the workforce may be tough. But you are strong and creative, find a way and don’t complain.

 

5.FIGURED OUT HOW TO SAY “NO”

30% of american are getting less than 6 hours of sleep and are sleep deprived. Are you in that group that isn’t getting enough sleep. All-nighters in college were cute, but now you should of mastered the idea of “NO” and I need to get my sleep. I am a mom of a 7 month old baby and I get over 8 hours of sleep. Not because I am special but because I value sleep and I know its importance. By 25 you will have so many obligations whether thats work, graduate school, family, friends, and church. Although it is good to be busy its never fun to be cranky and sleep deprived. With less sleep you can give your all and at this age you want to make your mark on this world.

 

BREATHE

Dont feel overwhelmed if you haven’t achieve 1 or any on the list. This was just a pit stop to help you strive to becoming more self efficient and financial stable. Look at these goals and start implementing new ways to conquer them. Also have fun while doing it!

 

5 Questions to ask yourself everyday

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1.In what way am I helping my community.

I believe as an African American we must start helping each other. I was once in the mall and I was so busy into my thoughts I didn’t notice the black mall security guard smile at me, he gently approached me and said, dang black people cant even smile at each other anymore. I apologized and we laughed it off. It got me thinking of the days my grandpa would sit on the porch and wave at everybody in the neighborhood. It was like being black was a sense of belonging, like a special club. The more we help each other, the stronger our community will be.

 

2.How long can I survive without my job

This a tough question that usually leaves you to start saving immediately. Nothing is promised and having a J-O-B defiantly ain’t certain. Add up all your expense for the month, take that number and multiply it by 3 if your married with two incomes, and 6 if your single. This is how much you should have in your savings. You should be able to last 3-6 months without a job or unemployment. If not you could be 1 paycheck away from HOMELESSNESS!

 

3.AM I STRIVING TOWARDS MY GOALS

When I think of this in the morning I am less likely to spend money on countless items I don’t need. I know what my goals are and making sure each day I keep them fresh on my mind allows me to stay focus and determine to get things done.

 

4.HOW CAN I INCREASE MY WEALTH TODAY

I love this question, every morning I check my stocks and investing apps to see how much I may have earned or lost, and if some stocks that I want to buy have gone on sale(not literally, just dropped in the market). Checking my accounts and net worth are the next things to follow. I see what coupons are out and what is a new way I can add money to my stash! My favorite apps usually send me an email saying how much my net worth has dropped or risen. Also stay in the know of your finances you work hard everyday it would be a waste for you to not know whats going on in your wallet.

 

  1. AM I STAYING HEALTHY

Now of course this is a financial blog, but health is very important. No point in saving money if you cant enjoy it when you are financially free. I also believe when you take care of your body that mindset will pour into your finances. When you feel good you do good.

 

The Do’s and Don’t of saving

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Do have a goal in mind.

I hate when I talk to people and I see that they want to save but with no goal on how to do that. I find it crazy that as eager as you maybe to start saving not knowing how much will cause you to either quit or never start.

 

Don’t let others effect your goal.

Matter of fact don’t tell people your goal just tell people,”hey I am saving for a house(or whatever it maybe but never say an amount) and I will be cutting back some. This lets your friends and family know you aren’t going through a tough time, you are just cutting out some expense for short period.

 

Do write out a plan.

There is millions on millions of resources on how to save and what to cut back on. But if you never think about having a plan or writing it down. Your idea of saving is just mere dream. Something your mind is fanasing about like wanting to go to Disney land or a trip. Unless you look at buying tickets or putting work it will never happen.

 

Don’t say,”I DON’T HAVE TIME”

saving money is something you make and find time for. Its not a luxury to save money it’s a necessity and the more the black community understands that the quicker we can start to build wealth and grow our finances.

 

Do get creative.

So you don’t drink coffee and like every financial blog says make coffee from home, find other ways that fit your needs to save money. A debt free wealthy life isn’t just one path. There are many journeys that lead to it just start!

 

Don’t give up,

everything is hard when you begin. We all love to watch a good basketball game, but the preparation behind all the athletes are insane. To get results you must keep pushing. If you trust in the process and realize that being financially free is of value keep going.

How to invest like a boss

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So we all know that white america has more wealth than black families. However did you know we are the last race to invest. I have found that many black people are afraid of the stock market and run away at the thought of investing. I will try with all my might to break down investing and how easy it can be for not only beginners but people with little money.

 

DEBT

Before I started my blog, I listened to Dave Ramsey radio station everyday at work. His method states that you should first get out of debt then start investing. And that is great but I am going to challenge you to do both. Look at your debt and obviously start paying off the one with the highest interest and slowly introduce the idea of investing. Example of what that looks like is:

Car loan is $329 at 4% interest. Start paying  $350 and an extra $50 at the end of the month( I notice the more small payments you make to debt rather than massive chunks it feels easier rather than a burden). Then get a mutual fund or portfolio account and invest small change in it. Confused on how to get a fund started… keep reading

 

ACORNS

I LOVE this thing, I started investing with it about a year ago. I just did the min, invested my spare change and now I have $471 in it. Which I know your like that was more than spare change, and yes your right sometimes I would add $25 in it from random refunds and bonuses from apps. But for the most part its spare change. I have earned 8.56% which is a return of $37.15.

 

DO THE MATH

So if my car interest rate is 4% and I just earned 8% on my money in my acorns account then I am not only earning more money I am getting out of debt. WIN WIN!!! You must make sure you have a balance, I shouldn’t have $20,000 in my acorns account and owe $10,000 on my car. That’s when the math gets out of whack. The stock market shouldn’t scare you if you use the method of warren buffet,  “Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.” Slow and steady wins the race so investing small amounts over a long period will gain you more money then waiting until your 50 and investing large chunks of money.

 

CONCLUSION

So its the 21 century and we no longer have to walk into a dreadful investing firm, that makes you feel stupid and that you don’t have enough money to invest. You can literally download an app on your phone and begin right away. Use this code and get $5 to start your account acorns.com/invite/YCGCCH . I literally tell people ya I have real estate stock I own some apple stock and whatever else is in my portfolio. I had 0 experience in stock owning and it was breeze to start securing my future. Now is this the only place I invest.. no and it shouldn’t be for you either. But lets just take baby steps for now!