7 Major Actions To Take When In Your 20s For Your Future

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Your 20s are interesting times. There’s a lot of societal pressure to have it all or work to achieve it all. In reality, your 20s set the groundwork for the way you’re going to live out the following decades. Instead of looking to the left or right for approval, consider the following seven major actions you can take in order to establish yourself well.

1. Pay Down Debt

Whether you’ve obtained credit card debt, student loan debt or both, develop a practical plan to pay it all off. When you don’t have to worry about interest rates, large balances and seemingly endless debt, you can allow your money to work in the way you want it to. Even if you’ve seen people normalize large amounts of debt or overuse their credit cards, know that this doesn’t need to be your reality. Be wise about credit card use in order to use it to your advantage.

2. Protect Your Assets

Insurance protects your assets. In your 20s, your assets typically include your vehicle, your home and your life. If you have physical investments such as a business or real estate property, you’ll need to protect those assets as well. Learn the details on how to properly register your assets so that they remain protected in the case of a lawsuit. Protecting assets in a trust will protect in a different way than an LLC does. When you’re in your 20s, getting 30 year term life insurance can help you be protected and covered in the case of an emergency or tragedy. If something tragically happens to you, your family isn’t burdened with a major financial bill.

3. Prioritize Experiences

While many people prioritize formal education in their 20s, there’s nothing wrong if you decide to curate your own educational experience. While college is nice, consider whether you can actually afford it. It’s okay to attend community colleges and save until you know what you’d like to specialize in. Travel to different parts of the country and the world. Learn more about what’s beyond your city of origin. As you immerse yourself in a number of experiences, you’ll gain a better understanding of who you’d like to be in the world.

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4. Develop Reliable Streams of Income

One of the most popular tenets of financial literacy involves learning how to cultivate multiple streams of income. Keep in mind that you don’t need to focus on different streams that aren’t connected to each other. If you’re striving to develop a side hustle as a YouTube content creator, add income streams to that endeavor such as affiliate marketing, brand partnerships and product sales. Learn how to make those income streams consistent and reliable.

5. Invest Early and Often

Learn more about how to invest your money in the stock market. Take courses that can teach you how to properly invest in businesses or real estate. Even if you’re taking small steps toward your investment goals, become intentional. Time will pass so it’s best to have some financial assets to show for it.

6. Establish Community and Positive Connections

A wise person once pointed out that when a plant is dying, it’s best to look at the soil. It’s important to look at the amount of water and nutrients the plant is receiving. If the plant is dying, it’s time to examine the environment and the nutrients (or lack thereof). Your community and your connections play a major role in feeding your soul. If you’re around people who motivate and inspire you to be the best version of yourself, this will reflect in your hobbies, mindset and bank account balance. If you’re around people who constantly drain you of your resources, treat you poorly and don’t have positive lifestyles of their own, it’s time to cut the cord. Your relationships can completely make or break the trajectory of your life.

7. Cultivate a Healthy Lifestyle

A healthy lifestyle matters when you’re looking to enjoy your future. Everything from your mental health to your heart health is incredibly important. See the dentist and your primary care physician for annual check-ups. Invest in your mental health by regularly seeing a therapist. Learn how to prepare healthy meals in order to care for your body. Exercise, get seven to nine hours of rest and drink lots of water on a daily basis. In your 20s, you will make mistakes. That’s okay. You might make some bad choices in relationships, jobs and money. The key is to recognize the bad choice as early as possible so that you can pivot. Once you remain open to the journey of life and intentional with these seven tips, you’ll set yourself up for a really great future.

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