It may seem like the future is far off, but it’s really just around the corner. As you get older and your responsibilities mount up, it’s more important than ever to start preparing for what lies ahead. In fact, just by getting started on these eight things today—and any other personal finance tasks that are important to you—you’ll be ready to deal with whatever life throws at you in years to come.
Have More Than One Source Of Income
A second job or side hustle can help you make more money. If you’re looking to get started on your path toward financial freedom, consider finding a second source of income, says Vincent Camarda. The easiest way is through a part-time job, but if you have the time and dedication, starting a small business may be an option for you as well.
If working fewer hours at one job isn’t feasible for whatever reason (say, if it’s something that requires high levels of attention), then consider investing in stocks and bonds instead of spending all day trading them on Wall Street (or whatever).
Set Financial Goals And Track Your Progress Towards Them
As you set your financial goals, it can be helpful to break them down into smaller steps. This will make it easier to track your progress towards each goal, so that you’re always moving forward and never getting stuck.
As an example, Vincent Camarda let’s say that one of your long-term goals is to buy a house and have enough money saved up for the down payment on a mortgage loan in five years’ time. That’s great! But what does that look like financially?
• Set aside $1,000 per month from now until then (that comes out to $12k total).
• Get a part-time job if necessary; work as much overtime as possible at work; find any other ways possible where extra cash might be lying around–the more income streams coming into play here, the better!
