Name: The 20-Point Checklist For Getting Good With Money In Your 20s | The Financial Diet
Uploaded: 2020-03-30T06:23:44.000Z
Duration: 22 min 56 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

And this week, I wanted to do something big,

both for the people who might be new to this channel

and for the people who know TFD very well, because we

Many of you are just starting out in your adult lives

and are asking us constantly for big, comprehensive checklists

of what you really need to be doing on a daily, weekly,

or even yearly basis to get good with money.

And while it's impossible to condense everything

that you should be doing down into one video,

a really comprehensive overview that explains everything

in the rough order that you should be doing it.

And if you feel like you're very behind when it comes to money,

We're dealing with lower and stagnating incomes, higher

debt, lower net worth, lower rates of homeownership,

millennials are in a tough financial position,

in large part because we came of age during the Great Recession.

And while we can advocate for greater systemic change

so that more people do not have to put themselves

into hundreds of thousands of debt for a basic education,

to get good with the money situation that we have.

And while it's great to do these 20 steps in your 20s,

And you could easily do them in your 30s or beyond.

But if you're just starting out into adulthood

and want to know how to get good with money,

this is a great place to start and fight back

So without further ado, here is your 20 point checklist

Number one, and this is the most important, crucial, first thing

everyone needs to do if you have not touched your money,

is go through all of your bank and card statements

Get to understand your money on an intimate level.

You should know what's coming in and what's going out.

This will allow you to get a bird's-eye perspective

of your net worth, which is basically your assets

And the nitty gritty view of your accounts

will allow you to really see the daily flow of your money, which

will give you some context as to how you've gotten

Even if you don't decrease your spending,

increase your earnings, or change a thing,

just looking at your money situation in the face

Use that analysis of your starting budget

Now, this does not mean it is where you want to be.

Particularly if you've never given yourself a budget before,

coming to the understanding that, yes, you

do have a budget whether or not you realize it,

you just maybe haven't had control over it,

should know where 2, 3, and 5 of those dollars are going.

Now, number three is to pick out a few key goals for your life.

is going to have different goals, and not all of them

and a few key components that you know you will need

This could be anything from owning a home,

to traveling the world, to starting a family.

The point is you want to have a rough sketch

in your mind of the goals you are working toward.

as a means to getting to those goals rather than just

stay motivated, and understand why you're making the choices

So once you have those goals and a rough financial understanding

of what your life will need to look like in order

to reach those goals, you must create a goal budget.

This means roughly what do you want to be saving every month,

to earn or less will you need to spend it in order to get there,

from how you're living today from that ideal budget.

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The 20-Point Checklist For Getting Good With Money In Your 20s | The Financial Diet

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