Do you think young adults in their twenties think about their retirement? Absolutely not! It’s very difficult for anyone to start thinking and planning for their future when it is more than 30 – 40 years away. Therefore, I thought there could be some potential by shortening this time range in their future planning. Instead of planning for 30 – 40 years into future, it might be more applicable for young adults if they shorten their future outlook. What can the young adults do now to prepare for a better life when they reach their 30′s? Looking back, I wished I had done more when I was in my twenties to prepare for my life in my thirties. Although I had taken some advantages of early investment, there are areas that I failed to execute when I was in my twenties. Below are some practical advice for young adults in their twenties that they can take actions now to prepare for a better life in their thirties.
- Achieve Long Term Focus by Enrolling in Your Company’s 401K plan
- Life Insurance is Cool
- Everyone Needs an Emergency Fund
- Invest in Large Cap Stocks as Long-Term Investment
- Brainstorm Ideas for Secondary Income
- Consider Becoming a Home Owner
- Protect and Maintain Your Health
- Create a Monthly Saving Plan
Although I did not delve into any details of this list of practical advice for young adults today, my plan is to start a weekly series called “Twenties Smarties” in upcoming weeks to look deeper into this list. If you would like to help our young adults by sharing your advice on what they can do now to help them have a better life in their thirties or beyond, then please leave a comment below.