Practical Advice for Young Adults to Prepare for Better Life

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.

  1. Achieve Long Term Focus by Enrolling in Your Company’s 401K plan
  2. Life Insurance is Cool
  3. Everyone Needs an Emergency Fund
  4. Invest in Large Cap Stocks as Long-Term Investment
  5. Brainstorm Ideas for Secondary Income
  6. Consider Becoming a Home Owner
  7. Protect and Maintain Your Health
  8. 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.

  • krantcents December 1, 2011 at 10:15 am

    Good points! Giving up the 20s is really detrimental to your retirement. Start small and let it grow when you are i your 30s.

  • Miss T @ Prairie Eco-Thrifter December 1, 2011 at 12:25 pm

    I really like how you added looking after your health in this list. So many people forget about how important this is and how your health can have such a vast influence on your income and financial status. If you can set up and maintain good health habits when you are young then you will stay healthy as you get older because you will already be in the groove of doing what you need to do to stay healthy.

  • Maria@moneyprinciple December 1, 2011 at 5:15 pm

    Very good practical advice; I usually joke that people tend to worry about different things in different decades of their life. In their 20s they worry about dating and drink; in their 30s about mortgages and children; in their 40s about pensions; in their 50s …You are right to remind us that this order needs to be changed somewhat.

  • Sustainable PF December 1, 2011 at 11:14 pm

    We still believe owning our home makes the most sense for our financial reality.
    I do believe however that folks in their 20s should enjoy life and not just live a totally frugal lifestyle. You are only young once.

  • Paul @ The Frugal Toad December 2, 2011 at 12:37 am

    It is so important to start investing for your retirement when you are young. The single biggest determining factor on how much you will have in retirement is time.

  • My University Money December 2, 2011 at 8:29 am

    It’s easy to motivate myself as a young adult (23) to think about retirement by simply believing that if I play my cards right, retirement is only 20-25 years away. That is a LOT more palatable to me than 40 year!

  • Aaron Hung December 2, 2011 at 10:55 am

    I never even bother with the idea of retirement during my early twenties, but now late twenties and married, I definately see it as a requirement. But like most in their twenties, there’s this thing called alotofdebt that we try to get out of and that’s what I’m doing. I see retirement is important but getting rid of debt the sooner, the better and i cant do both at the same time

  • Shaun @ Money Cactus December 4, 2011 at 6:29 am

    Great list of points, I think the sooner you start the better off you will be.
    I was pretty determined to do what I could to get ahead in my twenties. It has worked reasonably well, but things have begun to slow a little now with kids and reduced income.

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