Getting financial advice in your 20's

Today, I want to discuss financial advice for young professionals—a topic that’s becoming increasingly relevant. Many clients have asked me to speak with their children, typically in their early twenties, who have just finished university and landed their first job.

Recently, I had the pleasure of discussing financial independence with a client’s daughter, who wisely asked, "How can I achieve financial independence?" It’s a vital question, especially at 24, and her proactive approach is commendable.

Getting financial advice in your 20s

Here are some insights from our chat that might be useful:

1. Consolidate Superfunds:

   • Having multiple superfunds can be ineffective. Consolidation helps streamline and maximise benefits while minimising fees.

2. Avoid Lifestyle Debts:

   • It's important to resist the temptation of taking on debts for lifestyle expenses like holidays. Paying off existing debts, such as a car loan, is a significant step in the right direction.

3. Establish a Savings Plan:

   • Create a savings strategy for big goals like a house deposit. Set up a plan to divert a portion of your salary to a high-interest savings account immediately upon being paid.

4. Smart Investing:

   • Evaluate existing investment plans and make consistent contributions that fit your long-term financial goals.

5. Select the Right Financial Partner:

   • Aligning with a partner who shares similar financial habits and goals is crucial. Differing attitudes towards money can lead to potential financial stress and even affect relationships.

Affluence Private Wealth specialises in helping healthcare professionals and their loved ones achieve financial independence, leveraging decades of expertise. For personalised financial advice, reach out to schedule a conversation.

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