Planswell - Things Every 20-Year-Old Should Know About Financial Independence in 2023!

Can One Be Financially Independent in Their Early 20s? 

Young adults coming out of their parent's homes for college or other goals of their own often dream about being financially independent. It is a positive sign for many to show the desire to be responsible for their own life. 


But how often can it turn into a reality for a 20-year-old? In countries like America and Canada, it is a relatively easy goal. Given the fact that there are many opportunities and financial awareness amongst young adults compared to other countries. But still, a good amount of young adults also struggle to achieve financial independence. 


Therefore, here is some advice from experts of Planswell for 20-year-olds about financial independence. 

Hard To Swallow Pills

  • If you are not getting paid enough, it can not be easy to be financially independent unless you earn better. 


  • If you do not live a lifestyle below your means, financial independence is a difficult goal to achieve. 


  • Understanding the concept of want and need is essential to maintain financial discipline. 


  • You need to get smart with your credit card and learn everything about your credit score. 

The Realistic Approach of Finance in Your 20s

Financial independence in your 20s is a brand new approach for many young adults who may know very little about various financial concepts. Thus, it causes financial stress and anxiety in young adults. If your situation requires you to be independent financially, the realistic finance approach in your 20s should be all about smart budgeting. According to Planswell, one can also invest funds in hiring an advisor to find the right financial stability before they kiss their 20s goodbyes. So one should always remember that nothing changes if one does not make any changes. 

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