{"id":13751,"date":"2022-07-06T06:00:30","date_gmt":"2022-07-06T11:00:30","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=13751"},"modified":"2024-11-14T16:43:09","modified_gmt":"2024-11-14T22:43:09","slug":"financial-advice-young-adults","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/financial-advice-young-adults\/","title":{"rendered":"Financial Advice For Young Adults"},"content":{"rendered":"

I spoke at a healthcare conference in Washington D.C. about student loan debt<\/a> a few years ago. While there, I listened to a few other presenters.\u00a0 One of them made the following statement, \u201c80% of healthcare outcomes are driven by behavior.\u201d\u00a0 I smiled when I heard that. In my opinion behavior accounts for 80% of outcomes for everything.\u00a0 This is why when I’m asked about financial advice for young adults, my advice focuses on behavior.\u00a0 I, then, focus the discussion on how to develop healthy financial habits.<\/p>\n

This article summarizes financial advice for young adults and developing those healthy financial habits. Specifically, the advice I provide discusses 3 actions young adults can take to develop healthy financial habits.\u00a0 If you begin implementing this financial advice, you’ll increase your odds of success.\u00a0 In case you’re wondering how I came up with these, I follow them myself.<\/p>\n

40 Days and 40 Nights<\/h2>\n

Most of us raised in the United States have a consumption mentality.\u00a0 This is true of young adults and older individuals.\u00a0 This is an extremely hard mentality to break for multiple reasons such as peer and social pressure.\u00a0 A big issue is that traditional financial advice for young professionals is horrible and it makes me cringe.<\/p>\n

“You have to budget and be disciplined!” is what the ‘financial gurus’ scream from their multi-million dollar soap boxes.\u00a0 This leads young adults to say and do things like, \u201cI\u2019m going to stop all reckless spending. I\u2019m going to make a budget and follow it.\u201d<\/p>\n

This makes me cringe because I know for the majority of young adults, it’s not going to work.\u00a0 This is why most that make a budget that they don\u2019t follow for more than 3 \u2013 6 months.\u00a0 According to CNBC<\/a>, 74% of consumers have a budget.\u00a0 However, only 21% actually follow it.<\/p>\n

The reason young adults fail is that this type of budgeting makes people miserable.\u00a0 In short, it doesn\u2019t inspire a behavioral change.\u00a0 Therefore, my financial advice for young adults is based on a strategy that I call “40 days and 40 nights”.<\/p>\n

The cool thing is you can also use it for other personal wellness benefits such as health.\u00a0 I’ve not only seen others implement this with amazing success, I do it myself!<\/p>\n

How it works<\/h3>\n

The key to this piece of financial advice is to not cut all your expenses at once. Instead, you build a budget and do everything exactly the same.\u00a0 That\u2019s right\u2026keep over spending on things you probably don\u2019t need!<\/p>\n

Then, pick only one thing and cut it out of your life for 40 days.\u00a0 After those 40 days you\u2019ll learn that you probably didn\u2019t need that thing you eliminated to begin with.\u00a0 Then pick a second item and repeat.\u00a0 Within a year you can cut 8 \u2013 10 things.\u00a0 Plus it will get easier and easier because your consumption mindset starts to change.<\/p>\n

One other secret. The item you cut might not even have to do with money\u2026but it leads to better money habits and financial savings.\u00a0 Below are two examples.<\/p>\n

Example 1<\/h4>\n

When I was young, sports was my life.\u00a0 Even after my playing days were over, I kept watching sports.\u00a0 One day about 14 years ago I got sick of watching sports because half the time was watching commercials.<\/p>\n

Therefore, I told myself that for 40 days I wouldn\u2019t watch anything live. Instead I\u2019d TEVO’d it (TEVO used to be a system to record shows then watch them later).\u00a0 By doing so, I would be able to fast forward through commercials.<\/p>\n

I didn\u2019t last 40 day\u2026..<\/p>\n

Since I wasn\u2019t watching sports live, I had a lot of time on my hands.\u00a0 I began reading more, learning more, investing more, etc.\u00a0 Within about 20 days I unconsciously stopped watching sports completely!\u00a0 This had nothing to do with money but it changed my consumption lifestyle, i.e. I was consuming sports with my time.<\/p>\n

Afterwards is where the money savings came into play.\u00a0 The only thing I watched on TV was sports. Therefore, if I wasn\u2019t watching sports anymore, what did I need TV for? Since then, I haven\u2019t watched TV.\u00a0 This has saved money on new TVs, cable, satellite, streaming services, etc\u2026<\/p>\n

Thus, one place you can potentially start is cutting out one show you think you \u201cneed to watch\u201d for 40 days.\u00a0 This is way better than saying, \u201cI\u2019m going to cut watching all TV at once just so I can save on cable\/streaming bills.\u201d<\/p>\n

Example 2<\/h4>\n

At one point I was drinking at least 5 caffeine drinks a day (Rockstars, Red Bulls, coffee, etc.)\u00a0 It would\u2019ve been very hard for me to stop drinking them simply for a financial reason.\u00a0 Instead I said I was going to stop drinking caffeine for health reasons.<\/p>\n

The 40 days came and went. I haven\u2019t drank caffeine for 3 years.\u00a0 In fact, I felt so good health wise that I then did the same thing for alcohol and any drinks with sugar.\u00a0 I have literally drank nothing but water for the past 3 years.\u00a0 Not only do I feel awesome every day, think of all the money I save by not consuming items that are poisoning my body\u2026 a win win situation.<\/a><\/p>\n

Have A Plan But Focus On The Short-Term<\/h2>\n

Most young adults build a financial plan<\/a> for the long-term which is an absolute must.\u00a0 In fact, we recommend using our 5 step approach to building a plan<\/a> because building a plan correctly is really important.<\/p>\n

However, most build their plan wrong because they don’t set up their goals correctly<\/a>.<\/p>\n

Their goals are so far into the future that they stop following the plan before they hit them. It is like how you would break down your patient’s long-term goal into smaller short-term goals.<\/p>\n

Research shows that the farther away a goal is the less likely we are going to continue to pursue it.\u00a0 Therefore, the proper financial advice is to set your long-term goals but focus on short-term milestones.<\/p>\n

Unfortunately, for most young adults, achievements such as paying off debt, saving for retirement, etc\u2026 are years away.\u00a0 Therefore, young adults feel like they achieve anything in the short-run.\u00a0 This often leads to a defeated feeling.<\/p>\n

One suggestion is to break long-term milestones into short-term goals.\u00a0 You do so by say something like, “Within three months I’m going to have my debt balance down to $x amount.”\u00a0 Therefore, you don\u2019t have to pay off the whole thing to achieve a goal.<\/p>\n

Again, I want to reiterate this financial advice for young adults. You absolutely must build a plan and simulate what it will look like in the long-run. However, your immediate focus should be achieving short-term milestones.<\/p>\n

\"\"<\/a><\/p>\n

<\/a><\/p>\n

Focus<\/h2>\n

The last piece of financial advice for young adults is: Focus. We actually saw an example of this advice above under my 40 days and 40 nights habit.<\/p>\n

The most we can focus on at a time is 2 \u2013 3 things.\u00a0 That is why if you try to cut multiple items out of your life simply to follow a budget, you will most likely fail.\u00a0 You aren\u2019t focused on one thing.<\/p>\n

Same with other financial goals.\u00a0 Most of the time at FitBUX<\/a>, we see young adults wanting to pay off credit cards, pay off car loans, pay off mortgages, pay off student loans, save in their 401k, save in an IRA, save for a vacation, fund a child’s education, and they want to do it ALL at the same time.<\/p>\n

That is how most young adults set up a financial plan and it fails.\u00a0 My advice is to focus on 2 maybe 3 things at a time and that is it.\u00a0 You might say something like, 1) I\u2019m aggressively paying off my student loans, 2) getting my retirement match in my 401k, and 3) saving $100 a month in a ROTH IRA.\u00a0 Those are your three things and that is it.\u00a0 Then after your student loans are paid off, go to the next thing such as a car loan\u2026. DON\u2019T TRY TO DO EVERYTHING AT ONCE.<\/p>\n

Again, I do this in my personal life so I know it works and I don\u2019t just mean financially. \u00a0People ask how I get so much done.\u00a0 My whole life is focused on 2 things: My Family and FitBUX.\u00a0 If something doesn\u2019t fall within those two things, I don\u2019t do them, period.<\/p>\n

And yes, I know this is hard to do.\u00a0 For example, my background is investing.\u00a0 I have not invested or researched any individual stocks or investments since starting FitBUX. I completely cut that out of my life. Why? Because it takes time away from my family and FitBUX. Plus, FitBUX is my investment so why worry about any other investments? Doesn\u2019t make since right\u2026<\/p>\n

Conclusion<\/h2>\n

My financial advice for young adults centers around developing healthy financial habits.\u00a0 To help you do so, my advice is:<\/p>\n

    \n
  1. Cutting one expense at a time and do so for 40 days<\/li>\n
  2. Have a plan but stick to short-term goals<\/li>\n
  3. Focus<\/li>\n<\/ol>\n

    By Joseph Reinke, CFA<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    I spoke at a healthcare conference in Washington D.C. about student loan debt a few years ago. While there, I listened to a few other presenters.\u00a0 One of them made the following statement, \u201c80% of healthcare outcomes are driven by behavior.\u201d\u00a0 I smiled when I heard that. In my opinion behavior accounts for 80% of […]<\/p>\n","protected":false},"author":1,"featured_media":13959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1901,1898],"tags":[1897,24],"class_list":["post-13751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-behavior-archive","category-financial-planning-archive","tag-financial-planning","tag-human-capital","post-wrapper","thrv_wrapper"],"yoast_head":"\nFinancial Advice For Young Adults - FitBUX Articles<\/title>\n<meta name=\"description\" content=\"Financial advice for young adults starts with behavior. 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