ADVERTISEMENT
If anyone tells you their 20s was the
best of time of their life, try asking: "Is that before or after you figured out how
to manage your finances?" Sure, your 20s are thrilling; you're embarking on
the beginnings of adulthood. But, they can be equally terrifying; you're navigating the much less-desired obligations of adulthood (bills, loans, and accepting the fact that you didn’t land a “dream job” out of
college like you thought you would). While your financial situation will
obviously differ from your fellow Millennial peers, there’s one thing all twentysomethings
should have in common: the desire to establish good investment habits.
"But, isn’t investing better left for when you’re making more
money?" you might ask. According to Dominique
Broadway — a financial planner, personal finance coach, and founder of De-mys-ti-fied & The
Social Money Tour — this is a common assumption shared among twentysomethings. And, it's one you shouldn’t be making. “With
investing, it grows bigger, it grows quicker, and it gives more financial
freedom,” says Broadway, who at only 30 years old has already proven her
investing prowess.
While
certain types of investments might be obvious to you by now — like enrolling in a
401(k) if your employer offers a match contribution — others aren’t
as clear. So, where else should you be “growing your nest egg” in your 20s? What if you don’t have much to invest, don’t know where to start, and terms
like “Roth IRA” or “mutual fund” make your head spin?
First
and foremost, rest assured that it is completely okay and normal to not know
where to begin. And, second, take comfort in knowing you’re not alone. To
help clarify the process and make it as unintimidating as possible, we sought
out a few financial planning experts who specialize in helping millennials (particularly
those with limited investment know-how).
Take
advantage of their professional advice and personal experience and see if you can
turn their two cents into a bigger return for yourself.
ADVERTISEMENT