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    what are some good questions you could ask an adult to help you prepare to be financially independent someday?

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    10 Common Questions about Financial Independence – 100 Steps Mission

    Learn more about Financial Independence: what it is, why you might want to pursue it and how you can achieve FI.

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    Part 6: Increase Your Income

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    Day 31 / 31 Set Goals and Visualize your Dreams

    Day 30 / 31 Your Children & Finances

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    Day 10 / 31 Build a 3 Months Living Fund

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    Day 6 / 31 – Automate your payments

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    Day 3 / 31 – Start a Budget

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    Day 1 / 31- Track your Expenses

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    Step 100: Stick to Your Mission

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    Step 98: Read Personal Finance Books

    Step 97: Sequence of Return

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    Step 94: Beware your Credit Score

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    Step 86: The 8 Stages of Financial Independence

    Step 85: Plan your Money Allocation Strategy

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    Step 80: Your Savings Rate

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    Step 78: Set your Financial Independence Goal

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    Step 75: Budget and Spend on YOU

    Step 74: Get one Month Ahead

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    Step 72: Rebalance your Portfolio

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    Step 59: Home & Renter’s Insurance

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    Step 57: Life Insurance

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    10 Questions To Ask Yourself About Your Money If You Want To Retire Earlier

    Be a proactive instrument of financial change in your life. Here are 10 questions to ask yourself every week to be great with your money and retire earlier.

    PERSONAL FINANCE EDITORS' PICK

    10 Questions To Ask Yourself About Your Money If You Want To Retire Earlier

    Nancy L. AndersonContributor

    Jul 29, 2018,10:46am EDT

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    Be a proactive instrument for financial change in your own life.

    Be a proactive instrument for financial change in your own life.

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    You can retire earlier. How much earlier depends on what actions you take with your money now.

    In today's society, with so many demands on our money, retiring at all is a challenge. We're trying to invest for our retirement, help fund our kids’ college educations, save for future health care costs, and pay down debt, all while making the mortgage or rent payment, paying for all of our monthly expenses, as well as saving up for emergencies and vacations!

    With so many money distractions, having a system to get on track to retire earlier — and stay on track — can help. A weekly money meeting, an appointment you keep with yourself or your partner if you have one, can be a great start. Setting aside a regular time set aside to focus on your money can help you meet multiple goals.

    The actions you take today will help determine your retirement date tomorrow!

    During your money meeting, review your short-term and long-term financial goals, examine your past week, and plan for your upcoming week. Each week you’ll track your progress and determine actionable next steps for the future.

    PROMOTED

    Here's how to start:    

    For the first meeting, block off two hours. After that, 30 minutes per week, at a specific time, should be sufficient.

    Put together a notebook or binder for notes and tracking. If you are paperless, you can set up a file on your computer and review the documents stored there each week.

    For your first meeting, prepare a net-worth statement and a monthly spending plan, budget, or list of what you spend.

    Then ask yourself these 10 questions and write down the answers in your notebook. Over time, the answers will help you find trends and track your progress toward your larger goals.

    My Money Meeting

    Some examples:

    In five years, I’d like to have the financial freedom to leave my job and start my own consulting business working 20 hours a week. This would give me time to travel and spend time with family.

    In five years, I’d like to take a six-month learning sabbatical (and be prepared financially for it to be unpaid or only 50% paid).

    In five years, I’d like to be financially independent and retire!

    Your answer:

    (To more easily record your answers, download Nancy's 10 Questions Printable Template here)

    Q

    Examples:

    I want to pay off all of my consumer debt (credit card debt and my car).

    I want to be able to live off of 60% of my income to save and invest the other 40%.

    I want to be setting aside $300 per month for expected but unpredictable expenses, so I don’t have to put them on a credit card.

    Your answer:

    Some examples:

    I’ll stop using my credit cards, so no new charges are added. (This will make it easier to pay off that debt!)

    I’ll increase my 401(k) contribution to the maximum allowable (or by at least 1%).

    I’ll track every dollar I spend this month to see where my money is going.

    Your answer:

    I’ll read a chapter of a book on personal finance.

    I’ll read a blog post from a financial expert (check this one off, since you are already doing this right now!)

    I’ll listen to a course in finance from The Great Courses or a financial podcast.

    Your answer:

    Take 20 minutes to review your bank and credit card transactions. Did you stay within your spending targets (budget) last week?

    Example, in reviewing my spending last week, I realized that I overspent on gifts and splurged for my friend’s birthday, throwing off my budget.

    I’ll bring my lunch this week to save on food costs to make up the difference.

    Your answer:

    Review your budget to figure out how much you can spend this week. Set a target an amount for groceries, entertainment, etc.

    For example, I have not spent anything on entertainment this month, so this week I can get tickets for an outdoor concert (and choose the type of seats based on my budget!).

    Your answer:

    Did I set aside funds in my emergency fund?

    Did I invest money last week?

    Did I pay off consumer debt?

    Your answer:

    Your earning potential is an asset to your ability to build wealth. How are you making yourself valuable to your company to maintain and grow your earning potential this week?

    For example, I reviewed my company’s strategic initiatives for the year, and I worked on the company’s most important project this week.

    Your answer:

    If you are a late starter to retirement planning, in order to retire earlier, taking big steps, as well as a bunch of small ones, will help you get there.

    What big steps will I take to cut expenses, create income streams, or make more money?

    Source : www.forbes.com

    Adulting: How to Become Financially Independent From Parents

    Becoming an adult is an important step in your life. Learn more about how to become financially independent from parents with Better Money Habits.

    Saving & Budgeting

    Financial independence: How to break up with your parents

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    Let’s face it: Adulting isn’t always easy. Managing credit cards, paying off student debt and budgeting—all without help from mom and dad—can be overwhelming. Yet in a recent Bank of America/USA Today survey, nearly 40 percent of young people said it’s financial independence—such as paying rent and having your own health insurance—that really makes you feel like an adult. Luckily, you don’t have to go full grown-up right away. You can get there step by step.

    1

    Create a student loan game plan

    Whether you live with your parents or just tag onto their cell phone plan, many millennials who rely on their parents for financial help say student loans are the reason. So how do you get them under control? First, know your options for repayment and consolidation, which could reduce your payments. You may be able to pay off your loans over a longer period, or you may qualify for an income-based repayment plan, both of which could also lower monthly payments. After doing some research, you may find it makes financial sense to accept help from your parents for a bit longer, if they’re willing. Just be sure to consider their expectations, as well as any quality-of-life implications, in your decision.

    $30,100

    Average student loan debt

    Source: Federal Reserve, 2016

    Tip: Don’t let stress about paying off student loans derail other areas of your finances. Balance your loans with other priorities, like saving for retirement or paying off credit card debt.

    2

    Build your credit (and eventually ditch mom’s card)

    A good credit score can help you with everything from renting an apartment to landing a job, and since a longer credit history is generally better, it’s good to start building credit early. Ideally, you want to have your own card so you can be totally in control of the purchases and payments.

    If you don’t yet have a credit card, consider applying for a secured credit card, which uses a security deposit as collateral. This can help you build credit. Sharing a card with your parents can do that, too. If you’re a joint cardholder, the card becomes part of your credit history. If you’re an authorized user, the card may or may not be reported on your history—it depends on the issuer. If your parents have good credit card habits, this can help you qualify for your own card.

    Bank of America can help you find the credit card that’s right for you.

    3

    Prepare to move out

    Gear up to pay rent by depositing a rent-like amount into a savings account each month. This helps you get used to the line item in your budget, and you can put the money toward a security deposit, or even a down payment, when you’re ready to live on your own. If you already pay rent to your parents, see whether they’ll consider using the money to help you get on your feet by contributing to a savings fund or helping with student debt.

    15%

    of 25- to 35-year-olds lived with their parents in 2016— almost twice as many as in 1964.

    Source: Pew Research Center, 2017

    Tip: Remember to budget for all of the extra costs that come with renting your place.

    4

    Get your own bank account

    If you, as a teen, opened a bank account with your parents, you may still share it. Now that you’re paying your own bills, it can help to have your own account. Removing someone from a joint account can require planning—generally, both parties must be at a branch in person to sign paperwork. An alternative is to open a new account just for you and eventually close the one you shared. If you’re navigating two accounts, be sure to keep your parents informed, especially if you plan to transfer money from your shared account into your solo one.

    Learn more about Bank of America’s checking account options.

    5

    Learn about health insurance options

    You have a few options for health care coverage when you’re starting out:

    If you’re under 26, you can stay on your parents’ plan. You can use this time to learn the ins and outs of health insurance without too much pressure. You may also be able to get health insurance through your employer, though you’ll likely need to pay a share of the cost. Other options include coverage through a spouse or buying insurance through the federal or your state’s exchange.

    Wherever you get coverage, make sure you find out what your monthly premium will be and what the plan covers so you can estimate additional costs.

    6

    Figure out transportation

    Millennials may be driving less than previous generations, but 77 percent still drive to work or school, according to the U.S. Public Interest Research Group. If you are borrowing your parents’ wheels for now, find out what they pay each month, including gas and insurance—then consider contributing. This can help you start budgeting for transportation costs. When you plan to buy your own car, you may be able to save money by buying used.

    Or, if you’d rather ditch the car entirely, public transportation, cycling and carpooling are great ways to be mobile on a budget. Plus, a host of rideshare apps have popped up, letting you search for potential carpool buddies.

    7

    Remember: Some family ties make financial sense

    Financial independence doesn’t mean you have to cut all monetary ties to your parents. It may benefit everyone to share expenses such as family vacations, subscriptions or joint gifts. In addition, many experts think family cell phone plans are a good idea since they are generally cheaper per person than individual contracts. That doesn’t mean you should expect your parents to pay the whole bill, though. Try to chip in for your portion.

    Source : bettermoneyhabits.bankofamerica.com

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