BUILDING WEALTH
It's awesome you're thinking about building wealth early in your career! Here's a step-by-step guide tailored to a young adult with student loan debt, focusing on budgeting, saving, investing in index funds, and debt management: Phase 1: Foundation (Year 1) Budgeting : Track your spending: Use budgeting apps (Mint, YNAB), spreadsheets, or the envelope system to understand where your money is going. Create a budget :Allocate funds for necessities (rent, food, transportation), debt payments, savings, and discretionary spending. The 50/30/20 rule (50% needs, 30% wants, 20% savings/debt repayment) can be a helpful starting point. Identify areas to cut back: Look for non-essential expenses you can reduce (eating out, subscriptions, entertainment). Saving : Build an emergency fund: Aim for 3-6 months of essential living expenses in a high-yield savings account. This is crucial for unexpected events and prevents you from going...