6 Short-Term Financial Goals Every 20 Year Old Should Set

It’s essential to establish a well-thought-out plan regarding your finances, no matter how young one is.

The first thing you need to do is to identify your short-term goals. Though your long-term goals are just as important, the fundamental approach to achieving those hinges on your ability to hit short-term goals. Failure to define your short-term goals clearly will result in your inability to secure a great future in terms of your finances.

The following are short-term financial goals you should set to have control over your finances:

  1. Eliminate Debt

Take a good, hard look at your financial situation as this is a vital step in achieving financial stability. Before setting out any financial plans and objectives, you ought to consider getting rid of any forms of debt. The sad truth is that you can’t invest your money effectively when you have a lot of debt piled up. Write up a plan to tackle any debt you have.

  1. Start an Emergency Fund

In an uncertain world, it’s important to be proactive. Instead of waiting until something really terrible happens, why not have a contingency plan in place? Starting an emergency fund doesn’t require a lot of effort and you can start small at first. Commit to putting away an amount that makes sense for your budget every month. Create a separate checking account for your emergency fund and use automatic withdrawals to fund it. Set it and forget it.

  1. Create a Budget

Controlling what you spend your money on can a bit of a herculean task especially if you don’t have your priorities right. At 20 years of age, now is a good time to practice setting and following a budget. If you are not sure how much money you spend monthly, use an expense tracker to assess your spending for at least 2-3 months and then you can decide what to include and exclude in your budget.

Motley Fool - the BEST Stock Picking Newsletter
One of the many benefits of using WallStreetSurvivor is that we subscribe to many stock picking newsletters and virtually trade all of their picks. We then tell you which newsletters are doing the best. For the last 12 months The Motley Fool's Stock Advisor Service has been victorious.  The service had a nearly 80% of their picks with a positive return and some stellar picks like NVDA, CBOE and MAR. Their own advertising says their picks are up 300% compared to the S&P’s 85%. Sign up now for the Fool’s Stock Advisory service at special pricing. Use this link to join for only $19/month. Or you can find out more information with our in-depth review. (Motley Fool review)
  1. Generate Multiple Streams of Income

As you are advance in life, your responsibilities grow with you. More responsibilities translate into more bills, and it’s important to not be dependent on just one stream of income. A steady job is great, but if you aren’t diversified, you will be rocked if you lose your job for whatever reason. Build skills that you can grow a stream of income around.

  1. Invest, even a little

With the existence of apps such as Stash, Robin Hood and others, it has become easier than ever to invest in the stock market. The earlier you start, the more time your money has to compound and generate stellar returns.

You don’t need several thousand dollars to start investing, just $5 and a little bit of curiosity. Stash, for example, enables users to begin their investment career with as little as $5.

Stash - Join millions of new investors
Investing, simplified.

Stash is more than an investment app. You’ll have access to tools that can help you become a confident investor. Become an investor in just two minutes and get $5 free. From innovation to the environment, invest in what matters to you. With Stash, you can invest in a selection of stocks and ETFs that is carefully curated by our investment team. Get your FREE $5 NOW. Or read our full Stash Review.
  1. Keep an eye on your credit score

Your early twenties are a great time to start building a credit history. If you decide to open a credit card, make sure to use it sparingly and pay off the balance in full, every time. Building a solid history and great credit score can come in handy down the line, giving you access to great deals in the future when you need it. Future you will thank you profusely.

If you haven’t established credit yet and are having issues opening one, try setting up a joint credit card with a relative.

At 20 years of age, short-term financial goals can be as simple as exposing yourself to the concepts and ideas that you will need in the future. Practice good habits like paying off credit cards in full, and keeping a budget and it will pay off in the future. At the same, it’s important to educate yourself about investing as early as possible to take advantage of the magic of compounding.

January 2, 2021 Update: We have just announced our BEST STOCK NEWSLETTER of 2020 AWARD!

CLICK HERE to find out which stock newsletter was up 78% in 2020 (and whose 2019 picks are now up 113%).

*** Our Award for BEST STOCK NEWSLETTER of 2020 ALERT ***

Updated January 2, 2021

At WallStreetSurvivor, we subscribe to dozens stock recommendation and advisory newsletters. There is ONE newsletter that is constantly outperforming all of the others--The Motley Fool Stock Advisor.

Five of their 2020 stock picks have doubled and the average return of all 24 of their stock picks for 2020 is up 78%!

We have been tracking ALL of the Motley Fool stock picks since January 2016. That's 5 years and 120 stock picks. As of Friday, January 1, 2021 the Motley Fool's January stock pick (TSLA) is up 720%, their March pick (ZM) is up 172%, their April pick of SHOP is up 226% and their June pick CRWD is up 120%; and another two have more than doubled. In addition, 10 of their 2019, 12 of their 2018, 11 of their 2017, 15 of their 2016. Most impressively, over the last 5 years that we have been tracking every recommendation, their average stock pick is up 209%--tht means over the last 5 years their stock picks, on average, have TRIPLED!

Now no one can guarantee that their next picks will be as strong, but our 5 years of experience has been super-profitable. The important thing about the Fool stock picks is you have to buy them the day they are recommended because they usually pop 5-10% in the first 72 hours after the release their recommendation. You sure don’t want to risk missing out on their next pick.

Normally the Fool service is priced at $199 per year but they are currently offering a NEW SUBSCRIBER DISCOUNT that allows you to get theiir next 24 stock picks for just $99/year. HERE is the LINK to visit their New Subscriber Discount page.

CLICK HERE to get access to all The Motley Fool’s Stock Picks and their next 12 months of picks for just $99 per Year! 



GET UP TO $1,000 IN FREE STOCK

WHEN YOU OPEN A ROBINHOOD BROKERAGE ACCOUNT

Robinhood was the first brokerage site to NOT charge commissions when they opened in 2013. They just past 10,000,000 accounts and to celebrate they are offering up to $1,000 in free stock when you open a new account.

Here’s the details: You must click on a special promo link to open your new Robinhood account. Then when you fund your account with at least $10, you will receive one stock valued between $5 and $500. Then, you will get a link to share with your friends. Every time one of your friends opens an account, you will receive another free stock valued between $5 and $500. Click here to learn more about this Special Robinhood offer.

Claim your free stock NOW (before it’s too late)



Comments are closed.