The 3 Best Ways To Manage Your Money Now To Avoid Stress Later (Video)
It's never too early to begin managing your finances.
Retirement might seem a million years away, but life passes quickly, and it'll be upon you before you know it.
A lot of Baby Boomers (aka your parents) are now working longer and planning on retiring later. Much of this likely has to do with the fact that hardly any of them began planning ahead when they were our age.
In the video below, CNBC's Landon Dowdy offers three very sound pieces of advice on how to begin managing your finances now to avoid stressing in the future. Don't be like your parents.
You don't want to be working into your golden years. Life's meant to be lived!
Here's the gist of what Dowdy advises:
1. Don't rely on social security.
Too many Baby Boomers plan on relying on Social Security after they retire. Yet, it doesn't offer a whole lot of money to live on. Not to mention, the age of retirement for Millennials will likely be much higher than it is for their parents.
2. Invest in a 401k.
Ask your employer about a 401k. It will give you a lot more freedom when it comes to choosing when you retire.
3. Start saving now.
Don't wait; start managing your finances now. As Dowdy highlights, only 14 percent of Baby Boomers have a written retirement plan in place.
You're already on your phone all of the time as it is, so check out personal finance apps like Spendee, Acorns, Robinhood, Seeking Alpha and Mint.
These are easy steps that you can start taking now in order to live a more free and satisfying life in the long run.