The most important real estate investment starts with you- Here’s why

As your greatest asset is you, it’s important to save for the future when it’s uncertain. Especially in light of cultural and economic changes, it’s key to make sure you’re prepared for a variety of outcomes.
Though it is true that young people spend time obsessing over money, most haven’t worked out to the minute what kind of life they want to live, or what they want to save for. But they do know for sure, that they want to be as financially set and savvy is humanly possible.

 

At the root of the issue is the fact that most young folks don’t seem to have a clear picture of what they’re financially preparing for. That is a more complicated but true reality to address. Add to this the fact that it’s uncommon for millennial generation members to stay planted in one spot for long. Recent surveys found that millennials are more likely to hop from employer to employer than prior generations.

 

The goals of previous generations are not necessarily those of millennials. Additionally, the economic climate has blown away the goalposts for many young people. As wages have sizzled out, childcare, medical and education expenses soar.

 

When an individual’s life trajectory is a question mark, it can be harder for her to plan for it, as well as dealing with the uncertainty that comes with the territory. People view their future selves like a stranger.

 

So, what does it mean to strive to be financially set, in the face of uncertainty? Focus on what doesn’t change, there are certain steps that are fundamental to financial security, regardless of the path you ultimately follow,” he said. Some of those set basics are:

 

Spending less than you make;
Building an emergency savings account (ideally, six months’ worth of expenses stored away);
Resisting debt;
Saving for retirement.

 

It’s totally normal not to have clearly defined long-term goals, as we can’t predict the future, but how about making and focusing on your near-term aspirations. That might be stashing away a pretty, sizeable fund to invest in crowdfunding real estate or returning to school for another degree. It can be helpful to engrave these goals to life by writing down those goals.

And the most important reason for saving, should be on everyone’s list: “What happens if I can no longer work? Will I be financially OK?

It can take a lot of time to be able to answer that question in the affirmative. That’s why the importance of starting to save early — no matter how cloudy your future — can’t be overstated, experts say, because of the power of compound interest. Time is the greatest money-making asset an individual can possess.

 

It can be anxiety-producing to sacrifice your quality of life now for the future, but it’ll be really encouraging to see your savings accumulate, and then multiply that saving with the most rewarding investment ever in real estate.

 

You can up your chances of being prepared for whatever lies ahead by nailing down healthy saving routines now. The first steps to financial security involve creating that emergency fund, taking full advantage of any retirement plan you have at work and aggressively cutting down on debts. Once you’ve checked those boxes, gradually turn up your savings. You can also invest for goals other than retirement Ponder the deeper questions, but don’t let them delay you. The most important thing is to start.