Money Matters: Financial Independence

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Everybody wants financial independence.

If you're a recent college grad that is especially true. Shiyan Koh of US News and World Report says if you're in the middle of your first job out of college there are some things you need to do to realize your goals.

Here are her suggestions.

1. Don't Be Intimidated

Take charge of your financial life. Maximize savings and minimize expenses, especially on fixed costs like rent and debt repayment.

2. Assess Your Current Situation

How much do you make? How much do you spend on needs versus wants. List all your creditors and figure out how long it will take you to be debt free.

3. Be Specific In Setting Goals

Do you want to rent or own a house? You need to ask yourself, "If i want a house by age 35, I need to save $100 every week." Then ask, "Can I do it faster?"

4. Measure Your Performance

Be honest with yourself and your goals. There are a number of websites and mobile apps that will track your spending for you and send an alert if you're starting to bust your budget. Find an accountability partner: a person in your life who won't let you off the hook and who will remind you of your goals.

For more information, click the link below to read the entire article.


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