Keeping Up With The Bulls

A personal finance blog focused on making more money, saving money and smart spending.

How to Invest Money In Your 20s

by // Leave a Comment

how to invest money in your 20s, investing money in your 20s, how to buy Gamestop, where to buy Gamestop, best ways to invest money in your 20s

Wow, Gamestop ($GME) was on a wild ride the past month. Even seasoned stock investors had to start Googling “what is a naked short” and “how is it legal to short a stock over 100% of float” when this all started. We don’t yet know how this will end; however, it’s likely to end really well for some people and really badly for others. The good news is $GME has now generated excitement for first time investors to consider investing.

If you’re now interested in investing in your 20s, here are some ideas to consider before you buy your first stock. Don’t get caught up in all the hype. You have decades left to reap the benefits of investing in stocks and it’s important you make the right investing decisions for yourself. Here are 5 considerations to invest money in your 20s.

Invest Enough In Your 401k To Get The Full Employee Match At Minimum

A 401(k) plan is a retirement savings plan sponsored by employers. It allows employees to contribute to their retirement savings pre-tax in the United States. The 401(k) contribution limit for 2021 is $19,500, unchanged from 2020. Don’t know if you have a 401(k) plan or match? Ask your boss or look at the internal benefits webpage at your company. If you are eligible, your company will have information on how to sign up. The contribution amount you elect will be taken directly from your paycheck.

At minimum, you should always contribute enough to your 401(k) to get the full match. Consider how much you’ll save on taxes this year when you decide how much you’ll contribute to your 401(k). Also consider your money needs in the next 5-10 years. When you’re starting out in your 20s you’re paying down debt, saving for a car and saving for a house. It’s easier to put more money in retirement accounts when you’re no longer saving for a down payment.

Even though a 401(k) can be a set it and forget it account it’s best to check the performance of your 401(k) investments periodically. A 401(k) is a great investment vehicle; however, many companies limit what you can invest in. Even if you have a 401(k) you should also open a Roth IRA account for retirement savings and investments.

See Also: Corporate Benefits That Help You Make And Save More Money

Open A Roth IRA To Lock In Gains Tax Free

A Roth IRA is a retirement account that offers you a tax benefit when you retire in the United States. Roth IRA contributions are not tax deductible. You also do not pay taxes when you withdraw money at age 59 ½ +. This is different from traditional IRAs and 401(k) plans.

Make sure you’re familiar with the benefits of a Roth IRA and the Roth IRA rules first. Important rules include you can only invest up to $6,000 in 2021 pending income eligibility and you can only withdraw certain money penalty free before 59 1/2. While you don’t pay taxes on gains, you also can’t write off losses on your taxes.

At the beginning of your career, your salary is lower, your taxes are lower and you have less money. It’s harder to contribute at all to your Roth IRA, let alone the maximum. At the same time, you have the opportunity for money you contribute to grow tax free for 40+ years. In a Roth IRA you also have the flexibility to invest in any stocks, ETFs and mutual funds you want.

How do you set up a Roth IRA? It’s very easy and can be done in minutes. Charles Schwab, Vanguard and Fidelity all offer Roth IRA accounts among others.

Use Company Benefits like ESPP and RSUs

Do you work for a publicly traded company? Your company may offer an Employee Stock Purchase Plan, or ESPP. This benefit enables you to buy company stock at a discount. ESPP is a way for you to make extra money without any extra effort. The only steps? Enrolling in ESPP and deciding when you want to sell the shares. Whether you keep the shares or sell the shares is based on your own investment and tax strategy.

Another possible benefit to take advantage of is equity compensation. Restricted Stock Units (RSUs) are a popular way of giving company equity to employees at tech startups and large public companies. RSUs are a great way to grow your wealth. If they aren’t part of your comp plan today, inquire if this is something your company offers. A company may offer RSUs to employees, but may not offer them to all employees. Sometimes employees have to perform at a certain level, or need to be at a certain level, or they are offered as part of an employment package. Whether you keep the shares or sell the shares is based on your own investment and tax strategy.

Buy Individual Stocks in the Stock Market If You Like Risk

You want to buy individual stocks to get rich quick, but how do you know which one to buy? When starting anything, I always ask myself about what I’m willing to pay to learn. Learning anything cost money. Even if you teach yourself, you always need to buy the basics. For example buying / renting gold clubs or technology to watch how to videos on YouTube. How much are you willing to spend learning something new?

The thing about stocks is that there is a chance it could go to $0. That chance depends on which stock you pick. For example, Gamestop is a very volatile stock. If you buy a share and it comes crashing down you could lose most of your money when you decide to sell. This is why it’s good to know how much you’re willing to spend to learn something new.

If you’re willing to spend $100 to learn something new, buy $100 worth of a stock or several stocks. Say the stock goes up in value, great! If it goes to $1, you were willing to spend $100 to learn something new. Now, you’re left with $1 and knowledge about how to set up an investing account, how to buy a stock, how stock prices fluctuate, where to learn more about your investments, how to sell a stock, how to write off stock losses on your taxes and more.

When you buy your first stock consider buying a share of a company that excites you. That way, you’ll want to learn more about the company. You’ll want to listen to quarterly earnings, learn about market valuations and more. If you’re not excited about your first investment you’re less likely to spend extra time learning about investing in the stock market. Generally, stocks fall into two categories: growth stocks and value stocks.

Growth Stocks

Growth stocks are stocks that are considered to have the potential to outperform the overall market based on their future potential. These stocks usually don’t pay dividends and tend to be more volatile. Examples of growth stocks include Tesla, Roku, Square and Amazon.

Value Stocks

Value stocks are stocks that are currently trading below what they are really worth and the thought is they have the opportunity to provide a better return. Some value stocks also offer dividends so you don’t have to wait to sell a stock to get some cash. Value stocks are usually larger, more established companies. Examples of value stocks include companies like Verizon and 3M.

Both growth and value stocks have the possibility to go up in value and go down in value. There is no guarantee the stock will go up. And, if you think a stock is overvalued there is also no guarantee that stock will go down.

See Also: Smart Money Moves In Your 20s

Buy ETFs If You Don’t Want To Actively Manage Your Stock Portfolio

ETFs stand for electronically traded funds, also know as index funds. When you buy an index fund you are buying a basket of individual stocks. If you buy a S&P 500 ETF, you’re investing in all 500 companies that are in the S&P 500. The more diversified your portfolio, the less volatile your portfolio is. The goal of index funds is to match the performance of a specific benchmark.

There are fees for ETFs; however, they tend to be lower than mutual funds. Before you buy an ETF make sure you know what fees the ETF charges per year. The average fee for index funds is 0.15% according to Morningstar data from April 2019.

How To Invest Money In Your 20s Summary

No matter how you decide to invest money in your 20s it’s important you choose a strategy that works for you. Before you start investing, make sure you know the options that may give you free money to start investing. This includes things like a 401k employee match and RSUs. Other important considerations? When you’ll need the money, your risk tolerance and how much time you want to spend.

Investing money in your 20s is hard when you don’t have as much money and it’s new. Like everything, you’ll learn from your mistakes and get better over time. Even if you buy a bad stock, or sell a good stock early it’s better to learn these lessons when you have less money at stake.

Different strategies work for different people. Investing when you may need the money for a big purchase in the next 5 years is different than investing money when you don’t need money for 20 years. Different people also have different risk tolerances. If you’re going to lose sleep worrying about losing money in the stock market a lower risk, set it and forget it strategy may be more aligned to your goals.

Advice for 2020 Grads From a Millennial That Graduated in 2010

by // Leave a Comment

advice for recent college graduate, advice for recent grads, advice for recent graduates, advice for graduates, career advice for graduates, financial advice for graduates

College graduation has come and gone. The pandemic, unfortunately, has not. It’s a tough job market out there for new grads. Glassdoor Economic Research found that new grad related job openings fell 68% in May from the same time last year. They also found that 7 of the top 10 companies attracting the most new grad applications are tech companies. This is no surprise since tech companies tend to offer high salaries.

It’s not just job postings either, good salaries are tougher to find during recessions as well. According to the National Bureau of Economic Research graduating in a recession leads to large initial earnings losses of about 9% of annual earnings in the initial stage eventually recede but don’t disappear until about ten years after graduation.

Don’t get discouraged by this news. While it’s tough, there are still ways to thrive. I graduated in 2010 and saw a lot of this first hand. We had less paid internship opportunities in college. Entry jobs didn’t begin opening up until much later. We also saw many of our friends who graduate a year or two above us get a job offer and then have it revoked, get laid off after only months of working or struggle to get that first job after graduation. Based on what I saw during the Great Recession and how we all took control of our jobs and our finances in the decade since here is my advice for graduates.

Be Prepared To Share Your Resume and What Jobs You’re Interested In At A Moments Notice

My top career advice for graduates is to always be prepared. Practice your 30 second elevator pitch on your background, what you’re looking for and how you add value. Always have your resume up to date, even if you’re content in your current job.

You know you need to prepare for a job interview, but how prepared are you for a chance encounter? While in person chance encounters are less likely during social distancing, they can still happen through word of mouth. Perhaps one of your parents, a relative, a friend or a neighbor hears of a job and contacts you. Will an opportunity land in your lap? It’s unlikely. But, if you tell people you’re looking for a job and put yourself in situations where you meet new people these types of chance encounters are more likely to happen.

These are the situations you need to be prepared for. If there is an opportunity, they’ll ask for your resume to share. They’ll ask about what types of jobs you’re looking for, so they can think about if they know of any openings.

Do have your resume always up to date. Do be clear with what you’re looking for. Don’t say you’re open to anything. By keeping it too vague it’s hard for someone to help you. That doesn’t mean you need to know exactly what you want. Here are a few ways you can answer it:

  1. Talk about your background – what did you major in? What were you most excited about in your internships and classes?
  2. Location – are you looking for a job locally or are you open to moving for a role? Do you have a preference?
  3. Are you looking for a full time or part time role? Are you open to a role that starts as part time but could lead to something full time?
  4. Speak to your skill set – what areas are you strong in?

See Also: How to Ask for a Job Referral

You May Not Land Your Dream Job… and That’s OK

Millions of Americans are unemployed or furloughed. Competition for jobs right now is tough. So, chances that you’ll land your dream job are slimmer. But, that doesn’t have to be a bad thing! Think back to when you were applying to college. Did you end up at your dream school? Did it all work out in the end?

To put things in perspective, you’re also in your early 20s. Most people do not know exactly what they want to do with their lives at this age. It’s a myth that everyone knows exactly what they want to do when they graduate college. It’s important to be flexible. Take a job and figure out what you enjoy and what you don’t enjoy about that job. Then, continue looking for ways to enjoy that job more, or look for another job you’ll enjoy more.

The job opportunities available now may be wildly different than your major. Your opportunities may even be going back to where you worked part time in high school. That’s ok. No company is going to frown upon the interim job you took during a pandemic.

See Also: Career Advice for Young Professionals

Know What Seems Like Settling May Be The Best Thing That Happens To You

I stumbled into the tech industry at the recommendation of my career center at college. I had no idea what my dream job would be then. We were in middle of the recession so I got an offer and accepted. Turns out it was the best thing that could have happened. The tech industry is an amazing industry to work in. I met countless mentors and sponsors that helped torpedo my career. Now, everyone wants to work in tech! But back then, almost no one I went to school was trying to get a job in tech.

Some of my friends in tech sales that graduated around the same time have shared they joined a tech inside sales program because those were the jobs that were available. Sales reps at several high tech companies say they earn an average of over $142,000 a year. Here they were in the middle of the Great Recession and they ended up getting their foot in the door to one of the best paying jobs that doesn’t require an advanced degree.

Use Your College Career Center To Identify Open Positions and Helpful Contacts

Career Services on campus is a great resource for current students and recent alumni. They have access to tools that can help you identify what careers to pursue. Often, they’ve helped alumni get their jobs and have maintain those relationships. When you’re trying to get an in at a company they may know of an alumni to reach out to. They also have relationships with companies that hire entry level positions. Career Services may even be the most important office on campus according to an opinion piece on Forbes.

Network With Alumni

If you’re looking at jobs at a company my advice for graduates is network with current alumni at the company. That way, you have a connection that you can reach out to for a referral if a job does open up. Don’t expect alumni to reach out to you with any opportunity they hear. It’s likely they are busy. Instead, monitor the open jobs at that company and reach out again when you see one you’re interested in.

First, reach out to alumni you have relationships with asking if they know of opportunities. Remember to be as specific as you can with what you are looking for. Join LinkedIn Alumni groups for your college and also look to join ones on Facebook. Sometimes there are even subgroups for a certain location. Post in these groups and share your story. Many people are happy to help, and may help offer advice even if they don’t know of any job opportunities currently available.

Consider a Paid or Unpaid Internship In The Short Term Instead of a Full Time Job

While you’re looking for a full time role, one path to potentially get a full time offer is to accept an internship. An internship is helpful if you don’t have much experience on your resume and you need a little more experience to start landing interviews. Internships are also helpful if the company isn’t hiring full time right now but may be hiring for full time positions in a couple months.

Add To Your Experience Through Volunteering

Not all experience is from internships and part time jobs. You can also show your experience through your volunteer experience. Use this experience to show how you’ve built leadership experience, reliability and additional skills that are relevant to the jobs you are applying to. Not all volunteering has to be in person or even at a non-profit.

If you see a local business struggling and they don’t have a social media presence offer to help them set it up for free and add that experience to your resume. This also opens up opportunities for future paid work. They may recommend you to their network and you can begin charging for your time.

Be Frugal For The Next Few Years

My top financial advice for graduates is to be frugal for the next few years. It’s not the best economy right now and we don’t know how long it’ll take to recover. So, once you get a job keep conserving as much cash as possible. It’s not like there is a lot to do now anyways with businesses closed and limited travel options available. Plus, if you have a remote job you don’t have to buy more than a few shirts for Zoom calls.

Ways to keep living like a college student include cheap housing and cheap food. Keep living at home or move in with roommates into a starter apartment. If you’re moving out, try to negotiate rent. Vacancies are up right now so you’re more likely to have success negotiating things like a free month of rent. The next biggest expense is transportation. Hold off on buying a car especially if you don’t know where you’ll end up living. Use your current car as long as you can. If you don’t have a car, buy a used car and shop around for deals.

Hang out with friends outside instead of going to a restaurant. Go on a walk, or bring food for a picnic. Drinks and food at restaurants are expensive and with many bars closed there are less cheap drink specials to be found. Eat at home. When you buy groceries, look for coupons and deals. There are also ways to spend less on food by buying cheaper options. For example, buy oats and make oatmeal instead of single serve yogurts. You can find dinner recipes and meal planning tips to save money.

Is frugal living not for you? This doesn’t have to be a permanent lifestyle, but the longer you’re able to live frugally like you lived in college the easier your finances will be. You don’t have to cut back in all areas either, the single most important expense is housing.

See Also: How to Save Money in Your 20s

Start An Emergency Fund Once You Land A Job

Once you land a job, whether it be part time or full time, start an emergency fund. An emergency fund is an amount of money set aside to cover emergencies if they arise. The money should be easily accessible and liquid (such as money held in a checking account or savings account) that you have for when things go wrong. This includes an unexpected health bill, unexpected car repair, if you lose your job and so forth.

At this point, don’t worry about how much money you should have in an emergency fund. Your focus once landing a job is to start an emergency fund, even if it’s only contributing $5-10 a paycheck. If your family gave you some money for graduation put some of that cash in your emergency fund. Get in the habit of consistently contributing a little money with every single paycheck, and automate the savings so you don’t even have to think about it. Once you are more settled, you can start building your emergency fund.

How to Save Money in Your 20s

by // 6 Comments

saving money in your 20s, how to save money in your 20s, how to start saving money in your 20s, how to spend money in your 20s

Saving money in your 20s will help you achieve financial stability. A lot of people in their 20s are dealing with student loan debt and aspiration for days of having a strong financial cushion and achieving their dream lifestyle. While it’s easy to think that financial planning may be pointless at this stage, the baby steps taken now will create a financial foundation. Increasing your income is most important, but spending less than you make is a close second. Increase your income, be smart with your spending, save money and invest are the recipe for success. Here are tips on how to save money in your 20s to set the stage for a strong financial future.

Increase Your Income

It’s not about what you make, it’s about what you spend is true. However, it’s a lot easier to save money when you make more money. Your lifetime earnings are decided in the first decade of your career. As a result, increasing your income in your 20s is especially important.

There are several ways to increase your income. First, hustle at your job and create a plan to double or triple your salary. This plan may include strategic networking to get promoted or switch industries, identifying what you need to do advance your career, get another degree and / or expand your skill set. Second, build additional streams of income. In order to begin generating passive income, you need to have money first. To build wealth quicker, start a side hustle in addition to your day job. As your income increases, keep your spending flat. This will allow you to save even more money in your 20s.

See Also: 10 Pieces of Career Advice for Young Professionals

Save Money In Your 20s by Being Frugal

Now that you’ve focused on making more money, how do you avoid spending your entire paycheck? Control your expenses. Do you make more money than your friends? Doesn’t matter, spend as if you make less. Consistent saving and investing, especially in your 20s, can be an effective way to accumulate wealth. The more you save in your 20s, the less you have to save later in life due to compounding. See how even small savings amounts can add up over time with this compounding interest calculator.

In your 20s, this means being frugal for a few years. You don’t have to be frugal forever. The longer you’re able to live frugally like you lived in college the easier your finances will be. Being frugal also doesn’t mean never having fun. You don’t have to cut back in all areas either, the single most important expense is housing.

Save Money On Housing And Live with Roommates

Some of the best ways to save money in your 20s include being smart with housing. Housing is likely the largest expense in your 20s. Once you sign a lease, you’re stuck with that expense until your lease ends. Don’t become “house poor.” Experts say housing should be no more than 30% of your gross income and that includes all housing expenses. However, this doesn’t mean you should spend 30% of your gross income. The less you spend on housing the more money you’ll have available to save, pay down debt and spend on other things you enjoy. Want to live in a certain location? You may have to settle on the amenities and living with roommates.

The most sure way to save money on housing is to live with roommates. Not only are you able to spend less per month on rent, you’re also able to split utility bills, and split buying the furniture. It’s expensive to furnish your first place. Splitting these costs will save you a ton of money the first few years and enable you to start building a savings cushion. Bringing your own lunch can save $7 / day or $140 / month. Being smart with your housing can save you hundreds a month and thousands a year.

Buy A Used Car or Skip The Car Altogether

The next biggest cost you’ll likely have is transportation. Sometimes, a car is unavoidable. You need it to get to your job and back. But, with remote working increasing, public transportation and rideshares becoming more available can you skip the car for a year or two for a little inconvenience?

Before you buy a car, do the math. Can you use public transportation, bikes and ride shares? How much will this cost you per month? Then, compare this to how much it’ll cost you to own a car. Don’t forget, the money you spend on a car could have been invested and earning you more money or paying down debt. Car expenses also include maintenance, gas, parking, insurance and depreciation. If you can, skip the car. If not, spend as little as you can on a car in your 20s. You can always get a nicer car when you have more money.

Save Money on Food and Drinks

There are ways save money on food and drink and still have fun. You can still go to restaurants and bars and save money in your 20s. Take advantage of happy hour specials. Go over a friends house and have a drink before heading to the bar. When you get to the bar, limit yourself to one drink. Invite people over to watch sports instead of going to a bar. Take advantage when there is free food at events. Bring your lunch. Set a monthly budget for eating out and going to bars. There are plenty of ways to continue to enjoy eating out and also save money.

Eat at home for all other meals and bring your lunch. Planning your meals and using coupons on groceries will save money. Don’t order takeout and instead save your eating out money for when you go out with friends.

Limiting spending on food and drinks is a great money move in your 20s because it starts developing discipline around spending money. It’s hard to say no to always going out with friends and spending money on food and drink but it adds up. But, this is small amounts of money compared to later on. If you can’t say no to going out to save money, how are you going to do when you’re invited on $1,000+ vacations? Practice saving money here and the discipline will spill over to other areas.

Be Frugal With Your Vacation Spending

The best time to travel is in your 20s when you have less responsibilities and more time. This is also when you have the least amount of money so how do you best balance this? Save money in your 20s by taking road trips. Rent a house with friends to reduce spending on lodging. Split a hotel room with 3 other friends to reduce costs even more. There are also plenty of ways to save money on travel, you don’t have to give up travel entirely.

Another option? Work for a global company and take advantage of traveling for your job. It’s much cheaper to spend 2 extra nights in Europe when you’re flying there for work than paying for an entire Europe trip. At minimum, sign up for every single travel loyalty program. This way, you can accumulate points to use for free nights, free airfare and free car rental days. You can also get a good rewards credit card and redeem for free travel.

Limit Spending on Clothing

When you first graduate college you will need to spend some money on clothing. Your college wardrobe won’t suffice for a professional wardrobe, attending weddings, etc. Spending money on clothes in unavoidable. You can continue wearing free t-shirts for a while at home, at the gym and on weekends but at some point you will want to upgrade there too. When you do spend money on clothing, take advantage of sales. Also take advantage of shopping second hand like on Poshmark and even sharing clothes with your roommates if you can. To start to build a wardrobe, buy 1-2 nice things a year like a good pair of black heels and a nice leather black tote.

Take Advantage of Company Benefits

Salary is important, but don’t forget about job benefits. Job benefits include vacation time, health insurance and 401(k) match benefits but did you know there may be more benefits to help you save money? In college you were able to get discounts with your college ID. Post college, look for ways to use your company ID to save money. Some health insurance plans offer money towards a gym membership every year. Depending on the industry and area, companies may offer free or discounted food, free gyms on-site, discounts on auto insurance, discounts on personal travel and more. Look at your internal company site to learn more about perks offered by your company.

Track, Manage and Reduce Your Spending

Now that you have those saving money tips, know how you are spending your money today. Can you use any of the tips above to save money? You must spend less than you make in order to save money in your 20s. To do this, you need to understand where you’re spending your money. When you just graduate, you’re adding a lot of new expenses. For the first few months, track every expense and see where you’re spending your money. Don’t change any behaviors, only add tracking what you spend and follow how you normally spend your money. At the end of the month look back at what you spent your money on. Do the same for the following month. Are you spending more or less money than you are making? Were all those purchases necessary? How did your spending change month to month?

Create a Budget

Saving money in your 20s starts with having a budget. Create a budget that works for you and isn’t too restrictive, otherwise you’re less likely to follow it. There are plenty of apps like Mint which make this process much easier. First, input your regular bills like rent, electricity, internet, etc. These are all of the bills you must pay. There may be ways to decrease these bills later, but for now put what you pay today. Set aside money for the things that bring you happiness and finally add in everything else. Be realistic too – you’ll need clothes and you’ll be invited to a lot of weddings in your 20s.

It’s ok if your budget is imbalanced when you first add everything together. Budgets take multiple iterations to get right. Keep shifting around numbers until you’re able to balance your budget. If you find that no matter how much shifting you can’t find ways to save money with your current income though then you need to start looking at ways to make more money.

Set a Savings Goal and a Retirement Savings Goal

You want to save money in your 20s, but how much? Give yourself a goal for how much you money you want to save per month. It doesn’t have to be a high number – you can start with even $5 a paycheck and increase it. Use this money to start building your emergency fund, so if any emergencies arise you have cash to cover it. You can find a calculator here to help identify how big your emergency fund should be. And, don’t forget to save enough money for retirement to get your employer match if they offer it at minimum. This graph from Business Insider shows the difference of saving $100 / month for retirement starting at 25 verse 35. The person who started at 25 ends up saving $73,000 more by age 65 solely by starting 10 years earlier. Only $12,000 of that difference is additional contributions, $61,000 is from compounding interest.

One trick to avoid cutting spending is to move more of your saving towards your 401(k) contributions. 401(k) contributions are pre-tax, so you’ll reduce the amount of taxes you owe in your budget. Once you’ve identified how much money you want to save, or can save, automate it! One of my favorite money saving hacks is to automate your savings. Take these steps to automate your savings and watch your savings grow.

Where Do You Put the Money You’ve Saved?

Where should you put the money you’ve saved? Money saved in your 20s should first be held in a high yield savings account as part of an emergency fund. Unfortunately, there have been interest rate cuts across the board including high yield savings accounts, so you won’t make much money here. But, it is better than nothing. Nerd Wallet shares here the top 10 best high yield savings accounts. You can also look for banks offering sign up bonuses.

See Also: How To Invest Money In Your 20s

How to Save Money in Your 20s Summary

How to save money in your 20s can be summed up in a few simple steps. Increase your income and keep your spending flat, saving the difference. Be frugal for a few years. This includes living with roommates and spending as little as possible on transportation. For all other expenses prioritize what brings you happiness and cut back spending in other areas. Set a savings goal and stick to it. Yes, saving money in your 20s is harder than saving money in your 30s. Your salary is lower and you don’t own much yet, increasing your initial expenses. But, your lifestyle expectations are also the lowest. The more you can save when you’re young the easier it is as that savings will continue to generate passive income for you. Set yourself up for success by saving money in your 20s.

Here are more smart money moves to make in your 20s.