With time, it begins to amount to something. Meal-Replacement Diets: Just a Fad or the Way to Good Health? Secure your finances. Undergraduate students born before Jan. 1, 1997, who complete the 2020-2021 Free Application for Federal Student Aid, or FAFSA, will be considered independent for federal financial aid … Here are the top steps to becoming financially independent in your 20s… When you hit your twenties you may be studying at university, have already started work, or be travelling the world seeing all … Becoming financially independent can be compared to walking down the street with no bra on. In your 20s, you probably won’t die of hardening of the arteries, but you can’t count out a snowboarding or car accident that could sideline you for weeks or months. Many people who attain FI continue to work to earn some money. Seen in The City © 2015, Seen in The City – Luxury London Travel Lifestyle Magazine, Steps to becoming financially independent in your 20s, 100 Wardour St Alpine Lodge with Taittinger Is The Perfect Winter…, London’s top outdoor terraces to meet with friends during Tier-2 lockdown…, First Look: Winter Heights, London’s hottest new festive rooftop bar, First Look: Zia Lucia Wandsworth opens in time for lockdown lifting, A look at ALDI’s Xmas gin: Mulled Winterberry, Spiced Apple &…, A Look At Some Of London’s Top Luxury Venues, Review: 100 Queen’s Gate Little Explorers Package, Take a staycation in the sky with the Shangri-La in the…. Becoming Financially Independent: The 50/30/20 Rule. But once you finish striding down your first block, the discomfort sets in. If you’re frivolously spending £2.60 a day on your regular latte, forget about it. When you’re in any of these scenarios, the thought of achieving financial independence at such a young age can feel well out of reach. Financial Freedom has not only to do with your salary but your ability to take care of expenses, invest for the future and at the same time have no loan to repay. If a change is required, make it while you’re relatively young! 5. 10. Today, just one day in the hospital can set you back $10,000, a bill, which if left unpaid, could wreak havoc with your credit, job search and other life goals for years to come. Or it will go to collections and damage your credit. But, with a view of becoming more financially independent, these little or big unnecessary purchases need to take a back seat. 3. As you can see, becoming financially independent is only the beginning. The budgeting method I use to get closer to my own financial independence goals is the 50/30/20 rule. Should You Get Pet Insurance: Is it Worth it? My name is Mark Lee-Falcon and I am a partner and deputy editor for Seen in the City. A third of people in the U.S. believe you should make the leap between the ages of 22 and 25. You can contact me on: Mark@seeninthecity.co.uk. Don’t we? Budgeting is something that you need to learn about if you are planning on becoming financially independent. “If you start in your early 20s, which many millennials are at that age right now, historically the average potential of that dollar in the stock market is about $1 growing to $17, after inflation, so a very nice return,” says Patrick O’Shaughnessy, author of  “Millennial Money.” “If you wait until you are 40, that potential drops to about $5 by the time of retirement. How you deal with your 20s will largely determine how you deal with the rest of your life. As tempting as it might be to load up your credit cards and purchase new furnishings from Ikea for your first apartment, resist the urge. Everybody striving for financial independence tends to save anywhere from 20% – 80% of their after tax income each year on top of maxing out their pre-tax retirement accounts. 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