Ariah Rastegar is the founder and CEO of Rastegar Capital, LLC, and through his company, assists his clients in building their wealth.
Customers of all ages turn to professionals like Ariah Rastegar for help, but they must often resolve existing issues before they can proceed with building their portfolios. When such professionals work with twenty-somethings, they often encounter issues such as those below…
You can also read: Ariah Rastegar: Money Secrets of Self-Made Millionaires
- Living Outside of Your Means – Spending more than you earn is easy when you’re experiencing the freedom of your twenties. You might want to travel, buy a car or otherwise do things you haven’t done before. But everything comes with a cost, and unless you have the money to spend, you shouldn’t. Living beyond your means will land you in debt sooner or later, meaning that when you begin to manage your finances, paying off debt is where you will have to start.
If you’re making this mistake, stop now. Make a budget, live within your means and start paying down your debt.
- Not Saving for Retirement – Retirement feels like it is forever away when you’re twenty, and that’s exactly why you should start saving for it right away. The sooner you begin your retirement savings, the less you’ll have to save and the more you will have. Saving early might even allow you to retire early, which isn’t a luxury many people can afford.
If you’re making this mistake, set up a 401k today and start saving as much as you can afford, even if it’s the monthly minimum.
If you’re in your twenties and you’re making either of the mistakes listed above, or even if you’re not, you can likely benefit from professional financial advice. Companies like Ariah Rastegar’s Rastegar Capital are there to help all who seek advisement in building their wealth.