Money Guy Show How To Build a Financial Plan (By Age)
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Jul 4, 2025 Discover how to create a tailored financial plan for each decade of your life, from conquering student debt in your 20s to effective estate planning in your 50s. Learn the power of early investment through strategies like Roth IRAs and the importance of risk management, including life insurance. Navigate the complexities of your 30s and 40s with smart budgeting, saving strategies, and proactive retirement planning. Finally, explore key adjustments for your 50s as you prepare for retirement and secure a lasting financial legacy.
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Basics for 20s Financial Planning
- Start your financial journey by knowing where your money goes and having a simple plan.
- Budget to live on less than you make and eliminate consumer debt early.
Invest Early with Roth IRAs
- Invest early and use tax-advantaged accounts like Roth IRAs to make your money grow tax-free.
- Even small monthly contributions in your 20s can multiply significantly over time.
Simple and Automated 30s Plan
- In your 30s, keep your financial plan simple and make savings automatic.
- Increase your savings rate to about 25% and secure appropriate insurance for loved ones.