First, I am sure you’re aware there’s a national student loan forbearance that has many of yall ‘balling’ until it expires on August 31, 2022. While I know you’re crossing your fingers and toes hoping for another extension, who knows what will happen
Then, there’s Inflation – this happens when there’s a lot of money moving and not enough goods to be purchased. The price of everyday expenses is shooting up–insert rent, gas, food and everything in-between. So, if you’re apartment shopping or house hunting, earmark some extra funds to go towards your housing budget.
Next, the Job market – You’re in the era of the Great Recession–what a time to be alive. With so many people quitting, dare I say this is the ‘buyers market’ of employment? Make sure you negotiate salary, benefits, and equity–get paid what you’re worth.
Last, and certainly not, least retirement plans – be sure to enroll in your workplace 401(k) plan, choose the type of account whether its traditional or Roth, and set up 1% automatic increases annually.
Trust me, by 30 you’ll be amazed at how much you’ve saved. Then, you can take me out for lunch. *Auntie Re said increasing at least 1% a year, will kick my finances in high gear*
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.