So here’s a short post on my finance goals:
I mentioned in a previous post about how I am going to start reading more starting with Suze Orman’s Young, Broke, and Fabulous. After reading that book, I have actually learned so much that I can apply to my finances right now as well as in the future! One of them being how to build credit and save money.
I am an upcoming senior in college and before I know it I will have graduated from undergrad (even though I feel like I just got there), and I do not want to graduate college young, fabulous, and broke. I mean, of course I’m going to graduate with the first two adjectives, but that third adjective I can do without ;-). Anyway, the saving money portion of the book really got my attention! So, I looked into my bank and found that there is a savings account program catered to young people under the age of 24 that is basically designed to build up your savings account fast. (Sidenote: many banks have these savings account options that cater to young people these days.) The dividend rate begins at 4.91% for $0-$500, goes down to about 2.75% for $500.01-$1999.99, and finally goes to 0.25% for anything above $2000.00. The book had a chart in it that described how much your money would grow if you placed $100, $150, $200, etc. per month into a savings account with a 2% interest rate over a span of 3 years, 5 years, 7 years, etc., and it really put into perspective for me how to grow and invest my money so that I can make big purchases on my own without having to rely on my parents for the rest of my 20s!
I am very excited to open up this savings account this week and start investing into my future! My goal is to be financially dependent by the time I am 26 years old, which only gives me 5 years and may seem very ambitious, but hey, if I shoot for the moon maybe I’ll land amongst the stars? More importantly, stars in the form of currency. Happy savings everyone!