Building first-time financial independence
How do you start becoming financially independent in your twenties?
In this episode, certified financial planner Elizabeth Pennington breaks down five essential financial goals, including savings, credit, and retirement planning, along with other best practices to start planning a healthy relationship with money in your twenties.
Full transcript and show notes at tiredtwentiespod.com
SHOW NOTES:
* Check out Elizabeth Pennington, CFP and her team’s work on www.fearlessfinance.com [http://www.fearlessfinance.com], or @fearlessfinance on IG, FB, Twitter.
* Read Broke Millennial by Erin Lowry [https://bookshop.org/books/broke-millennial-stop-scraping-by-and-get-your-financial-life-together/9780143130406] or Get Money by Kristin Wong [https://bookshop.org/books/get-money-live-the-life-you-want-not-just-the-life-you-can-afford/9780316515658], recommendations by Elizabeth.
* “Individual Retirement Account (IRA)” by The Investopedia Team, Investopedia [https://www.investopedia.com/terms/i/ira.asp]
* “Rainy Day Fund vs. Emergency Fund – Do You Need Both?” by Rachel Morgan Cautero, The Balance [https://www.thebalance.com/do-you-need-a-rainy-day-fund-and-an-emergency-fund-4178821]
* “How Much is TOO MUCH Credit Card Debt?” by Lori Atwood, Fearless Finance [https://blog.fearlessfinance.com/blog/how-much-is-too-much-credit-card-debt]
* “Majority of Americans Say Parents Are Doing Too Much for Their Young Adult Children” by Amanda Barroso, Kim Parker, and Richard Fry via Pew Research Center [https://www.pewresearch.org/social-trends/2019/10/23/majority-of-americans-say-parents-are-doing-too-much-for-their-young-adult-children/]
* “Most Americans think young adults should be financially independent by 22—but only 24% are” by Alicia Adamczyk via CNBC Make It [https://www.cnbc.com/2019/10/26/only-24percent-of-young-adults-are-financially-independent-by-22-per-pew.html]
* Subscribe to my newsletter to get updates and behind the scenes on the podcast by clicking here [http://tiredtwenties.substack.com/] or going to tiredtwenties.substack.com [http://tiredtwenties.substack.com/].
* Follow and DM me:
* Tik Tok [https://www.tiktok.com/@tiredtwentiespod] or Instagram [https://www.instagram.com/tiredtwentiespod/]: @tiredtwentiespod
* Twitter [https://twitter.com/tiredtwenties]: @tiredtwenties
* Donate to the podcast by clicking here [http://buymeacoffee.com/tiredtwenties] or by going to buymeacoffee.com/tiredtwenties [http://buymeacoffee.com/tiredtwenties].
* Don’t miss our last episode on ending toxic hustle culture here. [https://www.buzzsprout.com/2002458/episodes/11202370]
MORE ABOUT ELIZABETH PENNINGTON, CFP:
Elizabeth Pennington is a CERTIFIED FINANCIAL PLANNER™ with Fearless Finance, which offers fee-only, hourly financial advice virtually to clients around the U.S. After starting a policy career in Washington, DC, Elizabeth initially struggled with her own finances and had to learn how to manage her money. As she started her financial journey, she realized that she wanted to work to make financial advice accessible to everyone - not just people who were already wealthy. She switched careers and joined Fearless Finance in 2019. Elizabeth specializes in working with young professionals to help them start financially strong and meet their goals.
Elizabeth is originally from Iowa, and she currently lives in the Cleveland, Ohio area with her dog, Wallace, and cats, Norman, Demon, and Smokey. Elizabeth also volunteers to help women seeking higher education, including UStrive mentoring and the Philanthropic Educational Organization.
