Building Wealth as a Young Adult

Personal finance is a vital topic that young adults should be taught as they enter the workforce. In addition to being taught in schools, financial literacy should also be conducted in colleges and universities to equip teenagers with the necessary skills to manage their finances.

Unfortunately, many young adults are prone to making poor decisions when it comes to their finances. Here are great ways to build wealth as a young adult.

Conscious of Spending

Managing your finances early on can help you avoid a financial mess later. When you start earning money, it can be exciting, but it can also be hard to control your spending. This is why young adults must understand self-control in every aspect of their lives.

One of the most common mistakes young adults make is putting all their purchases on credit cards. This habit can lead to accumulating debt and eventually becoming challenging to come out of.

Make a Budget

Every young adult should create a budget so that you know exactly where your money goes once you get your paycheck. Although it may seem tedious, it will help you manage essentials every month. That means prioritising bills first and then focusing on other monthly expenses. Maintaining your recurring financial income and costs as low as possible will allow you to create healthy financial objectives.

Start Researching

Learning how to save money and avoid getting into a financial mess is also essential. One of the easiest ways to build financial knowledge is by doing research. Research can be done by reading financial books and finding a mentor or financial advisor. When you gain more knowledge, you can track every expense, which will later be handy when switching jobs or careers.

Create an Emergency Fund

An emergency fund ensures you have enough money to cover unexpected expenses. Having a small emergency fund can help you get through a health emergency. It can help you pay off credit card bills and pay for other accounts. Life is unpredictable, and you never know what will happen to you. Having a non-negotiable emergency fund can help you in the future.

Start Investing

Although investing may seem insignificant now, it is crucial to consider it as a long-term strategy to ensure that you have enough money available to cover your future expenses. One of the safest ways to start investing is by having a mutual fund.

You can also consider investing in financial instruments such as gold, fixed deposits, and crypto. However, finding the right platform and firm to make money from your investments is essential before you start investing.

ABOUT SUMIT SELLI

Living and working in London, UK, Sumit Selli ACA has spent the past decade building himself into a skilled, knowledgeable, and insightful financial professional and advisor dedicated to helping his clients find peace of mind in their money management and financial planning.

In his professional career, Sumit Selli has been a Partner with LAS Group in London since 2013. A Group built on the mission of creating peace of mind and empowered lifestyle choices to help clients make informed decisions about their personal money management and their business’s financial health. Sumit and the rest of the team abide by the values LAS prides itself on – Integrity, Consistency, Agility, Resiliency, and Caring – while executing the Group’s offerings. These service offerings include Technology Implementation, Specialist Tax services, Consultancy and Restructuring, Reporting and Compliance, and Due Diligence.

At LAS Group, the team works with clients from all across the board. Alongside representing a number of high-net-worth families both based in the UK and with touchpoints throughout the region, they also represent the financial interests of some of the country’s top medical consultants as well as emerging talents in the healthcare industry.

As an individual, Sumit Selli has worked hard over the past few years to build his experience in the financial industry. Alongside his work with LAS Group, Sumit has served as a Chairman with Ccuoco, co-founded Richmond Globex SA, directed at Whitefields Research, and worked as a Trustee with The Wavell Room. Alongside his prowess as a professional operating within the financial services industry, Sumit Selli has established expertise in investment and wealth management, tax preparation, business strategy, financial reporting, cash flow, and more.