Adulting 101

Seedly Guide caa Nov 2020

BY AGE 25:

Pay off high interest debt, like student loan, credit card interest, personal loan and anything that’s above 4%.

If you have been working for at least 6 months, you will be considered adult enough to get a credit card, so get one immediately. You get to build up your credit score, which is important when buying a house or car. Second, you will earn cashbacks whenever you spend, the savings may be small but will build up overtime. Setup GIRO to pay your bills automatically.

Open a SRS account, where you can contribute money to it to evade tax, legally. By opening now, you get to lock in your withdrawal age, which is currently at 62.

Save 1-2 months of your salary as emergency funds. After that start investing in either RoboAdvisors or stocks. By starting early, your investments will have time to grow.

Sign up for insurance, especially life insurance as early as possible. By signing up earlier, you get to lock in your premium at a much cheaper rate.

Dividend Stocks - for stable income

Index Funds - for consistent performance

Innovative Stocks - for explosive growth