The first stage of the financial life cycle begins with a person’s early working years, approximately around age 25. Around this age, adults usually begin developing their careers, and, over the next 20 years, fall into the asset accumulation phase. During this phase, young people also begin to achieve numerous financial and life goals, including purchasing a house, having children, and building their savings account.
For millennials, today is the right time.
Read MoreThere are many ways to start saving, even if you start out small, that can increase your net worth without significantly altering your current quality of life.
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