Securing money autonomy as a young professional is attainable, and it starts with planning and effort.

First, outline your money objectives—immediate, like saving for a vacation, and future-oriented, like purchasing a home or quitting work early. With these objectives in mind, establish an rainy day fund with a few months’ worth of monthly bills. This financial cushion is your first step toward freedom.

Next, address costly loans. Education debt and plastic debt often come with significant borrowing costs, which drain your income. Focus on paying these off aggressively while maintaining regular deposits to your long-term savings. Speaking of long-term savings, begin now! The power of compound interest is unmatched. Even small contributions in your 20s can grow into significant finance skills wealth by your 60s.

Lastly, broaden your earnings sources. Whether it’s taking on side gigs, putting money to work, or launching a small venture, having varied revenue streams protect you against economic downturns.

By implementing these five steps, you’ll set yourself on a clear road to economic autonomy and a world of potential.