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On Your Own

Welcome to choice! That, maybe more than any other aspect, is the most exciting part of being on your own. Whether you’re just out of college or diving into the working world, you’ll find the choices exhilarating… and even a bit intimidating. That’s because you’re not just establishing who you are, you’re also accepting the risks and rewards of flying solo.

Up to this point in life, you’ve probably been more focused on spending than saving. That’s only natural. Whether you’ve been living with your family or away at school, accumulating cash hasn’t been a priority, but now that you’re more independent, you have new goals. For some, that means saving for a new car or maybe for a big trip. Others want to chip away at those college loans or some other debt.

Here’s a great piece of advice: Pay yourself first. That means always save a portion of your income for things other than food, shelter, new clothes and concert tickets (in other words, the everyday things you buy). It’s very easy to spend that entire paycheck every two weeks. If you get into the habit of setting aside even a small portion of your salary each month and keep it invested, you’ll discover that building savings (or better yet, tax-deferred savings) can be easy and automatic. If you set up direct deposits to a savings account, you may never miss that money. See how fast your money can grow by running some numbers with our Savings Calculator.

There are lots of choices ahead. can help steer you in a smart direction.

Products for this Life Stage:*

Create a safety net.

Learn how term life insurance provides smart, limited-time protection.

Get started simply.

Investing in mutual funds is a fast, easy way to begin building your nest egg.

More Ideas for the Newly Independent:

Get a sense for your budget.

Our easy Budget Calculator Tool can help you see how much you can “pay yourself first” each month.

See what’s possible!

Explore ways of saving and investing with our What it Takes to Be a Millionaire tool.

Jump start your retirement savings.

IRAs offer tax-deferred growth, and contributions may be tax-deductible if you qualify.

Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.

*Products suggested for this Life Stage are not a specific recommendation or solicitation to purchase. Mutual funds are offered through an affiliate of Western & Southern Life.


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Last Updated: 12/14/2017