How to Build a Financial Plan By Age

Hosts Brian Preston and Bo Hanson break down financial planning by decade, drawing from the six core areas—financial management (budgeting and cash flow), estate planning, retirement planning, investment planning, tax planning, and risk management. They emphasize prioritizing based on life stage, using tools like the financial order of operations (FOO) and wealth multiplier to guide decisions, while addressing behavioral pitfalls like lifestyle inflation and overcomplicating success.

20s: Building discipline and a safety net

In your 20s, focus on financial management, risk management, and investment planning to establish a strong base. Start with budgeting: live on less than you earn by saving first, not last, to avoid the common trap of zero money left at month's end. Debt averages $20,000 here, often from student loans, so choose college majors and careers thoughtfully—67% of the hosts' millionaire clients work in their field of study, versus 62% of graduates who don't. Embrace frugality from college days: roommates, cheap travel, and modest memories build margin without faking success.