Everyone wants to retire a millionaire, yet no one wants to think about what they need to do to get there- especially in their 20's. The good news is, millennials, you have time on your side. The bad news is most of you won't take advantage of it.

A recent GoBankingRates survey  found that most young millenials had less than $1,000 in their savings accounts. Nearly half had zero savings. Ouch. I can see why money stress has surged amongst young people. If they have less than $1,000 in their bank account, that should make them a bit uneasy!

 There's a better way. Follow these principles now, and you'll thank yourself later :)  

Live a Lifestyle You Can Afford

This can be very challenging in this era of your life. Traveling is really 'trendy' right now and you're led to think that if you aren't out being Dora the Explorer in your 20's you are somehow robbing yourself of all joy and have nothing to show for your life. 

(Ok, that might be a little extreme, but you get the point). 

It seems like all your friends are traveling the world, going to concert after concert, spring break here, Hawaii bachelorette party there... and you can't help but wonder where is all this money coming from? I guarantee not all your friends can afford it. They are just trying to make it look like they can afford it, and paying a high price for doing so. Learn to live below your means, and don't judge what you can afford based off of what everyone else is doing.

Avoid Debt

In fact, according to a recent report by Credit Karma , nearly 40% of millennial's have gone into debt just to keep up with their peers! We have a limited amount of time here on earth, don't spend 80% of that time trying to pay off a lifestyle you can't afford. If you do have debt, put your head down and work like crazy to get out. It's hard to built wealth if your income is tied up in monthly payments.

Shark Tank star Kevin O'Leary agrees, "If you want to find financial freedom, you need to retire all debt — and yes, that includes your mortgage," says O'Leary. 

The key word you need to remember regarding paying off debt is intensity. If you sit down and write out all your debts and how much it is costing you per month (and how much it will cost in the long run), for most people that is enough to get some fire under their butt.

Get On A Budget

Budgeting is also an essential part of building wealth- telling your money where to go instead of wondering where it all went every month. Living without a budget might work when times are really good, but it won't work when you have a financial hiccup. Furthermore, without a budget, you'll find it hard to make any real progress towards your financial goals.

To get a  free monthly budget template (the one I personally use), subscribe below!

Taking control of your finances starts by getting on a monthly budget that is specific and realistic.

I created a budget bundle to help you do just that!

If you are sick of living paycheck to paycheck, stressing about money, and not being organized, then it's time to take control of your money.

One of the best financial moves you can make it you want to retire a millionaire is to get on a monthly budget.

Build an Emergency Fund

A good emergency fund will cover 3-6 months of expenses in the case of lost income. Statistics show that over half of Americans don't have more than $1,000 saved for a rainy day. This means the majority of Americans would be left in financial desperation if they had a major financial emergency hit. They would have to go into debt to cover the emergency.

It's not a matter of if you will have an emergency, it's a matter of when the emergency will hit. 

It's comforting knowing that you have the cash in the bank to cover such things! 

Invest OVER and OVER and OVER

 Teach yourself self-discipline NOW.

 If you don't do it now, you will have an extremely hard time doing it later.

 Automate your finances.

 If the company you work for offers an retirement plan with an employer match, take advantage of it and invest at least up to the match. 

 Then, invest elsewhere at least 15% of your income (I recommend investing in mutual funds based off of Dave Ramsey's teaching).

Track Your Net Worth

Your net worth is your assets less your liabilities. It is a relatively easy number to calculate, but here is an example:

If you have $100,000 balance on your home loan and your house is worth $150,000, you have $20,000 cash in the bank, you have a car worth $10,000 that is paid for, and $25,000 in a retirement account, your net worth would be calculated as follows:

 Assets:

 $150,000 house

 $20,000 cash

 $10,000 car

 $25,000 retirement

 Liabilities:

 $100,000 mortgage

 The sad truth is that most Americans have a  negative net worth. They are using credit to pay for any assets they own as well as monthly purchases, so their liabilities exceed their assets.

 Check this number often so that you stay motivated no matter what stage you are at- if you are paying off debt, building up your emergency fund, or investing for retirement.

Be On The Same Page With Your Spouse

 Money fights are the #1 cause of divorce in America, but yet we haven't learned that this is something that should be talked about  before   saying I do. 

 Differing opinions about money- how to spend it, invest it, save it, and who should earn it, are the number one causes of stress in relationships today.  

 It's hard to hit financial goals if you aren't on the same page as a couple. 

 Make sure that you talk about it often and make short-term as well as long-term financial goals and be specific about how you're going to get there. 

Spend Money On What Matters To You

 According to a new report from Charles Schwab , millenials spend more money than other generations on comforts and conveniences on things like taxi's, coffee, and dining out. 

 Your finances will reflect what is most important to you.

 I understand that a $4 latte and eating out a few times per week is not going to completely destroy your finances, but it's about behavior and habits. 

 If you make conveniences and luxuries a habit, you will begin to lack self-discipline, which will spill over into other areas of your life. 

It's the little choices that lead to success. If you can't do the little things right, you won't do the big things right. 

 Be willing to sacrifice now, in your youth, so that you can reap the benefits later. 

Learn to delay your gratification. 

 Be willing to live like no one else, so that  later you can live like no one else (Dave Ramsey). 

Invest in Self-Education

 Jim Rohn said it best-

"formal education will make you a living, self-education will make you a fortune." 

 I will tell you right now that the money principles that I live by today were not taught to me in any formal education setting.

 In fact, I think that young people should think twice before deciding to go to college (but that's a topic for a different day). 

 Warren Buffet has said that he learned the most by reading books and studying successful people , not by lectures at a university. In fact, Buffet estimates that he spends five or six hours a day reading books and newspapers.

 This seems to be a trend among the financially successful, as Mark Cuban says he spends at least three hours a day reading.

Cuban credits his early success to his investing in knowledge,  "Everything I read was public," he writes. "Anyone could buy the same books and magazines. The same information was available to anyone who wanted it. Turns out most people didn't want it."

 Read about the best ways to save, what you need to do to retire with dignity, how to get out of debt, whatever it may be, INVEST your time in learning. 

Find a Trustworthy Financial Advisor

 After you are out of debt and have a well-built emergency fund, it's time to do the investing (over and over and over). 

 It's important in this step to find a financial advisor you can trust.  

 Your 401k alone is not going to sustain you into retirement. You MUST be investing elsewhere. 

 If you are ready for this step, you can find an investor here.

Personally, we took our time finding someone. We knew that we wanted someone who was a great teacher , because if you can't understand what you're investing in, you shouldn't be doing it.