Reaching financial independence as a new career starter is possible, and it starts with focus and determination.

First, set your financial goals—near-term, like planning a getaway, and long-term, like purchasing a home or early retirement. With these objectives in mind, create an emergency fund with 3-6 months’ value of monthly bills. This financial cushion is your first step toward freedom.

Next, tackle costly loans. Education debt and revolving credit often come with significant borrowing costs, which consume your cash flow. Focus finance skills on paying these off aggressively while maintaining regular contributions to your long-term savings. Speaking of long-term savings, begin now! The magic of compounding is incredible. Even modest deposits in your early career can accumulate into a substantial nest egg by your retirement years.

Finally, 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 financial challenges.

By following these five steps, you’ll set yourself on a solid path to financial freedom and a world of potential.