• Start investing early and don’t worry about starting with small sums — it will pay off over the long-term.
  • Pay more attention to spending habits and flag unnecessary purchases — it will help you avoid or pay down debt.
  • Lowering your living expenses, such as downsizing after a home sale, can be a wise move.

Every year millions of Americans make resolutions, and every year those same Americans fall short of reaching their goals. In the sixth article of this series, the Invest In You team once again asked readers and viewers to reveal their goals to fuel a commitment toward a healthier financial well-being in 2020. The response was overwhelming — and humbling. Several themes emerged, including obtaining financial freedom, owning a business and saving for retirement. Below are some highlights from the respondents.

Growing investments

Shabab — Long Island City, New York:
“I am 29 years-old and had never saved a dime until last year. A part of me regrets that I didn’t start earlier, but better late than never I say. I contribute daily, and on average, I invest about $700/month now. My goal is to be able to contribute the required amount to have at least $3 million by retirement. I am about to go to business school, so I know that my income will definitely rise. The only piece of advice I will give to anyone else on this journey: Get started yesterday. Start small and scale to your limit. Once you get started, the amounts will work out according to your goals.”

Paying down debt

Steve — Columbus, Ohio:
“After spending a few years paying down debt after college, I’m finally debt-free and looking to grow my net worth. I already have a decent start on retirement and a high income for my age. I pledge to start saving more to increase future flexibility and freedom — buy a house, start a business, and/or retire early.”

Kamil — Coventry, Connecticut:
“As a 21-year-old, I’ve always been spending money on unnecessary things. I acquired debt, and now I’m finally debt free. I pledge to be more self-conscious about my spending habits and to invest my money. Hopefully soon I’ll be able to see the numbers get bigger and bigger in my account!”

Tita — Schererville, Indiana: 
“I am invested in paying off my credit card debt in 2020.”

Starting to invest

Angelica — Watsonville, California:
“I pledge to get invested! I am 33 years-old and I don’t have much saved. I am ready to start now.”

Corey — Charlotte, North Carolina:
“I’m invested in eliminating my student loan debt so that I can become a humanitarian and philanthropist for healthy families around the world. As a child who has lost a mother and father to health complications, I want to do my part in helping families strengthen their financial and nutritional health.”

Preparing for retirement

Nigel — Lake Jackson, Texas:
“We are empty nesters and I have followed the basic principles of investing since I was 21. It works! We are down to the last six to eight years of our working lives and then we will start the retirement process. We pledge to save for our grandbabies and vacations now!”

Read the rest of the article at CNBC