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CMT Team


The 20s are exciting and full of promise. You are young and full of energy. If everything goes according to plan, you have just graduated and landed your first entry-level job at a company that pays you decently.  

Financially, you are not well-off but you don’t have a lot of responsibilities either which allows you a lot of liberty to do however you want with your money. This kind of thinking often leads many 20-year-old professionals into making costly money mistakes that, depending on the severity, can last for years. Here are the financial mistakes you need to avoid in your 20s for a prosperous and financially secure future.

Lacking a budget

Lacking a budget leads to undisciplined spending where you don’t how much you spent on what. In summary, you don’t know where your money goes.

Not having a budget to keep track of expenses makes it difficult for you to account for where your income goes since there is a high possibility that it also doesn’t last for the month. Without a budget, you are likely to fall into financial traps like impulse buying and living beyond your means. Chances are that you don’t have any meaningful savings for a rainy day to write home about.

Not planning for retirement

Retirement seems several decades away when you are just starting out your career. Most young professionals don’t think about retirement until they get to middle age and have wasted a lot of years and money on unproductive ventures.

With years on your side, you can take advantage of compound growth to start saving early for financial security into your sunset years.

Not investing in a retirement fund means you miss out on your employer’s offer to match your savings and also on tax cuts that often comes with investing in a retirement fund.

Keeping up with the Joneses

Most 20-year olds falling into the trap of peer pressure and wanting to keep up with their friends. Just because your friend bought a new car doesn’t mean you have to match or outshine him with a better model even if it was not in your financial plans.

People have different priorities and you shouldn’t change your financial goals to match those of your friends. Run your own race.

Instead on spending on maintaining your lifestyle, save money through austerity measures including finding cheaper magazines on Finddigitalmagazines.Co.Uk instead of more expensive paperback options.

Accumulating debts

One of the sure ways to ruin your finances is to borrow indiscriminately without a repayment plan in mind. Do not accumulate unnecessary debts to fund your lifestyle and live beyond your means.

When you borrow, make sure you pay in time to grow your credit score otherwise you will be shunned by most lenders when you need the money and those that want to take the risk do so at higher interest rates.

Do your best to always pay with cash. This prevents you for using credit cards to make purchases that are beyond your pay grade.