Having a strong safety net can make it easier to take big risks.
For Tori Dunlap, founder of financial education company Her First 100K, that security amounted to $ 100,000.
Dunlap, 27, landed an entry-level marketing job after graduating from college and quickly realized that working at the company was not for her.
The Seattle resident, who now has nearly 2 million TikTok subscribers, has started posting about her finances online and has set a goal of saving $ 100,000 by her 25th birthday.
Her social media audience grew with her savings, and the now full-time entrepreneur reached her goal shortly after her 25th birthday.
The most important step in streamlining your budget and avoiding debt was having an emergency fund, Dunlap said.
She also keeps track of all of her expenses and income, which can be done just using a simple spreadsheet, according to Dunlap.
The automation of his savings was also a critical key to the success of the financial influencer. By the time she turned 25, Dunlap was automatically setting aside 27% of every paycheque.
Watch this video to learn the four steps this young entrepreneur suggests everyone should take to create their own safety net.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Tassels.