The Keys to Becoming Financially Fit in 2020 With a few smart resolutions, your financial health will be in tip-top shape.

By Phil Town

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Phil Town counts out five financial resolutions you can adopt for the new year. If you are looking to keep up your financial fitness in the new year, you wil have your goals realized wit these tips.

There are a lot of financial resolutions you can make for yourself, beginning with a new year. Financial resolutions will help bring you to a place of stability, as well as add to your well-being in the new year.

First, stop taking on new debt. If you continue to build on more debt, you will never escape from the burden, which is a vicious cycle.

Next, start saving for retirement as early as you can. If you yearn to see a prosperous retirement and live with financial stability, the earlier the better with your saving. Once you have a fund like a 401k in place, Town recommends taking the account to its limit, putting in as much as you can by never "leaving money on the table."

Click the video to hear more from Phil Town.

Related: Why Your Parents Are Wrong About Money

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Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

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More from Phil Town

How to Find a Stock On Sale That's Right for You

3 Bad Investing Habits You Should Drop Before It's Too Late

Nervous About Investing? Think About Your Money This Way.

How to React When a Recession Is Approaching

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