They don’t call it the “roaring 20s” for nothing. If you are in your 20s, chances are good you feel invincible.

You’re just starting out on your own, and life is an endless succession of opportunities. Having a steady paycheck for the first time allows you to happily indulge in the freedoms of being young and single.

However, the road to financial freedom is littered with potholes, recessions, layoffs and unemployment, to name just a few. Planning for the future is as important as ever, and that includes investing, managing debt, planning for retirement and buying insurance.

First things first: Create a financial plan. Regardless of age or circumstance, meeting your financial goals can be impossible without a sound financial road map.

One of the first things to consider is debt. Consider debt load, along with credit card payments, clothing and entertainment costs, which tend to drain the paychecks of most singles, leaving little money to put away toward buying a home or investing for retirement.

While you have just joined the working world, retirement is not as far away as it appears and planning properly for it cannot start soon enough. Given the precariousness of Social Security, retirement funding is critical.

The sooner you start saving, the less you’ll need to save overall, due to the power of compounding, deferred taxes and your employer’s 401(k) match – if you are lucky enough to have such a plan. Don’t walk away from the free gift your employer offers via the 401(k) match.

If you are not eligible for an employer’s plan, or even if you are, set up an IRA. Avoid a big mistake many singles make: Don’t cash out your 401(k) account when you change jobs. Roll it over into an IRA or another employer plan instead.

It is also short-sighted to not plan for the unexpected layoff. As a general rule, it is advisable to establish an emergency fund of three to six months’ worth of earnings in the event of unemployment, but it is also wise to purchase health insurance if you are not adequately covered through work. With the rising cost of health care in the country, breaking an arm, tearing a muscle lifting weights or having your gall bladder removed can be as costly as purchasing a Porsche and may take you decades to pay off. And it will be a lot less fun than the sports car.

Another smart move would be to purchase disability insurance. As a young twenty-something relying solely on your single income, it’s important to protect your income-generating power by buying long-term disability insurance and, if possible, short-term disability insurance if it is not provided through your employer.

Disability insurance will pay a percentage of your income, usually 60 percent, if you are unable to work due to illness or accident. Many employers offer short- and long-term disability insurance free or at a substantial savings. Check with your human resources department.

The road to financial freedom does not come easy, but like most things in life, with proper planning and supervision, it is possible to achieve.

A financial advisor can help you weigh your options and come up with the best budget for your lifestyle.

Learning to invest your money wisely will help to ensure you not only avoid those potholes in the road, but that you don’t damage the Porsche you’ve worked so hard for in the process.

Marc A. Pellerin is an associate vice president and investment advisor with Advest Inc. in Lewiston.