Go through these 14 Financial Lessons to learn while in your 20’s.
1. Keep a budget
I was told to keep a budget, but I didn’t think I needed it. What you don’t track, you don’t control. So much money disappeared on stupid things I’ll never remember.
2. Invest in yourself
You are a gem. If you don’t invest in yourself, no one will either. Investments made in your 20s will lay the foundation for future growth.
3. Live with less now
You don’t need anything at this age. Quit buying all that junk and live like you have nothing. You won’t remember the toys you had in 10 years, anyways.
4. Just set it and forget it
Start investing in index funds today and never look at your account. Each time you check is an opportunity to stop the growth. Start with a Roth IRA or 401k.
5. The marketers know you
You aren’t clever. There are people with years of experience who know how to speak to you. Quit falling prey to their games. Pause before you buy.
6. You have nothing to lose
Failure at 20 leaves a lot of time to recover. You’ll never be freer than you are today. Take advantage, take risks, and try something crazy.
7. Savings gives you options
Saving money is a habit. The sooner you start, the easier it is to continue. Set aside 3-6 months for an emergency fund. The peace of mind will free you up and give you options.
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8. Income solves a lot of problems
Just like savings and investing, income gives you options. If you choose the high-income job for a few years (and don’t spend it), you can set yourself up for life. (with a caveat)
financial lessons
9. But experience is significant
Don’t sell your soul for money. Experience today will pay huge dividends in the future. Remember you have nothing to lose. Try off-the-beaten-path ideas, as you never know what will stick.
10. Today is the best time to start a business
The older you get, the more excuses you’ll have. A business failing in your 20s is expected. A business failing in your 40s can be catastrophic. If you have an idea, chase it.
11. Multiple streams of income gives you options
Don’t just get a 9-5 and sit fat and happy. Start some side hustles and explore your passions. Streams of income open up your world to a lot of possibilities.
12. Spend money on experiences, not things
Things are fleeting, experiences are forever. I still tell stories of my New York City trip in my 20s. Do the things your freedom allows, within reason.
13. Who you marry is can make or break your finances
Money is the most common reason for divorce, so you better take it seriously. Ask the tough questions before you get married so you don’t set yourself up for failure.
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14. Your career and outcomes are your responsibility
It’s never someone else’s fault. There is always something you could do. Take control of your life and take action. No one is going to do it for you.
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