3 Financial Advice I Would Give to my 20 year old self

financial tips twenty years old

*This blog post is my personal opinion only and may contain affiliate/referral links.

If only i know better about financial literacy when i was on my early twenties. Yes, time moves on and we sometimes regret not being able to do some personal finance moves early on.

It’s a learning process alright. We have many ways we could have learned, maybe we got financial lessons from family members, mentors, some self reading and along the way we experienced and learned from our mistakes too.

Early twenties preoccupation is different for everyone, but for the sake of this post, i would assume that you are either studying or working. If i could go back in time, i would have love to do more of this and commit myself more so i can get ahead financially on my thirties and so on.

1.Work Hard so you can Save More

The foundation of your net worth comes from the income that you have worked so hard for. Having the discipline to manage your time and priorities in and out of the workplace is a good habit to build in the early twenties.

Managing money is another discipline on its own. Be conscious of your spending by learning to budget and tracking your expenses. And don’t ever ever fall on credit card debt.

Saving some of those hard earned dollars makes perfect financial sense if you have a career or financial goal that you are aiming for. So save for your future career, financial and personal freedom.

2. Invest on Yourself

I understand not everybody has money to invest at this stage of your life. But if you are employed and your employer has retirement account, then by all means enroll yourself. Money builds up overtime and the power of compounding is a wow moment for anybody.

If you are not working, i would recommend to invest on yourself by learning financial education. It will prepare you mentally when you start working and earning and you will have a better grasp on how to manage your money. Your local libraries and a vast knowledge in the internet are at your disposal for resources on your financial literacy.

3. Learn a Side Hustle

A side hustle is something you can do on the side or on your free time. Allot some time to research your side hustle of choice and start it. What is the worst thing that could happen? You will fail but that will be a valuable lesson for you as an entrepeneur. Yes, welcome yourself to the world of entrepeneurship because it is a mindset that will pay well to learn in your future ventures.

A side hustle can be as simple as designing t-shirts or selling funny mugs, which can be done at the comfort of your home. Harnessing the online reach of the internet is something that has been adopted by ecom sellers and so can you. Twenty somethings are more technology and social media savvy in general, so make it worked for you by monetizing it.

Thank you for reading.

Jay

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