A lot of great things happened when we were in our 20s. Most of us have graduated from university. Some continue their years with school and get their masters. Others start to climb the ladder of their career. Some get married and begin to raise their own families. But this was also the stage when nearly all of us started to handle our own money. So, how were you able to do it? Were you successful or not?
Maybe for some of you, it didn't go as you've planned it to be. Although there are plenty of nice things you've accomplished, your mistakes maybe even more! So, whether you're past the 20s bracket, or still in it, here are some of the valuable financial advice you wish you knew:
During this age, a lot of us don't see the importance of keeping a track of our finances. If you want to be connected with your spending habits, you need to track your money. If you are spending $4 latte every single day, it will cost you $1,500 in a year. So, think about it. In order for you to learn and practice the habit of being a great steward of your income; you need to track your finances. This is a skill that will help you survive for the rest of your life.
Even if you think that you're still young to do this, it will never be too early to prepare for retirement. Thus, you don't want to wait until it's too late for you. Your youth must never be wasted, take advantage of the time you have such as setting aside a budget for life insurance that can be a big help if your family is depending on you financially. You may prepare for saving up for retirement by making it a part of your budget plan. Whether it's a huge or a small amount of money, set it aside. The most important thing is that you are doing it on a regular basis.
A new car can be enticing to purchase, especially with your income. However, you can resist the urge! Think about it, this one purchase can force your budget for years. In addition, that new car will turn to be last year's model, it will be worth less than what you've paid for it. So, for now, you may try a hand-me-down vehicle, public transportation, and even ride-sharing.
Credit cards will never be your best friends. Why? The satisfaction they give you is just temporary. If you need to get a credit card, one will be enough. Don't even use it as if it was a magical genie or some type where you can wish for money. You may get the latest iPhone, but it doesn't give you the money for it; you are indebted to it. It's not for free, you need to pay it back, the interest, and other things. So, a credit card is not your best friend.
However, it can be helpful if you will use it as a replacement for money when you want to bring a card instead of cash. Just take note that it's a tool for the transaction, not a well that you wish for. You may use it only if you can pay them with cash also for whatever you're buying. You may also use it to earn discounts and perks, as long as you're not buying what you can't afford.
We need to stress that you are not invincible, you are young. Investing in your financial portfolio is also the same as how it's important to invest in yourself too. This also involves your well-being and health. It may be easy to say that you're still young, you can do and eat whatever you want. But isn't it more important to be strong and have healthy choices in life, including giving up smoking and alcohol? Lean more on fruits and vegetables. You may choose lean meat and also try to incorporate more fibre into your diet. Make it a habit to drink 8-10 glasses a day. Exercise daily.
Why are we telling you this? Do all of these things have to do with the money? Well, if you will not take care of your body and well-being, chances are, you'll be wasting all your retirement funds on meds and doctor's appointments.
People always constantly want something or need something. You need to remove this type of mindset! This is the mindset that will only bring envy to others who may or may not be broke. This is the mindset that will bury people alive in debt.
Maybe you're not content with your life. You don't realise that you have enough. It's time to reflect on your life. You get to eat more than three times a day, you get to go to work, have clothes, have a house and refuge, a bed to sleep on, and you are able to send your children to school, then don't you think you have more than enough. You'll never realise how much you have if you are always comparing what you have over your neighbour's fence.
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