What financial advice would you give your 20-year-old self?

What financial advice would you give your 20-year-old self?

If you could turn back time, what financial advice would you give your 20-year-old self?

Recently, I saw the above question on Twitter and it really got me thinking. I have been asking financially like-minded friends the same question and interestingly, the answers are not too dissimilar. 

If you are a regular to this blog, then you can easily predict my top three points that I would share with my 20-year-old self: 

  1. Read The Total Money Makeover by Dave Ramsey! Why did no one tell me about this book earlier! Boy, I would have been on my way to retirement by now…
  2. Make sure that you talk about finances and your money goals to your fiancé BEFORE you marry him… read more here
  3. Save, save and save! 
What financial advice would you give your 20 year old self? Would you add anything more to this list? Have a read and leave your comments!
Read The Total Money Makeover by Dave Ramsey

When I asked my financial savvy friends, “What financial advice would you give your 20-year-old self?”, their responses included:

  • Don’t listen to your broke parents / friends, do your own research, and teach yourself how to build wealth. 
  • Never go into debt, save what you can and always pay cash. 
  • Start investing early, the power of compound interest is phenomenal! 
  • Never buy a new car.
  • If you save the money you spend partying, you may buy a very good used car for CASH! 
  • Don’t compare yourself to others and don’t even try to keep up with them. 
  • Make a budget and stick to it!
  • Spend less than you earn.

And the biggest and loudest advice from my friends in the US was… DON’T. TAKE. OUT. STUDENT. LOANS. 

For a great insight to student loans in America, I encourage you to watch the documentary, Borrowed Future. So powerful. Read my review here.

https://www.ramseysolutions.com/shows/borrowed-future-documentary

What financial advice would you give your 20-year-old self? Please do share your thoughts below!




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