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:
- 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…
- Make sure that you talk about finances and your money goals to your fiancé BEFORE you marry him… read more here!
- Save, save and save!
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.
What financial advice would you give your 20-year-old self? Please do share your thoughts below!