From 18 to 30, here is the best financial advice no one will ever teach you:
β’ Do not buy a new car
A car is a depreciating asset.
In the end, you pay more in taxes, fees, and interest.
New cars lose roughly 20% of their value in the first year, while some lose up to 50%.
You should invest your money in assets rather than park it in a garage.
A car is a depreciating asset.
In the end, you pay more in taxes, fees, and interest.
New cars lose roughly 20% of their value in the first year, while some lose up to 50%.
You should invest your money in assets rather than park it in a garage.
β’ Buy index funds or ETFs
You don't have to pick stocks to build wealth.
Too many people are losing money in the stock market due to a lack of knowledge.
Buying index funds that replicate the market will help you build wealth.
Some of the best are:
- $VTI
- $VOO
- $VGT
You don't have to pick stocks to build wealth.
Too many people are losing money in the stock market due to a lack of knowledge.
Buying index funds that replicate the market will help you build wealth.
Some of the best are:
- $VTI
- $VOO
- $VGT
β’ Avoid impulse spending
Impulse purchases can derail even the best-laid financial plans.
If you can't control your impulses, you'll end up with credit card debt, which can ruin your finances.
Big emotional purchases should be postponed. Sleep on it.
Impulse purchases can derail even the best-laid financial plans.
If you can't control your impulses, you'll end up with credit card debt, which can ruin your finances.
Big emotional purchases should be postponed. Sleep on it.
β’ Do not spend too much on luxuries
It's okay to treat yourself from time to time.
Spending money on luxuries that you cannot afford is a problem.
Develop the habit and discipline of not buying everything that you see.
Your money is best spent on assets.
It's okay to treat yourself from time to time.
Spending money on luxuries that you cannot afford is a problem.
Develop the habit and discipline of not buying everything that you see.
Your money is best spent on assets.
β’ Invest in yourself
Investing in yourself has no monetary value. It is the best investment a person can make.
Investing in yourself means:
- Read books
- Eat healthily
- Develop skills
- Be in shape
- Take care of your mental health
Investing in yourself has no monetary value. It is the best investment a person can make.
Investing in yourself means:
- Read books
- Eat healthily
- Develop skills
- Be in shape
- Take care of your mental health
β’ Save early
Don't put off saving money for the future.
Start with what you already have. The sooner you get started, the better.
Monthly savings with a 7% return to become a millionaire at the age of 65.
- Age 20: $264
- 30: $555
- 40: $1,234
- 50: $3,155
- 60: $13,968
Don't put off saving money for the future.
Start with what you already have. The sooner you get started, the better.
Monthly savings with a 7% return to become a millionaire at the age of 65.
- Age 20: $264
- 30: $555
- 40: $1,234
- 50: $3,155
- 60: $13,968
β’ Do not invest in things that you do not understand
Whether it is a business or a side hustle, never put your money into things that you do not understand.
The scam industry makes a lot of money to the detriment of some people.
Whether it is a business or a side hustle, never put your money into things that you do not understand.
The scam industry makes a lot of money to the detriment of some people.
β’ Donβt take on too much student loan debt
Community colleges are an inexpensive way to get into a university.
Look for scholarships and grants.
Don't go out of state just because everyone else is.
Your first job may not be sufficient to cover these payments.
Community colleges are an inexpensive way to get into a university.
Look for scholarships and grants.
Don't go out of state just because everyone else is.
Your first job may not be sufficient to cover these payments.
β’ Budget
A budget is a tool that assigns a purpose to your money before your emotions do.
A review of your budget reveals areas where you can save money and put it to better use.
You'll be surprised how reviewing your expenses can help you gain control of your finances.
A budget is a tool that assigns a purpose to your money before your emotions do.
A review of your budget reveals areas where you can save money and put it to better use.
You'll be surprised how reviewing your expenses can help you gain control of your finances.
β’ Grow your wealth
Asset ownership is the path to financial security.
Growing your wealth requires you to own either :
- Stocks
- Businesses
- Real estate
- Or a combination of all
Asset ownership is the path to financial security.
Growing your wealth requires you to own either :
- Stocks
- Businesses
- Real estate
- Or a combination of all
β’ Avoid debt
Debt has become acceptable in today's society.
However, most people are unaware of how damaging they can be to your finances.
If you borrowed $10,000 at 17% APR for 36 months and only made the monthly payment, you would end up paying $2,834 in interest.
Debt has become acceptable in today's society.
However, most people are unaware of how damaging they can be to your finances.
If you borrowed $10,000 at 17% APR for 36 months and only made the monthly payment, you would end up paying $2,834 in interest.
β’ Set aside an emergency fund
An emergency always occurs at an unexpected time. It is crucial to prepare for it.
It helps to :
- Take care of any unexpected costs
- Provide peace of mind
- Keep you from making bad financial decisions
- Keep you from going back into debt
An emergency always occurs at an unexpected time. It is crucial to prepare for it.
It helps to :
- Take care of any unexpected costs
- Provide peace of mind
- Keep you from making bad financial decisions
- Keep you from going back into debt
β’ Prioritize your health
What is the point of accumulating wealth if you are not healthy?
Above all, prioritize your health.
Adopt healthy habits to maintain your physical and mental well-being.
Today's lifestyle influences the quality of your health.
What is the point of accumulating wealth if you are not healthy?
Above all, prioritize your health.
Adopt healthy habits to maintain your physical and mental well-being.
Today's lifestyle influences the quality of your health.
β’ Plan your future
Failing to plan is planning for failure.
There is no way to achieve financial success without planning.
Projecting yourself into the future keeps you motivated to work hard to achieve your goals.
Think about it, work on it, and it will be yours.
Failing to plan is planning for failure.
There is no way to achieve financial success without planning.
Projecting yourself into the future keeps you motivated to work hard to achieve your goals.
Think about it, work on it, and it will be yours.
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I write about
- Personal Finance
- Investing
- Wealth
Subscribe to receive a free guide on the top 5 ETFs to hold for life: bit.ly
I write about
- Personal Finance
- Investing
- Wealth
Subscribe to receive a free guide on the top 5 ETFs to hold for life: bit.ly
I invest $300 per week in the S&P 500.
π 10 Yrs - $219,535
π 20 Yrs - $706,824
π 30 Yrs - $1,788,431
Don't miss out! Simplify your financial journey with our guide to index funds.
Get your copy today.
accentinvesting.gumroad.com
π 10 Yrs - $219,535
π 20 Yrs - $706,824
π 30 Yrs - $1,788,431
Don't miss out! Simplify your financial journey with our guide to index funds.
Get your copy today.
accentinvesting.gumroad.com
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