How to handle money in your 20s

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Photo credit: dumblittleman.com

Even billionaires made mistakes with their finances when they were our age. In this Business Insider piece, nine financially successful people share what they wish they had known about money when they were in their twenties:

What 9 Successful People Wish They’d Known About Money In Their 20s (businessinsider.com)

Tim Ferriss, author of The 4-Hour Workweek, advises twenty-somethings to prioritize learning new skills over earning a high salary. While learning new job skills might not pay off in the short term, it’ll lead to career growth over the long term.

Kevin Cleary, CEO of Clif Bar & Company, discusses the benefits of investing when you’re young. Young adults might not think to start investing at this time in their lives, but Cleary points out that when you’re young, you have more free time, fewer financial obligations, and more time to let your investments grow.

Matt Maloney, CEO of GrubHub, says to follow your passions and not what’ll make you the most money. Blake Mycoskie, founder of TOMS, offers similar advice, saying, “I’ve seen time and time again that the people who foster their true passions and true callings are the ones that end up the most successful.”

Check out the article for more financial advice from wealthy people, including Mark Cuban, owner of the Dallas Mavericks and one of the “sharks” on Shark Tank. (His advice? Pay your credit card bills on time!) You might even have this article to thank one day when you’re a highly successful multibillionaire.

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About David

I'm an aspiring writer and filmmaker in my twenties. I also run a blog where twenty-somethings share their stories and advice on beginning a career in this economy. Check it out at http://twentysomethingsblog.com

Posted on September 18, 2014, in News & views and tagged , , , , , , , . Bookmark the permalink. 2 Comments.

  1. To this I would like to add: listen to older folks’ advice! I just got a lecture from my two thirty- and fortysomething coworkers about putting into my 401(k) now. As in, right now before I get too used to having the money to spend. Real grownups have been twentysomethings before and have often learned these lessons- sometimes the hard way.

  2. It amazing how many “experts” are out there and how few people actually listen to them.. I’ve always found it reasonably simple, spend less than what you earn and invest or save the rest :).. That’s probably the most practical financial advice that I have haha.. Easier said that done I know

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