Home > Tag Archives: invest early

Tag Archives: invest early

Money Mistakes To Avoid In Your 20’s

financial mistakes 20 year olds can avoid

Lord knows I made some big money mistakes in my 20’s. Thankfully, I’ve had the opportunity to redeem myself, but I still wish I’d had someone give me financial lessons back in the day. Who knows if I would have listened, but here some money mistakes to avoid in your 20’s. Consumer Debt I think the biggest mistake I made was to take on consumer debt. Our credit card debt didn’t peak until my mid 30’s, but if I’d slammed the door on debt from day one, we would have never had to devote so much time and energy to debt repayment when we could have been building wealth. I also wish I could rewind and set my retirement contributions to the max from my very first eligible pay period. I could have learned to live on what was left after investing. After all, I went from earning $25,000 a year as a resident to $70,000 a year as a rookie optometrist. Don’t tell me I couldn’t have lived large on $50,000 and socked away the rest! Lifestyle Inflation Instead, I let lifestyle inflation and the need for instant gratification guide me into buying too much stuff that really adds ...

Read More »

Advice To My 20 Year Old Self

I really try to live life with no regrets. After reading Stephanie’s post about turning 28, it made me think back to my 20’s. It doesn’t help much to beat yourself up over the past and what might have been, but sometimes I do look back and wish I’d done some things differently, so here is a bit of the advice I’d give to my 20 year old self. Start Investing Early My friend DC wrote a great post at Young Adult Money last week about millennials and how they need to start saving early for retirement. I would have to say that’s the biggest thing I’d tell my former self. If I’d maxed out my retirement account from day one, I’d have so much money now. It seemed like a huge monthly chunk at the time, but if that’s what I’d learned to live on, it would have been fine. Going from nothing in college to even half my salary would have been an improvement. If you don’t make lots, you can still save if you keep expenses low. Think Really Hard About Student Loans I would have loved to travel before I started my career. I was probably ...

Read More »