Financial Advice From Older People to Their Younger Selves
“If only I knew then what I know now” is a familiar saying to most of us. If only we had a way to give advice to our younger selves on all of our hard-learned lessons. Maybe then we could take an easier path, especially when it comes to finances.
Many have made costly mistakes in their time that they wish they could change and although it’s impossible to change the past, it is possible to try and prevent others from making those same mistakes. Consequently, if time travel were an option here are a few important pieces of financial advice to give to your younger self.
Saving for the future can be a challenge and tough, especially when you are struggling to plan your presentation. Planning for your retirement and creating a goal for them is the last thing you would want to hear but it is just as necessary as saving for college for your children. If you don’t plan that time out rather than thriving like your friends with no financial worries and stress, you would be grappling with poor living and a stressed family. Even insurance companies won’t be able to carry out all your expenses then. More so, you’d be forced to work even after retirement.
Save as soon as possible
The following advice is often repeated but all too often not heeded: do not wait to start putting money aside for the future. It really does pay to save and the earlier you start the better. You might not be able to save much at the beginning, but small and regular contributions can build into a significant pot over time. Not only this, but your savings could also pay for important events later in your life: such as your retirement, children’s education or wedding day.
Revenues and market
Usually, people hold off on an item or stock and keep checking the market and predicting where they could make a fortune. Rather than playing a blind eye and “saving for the right moment” you could start investing in big rocks and earn through that. The stock market is always unpredictable, you can never predict your fortunes and losses. Hit goals such as housing and different ideas rather than risking their and their family revenues on a game of chance.
Don’t start overspending after receiving the paycheck
When you are handed over your paycheck, that is a great time to help you lift up your motivation and let your feathers breathe after all those weeks of a hard-earning and stressful job. It’s also a time to celebrate financial independence and freedom to spend your well-earned days off and free time as you wish. Rather than using all your money on a fancy trip with your wife or buddies, budgets every spending.
This doesn’t mean you can’t go and visit all those places you saved money for or treat yourself with new products and accessories. Instead, focus on things that could help you save while spending, such as food, living allocations, and shopping. Plan your trip to be as flexible and unscripted as possible. You can use discounts and coupons to save an extra couple of bucks. Keep your savings, investments, and spendings apart.
More in Investments & Savings
Struggling With Debt? Here Are Some Tips to Help You
The moment you graduate high school and step into practical life, you are hit with bills, loans, and all sorts of...December 6, 2021
Learn These Financial Lessons In Your 30s If You Want to Enjoy Your 50s
It almost feels like yesterday when you were in high school and making decisions about what you are going to do...December 4, 2021
Tom Hanks’ Blood May Be the Key to COVID-19 Vaccine and He’s Already Got a Name for It
Given the severity of certain infection cases, contracting the disease caused by the novel coronavirus can be a nightmare for anyone....November 20, 2021
THE Financial Advice That You Need to Hear Right Now
Money talks. Money makes the world go round. These are some of the things you might’ve heard while growing up. Finances...November 16, 2021
Preparing for Gift-Giving Season Without Breaking The Bank
Raise your hand if you love the holiday season… There’s just something about the end-of-year vibe that keeps you happy and...November 5, 2021
Is Your Child the Next Warren Buffet?
Every parent believes their child is special, which is why there’s often this unspoken competition between families from all walks of...November 5, 2021
The crème de la crème Guide to Crushing Medical Bills That You’ll Ever Read!
You’re sick; you visit the doctor; buy the medicines prescribed, and get back home composedly. While that scenario may sound silky...October 19, 2021
Pick These FreshBooks Alternative That Will Suit Your Business Better
If you are a small business owner or a freelancer, the chances are that you would have heard of FreshBooks. It...October 14, 2021
Here’s How You Elevate Your Brand to Cater to High-End Clientele
How often do you disregard items in a store because of their low prices? When something is priced lower than it...October 11, 2021