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THREAD // Advice on Saving & Investing in Your 20s
1. When you’re just starting out, focus on becoming an income machine, not an investment guru.
2. Don't obsess over finding your passion. Instead, master some skill, interest, or knowledge that others find valuable.
1. When you’re just starting out, focus on becoming an income machine, not an investment guru.
2. Don't obsess over finding your passion. Instead, master some skill, interest, or knowledge that others find valuable.
3. Once you do start making serious money, resist the temptation to blow it on lifestyle upgrades.
4. Outside of your day job, become a voracious learner.
4. Outside of your day job, become a voracious learner.
5. Aim to minimize the “big three” expenses of housing, transportation, and food. Get these three under control and you can slip up in other areas (entertainment, dining out, etc.) and still not break the bank.
6. As a rule of thumb, spending on experiences will make you happier than spending on material possessions.
Great quote I heard regarding this: "Possessions break, but memories keep getting better over time."
Great quote I heard regarding this: "Possessions break, but memories keep getting better over time."
7. Invest in broad market index funds early and often. Keep investment fees low.
8. Your savings rate is the one metric that determines when you'll be financially independent.
8. Your savings rate is the one metric that determines when you'll be financially independent.
9. Be patient. In the early stages, most of your wealth accumulation will come purely from the difference between your income and your expenses. As time goes on and you begin to invest more and more savings, investment returns begin to help you.
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