A Reddit user wanted to know what kind of advice people would give to their younger selves or other younger people to help them succeed in life. Here are some of the best tips we picked from this conversation.
Invest
One advised people to invest as much as possible, “I’m a natural cheapskate, which was great for saving, but it also lead to me thinking I could time the markets. Didn’t buy a house cause I thought the market was about to turn. Didn’t buy stocks during/after crashes ’cause I thought there was more to come etc. So I guess my advice would be to just invest, don’t try and time it.”
Track Your Expenses
Keeping a budget will help you stay on the path to riches according to one user, “Track your expenses and know where your money is going and then learn to make and keep a budget.”
Avoid Costly Habits
Another user advised young people to be conscious of the habits they develop, “Don’t develop daily habits that cost a lot in the long run. Coffee and cigarettes are perfect things to never start.”
Learn How To Cook
Learning how to cook can save you money in the long run; according to another user, “Learn about safer investments early, learn more about cooking, and definitely learn about your nation’s political system before you have to start voting.”
Find Good Relationships
Another user advised people to stick to relationships that are not financially draining, “Leave the relationship that you think you can save with ‘presents, holidays, events, etc.’ to “take her mind off of her depression.” She’s not in a good place for a relationship, and it’s not your job to try and make it happen.”
Live With Your Parents
Living with your parents will free money for investment, observed another user, “To younger people today: Live with your parents for as long as you can.”
Buy Second Hand
Do not go for new and expensive stuff if possible, “Buy less new, stick to second-hand for everything except intimates and quality staples that last.”
Work for Companies That Pay Decent Wages
Do not work for a company that you realize is committing wage theft or not paying your super. They are not your friends; you are not ‘part of the team’; you are not ‘all in this together’. Do not sit and stew on it for any length of time. Start looking for an alternative and walk as soon as you have something.
Compound Your Returns on Investment
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Another user urged people to invest and reinvest wisely, “$1000 invested now at an average return of 10% (ambitious but not unachievable) becomes $2000 within a decade. The key ingredients you need to get wealthy are time and patience.”
Get Educated Early
A user urges young people to get educated early, “I’ll offer another perspective. I didn’t go to uni, and now I’m effectively stonewalled because all the positions above mine require a tertiary degree. My prospects of getting promoted are basically nill without changing careers, so here I am at 30 doing uni online while working and raising a kid.”
Budget and Account For Everything
One user advises people to keep track of their money, “Make a budget. Account for everything. Set aside x amount of money per week for fun spending. Do not spend over that amount. Really taught me the value of money. Before doing this, I just didn’t appreciate it.”
Learn DIY Stuff
DIY can save money in the long run, “Learn diy in your spare time. Choose any/all things that appeal to you and learn to do them for yourself. When times are tough, you can fall back on these skills to make money go further.”
Talk About Finances With Your Partner
Find a partner who is keen on saving and investing as you are advised another person, “Make sure your partners’ financial goals/ideals match yours. Keep your finances separate from your partner, joint bills only. Buy a house within your means as early as possible. Don’t max out just because the bank says you can. Keep track of your spending always. Invest in crypto when low, and don’t panic sell like a numpty.”
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This article was produced and syndicated by A Dime Saved.
