We get advice from all over, sometimes even if we do not ask for it. Often times the advice we receive will linger only to fly away like a balloon in the wind a moment later. Other times the advice will forever remain in our mind. The type of advice that resonates in your mind is there for a reason; because its solid.
Recently I sent out a request to a few bloggers that I assumed to be over 30. When it comes to advice I figure its best to get it from someone who has been where we are now, someone who has experienced what we are currently going through. I asked each blogger a simple question; “If you could offer a single piece of advice to a 20 something. What would it be?” There was a great response to my request as well as enthusiasm for the idea. As basic as some may seem, I wish I had received the advice earlier in my life.
Peter from Bible Money Matters writes:
“Get your financial house in order as soon as you can, and start saving and investing. The earlier you can get rid of debt and start saving and investing, the longer you’ll have to enjoy the wonders of compounding interest. Wait until your 30s or 40s and you’ll be sorry!”
No Credit Needed Suggests we obtain a grasp on credit:
“I would recommend that young people understand credit, how it works and the dangers that can be associated with borrowing money. As a young person, I struggled to learn the balance between ‘what I wanted’ and ‘what I could afford’. Too much credit creates the illusion of wealth, but that’s all it is, an illusion. In the end, every dollar borrowed is a dollar that must be repaid… with interest!”
Five Cent Nickel Suggests living within your means:
“The most basic thing that I could tell someone is: ‘Don’t spend money that you don’t have’ Aside from our mortgage, we’ve never (ever!) borrowed to buy something. Credit cards are paid in full every month, no car loans etc. This is probably the single biggest contributor to our financial success over the years”
Free Money Finance sums it up with five words:
Will from Wise Bread suggests a support system:
“Join a supportive network of people who share your financial goals. If all your friends live within their means, you’ll feel positive pressure to do the same. If your friends aren’t exactly the responsible type, join an online community like Wise Bread’s Forum”
As a note to Will’s advice, TMM will soon have a forum devoted to 20’s finance.
I apologize to all the bloggers whom I made feel “old” when reading my email but I sincerely thank you for responding.
If you would like to make a comment, please fill out the form below.
Personal Finance Buzz…
Your story was featured in Personal Finance Buzz! Please visit and promote your article….
Thanks for including me in your piece!
[...] Eric at Twenties Money has five pieces of advice for twenty somethings. [...]
Treat debt as a loaded gun…very carefully. Don’t jump into every new thing on the market. Don’t buy a house unless the payment will be 30% or less of your monthly income. Like Wise Bread said..have a network of friends that encourages common sense with money.
[...] Money Magazine presents 5 Pieces of Advice for 20 somethings posted at Twenties Money, saying, “5 tidbits of advice for 20 somethings from finance [...]
[...] 5 Pieces of Advice for 20 Somethings Posted by admin April 27, 2009 This article was written by Eric from http://twentiesmoneymag.com/blog/2009/04/08/5-pieces-of-advice-for-20-somethings/ [...]