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I’m about to turn 24. What advice would you give yourself at this stage?

likesmart
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1. Figure out the things you don’t care about, and ruthlessly cut costs there! Lifestyle creep is very real!
2. Intentionally spend time with family and friends you care about - don’t forget about your old friends if/when you move to a new city
3. Explore things outside your comfort zone - hobbies, people who might not be your “type”, hairstyles, books, plays, etc
4. Think about what you will do for bills and what you will do for your soul - and be very transparent / honest with yourself about which is which!
5. Pick one or two things you care about that the community needs - maybe education? Art? Helping animals? It can be anything. And see how you can make a difference either with your skills or even just with your time. 10 years later when you look back, you will hopefully feel a strong sense of purpose and you’ll feel even more inclined to continue doing good work in those areas
6. Take care of your health - the effect of eating well and exercising is a compounding effect, so invest some time and effort there
7. Try to be true to who you are, it can be very exhausting otherwise :)

likesmarthelpful

Achieving wealth is not primarily a goal like running a race it is a state of being like being a fit person. It is a mathematical fact that you must learn to be happy with <= to your income or you will never be happy or wealthy. Be careful with those telling you to party it up in your 20s, being wealthy(habit wise) is primarily a muscle you must exercise and develop your whole life. That said I fully agree there is a point where you can go overboard; the same is true of fitness. you can achieve almost the same result to the rest of your health and happiness in 30 or 40 minutes a day at the gym that you can achieve with 4 hours a day in the gym. A similar pattern applies to financial discipline. Your base is 1 earn income, 2 avoid consumer debt 3. Invest at least 10% every single paycheck 4 avoid intimate relationships with those who can’t hold themeselves to the standard of 1-3. 5. have a rain day find so you don’t violate 1-3. If you do these five things without fail this is your financial fitness base. Above and beyond this is all about the trade offs. You want to retire at 40? Save 50% of your paycheck. Want to retire at 50 save 35% etc etc.

like
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Spend more, save less. Because your income is going up exponentially and $1000 is worth more to you today than it will in 5 years. 😈

likefunny

Life experiences at that age are worth more than some small investments.

At 24 I did a 3 week trip to Asia and Vietnam, it put me 6k in debt on a credit card. Was a big decision at the time, but at 30 now, I have over 100k in savings and that trip was one one the best experiences I have had.

Your savings potential is way more later on in life so make sure to make the most of your 20s

likehelpful

Advice I got at that age that is very useful: Interview at least once a year so you know your worth.

likesmart

*boss’s boss, saw

Don’t settle down just yet. And start putting money into your $401k. And wear SPF.

likehelpfulsmartfunny

@deloitte no, I have great skin at 33 because I always wore SPF in my 20s

The 20s are really fun. Make the most of them.. live your life to the fullest. Travel. See the world. Fall in love. Learn as much as you can about yourself.
Saving and investing are important but you can always make more money if you lose it; you however can never get your 20s back.
Im 34 now and regret not traveling more and not dating more in my 20s.

like

Thank you M2 :)

like

- Buy a home or invest money somewhere! Like at least 1000$ a month if you can afford it or say 1/4th of your check.
- Never stop learning! Your 20s will go by pretty fast, as you grow up, get married and have kids it’s gonna get tougher to learn.
- Keep in touch with your friends and family.
- Date around as much as you can before you marry
- Travel, travel, travel. With family, with friends, with lover!
- Don’t think a lot about what people think, honestly by the time you are 30 you’ll probably have very few close friends
- Take care of your health and exercise. In fact, if you don’t have an exercise regimen - start now!

likehelpful

Spend less save more

likesmart

Don't let them know what you're against or what you're for

funnylike

One thing I'd say that I haven't seen yet is don't be afraid to get out of a bad or even mediocre relationship - that's my #1 regret from my 20s.

likesmart

A relationship (and I mean more than just dating) that's missing something big - passion, alignment on what you want from life, or even just strong feelings. I feel like a lot of people stay in relationships that aren't right because the relationship is ok and they don't want to have to date again or be alone.

like

Travel as much as you can while you are young!

likesmart

Thissss. I wish I did more in college and even my first few working years

likefunny

Start investing early. Even if just a small amount. You have time on your side.

like

This is the key advice - invest every way that you can up to whatever amount you are able. Get your 401k match, contribute to an HSA, etc. Time is your ally.

like

Start maxing out your 401k as soon as you can. And by maxing out I mean the full amount allowed by law, currently it's 19.5k/year. The power of compounding is immense.

likefunny

You got the idea G1.

1. Pay as little in rent as possible while still meeting your basic needs (but I wouldn’t move back in with my rents, rather have 1-2 roommates).
2. Don’t buy the car of your dreams before a house, you’ll likely overpay on a depreciating asset when you should be compounding that money in better investments (and in 5-7 years you might have kids and a sport car is now worthless)
3. If you can’t afford something twice, you can’t afford it once. Going along with this, never go into CC debt or put clothes/non-necessities on a payment plan. Who are you trying to impress?
4. Get TSA precheck/global entry, you’ll save days worth of time skipping lines at the airport
5. Find out what your true passions are and allocate your budget/spending accordingly. (Ex: I like traveling and golfing thus I put a lot of my discretionary income towards this, but you won’t catch me buying designer clothes because I don’t care about that)
6. Fine hobbies/interests and use those interests to network and make more friends
7. Try and start something on your own, you might surprise yourself or at the very worst you’ll learn a few lessons that you can apply to future business ideas
8. If you’re not seriously interested in someone make your intentions/feelings as clear as possible once you know. They might hate you for it in the moment but you’ll both be saving each other a lot of time and future pain
9. At least try approaching the 10 at the bar. You might surprise yourself and at the very least you’ll get a funny story to talk about the next day
10. Don’t add more vices than you take away. Example: if you start sports gambling, take away a vice that is bad for you like smoking/vaping, caffeine, etc or pick up a good habit like swimming/running. Always be improving your health and drink lots of water.

likehelpful

Loved this list!! Thanks for insight!!

Don’t get a fancy credit card with huge annual fees unless you do the math and it makes sense. With your spending level you are almost certainly better off with a no annual fee card with decent rewards over CSR/Amex plat/etc.

like

Deloitte 9 that is incredibly unethical

like

Think very hard before deciding to go to graduate school. Unless you really want to do it to do it, it will very possibly hurt your long term financial situation.

like

Only reason to go to graduate school is if someone else is paying for it

like

The conflicting advice between live it up vs save more is hilarious 😂

likefunny

Yep. Everyone prioritizes a little differently I guess? Lol

Invest in a good retinol cream. Start taking care of your skin now if you aren't already.

likesmart

A3 I’m looking at the 1 fl oz Skinceuticals bottle for $166. Is this really worth it and how long does it last you?

Be more proactive about owning real estate. Get in as early as possible because one day when you’re married with a kid on the way, you will want a home. Despite what your younger self may believe.

Also, contribute to your 401k even if the firm doesn’t match.

like

invest. work smart. no kids 🙂

likehelpful

I have two kids. Love them. Can’t agree here 😉 although I do admit life is waaaay easier without kids. Like 1,000x

like

Housing is your largest expense. Don’t flex with a lux 1 bed apt til you have your savings and investments set up the way you’d like

like

“When you have a good idea, make sure it’s a complete thought”

likesmart

Pray tell what this means in a comprehensive manner my good sir

funny

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