5 Things I wish I could tell myself 20 years ago

5 Things I wish I could tell myself 20 years ago


5 Things I wish I could tell myself 20 years ago
5 Things I wish I could tell myself 20 years ago


There are several instances in our lives when we feel like – Oh! I wish I would have known that before! The fact is applicable to various life aspects like career, relationships, and even money. Imagine if you could travel back in time to your 20s. Wouldn’t you be wealthier than you are currently are? Thinking of going back in time offers you a sense of what you could have done better with the knowledge you have in the present. Today, we will share some valuable money lessons for 20-year olds that we would have told our younger selves.


1.    Start by Early Savings


When you are young and carefree, you have so many things to enjoy in life. Whether it is going on a shopping spree with friends, watching movies with your gang, getting online subscriptions to binge-watch popular series’, or going on overpriced coffee outings, you have several such things on your list. For all of this, your savings takes a back seat.

We understand that it is not easy to save money when you are young. The minimal amount of allowance you get is hardly enough for your routine and fun activities. But, if you do not want to have regrets in the future, then savings is the answer.

Follow the ‘pay yourself first’ rule. Keep aside an amount, no matter how minimal, from the allowance you get and deposit it in a separate savings account. The thing that matters the most is starting to save as early as possible. Remember, even a small amount of money saved will build up to a secure financial status in the future.

2.    Track Your Expenses

Once you have taken care of your savings, the next step is to track your expenses. Without knowing where you money is going, you may end up with a shortage of finances and regrets every month end. Keeping a track of where your money goes helps you cut down on unnecessary expenses for a better future.

Now, this does not mean going on for days without spending a penny or sacrificing your wishes. Treating your loved ones or going on that life-changing road trip with your buddies is absolutely fine. Unless and until you minimise expenses on unnecessary things, it is fine to spend on things you love. So, first figure out where you money is being spent and divide the things you really care and don’t care about. May be you can let go that expensive shirt that you wouldn’t even think about after years. Spending consciously is the key to a regret-free financial future.

3.    Have a Side Income

Who said you cannot earn when you are a teen or a 20 year old student. While you might be forced to limit your savings, no one would stop you from earning a bit. As a young and able person, you may not have enough money but you definitely have a great amount of time that can be used to your advantage. Use your spare time to earn a little money on the side.

If you think no one would offer a job to a person who is yet to develop skills, then you are wrong. There are several things that you can do out of your interests and routine. If you love teaching you can tutor kids or if you are good at designing you can freelance or take a part time job at SMEs. There’s something for everyone out there. Figure out what you love and start building a side income for yourself.

4.    Think Twice before Trading and working for Multi-Level Marketing Firms

One can earn money in various ways. This also includes trading in stocks and working with multi level marketing firms. Being young, you might feel invincible but you are vulnerable.

Some people may convince you to trade from home or join a multi-level marketing firm to earn quick. Be extremely cautious before accepting such offers. Trading is not as easy as you think. The markets are unpredictable. Without sufficient knowledge, you could end up in a big loss. Most multi-level marketing firms are interested in building teams to earn themselves, instead of focusing on products and services. There are no shortcuts to success, so, beware and go the safe route.

5.    Invest for Long Term Benefits


Once you have some income, it is time to look up to the proven way of becoming wealthy – Investments. By investments, we mean putting in money for long-term gains. When you are 20, you have a long to invest and gain substantial returns. Put your money in proven investments like profitable stocks and bonds and stick with them for long-term. It is a fact that anyone who sticks to their investment for around 20 or more years has gained substantial wealth. And, by starting early you give yourself a huge amount of time to get rich. Research well, take help of professionals or your family to help you invest early and build a good future.

Here were some money lessons for 20 year old to build a strong foundation for a secure future. So, get going and follow these tips to create a path for a rich future.

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As a licensed moneylender in Singapore for more than 35 years, we have the expertise to assist you. All our loan consultants have been well train to assist you in any cash problems that you may have. We know that when you are in need of money it can get frustrating. The headache of trying to figure out how to solve your cash problem can drive you insane.

We can solve the problem easily for you. Call us at +65 6272 5538 if you have any questions. Or you can visit us at our office. We are located at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372.

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