Currently 30. Running a few business of my own, own a portfolio of stocks and just stepping into property. Solid cash flow for one living locally/ travel for 1 month out of the year but not solid enough to travel indefinitely.
When I look at a chance to go back to my 20s, I would not change any aspect of my life except for starting earlier to increase my bankroll.
As soon as you hit the minimum age to open a stock broking account, DO IT. Get into index funds as early as you can and Dollar Cost Average. Whatever amount that you can save, put HALF of that amount into index stocks and the other in a cash yielding account. If you are 20 years old, chances are you will see 1 or 2 market crashes in the next 10-15 years and that cash pile you built up will serve you VERY well. Then learn about investing, read the books, feel the pain and pleasure of your portfolio fluctuations, get over it, build it up some more, feel more pain and pleasure, till the point that you are mechanical and emotionless about the fluctuations. Then keep doing what you do.
Learn to use Excel to track your financials. Document and plan your spending, including your investments. This gives you a good picture of yourself and where your money / energy is flowing to.
Start a business. Having met too many youngsters who have no clue or no motivation to learn. I have seen those who do (with a proper mentor) go quantum leaps ahead of their peers at such young ages. Tertiary education is important but leave that until the time when you need it, because the best (more profitable) things in life are free and don't require you to get into debt to make a profit.
Remind myself:
"If it's too good to be true, it probably is fake."
Don't trust myself when I say: "This time it's different."
I sincerely hope someone will become a baller someday reading this... Well.. Not a HUGE baller, but enough to be financially independent by age 29.
When I look at a chance to go back to my 20s, I would not change any aspect of my life except for starting earlier to increase my bankroll.
As soon as you hit the minimum age to open a stock broking account, DO IT. Get into index funds as early as you can and Dollar Cost Average. Whatever amount that you can save, put HALF of that amount into index stocks and the other in a cash yielding account. If you are 20 years old, chances are you will see 1 or 2 market crashes in the next 10-15 years and that cash pile you built up will serve you VERY well. Then learn about investing, read the books, feel the pain and pleasure of your portfolio fluctuations, get over it, build it up some more, feel more pain and pleasure, till the point that you are mechanical and emotionless about the fluctuations. Then keep doing what you do.
Learn to use Excel to track your financials. Document and plan your spending, including your investments. This gives you a good picture of yourself and where your money / energy is flowing to.
Start a business. Having met too many youngsters who have no clue or no motivation to learn. I have seen those who do (with a proper mentor) go quantum leaps ahead of their peers at such young ages. Tertiary education is important but leave that until the time when you need it, because the best (more profitable) things in life are free and don't require you to get into debt to make a profit.
Remind myself:
"If it's too good to be true, it probably is fake."
Don't trust myself when I say: "This time it's different."
I sincerely hope someone will become a baller someday reading this... Well.. Not a HUGE baller, but enough to be financially independent by age 29.