With the way economies are struggling to cope with inflation hikes due to lockdowns and wars, I couldn`t help but reflect on how I`ve used my money in the past years. There are definitely several things I wish I knew about money that I`m only learning now. Maybe had I known 5yrs ago, my lifestyle would have been different by now? Who knows..
But learning something new now doesn`t mean you should beat yourself up for lost time. Instead it should motivate you to grow and learn new things that others are learning in their 30s, 40s and so on…So after a few self-reflections, chats with friends and some simple research. I`ve jotted down a few points I wish I knew about money when I was younger. So here we go:
Lesson 1: Investing is growing your money
I only realized this 3 years ago that investing is a key factor to growing and multiplying your money. Whether income from a job or an allowance you get from parents/guardians. It works all the same so long as you know where to invest. Is it stock market, crypto-currency trading, shares in a local company or even real estate. Look at what best works for you by talking to an investing consultant.
Lesson 2: Monthly budgeting
Now, I thought I was smart enough to bypass this one. But I`ve been proven wrong so many times when I overspent my money and found myself asking for credit. I mean I knew what I wanted to spend on and made rough calculations in my mind. But I didn`t have my plans written down with a track record of my expenses. I discovered that budgets help to keep organized and on track of expenses as you spend. You can also review which area of your life needs adjustments if you want to save more money for investing.
Lesson #3: Get a financial mentor
If you can`t do the first two lessons, then atleast get a financial mentor. I believe we need mentors in every if not most areas in our lives. A mentor is someone who has the experience and capability to catapult you from where you currently are to where you want to be in life with little challenges or hustle. Others choose to have just 1 while some prefer to find different mentors for different areas of expertise. A financial mentor will teach you all you need to know about earning and growing your money.
Lesson #4: Money is knowledge; get information!
There are countless number of books and articles written by financial gurus on money and how to use it. Just takes a little bit of effort and time but totally worth it. I personally recommend starting with Rich dad Poor Dad by Robert Kiyosaki.
If you would like to share your thoughts and some money lessons you also wished you knew when younger, do share below.
If you found this useful, you can browse through some of my other articles and see..