Finance in Hindsight: Money in Your 20s
It’s a thought we’ve all had at some time in our lives (and The Faces famously sang about): I wish that I knew what I know now when I was younger.
Time Magazine recently ran a piece on this very topic where successful individuals shared knowledge they wish they had decades earlier. The article gives a range of insights like TOMS founder Blake Mycoskie suggesting younger readers follow their passions, author and host Suze Orman advising against spending money to impress others, and famed “three comma club” member Mark Cuban lamenting his misguided use of credit cards in his early days.
One particularly interesting point comes from Cliff Bar CEO Kevin Cleary who talked about investing from a younger age. “In my 20s, I wish I better understood the power of investing. At the time, I had fewer expenses, more free time, and a long investment horizon — it would have been the perfect time to learn about investing,” Cleary said. As someone who learned to properly invest later in life, I can certainly relate to this sentiment.
There are many pieces of financial advice I wish younger me had but personal finance also changes over time. In today’s world we have an array of tools to help us as well as several new ways to invest and save for our futures. Hopefully with all these resources at their fingertips, the current generation can be a little more financially savvy than we were at their age.