One of the keys to success in entrepreneurship is to start as early as possible. The best time to achieve financial freedom is in your youth. Today, I will be talking to the youths about the importance of their 20’s from a financial perspective.
The key thing to note within this time is that if you fail to plan or act, you may regret it for the rest of your life.
Your 20’s is one of the most important stages of your life, especially in determining your financial projection and plans. One certain thing about financial freedom is that no one ever stumbles on it. You have to plan and be intentional about it to get it. “No sweat no sweet.”
The truth about our youths of today is that most of them only think of the now, relegating their tomorrow to the back yard.
Mismanaging your 20’s could see you spiral into a rat race that you may never recover from, especially after setting up a family.
Although it might be very difficult to become financially free in your 20’s, it is your responsibility to ensure that you are on the right track. How do you do that?
Achieving Financial Freedom
As you read on, remember that life is in stages and has processes you must follow. And unless you hit a jackpot and create a product that goes viral worldwide in your 20’s, you have to follow the process. Plus, even if you hit a jackpot, financial prudence is still necessary for growth and sustenance.
Suggested Read: Fundamental Trading: When to Buy, Sell, or Hold Currencies
Look around you! Numerous examples of individuals exist, who were once millionaires or billionaires, but now declared bankrupt. This should tell you something.
For 5 years now, I have been into the financial industry with lots of experience and I can tell you I’m still a work in progress.
Blueprint your future
In your 20’s, the very first thing you should do is draw a blueprint for your future. As you do that or try to imagine, have in mind that your goal is financial freedom. Just like other achievements that you planned to accomplish at a set time, you have to perceive it as something you need to attain.
The first step to drawing a blueprint is having an idea of what it would look like. Likewise, the same concept applies here; set your mind to your plan, and draw it out. Set milestones you plan to hit and set dates when you plan to achieve them.
The path to financial freedom entails these key factors; identify them, and you’re well on your way to becoming a financially independent 20-year-old.
If you make financial errors in your 20’s, it will be hard to correct them and you will regret it your whole life.
Remember, nothing perfect was created without an initial plan in place. Just like big companies (Facebook, Google, Amazon, etc), it took countless years and hours of planning to come out with these products. They failed, tried again, failed, tried again, and here they are today.
Invest early and wisely
The key is for you to be able to start investing in your early 20’s. And to do that, you must understand what investment is all about and leverage your knowledge on it.
Invest more often or start investing or do it more often. But it is important to note that it is not something to jump into out from the bed. It takes reading and studying to understand how to play your cards right when investing.
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After studying the art of investing, you can proceed to the next phase; leveraging your newly gained knowledge.
Invest wisely in places where you are sure to get high returns. Do these in different places, and in a matter of time, you can puff your chest and do “nyanga” to those friends who said, “you’re young, spend your money, and ‘chop’ life.” We’ve all had those kinds of friends.
Be wise, make smart investments, and work your way to gaining financial freedom in your twenties.
Barnish wants, focus on your needs
If you’re planning to gain financial freedom in your twenties, you need to learn how to identify what you “need” and what you “want” out of mere interest. This is not only a key step towards financial freedom but also to adulthood.
Needs in this context don’t necessarily mean the “essential human needs” like food or shelter. A need is what is exclusively crucial to you at the moment, which is worth spending money on. From that definition, you can conclude what “wants” would be.
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When trying to make a purchase, always ask yourself if you are in dire need of it or consider the benefits of getting it; do they outweigh the cons of not having it?
Most times, we get things just for fancy or because our friends are getting them and we also want to show-off. But remember, no matter how convincing a friend or salesman is, don’t let them talk you into buying what you do not need. Spending on the necessary things gets you financial freedom, and it’s a long-term ideology in adulthood.
Nurture patience
One key thing I have learned in this journey so far is the power of patience. Don’t rush, patience is key.
“Invest 20k to get 100k in a week.” Don’t be so dumb to fall for that.
Work towards achieving your goal of financial freedom, but know that it will not be easy – nothing worthwhile is easy. Be patient, don’t jump into schemes and scams, thinking they are smart investments.
Understand investment and leverage your knowledge of it. There is no “get rich” quick path or “double your investment in 24 hours.” Most of these schemes bank on paying you with other people’s money, and eventually many lose and only a few benefits.
Keep in mind that wealth grows and accumulates over a long period, therefore, be patient and disciplined enough to see it through.
