What important things does a 20-year-old need to know about money and finance?
This question and answer originally appeared at Quora.
- Spend less than you earn – considerably less if you want to have financial freedom.
- Have a clearly defined and ambitious plan for your future and work backwards from there.
- To learn about investing, I feel the best place to start would be to read . It’s quite old now but the wisdom is still very relevant. You should also read Warren Buffet’s annual reports over at .
- Investing in yourself will provide the greatest possible return – both financially and in life.
- At all times, remember it is your money and life so your decisions should always be individual ones – don’t be swayed too easily by other people’s views and opinions – take the time to come to your own informed conclusions about what path to take.
I noticed that you have a lot to go on from other answers to this post, so I won’t add any more.
I hope that helps.
This answer first appeared here and you could probably take all of these comments and make it into a personal finance book. I wouldn’t agree with everything said, but a great place to start if you want to find out more about managing your personal finances.