Here are five money mistakes you should avoid in your twenties:
Having no wealth goals– You will most likely not wake up one day and find yourself in wealth. The journey to wealth is an intentional one. Do you have a blueprint to grow wealth? How are you using the resources you have to meet your wealth goals?
Waiting till you have more money before you invest– The best time to invest was twenty years ago; the next best time is now. You do not have to wait till you have tons of money before you start investing. You can start investing with as low as ₦5,000 (Fintech Apps and Mutual Funds to the rescue!) Consistency is key! Before you’d know it, you would be amazed at what you have been able to grow over time.
Investing in what you do not understand– As much as I preach early investment, I also preach good understanding of what you are investing in. Do you understand the primary business of the company? Do you know how the investment works? Is the company licensed?
Being short term broke and long-term rich– I understand that you’re very committed to your wealth goals, but you don’t have to be broke doing that. Have a healthy balance between your short-term wealth and long-term wealth. Do not tie up all your money in long-term investments!
Not pausing to enjoy life– As much as you should be committed to your wealth goals, also take time to pause, give yourself a mental thumbs up, and enjoy the reward of your labour. Maintain a healthy balance!
Which can you relate with?
To your financial independence and freedom!