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!