25 Financial Advice And Tips That You Need In Your 20s

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Financial advice and tips can come from just about anyone. And I make sure I filter where I get my information from.

I really believe that if there’s a group of people that we should take financial tips from, it should be from people who’ve made it!

If you don’t know by now, I’ve always been fascinated by how millionaires and billionaires accumulated their wealth.

And because of that “obsession”, I’ve done countless hours of study and research just to have a glimpse of how they get and use their money. 

So in this post, I’ll be sharing 25 financial advice and tips by millionaires and billionaires that I’ve read and think will be the most beneficial for all.

If you’re ready to have a new mindset and strategy with money, then let’s get right to it 🙂 


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Financial Advice And Tips That You Need In Your 20s

financial advice and tips-min (1)

Personal finance is a topic that’s not usually talked about. Money is taboo, remember?

That’s the reason why most people are in debt or have no savings.

To me, that’s the scariest thing – having debt that’s too big for me to handle.

I was once in credit card debt before, but thankfully, I was able to get out of it. Because it haunted me at night and I was never really in peace knowing that yet again I would be paying all those late charges every month.

I swore to myself that I would never go into more debt than I can handle!

Maybe you’re in that situation right now.

Or maybe you’re in a situation where you just want to increase your savings.

I’m here to tell you that I’ve been in that situation as well. That’s the reason why I try to live and abide by the advice and tips below.

Take note, the points written below aren’t just focused on personal finance, they can also be used in your business and side hustles.

1. You Could Lose All Your Money Tomorrow

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A bit pessimistic, right? Well only if you look at it that way. 

The way I see it, it’s a good mindset to have!

According to Kara Goldin, the CEO of Hint Water, she said that we should treat our money like it could go away tomorrow.

She also added to not overspend on things. Both pieces of advice apply to both personal finance and business.

If you have this type of mentality, I’m sure you’d be more careful about what you spend on.

Thinking that your money could be all gone by tomorrow will force you to live below your means.

Just imagine if you overspend every month and you got laid off at work. You have no savings and you have no emergency fund. Where will you get the money to sustain yourself? The most probable answer would be to loan money.

And if we’re trying to save more, acquiring debt shouldn’t be in the picture! ?‍♀️

So again, treat your money as if you’ll lose it tomorrow!

2. Buy Groceries In Bulk When On Discount

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You ever saw those grocery deals that go for Buy 1 and Get 1 Free? Or Buy 2, Get 50% on the other one?

Some of us might think that it’s just another marketing ploy to make us spend extra dollars.

But billionaire Mark Cuban thinks otherwise.

In an interview, he said:

“It’s so hard to pick the right investments, you’re better off buying two years’ of toothpaste when it’s on a 50% discount. That’s an immediate return on your money. That’s real savings you put in your pocket.”

If you buy goods at the current price or even at a discount and it can last you a year or two, you’re saving money because you bought goods before inflation kicked in.

Sometimes we think not spending is a good decision but being a better consumer is the smarter choice!

3. Increase Your Income

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In today’s economy, it’s hard to reach millionaire status just by saving. Although it helps but increasing your income makes the process of accumulating wealth faster.

According to Grant Cardone, “you can’t save your way to millionaire status”. 

Luckily for us, we have the luxury of using the internet to our advantage!

There are tons of opportunities in the online world. You could go for a full-time online job or even part-time!

Starting a business or earning money online has never been easier as well! Gone are the days that you need a brick and mortar store.

In this digital world, there’s something we call e-commerce! People can now buy and sell things on the internet – and you should definitely take advantage on that 🙂

4. Invest Your Money

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When I was reading about how the rich got their status, there’s always one common thing that they did with their money…investing a portion of their wealth.

It’s because of that reason as well as why I started learning about the stock market.

They did advice to invest but most didn’t mention where to invest in. So I assumed that it’s the stock market!

It’s not only the famous rich personalities that suggested this, even financial authors as well.

They mentioned that you should allot a portion of your monthly income to investing in stocks.

Which I totally get because looking at the stock market, it has been going up for more than 10 years now!

I’m not saying that it will continually go up but if you stay invested long enough, your investments will see returns over time.?

Here are some reading materials for you if you’re still a beginner:

5. Multiple Income Streams

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Do you know how many income streams a millionaire has? SEVEN INCOME STREAMS! ?

Based on what I’ve researched, most of the rich have one main source of income or one main business and the other six or more income streams are something that they’re just apart of.

They have their hands on multiple businesses. They’ve invested in companies, startups, and other investment instruments.

Here are the 7 income streams they have:
  • Earned income
  • Interest income
  • Profit income
  • Dividend income
  • Rental income
  • Capital gains
  • Royalty income

6. Value Your Time

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I honestly think that this point won’t be easily understood when we are still an employee of someone.

But when you start accumulating wealth, creating a business – your time equals money. 

One of the easiest ways to see it is by how even small entrepreneurs have started outsourcing; even the most minuscule daily stuff.

It’s to save them time. 

So that they can focus on other things like how to grow the business and how to double their money.

It’s not that they don’t know how to do the daily tasks, but because they believe their time is meant to do something greater.

Once you have this kind of mentality, you will start to reflect back on your daily activities and analyze just how many hours you’re actually putting in for you, your business, your money, and your relationship with others.

7. Surround Yourself With Winners

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It’s important that you surround yourself with people who strive to be better every day in their craft.

Why?

Because those actions and aspirations will rub off to you as well!

When you can see your peers working hard, you also work hard. When you see your group win, you strive hard to win also.

This point explains how much of an influence are the people surrounding you. It’s a hack to achieve a competitive mindset.

It’s important to be with people who not just encourage you but share the same vision as you!

8. Always Think Long Term

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In 1997, before Amazon became the tech giant that it is today, Jeff Bezos wrote to his shareholders thatit’s all about the long term. Explaining that every decision that Amazon is making is based on long term goals and not short term profits.

The same thinking can be used for your investments as well.

Most people would like to see the ROI immediately. But sadly, it doesn’t happen that way.

Jesse Livermore, arguably the greatest trader who ever lived, said that money is made by sitting. Not constantly changing investments. 

The same thing applies to life as well!

Our decisions right now should be for a better future. 

You can ask yourself: Do these purchases can help me reach my goals faster? Does it put me in a better financial position?

9. Go Walk, Bike Or Public Transpo

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John Caudwell, David Cheriton, and Chuck Feeney are three billionaires you probably never heard of. They’re the type of billionaires who would rather walk, bike, or use public transportation.

So if you’re trying to save gas money but refuse to walk or you’re too fancy to ride a bike but you need to save money, think about those three billionaires!

If they can do it, why can’t you??‍♀️

Plus, you’re also contributing to saving our planet! 🙂

10. Earn A High Income

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Millionaires are high-income earners (obviously!) but it wasn’t like that from the start.

Some of them are just great at growing in their careers. Some millionaires are still even employed in a company!

The road to reaching millionaire status doesn’t mean you have to leave your work. You can still have your job as your main source of income but you can also have investments and side-hustles as well.

But the employed millionaires aren’t mediocre in their jobs.

They always make themselves a better employee to the point that they’re an important asset to the company.

If you think your level of work has increased and you’ve been an excellent employee, try asking a raise.

In this Business Insider article, the writer mentioned that he interviewed 233 wealthy individuals. 39% of that group became rich working for someone else!

And if you’re looking to switch jobs or ask for that pay raise, here’s a post on how to switch jobs for better pay! My exact roadmap on how I achieved +80% pay increase 🙂

11. Solve A Problem

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One of my favorite questions that interviewers ask wealthy people is what would they build or what kind of business would they start if they were 20 years old again?

Of course, every answer is different but it all points toward one thing and that’s solving a problem!

Elon Musk said that it doesn’t have to solve a global problem, it can even be just a problem in your community.

But he also mentioned that AI would be something he would be focused on.

The same goes for Mark Cuban, if he was going to restart all over again but bring the same knowledge, he would also go for something that’s AI-related. 

Even Bill Gates said the same thing! In this CNBC article, Bill Gates mentioned that he would start an AI company that will teach computers to read.

So with that information, AI space probably has the biggest opportunity!

It’s either it will solve a problem or make people’s lives easier.

Richard Branson also believes that you have a good shot of success if you have an idea for a business that solves a problem and makes people’s lives better.

12. Track Your Progress

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For me, it’s very important to track your progress just to see how far you’ve come. Especially when saving money!

It can be tempting at times to buy something big for yourself but it’s important to stay focused on your financial goal.

Bill Gates mentioned this in his 2013 annual letter for his foundation. In the letter he wrote:

“You can achieve amazing progress if you set a clear goal and find a measure that will drive progress toward that goal.”

He mentioned that it might seem pretty basic but it’s astounding how often it’s not done.

You can track your financial progress in an excel sheet, a budgeting app, or even just in a notebook. 

Write down what you’ve been cutting your spending on, journal your experience, write your success and failures!

13. Set A Financial Goal

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As I’ve mentioned before, you can’t win without a goal.

Goal setting is important so you know where you’re heading for. 

But Brian Lim, CEO of Into The Am and iHeartRaves, has a different way of doing it. He works his way backward.

He said that you need to specify a financial freedom number as a goal then calculate backward on how much you need to earn to hit that goal!

Let’s say your goal is to have $100,000 in your savings account in two years. So how are you going to achieve that?

You start writing down the things you need to do to hit that goal. You look for higher-paying jobs, figure out a side hustle that you can do, what you need to spend less on, etc.

Doing these things will make you know EXACTLY how to reach your goal!?

14. Acquire Passive Income

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As mentioned earlier, you just can’t save your way to being a millionaire.

As Kevin O’Leary said:

“I think of my money as soldiers. I send them to war every day. I want them to take prisoners and come home, so there’s more of them”

That’s one way of saying that you want your money to work for you. 

Getting passive income gives you the opportunity to not just work for money but you let them work for you as well.

In this day and age, it’s so easy to acquire passive income thanks to the internet!

With just a click of a button, you can start investing in the market. If you have the money, you can even purchase real estate online!

Whatever passive income you’re thinking about now, go for it!

Here are some reading materials about passive income you can binge on!

15. Give Yourself Time

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There’s no room for a get-rich-quick mentality on the road to financial freedom.

A profitable investment portfolio takes time to build and see an ROI.

Businesses that make money don’t happen overnight. 

Having 7-digits in the bank doesn’t happen on one payday.

All of these things need time and effort to materialize.

The founders of the biggest companies in the world have more than a decade of continuous hard work and learning under their belt.

Bill Gates was fascinated by computers when he was still around 14 years old. But he only reached the billionaire status when he was 31!

So give yourself some time to put in the hours and effort to build your wealth!

16. Experience Over Money

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This might cause some argument to some of you guys but hear me out first!

I know some of you would rather chase where the money is rather than be an intern that doesn’t pay much.

But the way I see it, if I have the opportunity to be an intern in an industry that I’m passionate about and there’s a second option wherein I get to be a full-time employee that pays good, I’m going for experience over money!

Here’s my explanation: If I’m able to learn more about the industry I like and eventually get a job there, then I can work my way up to a great salary while still doing what I love!

I could’ve chosen the high paying job immediately but if I don’t love what I’m doing, I’m pretty sure I’ll be burnt out 6 months in and I’ll be dreading every workday. (I’ve been here, guys..)

I also did some research on whether my hypothetical decision was right. I searched whether some rich people believe in that path as well. 

And as it turned out, one the sharks in Shark Tank believe that it’s the right decision!

Robert Herjavek wrote on his blog:

“In the long run, the experience will be what helps you identify your path and find success…Experience is your most valuable asset, so find a job that gives you the experience you need”

If you ever find yourself in the crossroads of money or experience, I hope you remember this post! 😉

17. Have A Budget

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In Dave Ramsey’s rant on 5 things that will make you wealthy, what he stated first is to have a budget!

“No one accidentally wins at anything! And you’re not the exception!”

He further mentioned that you need to have a written game plan with money or you’re going to lose.

And I think that’s why with almost financial book out there, most of them would suggest having a budget.

Without it, you’re just spending and splurging on things that you probably don’t even need.

Especially with today’s convenience of paying with credit cards? It’s so easy to overspend!

So have a budget and don’t go overboard! Don’t know how to do it? I got the article just for you! 😉

18. Sacrifice

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When I did my research on different interviews by rich people, most of them did different sacrifices to reach their goals.

They’ve sacrificed their family time, health, friends, social gatherings, sleep, entertainment, comfort, and pride.

Some of them have sacrificed not getting an apartment and just sleeping in their best friends’ couch.

Others even slept in their office just to save money on getting their own place.

Now I’m not saying that you should do these things as well but I mentioned this so that we too can have our own sacrifices in exchange for saving money or earn more money.

When we learn more about something we’re passionate about after a 9-5 job is a type of sacrifice as well. Instead of relaxing after a full day’s work, you sacrifice that time to invest in yourself.

Not eating out in restaurants even if you want to is also a sacrifice. You’re sacrificing the satisfaction of eating out just to save more money monthly.

We all have different levels of sacrifice, it will only be up to you on how far will you take it.

19. Focus On Your Lane

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If the wealthy people were too focused on looking at other’s success, they wouldn’t have reached their status right now.

Reading different interviews by rich people made me realize that the rich were too focused on their own business!

They had no time to look at other people and other competing businesses.

With today’s social media, it’s easy to get caught up in the fad of living a luxurious lifestyle because of what people present in their social media platforms. 

It’s important to stand your ground and focus on things that matter!

20. Don’t Dress To Impress

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The richest of the rich don’t flex their “financial muscles” on cars or jewelry!

Take Mark Zuckerberg for example. If you think about him right now, in what outfit would you put him on? A plain shirt and some jeans, right? And Mr. Facebook himself ranks high at the list of the richest men in the world.

This just means that you don’t need to dress to impress other people. To some, that’s just the ego playing with you.

Society today is too focused on looking rich than actually being rich.

21. Don’t Depend On Credit Cards Too Much

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In a 2008 blog of Mark Cuban, he wrote that:

“If you use a credit card, you don’t want to be rich”.

He further explained that the first step to being rich is discipline.

And I believe that’s where most consumers fall short.

With the convenience of using credit cards, it’s so easy to transact at the counter. You just give out your card then the cashier swipes it. Done transaction. Just like that.

So be careful when on being too dependent on credit cards.

Before the rich got their wealth, they already had financial discipline!

If you wanna read more on all credit card related posts, here are some for you to enjoy:

22. Be Ready For Opportunities

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I’ve read and received this financial tip numerous times from wealthy people and I want to share this with you.

Great financial opportunities don’t come by often. Sometimes you even have to look for them.

Financial opportunities usually come in the form of investments and business ventures.

When you’re able to capitalize on these opportunities, for sure they will give off financial massive rewards!

23. No Excuses

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If the owners and founders of these established companies quit on their first major problem, we wouldn’t be enjoying their services and products.

It’s easy to come up with an excuse when faced with a problem but the one who finds a solution are the ones who are most likely to succeed!

So in every financial or business problem you encounter, always find a solution!

24. Live Below Your Means

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There’s a saying “If you look after your pennies, the dollar will take care of themselves”

Before the rich got to where they are today, their spending didn’t exceed the money that they’re making.

Some of us think that we’re not spending at all but our mind can be forgetful most of the time.

We don’t realize that those small expenses can sum up to a big amount by the end of the year.

The only way for you to be sure that you’re living below your means is to have a budget and follow it!

25. Invest In Yourself

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This might sound cliche and I know you’ve read this line multiple times already.

But the best business owners and leaders always learn more – whether that’s in their field or a whole ‘nother sector.

To me, I invest in myself by enrolling in different courses that can either help me with my career, making money, or simply reading books religiously.

By books, I don’t mean fiction.

Try to read personal finance books or books that can help with your interpersonal skills, like how to communicate better or how to master negotiation.

These lessons will come a long way, trust me 🙂

Money Isn’t Everything

Yes, I know we’re on the topic of making money and managing it. But the richest people in the world didn’t have the goal of being one of the wealthiest.

I’ve realized that their wealth came from business or financial ventures that they were passionate about. Acquiring money was only the product of good decision making, hard work, and discipline!

So which financial tip did you like the most? Let me know below! 😀

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