These gems of wisdom are from the GoGirlFinance.com sponsored 7×7 Mentoring Salon on balancing fun and frugality in your twenties. Last November we gathered together a group of women including GoGirl Finance founder Caryn Effron and seven experienced “mentors” comprising both financial advisors and savvy women who have navigated their finances through career transitions, family building and home ownership to answer seven 20-something’s questions about managing personal finances while living a fulfilling life. One question was “What was the best financial advice your ever got in your 2os?” Here are the top ten!
1. Have goals and set plans – even in your twenties you should try to see a financial planner / advisor.
2. Set goals based on what is important to you. If you want to travel and explore or whether you want to give yourself a cushion to figure out what you want to do next.
3. Know that people always underestimate the cost of owning a house. And don’t forget to factor in the real and emotional cost of upkeep vs. renting.
4. Be conscious of how your values impact your financial philosophy. They may and likely will change but be aware of what they are. It is particularly important to be able articulate this when you get married.
5. Look at your bills.
6. Save now. I know it ot’s a cliché but there is that million dollar equation (more here and read the comments).
7. There is no such thing as a free lunch.
8. Pay yourself first.
9. Invest in experiences. Buy art that you love and it will appreciate overtime in your enjoyment and value.
10. Instead of thinking of it as savings think of it as a dream fund. Set up a dream fund. Life evolves you many want to take a sharp left in yoru career or life to follow your dream.
Thank you to all the amazing women who participated!