Here’s some advice I’d give to someone young about money:
- Set clear goals. Think about why you’re doing this. What’s the end goal? Are there simpler ways to get there?
- Avoid debt unless it’s for something that will appreciate in value. Going into debt for stuff that won’t bring returns can keep you struggling.
- Always consider your Return on Investment. Whether it’s money, happiness, or anything else, get used to asking, “How much will I gain from this vs. other things I could be doing?”
- Avoid comparing yourself to others. Focus on your goals and what you’re building. Be the best version of yourself.
- Surround yourself with positive, supportive people. Some people just take from you, but some will help you grow.
When it comes to money management:
- Get rid of unproductive debt with high interest. It can really drain your resources.
- Set up an emergency fund; at least 3 months’ worth of expenses, but ideally 6 months.
- Once you’re stable, save for the next opportunity, like a new business idea or skill you want to learn.
- Before committing to a business opportunity, consider how much time it’ll take, the risk involved, the potential reward, and whether you can scale it.
- Never fall in love with a business idea. It’s easy to get lost in the excitement, but always stay objective.
- Do your research. Working hard and double-checking things are key. I’d triple-check anything really important.
- Know when to exit. Business can be rewarding but is also unpredictable. Once you have what you need, don’t be afraid to sell and move on.
Good luck with everything.