”Old age is like everything else. To make a success of it, you’ve got to start young.” – Theodore Roosevelt

One of the biggest regrets I have heard from adults my age and older regarding their financial situation is that they wish they had started saving and investing from a younger age.

That is a valid regret. Although, it is still better to start at an older age than to never start at all. To this day, there are financial moves that I wish I had made and many I wish I had not.

For those who are looking to start their financial journey before they are 20, here are 3 tips that can help you get in the right direction.

Save 40% Of Your Pay

When you are under 20 years old, you probably do not have many expensive responsibilities like a mortgage. You probably pay for a phone bill and a few subscriptions online. If you have a job, you should aim to put away 40% of that paycheck into savings. Yes, eventually you can put it into some sort of passive and safe investment. But assuming that you have no fundamental knowledge about investing, saving is the safest route. To take it even further, speak to your bank to see if there is a savings account that you can earn a small interest on and cannot pull out of for a given time. When you are young, you want to spend everything you make. There is no problem with that, but if you plan to be rich, you have the advantage of being able to save from a younger age than your older folks who waited until they were in their thirties to begin saving.

Read A Lot of Different Biographies and Financial Literacy Books

When I was under 20, the only books I would have probably read would have either ”wealth”, ”stocks”, or ”rich” in the title. It took me some time to realize that there are a lot of wisdom that can be found from those who are not in the financial world. As a matter of fact, there are plenty of successful people in various industries that have keys and mindsets that are fundamental for being successful in anything, also financially. A hefty 700-page book that I read that opened my eyes to that concept is Tools of Titans by Tim Ferris. I profusely recommend this book. You may even find some inspiration for a business of your own! While your friends are playing Fortnite and other mindless games, pick up a few books and gain knowledge while you easily can.

Stay Off Social Media

Every so often, I take social media breaks, especially when I want to focus deeply on a project. As much as the older generation may make fun of us for needing social media breaks, it is a serious thing. Social media takes up more hours of the day in a teenagers life than learning. When I was first starting out in university, my group of friends in some of my classes would be on Tumblr and Twitter while our professors were teaching us! Either the content was boring or what the newest gossip or sports car release was more important (haha). I personally will take a couple weeks or up to a year off from social media. If you delete al your social media apps, you will for the first week have some serious FOMO but after that, you will appreciate your new freedom and start to appreciate life a little more. Besides that, when you are young, you may get discouraged by seeing those who seem to be doing more than you are or are more successful. The best thing about social media is that you can be inspired by those around the world. The worst thing is that you can also put down your own life and hate yourself for not being like those same people. Focus on yourself, learn, educate yourself, and then become who YOU have always wanted to be.

As you can see, only one of these tips have anything to do with money. Wealth and riches are the by-product of all the work that is done behind the scenes. You can’t expect to become financially successful just by looking at pictures of money. You have to curate the way you think, the habits you have, and the knowledge you gain. Once these things are appropriately in line, then you can begin to work towards building financially. Start at a young age and take advantage of the lack of responsibility that you will be unable to hide from when you pass your teens.

Look out for Part 2…

Until next time,

Live Long and Prosperous.


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This website and its contents are solely opinion-based. The information provided does not constitute investment advice. Accordingly, due to the information on this blog only being of personal opinion and experience, it should not be considered professional financial decision advice. The ideas and strategies expressed should never be considered without first assessing your personal and financial situation, or without consulting a financial professional. My thoughts and opinions will change over time as I learn and accumulate more knowledge.