(03) 9020 2905This sort of financial lessons for young adults advice makes me feel old. But, I guess, anyone who can remember Australia’s America’s Cup victory can no longer claim to be “youthful”.
Sniff. Sob. And if you remember Alice Cooper’s Department of Youth coming out … massive fail. Waaaah!
I wish I’d understood the following two pieces of wisdom a little earlier.
You are a business. Always think of yourself as self-employed – even if you’re an employee.
Every day, ask yourself the question that people who run businesses do: “How do I improve my business?” The difference is that your CV is your “business”. Got it?
The “better” your business becomes, the more your employer, or another employer, will value you.
My motto is: “Find out what the rules are, then play them.” The best at anything intrinsically understand what the rules are and where those boundaries can be pushed. What are the rules to get ahead when it comes to investment, or your career?
The last one I understood, but not as clearly as I do now. But it’s the most crucial – no matter how much, or how little, you earn.
Invest from every paycheque. Some call this the “pay yourself first” principle. Invest 10 per cent of your income (at least) as soon as you receive it, for your future. Initially, that might be to buy your first home, or shares, or investment properties.
If you do this from your early 20s, your will give yourself a wide variety of options in your 40s and 50s. This is one of my major financial lessons for young adults.
Bruce Brammall is the principal adviser with Castellan Financial Consulting (www.castellanfinancial.com.au) and author of Debt Man Walking.