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Q：Personal Finance: What important things does a 20-year-old need to know about money and finance?
In terms of money in general, money management, saving, investing, planning,retirement, taxes, credit cards, banks, etc.
Where does one start or go to be wiser or more knowledgable of the subject and its aspects, and where does one end? What are the things in between?
Edit: Also, if it helps, I've never been employed.
Answered by Vignesh Natarajan Arumugam
Savings =Earnings - Expenses (wrong)
Expenses = Earnings - Savings (right)
Answered by James Altucher
I'm very excited for you. You're 20 years old. When I was 20 I was busy saving money that I would end up losing. When I was 22 I was thrown out of graduate school and then fired from 3 jobs in a row at higher and higher salaries where I saved nothing.
When I was 24 I moved to NYC and began the first of about ten career changes.
In that time I made a lot of money. Then lost a lot. Then made a lot. Then lost a lot. Then made a lot more.
I did this so many times I made a study of what was working for me on the way up. And what wasn't working on the way down.
So I'm not an expert on anything. I just know what has worked for me to create massive success.
First off, don't bother saving money. You get more money in the bank by making more money. That's rule #1.
Buying coffee on the street instead of in a Starbucks is the poor man's way to get rich. In other words, you will never get rich by scratching out ten cents from your dollar.
People save 10 cents on a coffee and then....over pay $100,000 for a house and then do reconstruction on it.
Or they save 10 cents on a book and then...buy a college degree that they never use for $200,000.
Now your real education can begin:
A) Don't save money. Make more. If you think this is not so easy then when you walk in a certain direction then eventually you will get there.
B) That said, don't spend money on the biggest expenses in life. House and college. Just saving on these two things alone is worth over a million dollars in your bank account.
C) But doesn't renting flush money down the toilet? No, it doesn't. Do the math. You can argue all you want but the math is very clear as long as you are not lying to yourself.
D) Haven't studies shown that college graduates make more money 20 years later?
No, studies have not shown that. They show correlation but not causation and they don't take into account multi-collinearity (it could be that the children of middle class families have higher paying jobs later and, oh by the way,these children also go to college).
E) Don't invest in anything that you can't directly control every aspect of. In other words...yourself. You can't make or save money from a salary.
And salaries have been going down versus inflation for 40 years. So don't count on a salary. You're 20, please take this advice alone if you take any advice at all.
F) If you want to make money you have to learn the following skills. None of these skills are taught in college. I'm not saying college is awful. I'm just saying that the only skills needed to make money will never be learned in college:
- how to sell (both in a presentation and via copywriting)
- how to negotiate (which means win-win, not war)
- creativity (take out a pad, write down a list of ideas, every day)
- leadership (give more to others than you expect back for yourself)
- networking (a corollary of leadership)
- how to live by themes instead of goals (goals will fail you)
- reinvention (which will happen repeatedly throughout a life)
- idea sex (get good at coming up with ideas. Then combine them. Master the intersection)
- the 1% rule (every week try to get better 1% physically, emotionally,mentally)
- "the google rule" - give constantly to the people in your network. The value of your network increase linearly if you get to know more people but EXPONENTIALLY if you and the people you know, get to know and help each other.
- how to fail so that a failure turns into a beginning
- simple tools to increase productivity
- how to master a field. You can't learn this in school with each"field" being regimented into equal 50 minute periods. Mastery begins when formal education ends. Find the topic that sets your heart on fire. Then combust.
- stopping the noise: news, advice books, fees upon fees in almost every area of life. Create your own noise instead of falling in line with the others.
If you do all this you will gradually make more and more money and help more and more people. At least, I've seen it happen for me and for others.
I hope this doesn't sound arrogant. I've messed up too much by not followingthe above advice.
Don't plagiarize the lives of your parents, your peers, your teachers, your colleagues, your bosses.
Create your own life.
I wish I were you because if you follow the above, then you will most likely end up doing what you love and getting massively rich and helping many others.
I didn't do that when I was 20. But now, at 46, I'm really grateful I follow the above rules.
Answered by Andrew Quin
How to lower your financial stress right now
Over the years as an economist and stock broker I get to meet many people and naturally the talk comes around to investment and finance.
Many people experience financial stress. But interestingly this can have very little correlation with the amount of money the person earns.
I've met doctors and dentists and other professional people on high incomes who never the less are financially stressed. People who live in multimillion dollar houses and who drive flash cars, to people of lesser means all pressured financially. Why is this so?
Well the biggest reason these people are stressed is because no matter how high their income they spend up to their limit. It seems there is something in people's psychology that encourages them to continue to spend no matter the level of their earnings. Meaning a constant financial struggle and stress especially when surprise bills come in.
People tend to live up to their incomes and so many people end up in a first world poverty trap. How does this work?
Basically, income leads to full consumption, leads to no savings, leads to no excess to invest. This sees people simply cycle around on the spot financially and this can go on for decades.
Short of marrying or inheriting money the only legal way money is accumulated is by working for it and also by investing a proportion so that the money works to make more money.
So why do people not save and invest a proportion of their income, it is certainly not rocket science?
Let's look at how most working people can easily extract themselves from the poverty trap by implementing a few basic strategies.
I have found that a number of things cause people to maintain the poverty trap cycle.
People can lack financial discipline and become caught up in advertising and the consumer race. People put off getting their finances in order because they believe there will be a better time in the future, which never comes. People believe when they get their next pay rise or pull off that big contract then they will be better off. People think it is too difficult and could not possibly spend less.
In the vast majority of cases these beliefs are wrong.
What do people need to do to get out of the poverty cycle trap?
First and foremost they need to follow one small rule.
The rule says 10% of everything I make will be diverted towards saving and then investment.
I always get a number of reactions to this including:
"I can't do that I'm broke already and could not afford 10%."
"10% is too little, it's not worth bothering about."
"Alright, I'll try to remember to do that."
"I’ll start when my pet bird dies and so my expenses reduce", or similar excuses.
Now remember, if you do not start some type of very basic financial plan like this chances are you will still be under financial stress for years to come,and this will happen no matter what income level you achieve.
Basically, I have found over the years that the biggest obstacle to implementing this very basic stress relief financial plan is lack of discipline, so what I recommend is not to rely on your discipline.
That’s right, do not rely on your discipline, instead set up a structure that forces discipline upon you for your own good.
What I recommend people do is set up two bank accounts. One their income flows into, the other receives an automatic monthly transfer of funds to the value of 10% of your income and this money is initially allowed to accumulate in the second account.
At this point the objection is usually, "10% is too little it is going to take me a year to get any money together." I just persist, because in almost every case I have found that the people who have done this after a year are much more happy and relaxed people financially.
But more than this, often something clicks in their minds, they suddenly get it and want to do more with their money and invest. No longer are they stressed when the car breaks down, but interestingly I have also found people do not like to touch the second account because they now understand how it is reducing stress in their lives.
Finally there are rules for the second account.
They include that this money can only be used in extreme financial stress if at all, and I have found even in these circumstances that most people would rather leave the money in the account and work harder to pay unexpected bills from their first account.
But the primary purpose of the second account is to accumulate sufficient funds to eventually start to invest this money to make more money. This is the key to the very start of wealth accumulation by investment, the first step.
This breaks the poverty trap cycle for people and quickly reduces their financial stress. Begin this system today, do not put it off till tomorrow because it is unlikely to be any easier to implement in the future. Good luck!
A book highlighting some of these basic concepts, it really should be given toall children at school is The Richest Man in Babylon: George S. Clason's Bestselling Guide to Financial Success: Saving Money and Putting It to Work for You
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