Originally published on VictorJung.com
Making mistakes is a part of life. Many people often make financial mistakes while they are in their 20s. Even CEOs and entrepreneurs make mistakes in the early stages of their success. Fortunately, they have figured out how to rectify them. There are several pieces of financial advice that many wish they could have told their younger selves.
Pay Yourself First
Chris O’Neil is the CEO of Evernote. He stated that he wished he would have paid himself first when he began to make a regular income. He recommends that people invest 10 to 15% of their paycheck every round.
Invest in Something You Believe In
Zachariah Reitano is the CEO of Roman, a men’s health company. He recommends that people invest in something that they believe in. He invested a lot of money in Amazon and Netflix upon graduating because they helped get him through the harder times in college. Investing in something you feel passionate about is a mutually rewarding experience.
Go Where The Jobs Are
Chris Terrill, CEO of ANGI Homeservices, recommends that people move if they are not having any luck in their current residence. Terrill states that you have to move where the jobs are. Even though moving can be difficult, a ‘refresh’ period can sometimes be the best thing for you.
Cut Back on Small Stuff
Rahul Gandhi is the CEO of Makespace. He stated that people should cut down on spending wherever they can. Small purchases can begin to add up greatly. Gandhi recommends that you cut down on the amount of money you spend on less practical things. For example, dining out most nights when grocery shopping proves to be a much cheaper strategy.
Pay Off Your Debt
Katelyn Gleason is the CEO of Eligible. When she was in her 20s, she realized that she did not want to spend the rest of her life living paycheck-to-paycheck and working as a waitress. She then decided to start paying off her debts. It was a lot of hard work and required a lot of sacrifice, but she was able to further her career after she was able to resurface financially.
Avoid Buying a Home if You Plan on Staying in an Area Short-Term
Jack Groetzinger, CEO of SeatGeek, states that you should not purchase a home unless you plan to stay in the area long-term. While buying as opposed to renting certainly has its perks, those perks cannot be obtained unless you are able to live in that home for a longer period of time accumulate the necessary benefits.
Avoid Credit Card Debt
Joel Wallenstorm is the CEO of Wickr and an enormous advocate of avoid credit card debt at all costs. He believes that credit cards should only be used for emergencies. Limiting them to this use is one of the best practices in avoiding a financial crisis.