Managing money in your 20's

Ummigal

Active member
Money is something that doesn't come easily and should be managed when it does. However the youth of today seem to have very poor receiving skills. We all know the life style and ways associated with youth, the highlife everyone wishes to live and the influence this has on the youth. It is very important for a youth to learn how to manage money at a very young age as this will benefit him in his later life. Below are some of the ways a youth can put his money to good use.

1.Saving: saving money is one of the habits a person should inculcate in himself in at a very young age. Saving money can help one in the future. Money acquired from savings can be used to do better things.
2. Investing: another way you can put his money into good use is instead of visiting nightclubs and flexing his friends he should invest in himself instead. If you happen to have excess money at the moment pay money to learn a skill wouldn't be such a bad idea. Investing in oneself is a very great asset that will show benefit one in the future. Investing and Business Ventures will also be very great.
 

btaliat

VIP Contributor
The two methods you highlighted above is what makes many people rich and at the same time poor especially at the age bracket that you mentioned. What you do during this age has much impact on you because that's a prime age. Most people do not save, they spend as they are money.
 

kayode10

VIP Contributor
It can be very hard huge amount of money age bracket. The reason is that most people in this age bracket usually erode to peer pressure you don't have what it takes to go against the tide. The end of conform with the rest of the society. Savings require a discipline inability to follow instant gratification. Basic knowledge of the investment is very important before you can decide to put down your money on anything.
 

Chibson

VIP Contributor
One of the biggest challenges people face in their 20s is to save or manage money wisely and this can be caused by the fact that they are students or people trying to find their way in life. One of the methods which anyone can use to save money is to be disciplined.
 

Mrstaikan

New member
Money is something that doesn't come easily and should be managed when it does. However the youth of today seem to have very poor receiving skills. We all know the life style and ways associated with youth, the highlife everyone wishes to live and the influence this has on the youth. It is very important for a youth to learn how to manage money at a very young age as this will benefit him in his later life. Below are some of the ways a youth can put his money to good use.

1.Saving: saving money is one of the habits a person should inculcate in himself in at a very young age. Saving money can help one in the future. Money acquired from savings can be used to do better things.
2. Investing: another way you can put his money into good use is instead of visiting nightclubs and flexing his friends he should invest in himself instead. If you happen to have excess money at the moment pay money to learn a skill wouldn't be such a bad idea. Investing in oneself is a very great asset that will show benefit one in the future. Investing and Business Ventures will also be very great.
What you say has merit to it but let try to remember that youths these days care what others say a lot and like to belong.
Saving is something that needs to be "installed" while the child is young, teach them the ways things work.
Investment is similar as well the environment a person grows up in has the ability the affect their personality and behavior, just saying.
From what I have seen thus far the way the child grows depends on what they are exposed to and allowed to do.

I'm in my 20's and find it hard to "party and mingle" the way that "young people today do"
I have 2 lovely children a husband and most of all the lord in my life so with enough support and encouragement I take things 1 step at a time.
 

Abigael

Valued Contributor
Those are very good ways that we youths can start spending money more wisely. Indeed we are in an age where we love fun a lot to a point where we don't think of the future. Which will come with so much regret if we stay poor at old age due to spending money carelessly now. So investment and saving are very good to embrace.
 

Good luck

Verified member
To manage a huge amount of money in an early stage can be so tactful.one needs to seek help from a financial adviser to take care of that.such person also need a good managerial skills and also have a good Manager that will always monitor the person business so as not to fall victim of scammers or fraud from dubious people.
 

Alexandoy

VIP Contributor
I like this discussion because I was a late bloomer when it comes to finances. It is ironic that I had learned the habit of saving money when I was in grade school but managing my finances was not so good. When I got a job with a high salary it seemed that I was mishandling for debts were always there. I only learned to manage my finances when I was already nearing 40.
 

Sotherefore

VIP Contributor
Saving is one of the most important thing we really need to take serious and also investment ,but generally I will not even advise a Nigerian to continue to save their money in a bank now that there is a serious devaluation in the Nigerian currency. I can consider that saving your money in US dollars is actually the best option.
 

moonchild

VIP Contributor
I like this post, because I'm in my 20's and I can identify with almost all of the poster especially Kayode10, at this age bracket I will say peer pressure is at its pick we want to look classy and stylish and also own expensive gadgets, but it's just a facade if we look at it from the long term lenses.

A phone that cost 100k today will cost way way lesser in the next 2 years because of assets depreciation and the constant remodeling of phone from companies but if we save the money and invest In a worthy venture or learn a skill it will be way better, but young people are short sighted.

I used to be impulsive too, till I read a book on self control and discipline and I'm still struggling sometimes with these things but I can asses clearly and differentiate between wants and needs.

Also if you don't have anything to invest on then you're better off investing in yourself by paying gym membership or doing a medical check up, because health that depletes will take a long time to come back but material things will always be there no matter what.
 

alexlama

New member
Saving is one of the most important thing we really need to take serious and also investment ,but generally I will not even advise a Nigerian to continue to save their money in a bank now that there is a serious devaluation in the Nigerian currency. I can consider that saving your money in US dollars is actually the best option.
Absolutely agree! Managing money wisely is crucial, especially for the younger generation. 💰 Starting with saving is a smart move – setting aside a portion of what we earn for the future can give us peace of mind. 🤑 And investing in ourselves is a game-changer. Learning new skills or putting money into personal growth can lead to better opportunities down the road. 💡 Plus, thinking about business ventures or investments is exciting! 🚀 It's all about making our money work for us and building a solid foundation for the future. Thanks for sharing these tips! 👍🌟
 
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