What financial tip would you give your 20-year-old self?


Transcript

0:05
If I could talk to myself at 20, the main advice I’d give
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myself would be to focus on savings and investment rather
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than getting a lot of things early. To look at some long
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term goals, rather than a short term picture with my money.
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Don’t spend so much money! Put a little bit away,
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even just a little bit.
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Travel is incredibly important, the best thing that you’ll
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ever do. But as well as saving for travel put a bit in reserve
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as well for the future.
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If I could give my 20 year old self some financial advice
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I’d have two words: compounding interest.
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Like a lot of young people I put off saving and investing and now
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I wish I had started sooner and probably that I’d been willing
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to embrace a little bit of risk, a little bit sooner.
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I would tell myself when I’m 20 that the best thing to do
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financially is to have an emergency fund, because money
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can be fun, but when you’re out of control with money that’s not
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so much fun. So making sure you’ve got some money aside
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for a rainy day.
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Well if I could go back in time and talk to my 20 year old self,
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I think I’d say: don’t borrow so much money to buy that
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stupid car!
1:10
If I was 20 again I would say: be brave with money.
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Engage with risk.
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I would say have a budget and keep to that budget but always
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keep a little bit of money for fun, because life’s too short!
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If would be to respect money and have fun with it, but
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understand that it’s there to prescribe to your goals
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in the future.
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