As a 23-year-old, I find it helpful to pick the brains of people older than myself to gain financial wisdom, so this past week I reached out to 30 financial bloggers to ask them a simple question:
What is one piece of financial advice you would give to your 23-year-old self?
…but I gave them one restriction: The piece of advice has to be the size of a tweet (140 characters) or less.
Here are the responses I got…
Don’t let emotional spending rule your life. Figure out what’s causing you to spend, solve the problem, and be happier!
-Michelle from Making Sense of Cents
TRACK YOUR NET WORTH!!! Your future self will french-kiss you for it!!
-J. Money from Budgets are Sexy
Every woman you meet in the next 5 years – don’t worry about them. You won’t meet The One til you’re 29. And drink better beer. Miller Lite?
-PoF from Physician on FIRE
Investing tweet to 23 y/o self
A:$16.35/day from 25=$1million@65
B:$33.02/day from 35=$1M@65
C:$50/day from 23=$1M@48
-Matt from Distilled Dollar
Don’t trust anyone else with your money. Investing isn’t difficult (thanks to index funds!) so do your own research and take full control.
-Brandon from Mad Fientist
Compound interest will be magic! Trust the process and ignore the skeptics who say it’ll never amount to anything. Just 10yrs to FI!
-Jillian from Montana Money Adventures
Your boss isn’t your career advocate, you need to take control and responsibility for your future. If you don’t do it, no one else will.
-Jim from Wallet Hacks
Get stupid spending out of your system now; then, start living like you give a crap about your future.
-Steve from Think Save Retire
Investing in yourself and your career is the best money move you can make at 23. Learn everything, be indispensable, and watch your $ grow.
-Amanda from The Dumpster Dog Blog
Read I Will Teach You to be Rich by Ramit Sethi. Nothing motivated me to get my money act together until I read that book.
-Luxe from The Luxe Strategist
Don’t buy something until you have the cash saved.
-Fritz from The Retirement Manifesto
Working and saving for 40 years to reach retirement is for suckers. You can do it in much less if you start today.
-Joshua from The Biglaw Investor
Wait to buy a house! Rent a few more years. Save at least 20% and make sure you know where you will be living for a while.
-Amanda from Centsibly Rich
That girl that you’re dating… Don’t brush off the fact that she never has two cents to rub together. Financial infidelity is all too real.
-Derek from Life and My Finances
Don’t spend $11k on that Subaru. Buy $4k Camry instead. And you were right not to get those bangs gurl, they just don’t work for you.
-Piggy from Bitches Get Riches
If you’re scared they’ll laugh you out the door, then you’re asking for the right salary. And take that boxing class, the future has nazis.
-Kitty from Bitches Get Riches
Your only financial goal should be using your money to create happiness both today and in the future. Nothing else matters.
-Matt from Mom and Dad Money
Don’t rent that apartment for $650/month right out of college. Live at home a little longer & invest the money.
-Bert from Dividend Diplomats
Max out your retirement contribution. Early retirement is way sweeter than the avocado toast and bottomless mimosas you had at brunch.
-Andrew from Sneaky Falcon Enterprises
Amazon is not just the book game, it is the game; bet the farm on it.
-Torg from Sneaky Falcon Enterprises
Now’s your time to make mistakes w/o effing everything up. Quit talking about starting something and just do it.
-Sean from Sneaky Falcon Enterprises
Pack a lunch every day. Use the savings to buy Ethereum and extra time to decide what color Lamborghini to buy.
-Jordan from Sneaky Falcon Enterprises
Invest 10% of everything you make in a VTI ETF and increase investing rate 1% every 3 months until you get to 40%+, you won’t feel it!
-Grant from Millennial Money
Don’t marry her just because you have a child together. Your spouse will have the greatest impact to your financial well-being!
-Menard from Millionaire Before 50
Slow down. Don’t let ambition cloud your judgement. Think through any possible downsides & come up with an exit strategy BEFORE diving in.
-Miss Mazuma from Miss Mazuma
Stop trading stocks and picking mutual funds. You’ll save time, have less stress, and do better investing in basic index funds.
-Mr. Crazy Kicks from Mr. Crazy Kicks
Do not buy that sexy red powerboat. You don’t need it, you won’t use it, and it’ll bring you nothing but misery!
-Rich from Deep Dish
Comics, toys and trading cards will not appreciate the way you think. Stop wasting money. Save cash, buy some real estate, and repeat.
-Colin from Building-Income
For the love of Warren Buffett…when the stock market crashes, buy, don’t sell!
-Robbie from Stock Street
To all the bloggers who contributed to this post – THANK YOU. You all made this post worthwhile. It was fascinating to hear advice ranging from investing to saving to relationships to daily habits and everything in between. I know this post will serve as a helpful resource for 20-somethings out there just starting out on their financial journey along with myself.
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