Would you like a time machine to go back in time?
If yes you're in luck, while we haven't invented one yet we're going to give you the opportunity to spread the word to your kids and grandkids. If you're around the same us as us know that there's also plenty of time.
Once a month we're going to be creating a Quora question of the Month. This will be inspired and based on the personal finance section of Quora and looking to gain more exposure to help a great number of people!
Onto the topic and here's 5 quick pieces of advice you may want to consider that an 18 year old could implement:
- Start investing yesterday
They say the best time to invest is 20 years ago (if you're 18 that's not possible ha) and the second best time is today. The power of starting to invest earlier on is in compound growth that you'll hopefully experience
- Understand what your goals are and more importantly why these are your goals
By understanding your goals you'll be able to achieve them and understanding the why behind you'll be much more focused on getting to your goals quicker. Making money for the sake of making money generally won't get you too far
- Educate yourself on financial terminology
While you do not need to be an investment banker, although you can earn a lot of money in this industry, knowing the basics is vital. Read blogs, books, consider gaining a financial mentor, speak with those who have similar goals and ask questions.
- Trust although validate any claims a trusted adviser makes
Be clear that no-one will care as much about your financial situation as you do. What this means is that although trust is necessary and important, validate, ask plenty of questions and keep an eye on the person you are investing with.
- You will likely lose money, remember it's about the process
If someone hasn't told you this, at some stage you WILL lose money in your investing journey. As long as you can learn from the process and are not losing your shirt or any other piece of clothing in the process then avoid shying away too much
What do you think about the new topic and segment?
What pieces of advice would you like to offer your 18 year old self? Why would you offer this advice?
Did this help you? If so, please share!
Remember to live your Money Glee!