26 Financial Planning Advice for Young Adults

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These are a series of Financial Planning Advice for Young Adults, but it is still applicable to all.

If you can follow the following set of financial planning advice, you will ultimately be in control of your finance throughout your lifetime. In fact, you can refer to this Financial Planning Advice for Young Adults as:

  • Money-Saving Tips for Young Adults
  • Personal Finance Tips
  • Financial Tips for Young Adults
  • Financial Planning Tips for Young Adults
  • Money-Saving Tips for Young Adults

Keep reading.

 

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Learn To Raise Money


You must learn how to source for funds to remain competitive and relevant in this world of competitiveness. The truth is that you can not quickly raise money if you are not trustworthy.

The number one rule is that your business associate must trust you. This is only when you can quickly raise funds either through the bank or through your business associate.

There will always be the time you will need extra money to do something extra that your research will not be able to fill the cab. This is a great Money Saving Tips for Young Adults and for anyone that needs money.

 

Invest In Yourself


The most important investment you can do is to learn new things daily. Learn something that can impact your business and life.

There is a price you will pay for lacking knowledge or skills in certain areas. You can of course
not be master of all.

Go for more knowledge and be conversant with the latest development in your profession. If you are a mechanic, you should learn to upgrade your skills.

Let people know you for specific skills. You should be known as a master in your area of specialization. This is how to me yourself Un retrenched-able.

 

Start a Business


Every man and woman is a business person. Learn to start your own business. Don't wait until you are laid off by your employer.

You can turn your passion and hobbies into a thriving business, either online or offline.

It is always advice-able to have a side hustle, don't wait until your retirement to have your business.

 

Regulate Your Sleep


While sleeping is very vital, too much of it can destroy your life and make you unproductive.

How many years have you used to sleep? Value your time. There is a time for everything! Time to relax, time to wake, time to play, and time to work.

Have you tried to calculate the years you have done sleeping? You will be shocked.

My friend Paul is 47 years old: We once calculate the years he has done sleeping. He has slept for over 20 years out of 47.

Do you come to this life to sleep?

 

Have More Than One Income Source


To have a comfortable living and rest of mind financially, you need to have multiple sources of income.

Are you an employee now? What else can you do with your spear time?

Instead of sitting down on television watching movies for hours, you can channel that time to doing something that can add more money to your purse.

There are so many things you can do, you can turn your hobbies, passion, and any Ideas into making extras money for yourself and your family. Are you good at writing? Do you play video games online? Are you good at motivating people?

You can do many things to start generating multiple incomes; like becoming a blogger, making money via Google Adsense, earning from adverts, and even become an affiliate marketer online.

You can also write books and convert your books to PDF and start earning from Amazon. Don't wait till tomorrow begins now.

 

Invest Faster Than You Can Spend


You should learn to invest faster than you can ever spend because when you spend your money, it has gone and can not be gotten again.

It is your investment good investment that will count and can even come back in a hundred folds. The simple lesson is for you to learn how to invest much more than you spent your money.

 

Don’t Buy Because of the Discount


Discount is a trap that must be avoided by all means. The discount makes it seems as if you are saving as much money buying stuff, no you are not.

When they ask you to use coupons and buy online, they are using the psychology of discounts to trick you into purchasing those goods.

Online discounts must be avoided; your small amount of buying will add up and become a large sum. This is a great Money-Saving Tips for Young Adults.

 

Let Others Earn When You Earn


When you are in business, don’t do the winners take it all; no let others make money from you too.

No one is a highland on its own.

You can not make transaction business between yourself; you will need business partners to succeed, therefore ensure you let people make money as you are making money via your business transactions.

 

Stop Trying to Impress Others.


Who are you impressing? People waste their money and resources trying to impress people that are not even looking at them.

People don’t care about the car you drive, or the shoe you put on. It is just your imagination, therefore leave within your means. People seeking validations of others is because they have very low self-esteem.

It takes maturity, and for you to know where you are going in life to learn that impressing people does not worth it.

I have to impress others before; likely, you have too. It is time to learn to stop it so that we can leave within our means.

 

Engage in 80/20 Rule


The 80/20 rule is key to your finance; it can be applied to your day to day financial planning. It is one of the best advice you can get; by proper application of this rule to your finance.

It states that spend 80% of the money you earn and save 20% of the money you make. This can be adjusted; it depends on how aggressive you want to keep your money and build your wealth.

This is one key Financial Planning Advice that must be obeyed and implements.

 

Become the Best at Something You’re Good At


Becoming the best is Financial Planning Advice that is important to living. You cannot save money if you don’t know how to earn it. The best way to make money in the 21st century is for you to become the best at what you do.

The fastest way to make money today is to turn your passion, skills, and idea into solving relevant problems. Million of people are searching for how to solve the problem online daily.

If you want to make money, focus on solving one of the world’s problems; then you will start making money. When you are good at what you do, your employers will promote and ensure you retain your job.

 

Serve Other People


For you to succeed with your Financial Plan, the best advice for you is to serve others well enough so that you can be served. All servant leaders will always become a great leader.

As a leader that wants its financial plan to succeed, you must learn to serve and help other people succeed too.

You must learn to give, donate, feed the hungry, volunteer your services, and ensure that you make serving other people your mission.

 

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Stay Healthy


Your financial life worth nothing if you are not healthy. You must do everything to ensure that you stay healthy to sustain whatever you are doing.

If you are not healthy, you can be actively engaged in generating earnings. You cannot involve in any financial planning if you are sick.

You can avoid many health conditions like heart disease, high blood pressure, stroke, etc. If you stay healthy, that is when and the only way to sustain and implement great financial planning advice.

 

Marry Carefully


How will marrying in a carefully affect your financial planning advice? If you mistakenly involve in a bad relationship, it can ruin your life completely.

Lack of a great relationship with your partners, you will be living a rudderless life, i.e., a life without direction. You must marry a partner that understands your vision and dreams.

Excellent financial planning required all your family input. If you don’t have an oneness attitude and approach in your family life, you will not be able to implement a piece of great financial planning advice.

There is nothing you can compare to a great home and a loving family. It is even better than having reached.

 

Avoid Debt by All Means


You can never implement excellent financial planning advice without avoiding debt in your life. Debt starts with a little one, then more obligations. Later it becomes so vast that it destroys your life.

Debt will always push you to spend more. It is like borrowing from your future earnings because you must pay off every debt. Effectually, debt is costly.

Debt can cause you to lose all you have, and that includes your family. Debt is devilish; if you don’t tame it, it will put your life in flame.

Leave your life within your means and without debt.

 

Take Some Risk with Your Money


There is no excellent financial planning advice that is without risk. Life itself is a risk.

In many cases, it is risky not to take that risk of moving your life forward. You must learn to take a sensible risk with your money. The bigger the risk, the more money you can make.

You can still take a risk that is within your control. You can change your jobs or start a news business. Learn new stuff that you can implement as a new business.

All the above will get you to involve directly in the risk you take; hence you can put your life on the line to make it work, or you perish with your chances.

 

Stay Away From-Rich-Quick Mentality


Anyone with a rich quick mentality will always get scam in one way or the other because they are one major trait. They use to be very lazy.

There is nothing golden that has not passed through the fire before. All great successful people start from somewhere very unpleasant.

Famous people, such as Bill Gates, Celine Dion, Oprah Winfrey, Steve Jobs, etc. have a very humble beginning.

Most of these people are very hardworking, ambitious, and also started small in life.

Greedy and lazy people want to hit it once and for all. If you are greedy and lazy at the same time, you will be very poor, and financial planning advice can never work for you.

There is nothing like work. When you work hard enough, the result will follow.

 

Don't Lend Money to Friends or Family.


If you borrow your friend or family any money, you may lose both at the end of the day. There are so many reasons why it is not okay to borrow your friends and any family members' money.

It will be challenging to ask back for your money because he is a friend or a family member. The borrowers can quickly become a slave to you most, especially if he or she can not payback.

Some family is so funny that they will even keep asking for more money without returning the one they already borrowed.

Borrow family or friends money can create difficulties in family gatherings.

When you borrow your brother's money, and he has refused to return the money, what can you do? It can result in damaging family relationships.

The simple way to handle that is only to give any amount of money you are ready to lose.

As you are given the money out, assume you may never get it back, so there is no need to follow up to get the money back.

 

Don't Try To Outsmart The System.


The system here refers to organizations, countries, your workplace, forum, and clubs. The system, in short, refers to anybody you belong to, including your church and mosque.

Don't outsmart others and be law-abiding members of your society. Don't take others to be a fool.

Some people will start a joint venture business, and before you knew, they will get smart and disposing of other members.

Let people know you to be honest and discipline to a course the group believes in.

There is a price you will pay for failing the system. If you outsmart your employer and you caught, you will be sacked.

If you outsmart your country, you may find yourself in prison. Please avoid tricking your world.

 

Try To Maximize Your Saving Rate


Savings are key to the human race. There will always be a time for surplus and scarcity.

If you don't save in the days of surplus, you may die in the days of scarcity.

You are to save your money and as if your life depends on it. And indeed your life depends on it. At least go beyond savings 10% of our earnings.

Try as much as possible to save 25% of your earnings for the future. It is called aggressive savings. It will help you to be respected when that time comes.

If you save in the days of your strength, you will reap in the days of your weakness.

Challenges will surely come, but if you prepared very well, you wouldn't know when you will ride through the storm of life with ease. It is another best Money-Saving Tips for Young Adults.

 

Be Discipline On What You Eat.


You are what you eat. It is like an investment if you eat when you ought to eat and not just to eat but to eat quality food that adds value to your body.

Eating great food will preserve and secure your life in the days of health challenges.

What you eat determines how long you will live to enjoy your money on earth. If you eat junk foods, you may contact non-communicable diseases.

Like taking too much sugar will end you up to be a diabetic carrier. You don't want to have diabetics, do you?

It is not good to eat dense food late in the night, instead go for a light meal that can burn off quickly before you sleep.

Seek medical help from your doctor on what is right for your health.

 

Understand Compounding or Compound Growth.


The famous scientist said this about compound interest “Compound interest is the eighth wonder of the world. He who understands it earns it … he who doesn't… pays it.” Albert Einstein.

Compound interest can make you a millionaire most, especially if you are young or start early.

Compound interest does not care if you are white, black, Latino, Chinese, Arab, etc. It works anywhere and everywhere it is practice.

Compound interest may take time to grow; it is like ice that is forming a snowball; it takes time to become a snowball.

But after it gathers momentum and becomes one. It just needs a little push to roll down the hill.

Compound interest is so annoying because it takes a lot of patience to grow to the compound.

But if you can wait for it to rise to the snowball you desire, it will suddenly turn you to a millionaire.

The rich and the wealthiest have something in common, and that is they always smile and happy because they are making money with every time that goes by.

Compound interest rewards you if you are disciplined.

It will work for you no matter what you amount you invest. You can start as a poor man or woman compound interest is your friend.

 

Compound Your Knowledge


The knowledge they are power. If you don't know if you can not have access to it, knowledge and skill are like having a key to a lock. You can use the wrong key; it will not work!

Read 500 pages every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.” — Warren Buffett

People are so lazy to read. It does not know that knowledge is in reading other life stories of people that have made it in your niche or area of interest.

One day I gave a gift of a book to a friend on how to make money with your hobbies or ideas. After a month I called my friend James. I ask, What happens to the book I gave you?

I told him that he has not read the book! How do I know? Because I kept a cheque Of $200 at the back of the last page of the book. I was expecting him to cash the check from my account.

Where lies your blessing is in reading! And putting to work what you have read. The knowledge acquired will compound like compound interest with time, and it will show in your life.

 

Spend Less Than You Earn


This is all about living a simple life and not eating your future today.

You should learn to save a minimum of 20% of your earnings monthly or weekly; it depends on the wages payment schedule.

You will not continue to work for your lifetime; this is why you should learn to save your earnings for your future.

Knowing that challenges will come when you are not expecting it, but your preparation for such will help you stand in the days of the crisis.

You can not escape the life challenge, and it will not come when you are expecting it. The key is to plan and prepare them before they happen.

 

Stop Buying Crap You Do Not Need.


One significant way Of wasting your money and resource is by purchasing things and the item you don't need.

Your focus should be on buying only things that can help you make more money.

Why should you get the second car while the first one is yet to be well utilized?

If you are mature, you don't need to impress anyone with anything you bought.

Most of the time, we buy those cars because you want to impress someone. Who do you think is looking at You? People may not even be paying attention to you.

You don't need that clothing if it is just to create an impression. Go for stuff you only need and things that can make an impact on you.

 

Start Giving And Sharing


Giving is everything. If you don't provide, you can not get it. You don't offer only when it is convenient. It is when your giving that will make it comfortable for yours.

People find it difficult to give because they lack the prosperity mentality. You can never lack what you give out as a gift.

You will forever be beyond anything you give. Many people are limiting their life because they can see beyond where they are now.

You can never give it if you can not see yourself in the future. It is the poverty mentality that is making you not to give. This is one of the best Financial Planning Advice you can give to anyone.

Giving is not only in Cash but both material things and sharing of your knowledge.

 

 Is  Financial Planning Advice Worth It? 


What is your financial planning advice for a young adult? Which among the above listed financial planning advice can help you to become rich? 

To be relevant and be in control of your finance and money, you must set your money priority right. You must understand how money works. 

You must commit yourself to each of the listed financial planning advice above; each of these concepts has remained for a long time, and it won’t change shortly. 

What do you think of my Financial Planning Advice? Is it applicable to your life too?

Do you want to be productive and have all you want? You must learn and put all these into practice; they are challenging to do, but if you can, nothing will stop you in your financial exploit.  

This Financial Planning Advice also serves as: 

  • Money-Saving Tips for Young Adults
  • Personal Finance Tips
  • Financial Tips for Young Adults
  • Financial Planning Tips for Young Adults
  • Money-Saving Tips for Young Adults

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14 thoughts on “26 Financial Planning Advice for Young Adults”

  1. If I could travel back in time, this is the exact message I would give my younger self. Unfortunately, it doesn’t work that way. Wisdom comes from experience and experience comes from poor decisions. 

    I agree on all points especially investing in yourself, regulating your sleep, self-discipline in what we eat, having more than one source of income and being careful with whom you marry.

     I have to forward this to my children 

    I have to be honest, I’ve read hundreds if not thousands of articles in my lifetime and this is one of the best.

    Sonny

    Reply
    • Dear Sonny, 

      Thanks for reading my article about Financial Planning Advice for Young Adult. The article just shows 

      why the financial plan is important for everyone. 

      thanks for reading this article.

      appreciate. 

      John

  2. Hi there thanks for this helpful review. Many young adults do not have proper financial planning for themse and that’s is why it is really difficult for them to make a living. Proper financial planning requires time, effort, idea and investment. For me I think the first step is to create an idea and then invest in yourself.

    Reply
    • Hi,

      Thanks for reading my article on financial tips for young adults.It is all about how to manage and keep your fiance.  It is just why financial planning so important for everybody.

      Thanks for your comments.

      regards 

      John

  3. This is an interesting article “Financial planning advice for young adult”!

    One of the point I appreciated the most is investing in yourself! Most young adult do not increase their knowledge but are comfortable where they are! But the truth is for you to be a better personand grow financially, for you to get to the top and remain at the top, for you to be better than your equal you have to do increase your knowledge on daily basisThis is inspiring. Thanks for sharing with us.

    Reply
    • Thanks for reading my article about Financial Planning Advice for Young Adult.

      It is all about financial tips for young adults and all people that want to do well financially in life. 

      They are great tips that will help you sustain your wealth if and when you implement them. 

      Thanks for your comment

      Regards 

      John

  4. Hello John, so much to be learned here and must say these are some of the best tips anyone can get when it comes to dealing with finances. Having a single means of income isn’t the best option even if it’s pay is good enough for you. And as a young adult, having a good routine and planned time management will go a long way to helping you in life. My kids needs to be this article as well. 

    Reply
    • Thanks for reading my article on Financial Planning Advice for Young Adult. 

      It is all about financial planning advice for young adults and for all men and women that want to be rich. 

      There is a lot to learn. 

      Thanks for your comments.

      Regards 

      John

  5. Wow! Very informative post you have got here. Having a proper financial education and being conscious of it would ginger us towards productivity. In all honesty, I really like the way you have presented this in details. As a youth, learning about all these would definitely help to reshape the way we see money and financial development. Thank you so much for sharing this here

    Reply
    • Thanks for reading my Financial Planning Advice for Young Adult. 

      The article is all about retirement planning for young adults and everybody that want to make it in life. 

      Regards 

      John

  6. Wow, this is amazing advice. I actually laughed at the bit that said don’t give money to family and friends. Solid advice.

    But that’s kinda hard to do in Africa. We’re focused on family and helping each other. 

    But still I’ll implement these strategies any day and recommend them to others.

    I’m bookmarking this page.

    Reply
    • Thanks for reading my article on Financial Planning Advice for Young Adult.

      It is Financial Planning tips for everybody that want to succeed in life.

      Thanks for your comments. 

      Regards 

      John

  7. Good, just perfect. These are all tips on financial planning that j consider very interesting because of the fact that many times in the past I have seen a couple of people who do not know how to spend their money well. One of those popular examples is Mike Tyson who fell from riches because of poor money management. I agree with your tips. Nice one!

    Reply
    • Thanks for reading my article about Financial Planning Advice for Young Adult.

      It is indeed Financial Planning Advice for all men and women. 

      Thanks again for the comments.

      Regards 

      John

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