7 Money Lessons I Wish I Knew When I Was in My Twenties

 7 Money Lessons I Wish I Knew When I Was in My Twenties

I’ve been thinking about money a lot, trying to figure out how to earn more, how to spend less, but mostly I’ve been trying to figure out how to be a better money manager.

Growing up, my family always had enough money for things that I needed and my parents are very generous. Unfortunately, since my parents were always there to “bail” me out, (not that kind of bail, more like credit card debt) I didn’t have to learn how to spend my money wisely.

What I do know is the earlier you smarten up about money, the better. My sister Brooke, an attorney, is currently working toward a certificate in Personal Financial Planning at UC Berkeley.

Here are the 7 lessons I learned from Brooke about money:

Lesson #1: This sh*t is hard!

My sister is no dummy. She was Valedictorian of her law school class and she can school anyone on the subject of politics, but even she struggled to understand this sh*t!

Brooke got interested in personal finance because, “I was searching for help with my own finances. I kept making mistakes and realized how much I didn’t understand about personal finance. Most people are not taught about it in school or at home.”

When you’re young, it’s hard to look beyond the here and now when it comes to finances. “In my 20’s I didn’t think much about money,” Brooke told me. “I was focused on going to college and law school and as long as I had what I needed to get by, I was happy. I was not prepared for what was to come.”

Lesson #2: You have a relationship with money

When we think about money it makes us feel a certain way. You’re probably experiencing some pretty strong feelings right now as you read this article and that’s OK.

Take some time and ask yourself:

How do I feel when I spend money?

How do I feel when I save money?

How do I feel when I make a credit card or student loan payment?

Your answers will start to reveal some of your hidden or unconscious beliefs about money.

Lesson #3: Time is money

You know the saying “time is money,” well right now time is your most valuable asset because of two words: compound interest.

Brooke explained, “The power of compound interest is astounding. If you did nothing more than save $100 a month from age 20 to 65, assuming an average return of 8%, you will have $536,000 at age 65.  If you delay saving until you are 30, under the same scenario you will only have $233,000 at age 65.”

I know that we’re not supposed to live our lives with regrets, but I wish I had been smarter with my money when I was in my 20s because you have something I don’t have anymore – time.

Lesson #4: Credit cards are like a drug, so just say “no”

You know this lesson. It is in every single “what not to do with your money” blog out there. Brooke compares credit card use to addiction:

“I got my first credit card as soon as I got to college.  I was only 17, not old enough to sign a contract let alone manage a credit card.  I have gotten in to trouble with credit cards more than a few times. It took me until I was 40 something to break this habit and it is still a struggle to stay ‘clean.’”

Everyone warns you not to drink or do drugs when you go to college, but no one tells you to say “no” to those credit card companies that set up shop on every college campus.

Brooke advises young adults not to “fall into the habit of using credit cards. It’s very hard for young adults to imagine their future selves, but to manage your money well it is essential to do this.”

“If you have debt you need to make a written plan to get out as soon as possible,” warns Brooke, “This is hard. It requires making a budget every month and actually sticking to it, but your future self will thank you.”

Lesson #5: Just start saving for retirement already!

When you’re young and just trying to pay your bills each month, retirement feels like your last priority, but according to Brooke it should be your first.

Brooke advises, “Start saving for retirement as soon as you start working, even if you have debt, try to save $100 a month in an IRA or your employer’s plan.  If you don’t have debt or as soon as you pay off your debt then save more, remember compound interest.”

That’s why compound interest is an important lesson to learn. So even if you can only save $20 or $30 a month, that’s fine.

Lesson #6: You have to address your student loan debt

This one really surprised me because I always looked at student loans as “good debt.” While it’s a better investment than a shirt from H&M, it’s still debt.

Brooke says:

“Student loan debt is often the largest debt people have. It is overwhelming and (most people) just make the minimum payments. You should treat this debt the same way you treat paying off a credit card; you do not want to have this debt hanging over your head for the next 25 years.”

Nothing like an attorney to sober you up! But she’s absolutely right, you don’t want this debt hanging over you for the rest of your life.

Lesson #7: When in doubt 

What is The Silva Mind Control Method

 The Silva Mind Control Method, developed by José Silva, is a self-help and personal development program that focuses on harnessing the power of the mind to improve various aspects of life. It is based on the belief that individuals can tap into their subconscious mind to bring about positive changes. 

The Silva Mind Control Method incorporates various techniques and practices to enhance mental functioning, intuition, and self-awareness. Some of the key elements of the method include:

1. Relaxation and visualization: Participants are taught relaxation techniques to enter a deep state of relaxation and calm the mind. This state is then used to practice visualization exercises, where individuals mentally create and experience desired outcome. 
   
   
   
2. Mental programming: The method emphasizes the use of positive affirmations and mental programming to reprogram the subconscious mind with empowering beliefs and attitudes. By repeatedly affirming positive statements, individuals aim to overcome limiting beliefs and manifest their desired goals.  
   
   
   
3. Intuition development: The program also focuses on developing and trusting one's intuition. Participants are taught to access their intuitive abilities and use them for decision-making, problem-solving, and creative endeavors.  
   
   
   
4. Healing and self-improvement: The Silva Mind Control Method includes techniques for self-healing and improving physical and mental well-being. Participants learn to direct their thoughts and intentions towards improving their health and well-being. 
   
   
   
5. Goal setting and manifestation: The method emphasizes the importance of setting clear goals and using visualization and mental techniques to manifest those goals in one's life. 
   
   
   

It's important to note that the effectiveness of the Silva Mind Control Method can vary from person to person, and its claims have been subject to criticism and skepticism. While many individuals have reported positive experiences and outcomes, the scientific evidence supporting the specific claims of the method is limited.

If you are interested in exploring the Silva Mind Control Method, it is recommended to research and familiarize yourself with the techniques, principles, and experiences of others who have practiced it. As with any personal development approach, it's essential to approach it with an open mind, critical thinking, and personal discernment.

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How Do I Apply The Silva Mind Control Method in Getting My Wealth?

The Silva Mind Control Method, developed by José Silva, is a self-help and personal development program that aims to enhance various aspects of life, including wealth creation. While it is important to note that individual results may vary, here are some general steps you can consider when applying the principles of the Silva Mind Control Method to wealth creation:

1. Define your financial goals: Clearly define your financial goals and be specific about what you want to achieve. This could include the amount of wealth you want to accumulate, the timeline for achieving it, and the strategies you want to employ.
2. Visualization and mental imagery: Use visualization techniques to create a mental image of yourself achieving your financial goals. Visualize yourself already enjoying the wealth you desire, experiencing the emotions and sensations associated with it. Regularly imagine yourself living a financially abundant life.
3. Affirmations and positive self-talk: Utilize positive affirmations related to wealth and abundance. Repeat positive statements about your financial success and affirm your belief in your ability to attract wealth. Use affirmations such as "I am worthy of wealth" or "I attract abundance into my life."
4. Mental programming and belief system: Examine your beliefs and attitudes about money and wealth. Identify any limiting beliefs or negative thought patterns that may be holding you back. Replace them with positive beliefs about abundance and success. Reprogram your mind to believe that you are capable of achieving financial prosperity.
5. Take action: The Silva Mind Control Method emphasizes the importance of taking action towards your goals. Combine your mental practices with practical steps to enhance your financial situation. This may involve learning about personal finance, seeking investment opportunities, acquiring new skills, starting a business, or seeking career advancement.
6. Continuous improvement: Engage in regular self-improvement practices to enhance your mindset, skills, and knowledge. This could include reading books on personal finance and wealth creation, attending seminars or workshops, or seeking mentorship from individuals who have achieved financial success.

Remember that the Silva Mind Control Method is a personal development approach, and results may vary from person to person. It's important to approach it with an open mind and incorporate the principles that resonate with you into your financial journey. Additionally, it can be beneficial to seek the guidance of financial professionals or advisors who can provide specific expertise in wealth creation and financial planning.