How to save money and invest in your 20s. It is possible to invest in your 20s but there are money traps... which can be avoided and help you build wealth.
1. No concept of budgeting. It seems wild, but very, very few people in their 20's have the slightest concept of how to manage money. Its obvious you want to spend less then what you make.... but its a habit that can be built here. I used to do monthly savings goals.. savings a set percentage of my income to simply invest. Live on a fraction of your income ( if possible) to create the path to stronger finances. There are sites/apps that automatically track spending which may be eye opening if you have never looked at what you spend money on.
2. Renting "too much space:". Renting a nice place can be awesome if you can comfortably afford it. But you can also live in less ideal scenarios with roommates and save capital to invest. Renting a place that does not fit your budget is unfortunately money you won't see again.. Think future investments, future retirement ( if thats your plan) and you can begin to save for your first property or home.
3. Buying "too nice" of a car. There is nothing wrong with buying a nice car if you want to have fun... just make sure you can afford it. A massive car payment and insurance / maintenance over time can deter your money you can be using to save to invest. Budgeting here may not seem like fun... but you can wait a few years until you can easily afford the car you want later down the road. If you can buy used cash... its a good idea.
4. Student loan debt. If you plan on going to college or are currently in college, really consider what you want to do after you leave college. Do you see yourself in the field for the next 20-30 years? Do you need a degree for what you want to do? You can always consider going to a two year school for the degree and transfer if necessary.
5. Waiting to make the "perfect investment". If you adapt to the habits of putting some money away every pay check... it will pay dividends long term. You will be WAY ahead of the game... You can fully take advantage of compound interest, by starting in index funds... and re investing the dividends. Saving to invest is often overlooked by instant gratification items/purchases. Its not to late to start later in life... but you can begin to create the habits and see your money grow if you adapt the principles early.
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