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The 10 Money Traps to Avoid in Your 20s
Avoid these to build massive wealth.
Until I hit 22, my financial literacy was zero. I had just enough money coming in while I was in college to cover the basics, plus a little fun money. And I naively assumed that I’d just get my finances together once I started my first real job. But if you’ve been here for a while, you know that that was merely wishful thinking.
Now that I’ve been out of school for a few years, I save over 75% of my income and jump on every opportunity that I can to save a buck.
But between now and then, I did a lot of learning the hard way. Most of this started when I moved halfway across the country for a job that didn’t end up working out.
My early 20s have been invaluable in my wealth-building journey, but had I continued down the path of living paycheck to paycheck, I could’ve easily squandered this time and put myself in a precarious financial position.
Here are some of the biggest money traps that I’ve come across so far in my 20s, why they should be avoided at all costs, and what to do instead to make the most of this critical decade.
Money Trap #1: Spending Your Entire Paycheck
Most of us in our early 20s aren’t making crazy money or are in our dream jobs yet. I…
