By Michal Bernalok
Avoid these mistakes and you’ll be ahead of the game.
- Marry young. In your early 20’s, you barely know yourself, your partner barely knows themselves. Take the time to figure yourself out even a small amount before charging into a lifelong marriage.
- Buy a house. Once you buy a house, you are locked into the standard way of life. No travel. No moving. You become restricted to weekends. You must work to afford your home. Be ready to work a lot if you want a house.
- Buy a new car. New cars are automatic trash disposals for money. They immediately lose value when you drive them off the lot. They will be worth significantly less the year after. Novelty wears off quickly.
- Have a child young. Back to point 1. If you barely know yourself, and your partner barely knows themselves, more often than not it is a recipe for divorce and poor upbringing for the child.
- Not working hard enough. This is the time you have to set yourself up for success later. Grind. Learn. Write. Read. All of those things will have a compound effect by your 30’s and are almost guaranteed to increase your income.
- Not eating healthy. Educate yourself. Junk food and pop will lead to an early grave.
- Not exercising. Exercising leads to better health, leads to looking good, leads to being recognized as disciplined, leads to a great choice of mates, leads to a higher chance of promotion at work.
- Not reading. No, you won’t become infinitely smarter overnight. Yes, you will become infinitely smarter over the next 2 years. Keep reading.
- Not saving and investing. Learn to save. Set aside a percentage of your paycheck every pay. When you get the hang of that, buy shares of an index fund with every pay for beginners. For more advanced investors, invest in whatever you want and diversify.