Last Updated on Jul 30, 2020 by James W
Finding the most suitable financial strategy to get rid of the money issues has always been an interesting point on the daily agenda. Nowadays, more and more of us are looking for alternative ways to increase their financial possibilities to the point in which it does not feel like a burden anymore. Still, as time goes by and things are getting more and more serious, the money matter becomes even more stringent – since we are extremely linked to the final outcome. These being said, in case you are looking forward to knowing more concerning the subject, make sure to stick with us and keep an eye onto the following lines in order to see what is the worst financial advice that you could have been given while you were in your 20s!
- Obtain As Many Credit Cards as Possible
If you have ever heard this financial tip while you were in your 20s, you should definitely get rid of it – fast and for good. The more credit cards you have, the more linked you are bound to feel with the rest of the banks. By this way, you start to grow some powerful strings with them, and trust me, they are not at all healthy. Instead, you could think about alternative ways in which to deal with these problems – and one of them could be to put money aside and stop spending them on useless stuff. Instead, you could get to the point in which your life is bound to be perfectly fine and financial rational once you avoid having credit cards.
- Avoid Useless Spending – that’s a Good One
Another kind of problems that seem to require a lot of money involves paying on stuff that you can do all yourself. It starts from a do it yourself home table to a proper mirror that you can paint all with your own bare hands. On the other hand, there are some things that you can not always do without proper additional help. Still, with all of the other stuff, you can definitely deal and get the outcome expected quite fast and easy. It is the best and the ideal moment to take advantage of, since any useless spending will take up a lot of your money without you even being aware of it.
- Invest Only When You Have a High Revenue
This is one of the worst tips on all cases. When it comes to investment, bear in mind that you can do it with as much as $1. This is the best way to do stuff, yet it is important to remember that you do not have to have a high income just to make things work for you. Instead, try to place as much as you can into any of the investments that you are looking for and then be happy with the result. How do you think that the vast majority of the population managed to get rich during the last period of time? Most of them started from the bottom, with absolutely nothing at their hands, and managed to get a nice payback as time went by – and trust me, each and any of these things are able to be seen in reality once you make your investments and start to place money in the right places.
- Don’t Think of Retirement – that’s Too Far Away
If you do want to make your retirement years be all worth it, start thinking about the retirement. This useful tip and trick will turn you into one of the happiest people as time goes by, since the life comes and goes quite fast – and you will basically end up being more than excited with the total result. Even though retirement is not at all something that you might plan when you are in your 20s, you should consider the fact that you can even have a better outcome as time goes by – in some situations, you could even get the money faster, prior to the retirement moment.
- Go For the Safe Things
Believe it or not, the safe things are good – quite good. They are useful, always there for you when you need them, but not at all useful on the long term. If you want to make an investment that is 90% safe, you are bound to receive up to 5% in payback. Still, if you choose something that has a lower interest in terms of safety, you will be totally excited with the payback – and it is definitely something that you should consider.
These being said, what are you still waiting for? Have you already managed to make up your mind and think of the worst financial advice that you were given while you were in your 20s? We are looking forward to hearing it!