10 Common Money Mistakes People Wish They Realized In Their 20s

Do you want to be financially secure? Many young adults in their 20s make money mistakes through lack of knowledge, which can result in debt and financial insecurity.

It is important to get on top of your finances now – check out 10 common money mistakes people wish they realized in their 20s.

1. Spending to make themselves feel happy

Many young adults who spend too much money do so because it temporarily helps them to feel good, but mixing money and feelings can be dangerous.

Avoid going shopping if you’re having a bad day – the temporary fix from emotional spending will pass quickly, but actually saving will leave you happier and more fulfilled in the long-term.

2. Not having emergency savings

When you’re in your twenties, having enough money in your bank to pay rent and buy food and a few drinks can feel like more than enough.

However, planning for an emergency could really help you later down the line – and if there isn’t an emergency later on, you will have savings for a car, or a little to help with the deposit on a house. Try to have 6 months of living expenses saved up as a safety net for the future.

3. Choosing not to make investments

Investing may seem boring and confusing, but it can really benefit your finances. If you do decide to make investments, ask professionals for information and advice.

A bad investment is a waste of money, but once you have some tips and knowledge behind you, you could make an investment that changes your life financially.

4. Being frugal and failing

Often young adults in bad financial situations commit themselves 100% to getting out of debt and saving up, leaving no money for anything extra. This can get very dull very quickly, and can actually result in binges of high spending.

This is no way to live; instead, factor in a small amount of weekly money for fun. Make sure it is a small amount, but you can spend it on whatever you want. This is more likely to help you to save and pay off debt, as you are far less likely to binge spend your money.

5. Moving out too soon

After a whole life of living at home, many young adults can’t wait to move out and get their own place. While this is fine for many people, it is worth considering staying at home for a little longer as it is a great opportunity to save lots of money.

Ask yourself; do I need to leave immediately, or could I leave in 3 months? How much money do I want to save up before I move out?

6. Not setting long term financial goals

Most people in their twenties have short term financial goals, like paying their rent and bills. However, if you can afford to set short term financial goals, it is likely you can afford to set long term ones too. Decide how much you want to save in a year, and start working towards that.

One day, you may want to start a business or buy a house – setting long term financial goals will make these things possible.

7. Ignoring their employment benefits

If you work in a company, you are probably making small monthly payments towards retirement and healthcare. Many younger people see this as a necessary evil, but it is much more beneficial to you than the company you work for.

Take some time to look at the terms and agreements surrounding these monthly payments, and see if you could alter your payments to take advantage of any extra financial benefits.

8. Staying in credit card debt

Credit card debt is one of the biggest financial issues for young adults, with interest rates averaging around 16%. If you choose to make the minimum monthly payment, you may be paying off your cards well into your thirties, when you will have other expenses that need paying.

It is difficult to save with debt, and even more so if there is interest too, so try to focus on paying off your credit card debt as soon as possible.

9. Choosing money over growth

Many young people take job offers with a good wage, turning down positions with a lower income but much more opportunity for growth.

It is important to choose growth over money; these learning opportunities and chances for promotion are invaluable, and it is likely you will end up with a much better wage than the first job after a short amount of time.

10. Spending too much on unnecessary extras

The new iPhone or expensive hair extensions; can you really afford these costs on your current budget? It is important to treat yourself to things you love, but it is also important to sit down and work out if your outgoing expenses are too high.

Before you buy a high-end, luxury product, ask yourself these questions; can I really afford this? Do I need this? Why do I want it?

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10 Things Successful People Do Every Day To Improve Themselves

Success is something many people work very hard for. Achieving it is difficult enough, but keeping it going is even harder. That’s why truly successful people never stop improving themselves and work on their positive habits all the time. Everyday rituals are what make us who we are. Developing rituals that will work for us and make us better is one of the keys to success. So, let’s see that many successful people do every day to improve themselves.

1. They wake up early

Even Aristotle was saying that a habit of waking up before dawn contributes to achieving success, wealth and good health. Researches show that our brains work most effectively during the first 2-4 hours after we wake up. Early hours are the most productive for majority of people. Waking up early, you’ll feel vigorous, fresh and ready to conquer new summits.

2. They exercise

Physical activity matters! You may think that it is all about the brain work that makes people successful. However, the majority of truly successful people exercise on a regular basis. It is not only about keeping you healthy and in a good shape. Constant experiences of overcoming yourself and achieving new results are very useful for any other scope of activity. Mark Zuckerberg, for example, works out with a personal coach five times per week. In his interviews, he often says that working out doesn’t only help him feel good, but also stimulates him to think of new business ideas.

3. They have a plan

Successful people realize how important everyday tasks are. Benjamin Franklin asked himself every morning what good things he was about to do this day. Having a plan helps you remember everything and get rid of all the things you procrastinate with. Take 10 minutes before sleep or after you wake up and make a plan for the whole day. It would be even better if you write it down somewhere.

4. They find time for hobbies

The biggest investor of the 20th century and successful entrepreneur, Warren Buffett loved to play ukulele between his big business meetings. Most often, successful people are interested in certain activities. A Saturday golf game can be a great way to establish good contacts. However, even the small “alone” hobbies such as knitting (Meryl Streep) or drawing (George Bush) can help to succeed by releasing from stress or waking up one’s creative side.

5. They are active

Anna Wintour, the editor-in-chief of Vogue, assigned herself with a task to play tennis for an hour every day, and she is not the only one. Richard Branson loves kite-surfing. The fourth richest man in India is a regular marathon runner. Successful people understand the importance of the active life. The more active your body is – the more active your brain works. Weekends are not an exception, by the way.

6. They learn

People need to get new information every day to keep the brain trained. Successful people always find the way to learn something new. They read books and articles, they communicate with smart people, they go through trusted websites, etc. You should always have your brain working and eventually it’ll work out some idea that can make you as successful as those people you admire today.

7. They analyze

A great thing successful people do is analyzing their day before going to sleep. Was this day productive? Did I do everything I had planned? What shouldn’t I have done today? What should I improve in the next day? When you think of the good things you did today, it helps you move on doing them tomorrow. When you think of your mistakes, it prevents you from repeating them the next day. Analyzing is a great thing to do at the end of the day.

8. They meditate

Oprah Winfrey is one of the busiest women in the world and still she manages to spend 20 minutes sitting in quiet two times a day. Even the most successful and the toughest businessmen, entrepreneurs and celebrities admit the value and the importance of meditation. Meditating improves productivity, lowers stress level and keeps a body and soul in shape. Finding time for that can definitely help on the road to success.

9. They spend time with people they love

Of course, successful people work really hard. However, many of them say that forgetting about their work and spending some time with beloved people is what helps them continue working even harder. You shouldn’t think of your work 24/7 because your brain will be too tired to work and to generate new ideas. Being around people you love can make you happy and careless for some time and that is a great rest for your brain.

10. They sleep the right amount of time

There is surely no rule on how many hours a person should sleep to feel good and fresh. We are all different; some of us can sleep four hours per day and feel great and others need 8-10 hours of sleep not to look like a zombie the whole day. Successful people know how much time they need to have a good night’s rest and they sleep no less than that.

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18 Things Financially Mature People Don’t Do

Jaws dropped during that classic scene in the 1995 movie Sabrina. Sabrina’s father is revealed to be more than just a quiet chauffeur with a passion for good books. He’s shockingly a millionaire! How did he accrue such wealth on a presumably modest salary? By imitating the investing habits of his prosperous employer. You too can learn from financially mature people. You can avoid costly mistakes by watching what they do – and perhaps more importantly, what they don’t do.

1. They don’t spend more than they make

A recent Yahoo Finance study found that “fewer than half of Americans are spending less than they earn.” This problem is compounded by high credit card interest rates. If you’re finding it difficult to stick to a budget, try switching to cash as your currency. This will quickly stop the bleeding because once cash is gone the spending has to stop.

2. They don’t wait until the end of the month to see how their money is doing

Credit card bills should be formalities, not surprises. Expense tracking apps(or a pen and paper) help you stay on top of your money.

3. They don’t pay for subscriptions they aren’t using

Gym memberships, magazine subscriptions, and season tickets to your favorite team’s games are great – if you actually use them. Spend some time going through your credit card statement and cancel a few forgotten subscriptions. Chances are, you won’t miss them.

4. They don’t overlook small expenses

Small expenses add up. Look for opportunities to reduce them. Relax the air conditioning when you leave the house, turn off the lights in an empty room, use a refillable water bottle instead of buying a new case every week.

5. They don’t automatically spend “surprise money”

Tax returns and birthday money don’t have to be spent the day they’re received. Put some in savings, or use it to pay off debt.

6. They don’t use shopping to help them feel better

Shark Tank’s Kevin O’Leary argues that “retail therapy” should be avoided altogether. But come on now. We’re the species that invented sugarless candy – surely we can redeem the post-break up shopping spree? Here’s an idea: When heartbreak or frustration beckons you to the mall, think of one item you actually need. Maybe it’s a new pair of work shoes or a birthday gift for a friend. Set a “budget” for yourself and take only the CASH for that item. Then, enjoy a little shopping.

7. They don’t gift shop at the last minute

It happens to the best of us. We remember a birthday or anniversary with mere hours to spare. Then we’re off the nearest store in search of a last-minute gift and in our panic, we buy something expensive to hide the fact that we don’t have a card and the gift isn’t wrapped. Gifts are given to express love and affection. Shopping a little sooner can help you find a thoughtful, less expensive gift that shows how much you care. 

8. They don’t eat out every meal

A recent experiment conducted by the Boston Globe found one home cooked meal cost half the price of a comparable restaurant meal.

9. They don’t waste leftovers

One of the easiest ways to make eating out more affordable is to simply save your leftovers. You can turn one meal into two.

10. They don’t let purchased food expire

Throwing away food is throwing away money. If you struggle with stinky fridge syndrome, try making more frequent trips to the grocery store. Buy exactly what you’ll need for the next 2 or 3 days, instead of “stocking up” for the week or the month.

11. They don’t spend money without stopping to think

Have you ever examined an old purchase and wondered, “What was I thinking?” Financially mature people ask the right question: “Do I absolutely love this?” Skip this step, and you’ll find yourself in need of a garage sale.

12. They don’t buy clothes they won’t wear regularly

Closet full of clothes yet “nothing to wear”? Save space and money by searching for versatile pieces you can’t wait to show off. Here’s a minimalist who’s happy to show you how (with photos).

13. They don’t buy something just because it’s a discount

An old episode of The Lucy Show poked fun at this common mistake. Lucy chided her friend for buying a 50lb bag of dog food. Her friend defended herself saying “that was half price.” To which Lucy hilariously replied, “You don’t have a dog!” If you find yourself thinking “These shoes are half off, and they’re not that bad,” take the money and buy a pair of shoes you actually like. You’re more likely to get some use out of them.

14. They don’t buy anything without asking the price

It’s an old trick. Selling stuff without ever mentioning the price and it works, because we’re often too embarrassed to ask how much something costs. We don’t want anyone thinking we’re poor, but we have it backwards. Poor is what you’ll be if you don’t ask the hard questions.

15. They don’t avoid expenses that save them trouble and money in the future

Getting the oil changed may be annoying, but it’s cheaper than a new car. Getting your teeth cleaned may be uncomfortable, but would you rather have a root canal? When you’re trying to cut back on spending, trim from the fat, not the essentials.

16. They don’t buy into get rich quick schemes

When people really do strike proverbial gold, they probably don’t tell the world about it in a “business opportunity” seminar. Financially mature people know that wealth comes through hard work and good choices over time.

17. They don’t forget to set financial goals

Without a clear goal and a doable plan, people tend to stay right where they are. Good goals illuminate the path between where you are and where you want to be.

18. They don’t let past mistakes keep them from improving

Peek at the statistics and you’ll quickly learn most of us aren’t very good with money. With practice, patience, and persistence, you can grow into financial maturity. You just have to get started. There’s an old saying. If you want a big oak tree in your backyard, the best time to plant it was 20 years ago. The second best time? Right now. Use these tips to start imitating the financially mature. Because let’s face it. Life’s more fun when there’s some money in the bank.

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Make More Money: 5 Amazing Ideas That Will Help You Prosper In 2015

I’m a huge advocate of making extra income and dabbling in entrepreneurship. In some cases, this side income can make enough to quit a bad 9-5 job and open up some new possibilities. From there the fun begins as we take a hold of our own lives and experience financial freedom!

So here are 5 ways you can make more money in 2015.

1. Rent out your car, bike, boat, outdoor equipment & extra land

If you’re not using it then why not make money off that asset? You could be making $250 a week from that nice bike you bought last Christmas or rent your extra car out and make an extra $2,000 a month!

For your bike, snowboard & surfboard:

• Spinlister

For your car:

• Relayrides

• Getaround

For your boat:

• Boatbound

For your outdoor equipment:

• Outdoors

For your extra land:

• Gamping

2. Renting out your space

People always need storage. You can charge people to store stuff at your house – a spare bedroom or basement would work perfectly.

You probably have a friend or family member that needs your help with this right now. A few boxes in an area of the house you’re not using are a perfect idea when you need some fast cash. Think about those self-storage places; they make an absolute fortune! You would be solving a huge problem for people and creating an easy flow of income. Cha-ching!

Try posting an ad for this on Craigslist and start interviewing or try this:

• Roost (Predominantly in San Franciso, California but expanding nationwide. Make $3,000 a year)

• Sparechair (Launching soon. The twist here is people can use your space to work at home without being athome. The company is looking to help people network by making coworking fun and profitable. You can charge $10-$20 a day)

• Peerspace (If your space is creatively designed and can allow for groups of people to work then consider this)

You can even rent out areas of your home to filmmakers and producers:

• Setscouter (If a director selects your home you can make up to $4,500 per day)

3. Drive people around

The days of investing money to purchase a taxi business have changed. Today you can freely partner up with a driving company and make $200-500 a day driving people with your own car. If you’re worried about insurance these companies take care of it all. The cool thing about this is you can be a driver whenever you want or treat it like a regular job and make approximately $65,000 or more a year.

Wondering where you’ll find paying customers? It’s all in the mobile app which you can download and check out now. For more information visit:

• Uber (Available in most major cities)

• Lyft (Just like Uber but with a cute pink mustache)

• Side.cr (Make $35 an hour)

• Shuddle.us (Community drivers for families)

4. Voiceover

There’s a chance your voice is the type someone is looking for in their online or radio commercial. You’ll never know until you try. So find a quiet room away from distraction, stand up to project your voice, and record some samples. You don’t need the most professional equipment right now. Just use your mobile phone or computer microphone. Try these website’s for voice over work:

• Voicebunny

• Voices

5. Writing blog posts

There are more than a few blogs that you might follow. How much have you learned from reading, liking, commenting, and sharing this information? Quite a bit, I bet! If you enjoy it consider offering to write articles for them.

You don’t have to be a literary giant. Your thoughts are your thoughts and they’re valuable – treat them as such. You should get about 25 bucks per article which can take roughly 30 minutes to research and 30 minutes to write. If you write 40, you’ve got $1,000 – just like that! This is like working a 40 hour work week while staying in the comforts of home.

Here’s one source writers can make $30 a short blog post and $65 a long blog post:

• Scripted

You can find more options here:

• Elance

• Odesk

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