21 Money Tips Every Young Person Should Know

Sometimes we fail to teach, and share, the truth about money with our children, and other young people we come across. This sets them up for disappointment, failed discipline, and a cycle of generational problems around the topic of money.

We end up creating a false sense of security for young people when it comes to money, which leads to unrealistic and false expectations about their ultimate relationship with money. There are some hard truths about money that we should be teaching young people at a very early age.

In this blog post, I want to share 21 things that every young person should know about money, before they reach the age 21. These are things that many of us were not taught, and had to learn the hard way. But why? Why were we never told these things about money? Perhaps some of us were actually told some of these things, but we didn't listen or pay much attention at the time.

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Here are the 21 tips about money that every young person should know

1. Take 100% responsibility for your own actions. Accountability is power and control and your money is your responsibility, which is a good thing. As long as you realize that your destiny (financial or otherwise) is based on you being accountable and responsible, then you can achieve anything. When you blame others, you hand them the responsibility of your life and your money, and you leave yourself powerless. Success with money is 20% numbers and 80% behavior.

Behave responsibily with your money and you will be rewarded.

2. Self-control and the ability to delay pleasure will help you build wealth. The less you can be addicted to the need for immediate stuff, the less you will do things like compulsively spend, over spend, use credit cards, take on loans, and other things that hurt your wealth. Delaying pleasure is critical to developing the discipline it takes to properly manage your money.

Click HERE for the study that began the research into delaying pleasure.

3. Wisdom comes through listening and watching older people, your parents, and those that have come before you. You don't have to experience things personally to learn. It's perfectly fine to learn some things from the experiences of others. Watch and listen to those around you that have been successful with money. Listen to them and emulate their success. If you have no examples of this in your family, go find some, and follow them.

4. Spend more energy on solving problems than on worrying about who's at fault. The person who complains about their money situation is far less successful then the person who actually goes to work on the necessary solutions. Go to work on your money situation, instead of whining about it.

5. Integrity and a good reputation are more important than money, titles, and stuff. When someone looks back on your life 100 years after you die, what you possessed and the titles you stacked up will mean a lot less than the type of person you were. Don't sacrifice principles for money.

6. Be humble when you accumulate wealth. Let your work do the talking, not your mouth. Be about it without talking about it. Humility will lift you higher than anything you can ever say about yourself. Real wealth is quiet and moves in silence, while poverty and "wanna-be" rich is flashy.

7. You matter. You are here for a reason and have a purpose on this earth. Your life and your story are gifts to others. People should benefit from the gifts you were born with, and the sooner you discover, accept, and develop them, the sooner you will learn to monetize those gifts. Your wealth lies in the development of your natural God-given gifts.

8. You are really only as smart as your last decision. Always consider the consequences. Your decision-making with money will ultimately decide your fate with money. Think carefully about your money decisions and even if you make a mistake, correct it as soon as possible and keep going. As long as you have time, then you have hope to get it right. Regardless of what your last decision was, make your next money decision better.

9. It's your duty to help and serve people who are less fortunate than you. You are a steward and a manager over your money. Your money is not 100% for you and you only. You should regularly give a percentage, or an amount of your money to others, but how you do that is up to you. The amount you give is not as important as simply honoring the principle of giving.

10. Keep a small circle of friends who have high standards and hold you accountable. If your friends spend frivolously, you will spend frivolously. Like-minded people hang around each other. This is important for your financial well-being. You need to hang with friends who share similar views as you on money and spending.

If you have friends that are mean to you because you don't do the things they do with their money, distance yourself from them. Engage and befriend people who share your outlook and perspectives about money. Your friends should reflect where you want to go, not where you are trying to flee.

11. Nothing in life is free. You have to pay for what you want.

Even the things you think are free, will cost you something:

- Integrity will cost you friends, money, promotions and more

- Common sense will cost you time and friends

- Joy will cost you friends and maybe love ones who want you to wallow in their sorrows

- Love will cost you some focus on yourself, time, and efforts you wouldn't imagine

- Peace will cost you a commitment to time and friendships

- Physical health will cost you time, money, sweat, and more

- Giving to others will cost you time

12. No one owes you anything. Just because you are breathing and blinking, doesn't mean the world owes you something. You get out of the world what you put into the world. You give a lot, and you will get a lot. Nothing is guaranteed, bad stuff will happen, and you aren't deserving of any more than anyone else in the world. Just because you have a degree, or two, means nothing.

You aren't entitled to the vacation, the new pair of shoes, the brand new car, or any other luxury. You've got to plan, save, invest your money, work hard, show up on time, become a person of value, help people, and treat people right.

13, Everyone is not interested in your success with money. When you do well in life and with money, haters will show up. Sometimes they will be the same people you thought would have your back. The people you think will be happy to see you do well may be the same people that will be jealous and envious of you. Just remember that "haters" always punch up. You will know you are winning with money when all of the punches are coming from beneath you.

14 Risks equals rewards. It's ok to take risks, but be sure to take reasonable risks, and take greater risks with money the younger you are. Always make educated and well-researched moves with your money. Invest with common sense, never invest in anything you don't understand, and always remember that the best investment is in yourself.

"Never Invest In Anything That You Don't Understand"

-Warren Buffett

15. People that have lots of money paid attention to the money. Thinking, talking, and getting money is not evil. Money is not bad. Placing money on a pedestal above everything else, is a problem. But those that have accumulated money, didn't hide from the conversations or run from talking about it. They faced it, they focused on it, and they learned to understand it in order to conquer and control it.

16. Until you pay all of your own bills, you are not an adult. And that's ok. The average life expectancy is about 79 years. You have about 6 to 8 years, at the most, as an abled bodied dependent who is working and still relying on someone else to pay bills for you. Don't rush it. You will be grown and on your own, as an adult for 60+ years.

17. How you choose to think and how you choose to speak, will guide your spirit and dictate your destiny. Words are powerful. Words can build or they can destroy. Speak life into your financial situation and keep a positive attitude. It really matters.

18. Dream big. Your vision and dreams for your life and what you want, are very important. There is a reason vision boards are so popular. You have to see yourself with what you want and envision it. When you have a vision, your decision making and choices in life will line up with your vision. When you have a vision, your choices will be more defined because they will either add or deter from your vision.

19. You have to be intentional with your money. Most people that have lots of money didn't inherit it, can't dunk a basketball, and can't sing. If you want money, you have to be intentional in your actions. You have to purposely invest, purposely put money towards your jobs retirement fund, and make other concerted efforts and decisions with money. Success with money doesn't just fall out of the sky.

Taking advantage of compound interest is a vital part of being "intentional" with your money.


Click HERE to read about the power of compound interest.

20. Don't chase money, chase becoming valuable and the money will find you. Be the best at whatever you do. If your goal is to be rich, you need a new goal. People don't get rich trying to be rich.

Wealth comes as a result of something you did, a service you provided, a problem you solved, the amount of people you helped, and by your consistent efforts with money over a sustained period of time. If you are going to chase anything, chase "value". Chase being the absolute best, the "go to" person, and the person other people need, based on your high level of expertise.

21. Adjust your consumption to your income. Don't get caught trying to adjust your income to your consumption. In other words, live below your "means". Your means is your income.

Click HERE for Ways to Keep Your Expenses Low

Pay yourself first, don't spend more then you have, save for what you want, and stay out of debt. If you want an increase in your income, first look at your expenses, and adjust your expense side of your budget first!

BONUS: Money doesn't grow on trees, but if you put in the work, it may feel like it! If you plant the seeds for the tree early enough in your life, water it consistently, pay attention to it, be intentional about the care you give it, be patient over a long period of time, block out all of the noise, and work hard nurturing it, you will be shocked. Your money will feel like it's growing on trees.

There is so much more to learn. The key is to START EARLY.

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Eric is a manager of federal government contracts by day, and a mentor, coach, blogger, voice over artist, top-rated power seller on Ebay, real estate investor and landlord, city planning & zoning commissioner, and author by night. From poverty and a negative net worth at 30 years old, to a multiple six figure net worth today, Eric has had to fight through mistakes to proactively learn about money. Eric's mission today is to reach back and help other ordinary people be empowered to be extraordinary with their money.

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