Give Us Advice Please!

@modestMap1437

Hey 50+ community. I have humbly come here as a twenty-something to ask you to give us some advice. Specifically about Saving, dealing with uncertainty in our 20’s, choosing the right partner or anything you’d like to share!

The first thing is to save a set amount each pay and over the course of a lifestyle re invest it and it will become a part of your nest egg. Even just $20 will add up! Think about the latter factor if you did without latte Aka coffee at a coffee shop every time imagine the savings? Your back may have a round up to the next dollar to also help you save.

Your 20s is about discovering who you are… what you are about! If I would do my 20s again I would do more education and enjoy being single for longer and explore the world… you have less commitments and be brave and take a chance …

The right partner is in your minds eye 👁️ every waking second and you have sheer joy being around this person. Take time to vet and ask many questions about your potential partners really get to know them.

The 20s are very exciting!💕💕💕💕

@modestMap1437 Hi. In addition to SunShineAlwaysGrateful's advice, as a young person you must understand the importance of investing. Saving your money is good but inflation slowly weakens it, even in the best of times when the rate is 2% to 3% a year. Keeping your cash in a jar is useless & roommates can grab it; keeping it in a savings account is almost as useless except as a stash for emergencies. Everyone works for their money but with sound investment, you put your money to work for you. It's the smart thing to do when you're a young working person. It's kinda like a garden: plant the seeds, water it regularly & later on, you get lots of vegetables.

Best way to get started, for noobs, is to websearch "robo-advisors compared". A robo-advisor is basically an automated investment account...you put your money in & it puts it into stocks, ETFs*, etc. Most of them do not require big $$$$ to start an account; I've seen ones where you can open an investment account with as little as 10 bucks! Robo-advisors are a great way to get investing, & unlike a human investment advisor they do not get irrationally excited when markets go up or panic when in a bear market**...they just buy, hold & sell as their algorithms direct them. Do your online research well before making a heavy decision. Investopedia is a great source for beginners & s seasoned investors alike...I've been going there for years.

If you want to pick stocks directly & buy them you certainly can, but it's very difficult to do it well. For cryptocurrencies, Bitcoin & Ethereum are the main ones to have. There are others but I would advise you to do a lot of research before buying any cryptos. As financial assets they can be good but their values tend to swing up & down a lot. Do not leave them on an exchange. Once you buy coins you want to transmit them into a secure wallet & keep them there until you want to sell or trade.

A good YouTube channel for anyone new to investing is the Plain Bagel. I recommend that channel highly & no, I am not getting paid to tell you that. It just has good solid "Finance 101" info without a lot of hype or fearmongering.

Good luck!

*ETF = Exchange-Traded Fund. It's a basket of stocks, bundled together, that act as a single stock.

**bear market = a market that is dropping, i.e. where the value of assets in the market are decreasing. This is opposed to a bull market where assets are rising in value...investors love it when that happens.

I'm not sure my post will be helpful, but here it goes. When i was in my 20s, i was one serious nerd concentrating on my goals and material success. There was that one foreign business trip i did together with others who were more experienced. They told me, take it easy, don't put 100% of your effort into the business. Stop and see the beautiful sites and enjoy the trip. You'll always make you money later in life but may not be able to come back to this place literally or figuratively in times.

They were so right. I huddled and bussled yet made little business on that trip. I wasted time that could be spent better sightseeing or meeting other people. I can never go back to that place and time as the country doesn't exist anymore and that place is consumed by war.

This is analogous to so much of my youth wasted on things that turned out not to be important anymore. If course we don't see it when young, as we lack of perspective of more experience.

What's important is to realize what your strength and weakness are, pursue your strengths, and educate yourself as much as you can. Yet at the same time, see and enjoy life and people besides you and don't develop tunnel vision only on your goals, or you'll miss your life flowing idle and leaving you feeling unfulfilled spiritually and emotionally.

Similar for choosing partners. Don't be too serious and logical about it. Approach it in a playful and joyful way. Does it feel good? You don't want your logic set you up for long term relations without fun.

If i remember anything else, I'll add. I wish my kids were asking those kind of questions. They don't. You're so much ahead by thinking about it this way.

@modestMap1437

It's a great question, and thanks for asking.

I would say:

Save your money, start saving for retirement as soon as you have some extra money to stash away. By the time you're in your 50's you will be so glad you started young!

Ooh, relationships, that's a tough one. Don't be in a hurry to have your life all figured out. You have an entire lifetime for that. Same for relationships. Don't be in a hurry to jump into a relationship that's not right for you. People change so much as they grow older and mature. Have a good grasp of who you think you are and what you think you want in life, and in a relationship. Take the time you need to settle down with the right person rather than settle for the wrong person. (I wish I had taken that advice for myself!)

As for uncertainty: life is full of uncertainty. The only thing I am certain of is that nothing is certain. That's not very encouraging sounding, but I think it's pretty true. Life is an adventure. Take advantage of the opportunities that come your way. If you aren't settled with a spouse, job, kids, mortgage yet... enjoy that freedom!

Don't let fear from past abuse make you avoid reality because reality, for you, has been too painful. That was my mistake. I avoided things I should have paid attention to. And now I'm paying for it. Pay attention especially to money.

I’m probably not in the right frame of mind to advise anyone about anything so take this with a grain of salt…

Don’t ever get into a situation where you can’t support yourself financially.

NEVER spend needlessly. Allow yourself an amount for fun, and save the rest.

Start a savings, mutual, fund, or 401K ASAP and contribute to it on a regular basis.

Try to purchase a house, not rent. Because if you sell, at least you get something in return. And if you do buy, try to pay a little extra towards the principal every month. It adds up and you save a lot in interest.

If you get married, DON’T have children. I know that’s the thing to do and yes, you love them like crazy and they are a joy. However, it changes and complicates not only your marriage, but you relationship with the entire family. And if you have to split, it make EVERYTHING that much harder. This continues into those children’s adulthood. Your support for them NEVER goes away financially, emotionally, spiritually, etc. and into today’s world, you worry about them constantly! My kids are wonderful.. they have never given me an ounce of problems. Great in school, no drugs, no alcohol, great friends,etc. But the whole dynamics of our marriage changed the second they came to be. When I look up dysfunctional….that’s us.

Keep your family and your true friends close, they are worth more than anything. Value them and yourself more than material things.

Hope,this helps.

@modestMap1437

First, thank you for asking! I admire that you are asking those of us on the other side of life.

In terms of investing - all of the advice here is valuable. I would like to add to take advantage of everything your company offers. Starting now. 401K - education reimibursement - healthcare savings account - whatever it is - read about it, google about it and understand it - ask questions - and put money into it - doesn't have to be a lot because over time it will add up. You are playing a long game and it's important to start early. Like now.

Also, be frugal. Look into what you can do that costs nothing - museums, hikes, libraries, picnics, etc. Small changes daily and weekly add up over the long term. Use all those apps to budget and stick to it.

Don't despair - you are not us and your situation is not ours. We did not face what you are facing and we should as a generation realize that. So while there are things you can do - don't despair, VOTE, and keep moving forward

As for the rest - I am learning from your generation. I am learning that stuff doesn't matter and love may not last a lifetime and that's ok. I am leraning that mental health should be talked about it and supported and climate change is real and you all are pretty awesome. It goes both ways young one.

Appreciate your relatives. Try to keep in touch with them. AND SAVE AND INVEST YOUR MONEY. Money is the one true god in this world.

I would add, to the wonderful advice already given, to remember that you do not need to figure it all out right now. Really, you don't. I see and hear so many young people living in fear of the future, worrying about finding the right relationship, the right job, the right credentials or professional license, etc. I sense so much pressure being applied, whether it's from themselves, or from their families, schools, employers, etc.

I notice that the worries and concerns I had at 20 are much different at 50 (obviously!) but I was sort of expecting them to more or less be resolved by now. Nope. You will have a whole new set of problems in 30 years, young grasshopper! 😜 My mother at 76 says she has a whole new set of problems such as will she and my dad go into assisted living or a one-level townhome, or will she volunteer somewhere to stay busy now that she's retired? The problems never go away, they simply shapechange.

My best advice is, "This, too, shall pass." And I promise life gets better with age.

Please make sure to always get life and disability insurance ! Getting a a car loan or a home loan you really need these.

I became disabled at the age of 36 and Thankfully I had disability insurance on my new car and that was paid off ! 24.000 Grand.

I also had life and disability at work short term and long term so thankfully I had enough time with my 401 k that covered me until my Social Security Disability kicked in!

So please do remember about insurance and not leave behind any bills for your loved ones but it also really covers you!

Start as soon as you start working invest and save but also have fun because at any age your health can go south meaning bad.. one never knows I sure didn't think it would be me.

Do the research please

I say use Credit Unions also for banking.. safest way.

Peace , Tye