Here’s a great list of things to keep in mind when you are starting out on your career.
- Live like a miser. You blow your capital on luxuries that you can’t really afford, that capital cannot earn more money for you. Save your money.
- You can live in any city, even the expensive cities…you just have to downgrade your neighborhood expectations, or your independence. If you’re making minimum wage, you can’t live by the coast with no roomates. You’re going to have to go inland and find some roomates.
- Your education is an investment, not a right. If it did not give you skills that people want to pay a salary for, then you will not get a financial return on your education costs. You’ll have to get new skills.
- The biggest resource you have is time. You’re young. You need to start investing now, and let compound interest be the engine that lets you be financially independent 20-30 years from now. It’s hard to look out that far in the future, but if you don’t, you’ll be stuck in the same spot then, wondering what the heck you did. Time wasted by NOT investing now is magnified later in life when you have less time.