If I knew what I know now about  financial planning, what financial advice would I give to my younger self?

There are many wise words of wisdom I can roll through but four advice essentials really stick out, and they remain as relevant as ever.

Here are my 4 Financial Advice Musts I would tell my younger self:


1 . Don’t just spend, save a bit as well

When you’re young you feel like you have all the time in the world to conquer, have fun, splurge and splurge and splurge. Saving doesn’t come to mind. Why would you save? You are a teenager living at home and you’ve landed your first part-time job! Life is sweet and rosy. And yes, life is exciting and fun as it should be but if only I was wise enough to stash a little of my earnings away, what a difference, it would have made, financially when trying to get a head start in life. Those savings, that would have grown over the years thanks to the magic of compound interest, would have been handy when I was ready to buy my first place.

Even if it’s just a token amount you can save, get into the good habit of learning to save. This life skill will definitely make a difference to you when you need it the most. Learning to become a savvy saver, and letting the money work hard for you will surely place you over the line first in the financial race to get a head start in life than the ‘non-savers’.


  1. Learn how to make your money grow, harder & smarter!

If I was smart enough to stash a few bucks away then I wish I knew how to make my money work for me, and not  the other way around.

Instead of just saving my money in a bank account, I wish I knew that I could have diversified my savings into other areas that would have given my money the opportunity to grow my capital amount as well as earn income on my money. Income such as dividends from investing into shares. Yes, there are risks when it comes to investing in shares but there are risks in everything else as well but at least as a young person I would have had the most valuable thing called time on my side. Even if my shares took a hit, it wasn’t as if I would have invested all my savings into shares as I would have diversified, and the amount that was invested in shares had time to recover whatever falls  experienced in the share market, and the falls would only be on paper, as I would not have taken my money out when the market was down.

Learning to be a savvy saver and an investor does make a difference to you especially if you’re interested in getting a head start in life, financially and wisely.


  1.  Listen and learn from others

I wish I recognised and took heed of wise words and wise people around me when I was younger.  Even shadowing some of the self-control and discipline my parents showed when they were managing the family finances would have set me up with good life skills and habits that are still relevant and valid today.

When you’re young and starting to gain financial independence, you feel free and ready to conquer the world but taking the time out to learn from people’s life experiences and mistakes can help you to avoid those mistakes and make smarter life and financial decisions. Simple things like enjoy your life but be smart about listening to advice and learn to make smart financial decisions early on. Don’t waste time opportunities but make the most of it.

Learning to learn and wanting to learn early on can mean you are gaining the wisdom and the confidence to make good financial decisions that impact on your life choices later on.


  1. Be financially literate

Being financially literate early on can prove to be fruitful and rewarding later on. Even adults struggle to make a budget and stick to it, and some are challenged when it comes to understanding things like income is money coming in and expenses are monies going out, credit is not money you own but one you borrow from banks or financial institutions and they come with high interest costs, and a debit card is vastly different from a credit card.

Things like if you spend more than you earn you might end up owing money if you rely on credit to fund your lifestyle. Understanding these basic financial facts can help you to make wise decisions about your personal finances.

Get clued up early on so you can make the most of your youth and time to invest and make smart decisions early on to enjoy a rewarding life later on filled with lifestyle choices not restrictions.

Related Article: Do you know when to seek financial advice?


For more help on reaching your financial goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.


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