Posted by Lorimer Wilson
Personal finance isn’t nuclear physics – just spend less than you earn, save and invest the rest – but knowing what should be done and actually doing it, however, are two different things. Here are 10 money lessons I wish I had known when I was 20 which have the power to change your life if you are willing to embrace them.
1. Embrace Compound Interest
If you want to be wealthy, understand compound interest and how it is your best financial friend from an early age. To retire early you don’t need to make a lot of money – all you need to do is begin saving small amounts early.
The earlier you begin to put money into retirement savings, the more you’ll have, and the sooner you will be able to retire or. at least, retire financially comfortable. Most people think that it is a matter of working hard and making a lot, but the true path to wealth is simply to start saving and investing from an early age.
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