I absolutely love this article featured in Dough Roller by Rob Berger. Berger’s mentality is that he set himself up for financial success by doing (or avoiding doing) certain things, and by developing certain habits, when he was much younger that have snowballed into wealth now that he’s older. His article really resonates with me because he speaks the truth– decisions you make earlier in life really can shape your later years, and I think Berger is a genius for passing along this information that many of us had to learn from experience. Heed a word from the wise and check out this below article, titled “5 Things I Did in my 20′s that Made Me Rich in My 40′s” (and no, you do not have to be 20 years old to appreciate the value and lessons in it):
“My wife and I just sent our first child off to college, and we’ll send our second to college next year. Through all the things that go with this time of life, I’ve been very focused on teaching my children sound money management principles. And the process made me realize just how much the decisions my wife and I made in our 20′s affect our finances today in our 40′s.
Despite the headline of this article, we’re not quit-your-job rich. But we are comfortable. We have no debt other than our mortgage. We paid cash for our last car (a used Toyota Camry hybrid). We have money set aside for our children’s college education. And we are on track to retire.
So if you are in your 20′s or know somebody who is, here are five decisions that made all the difference.”
Click here to read about the five money-making and saving habits that helped mold Berger’s bank account into a thing of beauty.
For those of you who have been following along with my blogs recently, you’ll notice that this one ties into my whole theme of educating the crap out of college-aged kids on finances before they leave the house. Berger’s article has several suggestions that directly apply to college students, especially the one about earning a valuable degree (and thinking about the cost of the loans for that degree compared to the money that degree will earn,) and not racking up a lot of consumer debt in your 20′s.