You’re in your 20s so it’s time to make a name for yourself. Whether you’re looking to pursue a career or start a business, the 20s are the best times to make money. And when we make money, we tend to spend on things we don’t need. But every now and then, an opportunity presents to make a very good purchase. So, here are the 4 best purchases you could make in your 20s.
Invest In Other Revenue Sources
You might have a great job that pays very well. When that’s the case, the smartest thing to do is to invest your money. There are many ways to do that. You could look towards the stock market as a potential revenue source. But beware, as investing in stocks can also be one of the worst purchases you could make in your 20s.
When having lots of extra cash around, the easiest thing to do is invest in the first thing you come across. But instead of doing that, why not do a bit of research? Figure out what to invest your money in next and why is that a good financial decision. You might be eager to start trading stocks, but maybe a better financial option is to invest in real estate?
Regardless of what you’re planning on doing, make sure to do your due diligence and identify a profitable source of revenue.
Everyone needs a car. But when in your 20s, it’s easy to get your head wrapped around a new BWM. There is nothing wrong with buying a new car, but did you know that a new car loses up to 40% of its value the moment you buy it? When in your early 20s, you don’t need a new car. A used car will do just fine. Not only does it cost a fraction of what a new one costs, but it will take you from point A to point B successfully.
Now, when buying used cars, there is always the risk of making a poor purchase. Used cars aren’t in the best of shape, but that doesn’t mean you can’t find value for money. You could find a perfectly good car that requires no maintenance and is kept in great condition.
One of the best purchases to make in your 20s, investing in education could prove pivotal for your future. It’s safe to say that not every person has the financial capabilities to go through college. Not only that, but some don’t find value in doing that. But you still need some education. A high-school diploma is something that everyone needs, but did you know that millennials with high school degrees make up to 60% less than college graduates?
Putting yourself through college doesn’t have to mean going to Harvard, Yale, or Columbia. Community colleges will provide you the necessary education needed to find a good job that pays well. But you can take it a step further and invest in more education.
Even if you don’t think you need college, you can take all kinds of courses that help you specialize in a particular role. Education has become so easily available and accessible that you can even learn for free by watching YouTube videos. And lastly, who could forget books? Books are excellent for learning and even better when looking to improve yourself as a person.
While this isn’t necessarily a purchase to make, it is something to buy into – in a way. When in your 20s, you have much more energy than the average adult. You can work longer, harder, and don’t feel the consequences of doing that. With so much energy and time at hand, the 20s are the best time to make money.
And what better way to invest in your future than to start a business? This can be your career and your future at the same time. If you’re passionate about something, then why not give it a go? Entrepreneurship presents a wonderful opportunity for you to do something that will pay off big time in the future.
But starting a business isn’t as simple as it sounds. There are quite a lot of obstacles between you and success. From identifying a solid business idea to securing funding, the road can be quite challenging. But consider the stuff we mentioned before – you have all the time and energy to make it work out.