over the past 13 years I've learned a lot about money I've picked up lessons from reading books working in the banking sector studying accounting and a lot of general trial and error so in this video I wanted to share with you seven key pieces of money advice for someone in their 20s and 30s these tips are based on things that I did well and things that I would do differently if given the chance to go back in time if you're new here I'm Nisha and my channel is all about personal finance and Building Wealth so
let's get into it number one don't save too much this is one that I see so many people do and I just think if you're in your 20s or 30s you want to avoid it you want to avoid a situation where you're just sitting on cash and not doing anything with it at this stage you're kind of at the beginning of what we can call your income trajectory and you have years ahead of you to save money so although it's very tempting to start saving as much as possible straight away as soon as you start
earning it's also a really crucial time to consider reinvesting that money back into you as this is an essential time to shape the trajectory of your financial Natural Life by investing in yourself your knowledge your skills you can make your path to higher earnings steeper as you become more valuable whether it's through your job or through a skill set that you've acquired for your business venture by putting that money towards yourself and then you can save a percentage of an even higher income at that point point two there's no need to gatekeep I come across
people who are very secretive with their knowledge or with the information they have and they just don't want to share it with anyone because everything seems like a competition to them and to be honest this winds me up a little bit I was watching a podcast with Mr Beast and I like the way he gave this example he said if there's a world where it's just you working solo and you work 12 hours every day and you're grinding and then you make a mistake and then you learn from it and then you make another mistake
and then you learn from it that's one World Imagine another world where you have four friends who are deeply grinding in the same thing that you are friend number one makes a mistake on Thursday and then teaches everyone else on Friday friend number two makes another mistake that week and then teaches everyone else the week after and you're constantly learning and building each each other in as you're going you're learning from each other's mistakes so after a year you're two years ahead of the guy who is solo helping someone else is not going to take
anything away from you being afraid to help people or being afraid to give information away that's a scarcity mindset rather than an abundance mindset and that in itself will hold you back point three upskill yourself in unique ways being wealthy isn't necessarily about how much money you have or about how much money you're saving the true meaning of wealth is if everything was stripped away from you you lost your business you lost your job you lost your assets can you then build yourself back up the only way you can do that is through your skill
set and your knowledge and so obscaling yourself ideally in unique ways is one of the best things you can do as a young adult buy uniquely I don't mean just getting more qualifications or credentials in your current failure I also mean creatively blending your existing skills with new ones that are in completely different fields and the more unique the pairing the more invaluable you are take the healthcare sector for example doctors dentists they used to be limited by the number of patients who physically walked into their Clinic that's all they really had access to but
now I see so many that are leveraging digital platforms like social media YouTube to spread their knowledge and by doing this they're massively increasing the number of people they can reach you want to find skills that are complex so they're difficult for others to replicate quickly and also that adds value or solves a problem and then once you've got those two you want to infuse your personality into it and the reason why I say a blend of all three is because we're moving into a future where AI is likely going to take over a lot
of things from content creation to data analysis so bringing in your personality becomes more valuable than it's ever been AI can gather information they can present information but it cannot fully replicate emotional intelligence or specific unique perspectives so in other words the you in what you do is still Irreplaceable point four turn your active income into passive income this is one that I adapted quite late but it is life-changing most of us start our careers working a nine-to-five job that often don't offer a huge amount of scalability and there's this notion that you need to
exchange your time to make money and I'm assuming about 90 of people watching this fall into this category one of the things that I would highly recommend is to rethink that money equation the ultimate goal is to leverage your existing skills your existing Knowledge from your day job into sources of passive income so an example that I used in another video Steve shoga he's a developer by day and what he did he packaged everything he knew and learned through his day job into an ebook and from that he made 2.3 million dollars he realized that
if a typical developer could get better at the design element of development it would massively enhance their career it's pretty specific it's not a huge Niche but it's one that he has a lot of skills and expertise in and he used what he does for a living and made that into something that's passive and something that's scalable and I do think there are so many careers where you can lean into this even if it doesn't seem glaringly obvious at first like accounting who would have thought that accounting is something that can be scaled but that's
kind of what I've done here through this YouTube channel it's all the knowledge that I've gained through my accountancy qualification through my experience in the banking sector and then I've presented it in a way that appeals to the mass there is a market for most things so if you can think about what you're already doing and how can you scale that and make it passive one way to think about this is through the next point which is to look for Rising tides in the world of business and money timing is everything there's often a golden
window a specific time frame where diving into a particular Market can give you first mover Advantage it's all about spotting Trends or patterns before they become mainstream and then capitalizing on that foresight take Tesla for example they had the vision to see a trend emerging in the car industry cars were gradually becoming energy efficient and so whilst other companies were warming up to the idea Tesla recognized this Gap and just jumped in and filled it they saw where the industry was going and they put themselves at the Forefront now many other car companies have caught
up and so consequently Tesla is being forced to reduce its car our prices but they took the chance at the time and made the most of it same another example is chat gbt when it first came about there were people who got to grips with it really quickly and were able to spot the trend and make a lot of money from it from teaching other people how to use that and teaching other people how to make the most out of it same goes for social media as a whole lot it seems like social media is
everywhere I do believe we're in this still huge growth phase where not everyone is utilizing it fast forward five years ten years down the line and it'll be a given that if you're self-employed or you have a business you will need some sort of social media presence but spotting these Rising Tides early gives you first mover Advantage number six open an investment account there is this famous saying that as someone is sitting in the shade today because someone planted a tree a long time ago if you're in the UK open up an Isa if you're
in the US Open up a Roth IRA as soon as possible after turning 18. these are taxed Advantage investment accounts where the money you make is tax free the reason for doing this as soon as you can isn't to make loads of money straight away because chances are as a young adult you don't have a huge amount of money to put straight into the stock market instead is to understand the process of investing your money in stocks and shares so that you can overcome the mental block that often stops people from investing many people in
their late 20s and 30s they make good money but they've never thought about investing because they just think that it's reserved for the ultra wealthy and that doing it is risky and it's too difficult so starting small and picking up the habits even if it's just with five or ten dollars that can remove the mental and emotional barrier so it's better to start investing when you're young than waiting till you make loads of money and then making mistakes at that point once you open up your investment account you'll want to start investing and that leaves
me 2.7 which is invest in index funds really simple yet really effective way to diversify your portfolio and increasing your earnings over time is through index funds by purchasing an index fund you're essentially buying a small piece of a large number of companies all at once so for example if you're investing in the S P 500 Index Fund then you're investing in the top performing 500 companies in the U if you're investing in the ftse 100 it's the top 100 companies in the UK you're investing in these all at once in one go for most
people this is far better than picking individual stocks because you diversify your money by splitting it through these 500 companies or so overall index funds are a good choice for anyone who wants to invest in the stock market without taking on too much risk and starting early means you can benefit from compounding but I do always like to highlight that this is a long game and so don't expect to become an overnight millionaire from investing in index funds which is why I've put this seventh on my list I do believe in investing in yourself and
increasing your earnings potential before going down the index fund route before I leave you one quick thing 77 of people who watch my videos aren't subscribed if you gained value from this or you gained anything at all from watching this video don't forget to subscribe and if you enjoyed this video you may also enjoy this video here that I have on six habits that made me six figures by 24. thank you for watching and see you there
