Your Take 

Your Take: Your Best Money Tip for Young Professionals?

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This morning I broke from routine and posted a book review about Kim Palmer’s Generation Earn, rather than going with my typical Friday morning Your Take post. her book was being released today and I thought it would dovetail nicely into a mid-morning Your Take asking you for your best money tip for young professionals.

My best money tip for young professionals is to enjoy yourself. Use the first few years out of college as a way to explore who you are, what you want to do, and where you want to be in twenty years. The standard advice of saving for the future, your retirement, and all that jazz is great but you want your early twenties to be about exploration, not careful deliberation about interest rates and where your next dollar goes. That’s not to say you shouldn’t be smart about money. You definitely have to be. Don’t rack up credit card debt, save for retirement, but be sure to spend a little time exploring what you want to do and where you want to be.

When you settle down, get married, buy a home, and start a family, you lose a bit of the flexibility. Marriage is wonderful, owning your own home is exhilarating, and I’m sure starting a family is very rewarding… but make sure you spend enough time on yourself so that you’re ready for those big events when they come.

What is your best money (or life) tip for young professionals?

{ 39 comments, please add your thoughts now! }

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39 Responses to “Your Take: Your Best Money Tip for Young Professionals?”

  1. Aaron says:

    This one’s easy. Birth control–use it!!!

    Following that, if it isn’t food, clothing, or shelter then you don’t need to buy it.

    • Tim says:

      …and if it fails or you don’t, by all means do not get married because of it. it’s far cheaper to pay only child support rather than child support plus alimony

  2. FlyFisher says:

    Great advice everyone. I am going to be a graduate in May and have jotted down all your advice in order to take it to heart. I will be looking over it and making sure I am on the right track!

  3. I love this advice, Jim. You are right… all of the sudden you’re 30 and you have a mortgage, a kid, and so much responsibility, and we gotta make the most of every moment!

  4. discernment_czar says:

    ALWAYS sleep on it. If it will cost more than a few hundred dollars or a few days of your time… sleep on it. When you see the perfect timeshare, house, condo, tv, car, college, job, engagement ring… sleep on it. It always seems perfect the first time you see it or when the salesman tells you about it. Almost no decisions in life are truly urgent. If you still feel as excited about it a few days later, then it is probably the right decision.

  5. JamesV says:

    -#1 Put your faith in Jesus Christ. Nothing else matters as much as eternity whether your young now or old. Make the decision today, not tomorrow!
    -Be sure you marry your spouse for life, and do not live together before marriage. Plus, remember you are marrying into your spouse’s family as well and will be around them for the rest of your life, so make sure you enjoy them almost as much as your spouse;)
    -Save $$$ every week/month/year. Form a strong habit.
    -Do not use credit cards.
    -Start an emergency fund $1,000+ cash, and keep this available now and forever.
    -Keep your only debt as your home if you decide to purchase one. Have your home be modestly priced so you can continue to live below your means.
    -If you plan to marry, always, always, always, live on 1 single income.
    -Reach your goals, dreams, wishes thru experiences with good people, travel, charity, ministry, and serving others.

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