Does this sound familiar: Money Tips for Teens, Money Tips for college students, Money Tips for your 20’s, Money Tips for Millennials, Money Tips for young people, and the list goes on?

The truth is money tips for millennials that every young person should know are the same money tips that every old person should know.

In this article, I share 21 money tips that every young person should know before age 21. These are things that many of us were not taught, and had to learn the hard way.

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Here are the 21 money tips every young person should know

1. Take 100% Responsibility for Your Own Actions

Accountability is power and control and your money is your responsibility, which is a good thing. As long as you realize that your destiny (financial or otherwise) is based on you being accountable and responsible, then you can achieve anything.

When you blame others, you hand them power over your life and your money, and you leave yourself powerless. Your current behavior with money will dictate your future financial success or financial failure.

2. Self-Control and Delay Pleasure

The less you can be addicted to the need for immediate stuff, the less you will do things like compulsively spend, over spend, use credit cards, take on loans, and other things that hurt your wealth. Delaying pleasure is critical to developing the discipline it takes to properly manage your money.

Click HERE for the study that began the research into delaying pleasure. We live in a time where delaying pleasure is not a money tip for millennials that is popular.

3. Listen and Learn from People Who Have What You Want

You don’t have to experience things personally to learn. It’s perfectly fine to learn some things from the experiences of others.

Watch and listen to those around you that have been successful with money. Listen to them and emulate their success. If you have no examples of this in your family, go find some, and follow them.

4. Spend Energy on Solving Problem, Not on Who’s to Blame

The person who complains about their money situation is far less successful than the person who actually goes to work on the necessary solutions. Go to work on your money situation, instead of whining about it. Everyone has problems. What you do about them is what makes you a winner.

5. Integrity and a Good Reputation

Integrity and a good reputation are more important than money, titles, and stuff. When someone looks back on your life 100 years after you die, what you possessed and the titles you stacked up will mean a lot less than the type of person you were. Don’t sacrifice principles for money.

6. Humility is a Key Money Tip Every Young Person Should Know

Stay humble when you start winning with money. Let your work do the talking, not your mouth. Be about it without talking about it. Humility will lift you higher than anything you can ever say about yourself. Real wealth is quiet and moves in silence, while poverty and “wanna-be” rich is flashy.

7. You and Your Gifts Matter More Than Money

You are here for a reason and have a purpose on this earth. Your life and your story are gifts to others. People should benefit from the gifts you were born with, and the sooner you discover, accept, and develop them, the sooner you will learn to monetize those gifts. Your wealth lies in the development of your natural God-given gifts.

This is one of my favorite money tips for millennials because finding your gift is such an important part of life.

8. You Are Only as Smart as Your Last Decision

Always consider the consequences. Your decision-making with money will ultimately decide your fate with money. Think carefully about your money decisions and even if you make a mistake, correct it as soon as possible and keep going. As long as you have time, then you have hope to get it right. Regardless of what your last decision was, make your next money decision better.

The quality of your future life depends on the quality of your decisions today.

9. You Have a Duty to Help People Who Are Less Fortunate

You are a steward and a manager over your money. Your money is not 100% for you and you only. You should regularly give a percentage, or an amount of your money to others, but how you do that is up to you. The amount you give is not as important as simply honoring the principle of giving.

10. Keep a Small Circle of Friends With High Standards Who Hold You Accountable

If your friends spend frivolously, you will spend frivolously. Like-minded people hang around each other. This is important for your financial well-being. You need to hang with friends who share similar views as you on money and spending.

If you have friends that are mean to you because you don’t do the things they do with their money, distance yourself from them. Engage and befriend people who share your outlook and perspectives about money. Your friends should reflect where you want to go, not where you are trying to flee.

11. Nothing In Life Is Free – Money Tips for Millennials

You have to pay for what you want in life. Money isn’t everything and there are more important things in life than money. Click here to check out 30 things money can’t buy.

Keep in mind that although money can’t buy everything, everything cost something.

– Integrity will cost you friends, money, promotions and more

– Common sense will cost you time and friends

– Joy will cost you friends and maybe love ones who want you to wallow in their sorrows

– Love will cost you some focus on yourself, time, and efforts you wouldn’t imagine

– Peace will cost you a commitment to time and friendships

– Physical health will cost you time, money, sweat, and more

– Giving to others will cost you time

The most important things in life don’t cost money, but they cost something. This is a critical when thinking about money tips for millennials.

12. No One Owes You Anything

Just because you are breathing and blinking, doesn’t mean the world owes you something. You get out of the world what you put into the world. You give a lot, and you will get a lot. Nothing is guaranteed, bad stuff will happen, and you aren’t deserving of any more than anyone else in the world. Just because you have a degree, or two, means nothing.

You aren’t entitled to the vacation, the new pair of shoes, the brand new car, or any other luxury. You’ve got to plan, save, invest your money, work hard, show up on time, become a person of value, help people, treat people right, and earn it.

13. Everyone Is Not Interested In Your Success With Money

When you do well in life and with money, haters will show up. Sometimes they will be the same people you thought would have your back. The people you think will be happy to see you do well may be the same people that will be jealous and envious of you.

Since we are talking about money tips every young person should know and money tips for for millennials, it’s important for you to remember that “haters” always punch up. You will know you are winning with money when all of the punches are coming from beneath you.

Click HERE to learn how you should consider pooling your family money and learning about group economics as a means to grow money.

14. Risks Equal Rewards – Money Tips for Millennials

It’s ok to take risks with money, especially when you are young. Be sure to take reasonable risks, and take greater risks with money the younger you are.

Always make educated and well-researched moves with your money. Invest with common sense, never invest in anything you don’t understand, and always remember that the best investment is in yourself.

One of the most important money tips for millennials is that if you play it safe, you will make less.

15. People That Have Money Paid Attention to the Money

Thinking, talking, and getting money is not evil. Money is not bad. Placing money on a pedestal above everything else, is a problem. But those that have accumulated money, didn’t hide from the conversations or run from talking about it.

They faced it, they focused on it, and they learned to understand it in order to conquer and control it.

16. Be Patient and Take Your Time Becoming an Adult

The average life expectancy is about 79 years. You have about 6 to 8 years, at the most, as an abled bodied dependent who is working and still relying on someone else to pay bills for you. Don’t rush it. You will be grown and on your own, as an adult for 60+ years.

If you want a jump on money, start investing your money early. I mean really early. As soon as you get a job, start investing.

Click here to check out the various types of investments you can make with your money. Some are more risky than others.

17. Your Thoughts Will Dictate Your Financial Destiny

Thoughts become things, and if you can see it in your mind, then you can hold it in your hand. Your thoughts today have a direct impact on your money tomorrow. A positive attitude will carry you a long way. Get a vision and make all of your financial and life decisions based on that vision.

18. Dream big – Money Tips for Millennials

Dream, have a clear vision, and make it big. There is a reason vision boards are so popular. You have to see yourself with what you want and envision it. When you have a vision, your decision making and choices in life will line up with your vision. When you have a vision, your choices will be more defined because they will either add or deter from your vision.

That vision will determine your choices, keep you grounded, keep you motivated, and will guide you.

19. Be Intentional With Money

Most people that have lots of money didn’t inherit it, can’t dunk a basketball, and can’t sing. If you want money, you have to be intentional in your actions.

You have to purposely invest, purposely put money towards your jobs retirement fund, and make other concerted efforts and decisions with money. Success with money doesn’t just fall out of the sky.

Taking advantage of compound interest is a vital part of being “intentional” with your money.

REMEMBER: THE BEST PERSON TO TAKE CARE OF THE OLD YOU, IS THE YOUNGER YOU!

Click HERE to read more about the power of compound interest.

20. Don’t Chase Money, Chase Becoming Valuable

When you do this, the money will find you. Be the best at whatever you do. If your goal is to be rich, you need a new goal. People don’t get rich with the sole purpose of simply trying to be rich.

Wealth comes as a result of the value you bring to the lives of others, a service you provide, a problem you solve, the amount of people you help, and by your consistent efforts with money over a sustained period of time. If you are going to chase anything, chase “value”.

Be the “go to” person and the person other people need, based on your high level of expertise.

21. Always Adjust Your Consumption to You Income

Don’t get caught trying to adjust your income to your consumption. In other words, live below your “means”.

Pay yourself first, don’t spend more then you have, save for what you want, and stay out of debt.

There are two sides to the money equation. The income and the expenses. Focusing on the income is glamorous, popular, and sexy. Think about how often you hear terms like “multiple streams of income”, “grow your money”, “make more money”, “double your income”, “earn more”, “invest more”, and other buzz phrases. All focused on more income.

Most people don’t spend a lot of time and effort on cutting expenses in half, as a means to have more money. The absolute quickest way to make more money is to lower your expenses.

The bottom line:

Whether it’s money tips for teens, money tips for college students, money tips for your 20’s, money tips for millennials, or money tips for young people, the bottom line is these are money tips everyone should know.

Money doesn’t grow on trees, but if you put in the work, it may feel like it! If you plant the seeds for the tree early enough in your life, water it consistently, pay attention to it, be intentional about the care you give it, be patient over a long period of time, block out all of the noise, and work hard nurturing it, you will be shocked.

Your money will feel like it’s growing on trees.

Take these 21 money tips for teens, 21 money tips for young people, or 21 money tips for millennials, and apply them to your life regardless of your age.

ABOUT THE AUTHOR

Eric is the founder of Smart Money Bro, a blog about empowering people and discussing practical ways ordinary people can be extraordinary with their money. He only writes about things that he has done, and that actually work. He’s made mistakes and has turned his financial future around, and is now in the position to help others do what he’s done. Read More

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