 Most people tend to live from paycheck to paycheck just enjoying every moment that comes along in their 20s, because, well, they still have a lot of years ahead of them to worry about their finance. After all, the future isn't now. But here's the thing, if we start thinking of the future as now in the sense that if we understand that our actions now will determine what kind of future we'll have eventually, then maybe we will learn to make the right decisions, especially financially. You see, the sooner you start making financial plans for yourself, the more your chances of a bright future. According to John Deyeso, a financial planner, building habits, especially in your 20s, is so important for long-term financial success. It might feel a little demanding, but with every new habit that you want to develop comes a few challenges, and you don't overcome them unless you start. No one's asking you to give up all the fun stuff that you want to enjoy in life, especially now that you're still young and agile. We are only asking you to build the right foundation. And in this video, I'll share with you nine rules of money you must know in your 20s. If you're new here, consider subscribing. And so you won't miss other interesting videos like this. 1. Develop a marketable skill Before we start worrying about what to do with our money, how about earning some to begin with? After all, it's only when we have enough money that we can worry about how or what to spend the money on. Here's the thing, think in terms of long-term. So you think in terms of building a career, not just getting a job. Of course, you'll need to start by getting a job, so you can save some money to pay bills. However, you can make the best use of that job in navigating and eventually building the career of your dreams. According to Erin Baer, a financial planner and author, you may take one job over another and find it doesn't work out. But when you're younger, you can do that. And then that can parlay into a bigger return down the road. Find out what you think you can do best or what you want to spend the rest of your life doing. And develop some of the best skills in that line. Master your art and watch it grow into a career that will someday make you an icon in that field and earn you more money in return. 2. It's not about how much you make In the end, what you make isn't as important as how much you save because if we are genuinely thinking long term here, then we know that it is the future that matters and how much money we have saved to enjoy the best life that we want when we are old and can no longer work to earn ourselves some money to live on. Robert Kaisaki once said, it's not how much money you make, but how much money you keep, how hard it works for you and how many generations you keep it for. Think about it this way. Do you have a dream for your future? What kind of life do you picture yourself living? What age do you plan on retiring and just spending time with your loved ones doing the things you enjoy? If you have a goal for all of these, then you should also set a financial goal that helps you always remember. It is how much money you can put away that matters, not how much money you make now. For instance, imagine Mr. A who makes $250,000 per year and saved $5,000 per year and second, Mr. B who makes $80,000 per year and saves $20,000 per year. Which of both parties will enjoy a better future? I'm sure your answer is Mr. B. So unless you don't plan on giving yourself the best life when you are aged, then it's okay to prioritize how much money you make over how much money you save or put away. According to Lauren Locker, a financial planner, the big thing is really to differentiate between your needs, your wants and your dreams. To effectively create a budget, start by laying out all your daily expenses such as commuting costs and food bills and recurring monthly payments, rent, utilities, debts. The truth is that when you know where all your money is going, you can more easily see how to cut costs. Factor in your short and long-term saving goals and then create a budget bearing these factors in mind. It's that simple. Have you ever heard about an emergency account? It is the account you run to for financial aid or assistance when an unexpected event takes place. Remember that we have created a budget already, right? So what happens when we have to deal with a broken down vehicle or a sudden health issue? Which part of your budget covers up for that? I'm pretty sure it is none, which is why you need a worse case scenario account. 5. Spend time around financially prudent people The truth about being in your early 20s is you won't have very much extra income to save or invest, which means what you have, you want to put to good use. And if you hang around people who blow their money, chances are you will too. Instead, seek out people who are more prudent with their money so that you can learn the good habits of saving and making wise investment choices. 6. Start working on creating multiple income streams I'm pretty sure by now you've heard it a thousand and one times that it is essential to create multiple streams of income if you want to be rich. So here's how it works. Your goal should be to create at least seven streams of revenue for yourself so that if one declines, the others can keep the ship moving in the meantime while you either repair what went wrong or create a new stream of revenue for yourself. 7. Avoid debt Imagine trying to sail a ship and then you constantly create a hole in the wall of the ship. What do you think will happen to that ship? Of course, it'll sink because no matter how much effort you're already putting into it, with the hole in the wall, it will sink. Now that's what debt does to your financial success. Even if you are faithful with your saving plans for emergency purpose and retirement as well, if you're continuously running into debt, you'll end up sinking the entire ship of financial success. 8. Invest in yourself Paul Clifforeau, a founding director of a leading financial planning firm said, invest in yourself. Your career is the engine of your wealth. See, a part of developing a marketable skill is investing in yourself because when you become valuable in your field, you'll automatically start earning more money than you thought you could earn. According to Benjamin Franklin, an investment in knowledge pays the best interest. 9. If you can, hire a financial advisor Like every other field, finance is a broad one and of course a very versatile and vital part of our lives. So if learning to do this many things all at once seems cumbersome, how about hiring a financial advisor if you can? In hiring a financial advisor, however, you want to make sure this is someone you trust and someone who has a good record of financial success and of course a very versatile and vital part of our lives. So there you go. Pick any action today and start implementing it. Good luck with your financial goals. Thank you very much for watching our videos. If you like this video, watch more videos on our channel and subscribe. We love you.