Not getting any younger and will be 30 before I know it - keen to hear people's thoughts on how to make the most of it and the remaining years. Whether that be from hindsight, or people currently in their 20s who've found something that's worked well for them; be it travel etc or from a career/financial standpoint, or just making an ass out of yourself. Whatever it may be!
How to make the most of your 20s
- Thread starter Chucks
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Get a job. Doesn't matter if it is casual while studying. Stay at home with parents as long as possible and save your money. Don't blow your money on niteclubs, overseas travel.
Try to buy a house with a mortgage from age 25 onwards and not rent. It will be so much harder to buy a property in your 30s and 40s if you have spent money on having fun in your 20s.
You will have plenty of time to travel in your 30s and 40s by that time you would have 10-20 years in workforce. Your pay is likely to increase as you get experience and you will may have money and time to spend on travel, holidays and having fun.
I say may because if you get married and have kids, then thats another financial and time commitment that you have to manage.
Try to buy a house with a mortgage from age 25 onwards and not rent. It will be so much harder to buy a property in your 30s and 40s if you have spent money on having fun in your 20s.
You will have plenty of time to travel in your 30s and 40s by that time you would have 10-20 years in workforce. Your pay is likely to increase as you get experience and you will may have money and time to spend on travel, holidays and having fun.
I say may because if you get married and have kids, then thats another financial and time commitment that you have to manage.
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Definitely travel if it's something you are interested in doing but make sure you are coming home to a job or some money still in the bank.
Once you have a partner, kids, career ect it's harder to make the most of travelling. A common life regret is people wishing they travelled when they were younger and before they started their own family.
It really does broaden your mind and you'll see the world in a different way.
It was a huge positive for me.
See it’s remarkable how much opinions can differ amongst people.
I came in quite literally to say almost the complete opposite of the above. There’s plenty of money out there. Don’t haggle over every penny - spend it and enjoy yourself. Don’t blow it all - obviously you have to draw a balance of some sort, but if you’re young and you like to party then I firmly believe you should do what makes you happy.
After spending several years in my youth being a bit tight, knowing that my end goal was saving for a house, I eventually decided I didn’t need to own a house. Life isn’t a race and you can go at your own pace. I can buy a house when I’m 40 and that’s what I intend to do. I spent a lot of my savings on travel and good times and experiences, and I’m happy with that decision. But I was single and didn’t have any long term aspirations to settle and start a family or anything like that. I still don’t want kids and probably will never have any. If you want to have kids, perhaps you won’t share the same loose ideology that I had. But yeah, I decided that I can buy a house in my 40’s, but I probably won’t want to travel overseas in my 40’s and enjoy it like I do now.
What are your goals for say 35 years old? Do you want to own a property? Or have a child?
I came in quite literally to say almost the complete opposite of the above. There’s plenty of money out there. Don’t haggle over every penny - spend it and enjoy yourself. Don’t blow it all - obviously you have to draw a balance of some sort, but if you’re young and you like to party then I firmly believe you should do what makes you happy.
After spending several years in my youth being a bit tight, knowing that my end goal was saving for a house, I eventually decided I didn’t need to own a house. Life isn’t a race and you can go at your own pace. I can buy a house when I’m 40 and that’s what I intend to do. I spent a lot of my savings on travel and good times and experiences, and I’m happy with that decision. But I was single and didn’t have any long term aspirations to settle and start a family or anything like that. I still don’t want kids and probably will never have any. If you want to have kids, perhaps you won’t share the same loose ideology that I had. But yeah, I decided that I can buy a house in my 40’s, but I probably won’t want to travel overseas in my 40’s and enjoy it like I do now.
What are your goals for say 35 years old? Do you want to own a property? Or have a child?
Reading this thread people approach life so differently which is fine. I used probably most of my early and into my mid 20s to have fun, partied, drank, loose responsibility, lived at home, travelled, experimented. It was my middish-late 20s where I started to calm down a bit.
I'd be living life while you can, you never know what's around the corner. Be immature in your 20s is perfectly fine, within reason. It's the time you don't take life too seriously unless you have to. Generally speaking as you get older life gets more serious and there's more you have to deal with. Don't miss those years when you can put that stuff aside and live a bit more carefree for yourself would be my advice.
There's no right or wrong answer as it comes down to what you value and the life you want to look back on when it's all said and done.
I'd be living life while you can, you never know what's around the corner. Be immature in your 20s is perfectly fine, within reason. It's the time you don't take life too seriously unless you have to. Generally speaking as you get older life gets more serious and there's more you have to deal with. Don't miss those years when you can put that stuff aside and live a bit more carefree for yourself would be my advice.
There's no right or wrong answer as it comes down to what you value and the life you want to look back on when it's all said and done.
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Falconista
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Don't be scared to change jobs or careers. People may talk you down but if what you thought was your dream career turns crap, don't lock yourself into it. Take the plunge into something else or if you work for a large company, take a risk and apply with a different division. You're broadening your knowledge base and life skills. You know you best when it comes to how you want to work.
So many people stumble into their dream job, company or career path so don't limit yourself if you are not entirely zen with where you are.
So many people stumble into their dream job, company or career path so don't limit yourself if you are not entirely zen with where you are.
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Yep, stay at home, don't have fun, rack up debt and stay away from places where you might meet people to have sex with.
Perfect way to make the most of your 20s.
As a man in his early twenties, it's interesting to read how different people's opinions on how you should live in this age bracket. I just spent the last 5 months studying in London and travelling around Europe. I completely disagree with the idea of not travelling during this age, I actually reckon its the most mentally influential ages to do such a thing. I was priviliged enough to travel with my family when I was younger, but doing it on your own or with a group of mates is definitely something that helps a young person grow, in my mind.
I don't have any short term aspiration to own property, but it's hard to have that foresight when you don't even work full time and are still in university. I work casually and earn enough to live a relatively social life, necessities, travel once in a while and have a few nice things. I think living at home is a perfectly fine thing at this age, especially if you're still in university. Hopefully I am able to work full time within the next 12 months, and then this ideology might be altered. Unless the travel bug bites again, of course.
The money will come later, so I'm not particularly concerned about the long term just yet. Just trying to make the most of a lack of responsibility, and hopefully when the time comes, a more serious outlook will take hold.
I don't have any short term aspiration to own property, but it's hard to have that foresight when you don't even work full time and are still in university. I work casually and earn enough to live a relatively social life, necessities, travel once in a while and have a few nice things. I think living at home is a perfectly fine thing at this age, especially if you're still in university. Hopefully I am able to work full time within the next 12 months, and then this ideology might be altered. Unless the travel bug bites again, of course.
The money will come later, so I'm not particularly concerned about the long term just yet. Just trying to make the most of a lack of responsibility, and hopefully when the time comes, a more serious outlook will take hold.
Live abroad as it's life experience you'd otherwise miss out on.
Travel as much as possible, for as long and as cheap as possible.
Learn to budget and how to invest.
Don't accumulate debt, it's terrible.
You don't want to get to 35 and have a midlife crisis as you realise you've spent your whole life studying/working and have nothing to show for it.
Travel as much as possible, for as long and as cheap as possible.
Learn to budget and how to invest.
Don't accumulate debt, it's terrible.
You don't want to get to 35 and have a midlife crisis as you realise you've spent your whole life studying/working and have nothing to show for it.
This is a good question and it's tough.
If you ask a healthy 40 or 50 year old they would have a different answer. Problem is you don´t know how many years you have got.
I would say this though:
-Balance is the key (in terms of fun and work).
-Work like a dog (work as many job as you can, you will never have this energy again) and try and set yourself up financially. Invest your money wisely, don't blow it on depreciating assets like cars and even clothes. Buy a house and rent it out and live at home.
-Stay fit but don't be obsessed with gym. Supplements are a waste of money and no one gives a * how much you bench press.
-Play footy if you don't have to work. Great for fitness and you will build a great community and life long friends.
-Don´t play *ing video games all day. You are wasting time.
-Read.
-If you are gona do drugs, moderation is key.
-Travel and experience life when/if you can. For example if you live in a bum * boring city like Adelaide... get the * out and see the world and live. Go back to a place like Adelaide if you have a family or are waiting to die.
-Don´t be obsessed with marriage. It's a s**t deal for man. Save it for later when you have money.
If you ask a healthy 40 or 50 year old they would have a different answer. Problem is you don´t know how many years you have got.
I would say this though:
-Balance is the key (in terms of fun and work).
-Work like a dog (work as many job as you can, you will never have this energy again) and try and set yourself up financially. Invest your money wisely, don't blow it on depreciating assets like cars and even clothes. Buy a house and rent it out and live at home.
-Stay fit but don't be obsessed with gym. Supplements are a waste of money and no one gives a * how much you bench press.
-Play footy if you don't have to work. Great for fitness and you will build a great community and life long friends.
-Don´t play *ing video games all day. You are wasting time.
-Read.
-If you are gona do drugs, moderation is key.
-Travel and experience life when/if you can. For example if you live in a bum * boring city like Adelaide... get the * out and see the world and live. Go back to a place like Adelaide if you have a family or are waiting to die.
-Don´t be obsessed with marriage. It's a s**t deal for man. Save it for later when you have money.
PoppedCorn
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Buy some land
I have an example. Me and my cousin. We are the same age, and grew up practically together, so I can consider him as my own brother. He enjoyed the support of his parents for as long as possible, and as a result, he turned into a dependent person who constantly needs money. At the same time, he can easily borrow money to go somewhere, but there is never money for household expenses. He has an apartment fully paid for by his mother, but he has not been able to make normal repairs there for several years. However, recently he began to move away from his mother, and this greatly affects his well-being for the better, oddly enough. For example, recently he returned the debt to me as soon as I asked, and not after a few months.
So if you use the help of your parents, then keep in mind why you need it and save money so that later it will be easier for you to adapt to an independent life.
About travel and other joys of life. If traveling, meeting friends, good food fill your life with meaning and give you an incentive to earn more - I don’t see anything wrong with that. Entertainment experiences when you are young and when you are not are very different and affect you greatly.
Therefore, take everything from life, but in moderation. Learn to live with pleasure, but do not spend your life on something that you will not remember later.
So if you use the help of your parents, then keep in mind why you need it and save money so that later it will be easier for you to adapt to an independent life.
About travel and other joys of life. If traveling, meeting friends, good food fill your life with meaning and give you an incentive to earn more - I don’t see anything wrong with that. Entertainment experiences when you are young and when you are not are very different and affect you greatly.
Therefore, take everything from life, but in moderation. Learn to live with pleasure, but do not spend your life on something that you will not remember later.
Honestly, just do heaps, and try and be good at heaps. get really interested and involved in your hobbies, and always try to get better. doesn't matter what it is. embrace the outdoors, embrace health and fitness.
If I look back to my 20's, I
- was fairly competitive at my chosen sport
- went to heaps of gigs
- was into photography, and worked at a couple of nightclubs on the weekends, as well as music festivals etc
- went out with my mates pretty much every sunday afternoon without fail to a sunday sesh
- finished 2 uni degrees
- managed a couple of bands
- travelled to europe and japan/korea on multiple occasions
- started a career I am still involved in (although in another role in another country)
- fell in love a few times
- met my current partner, became a dad
When I look back at it now, at 35, i sometimes shake my head. not cos I ever really achieved anything with those, but I had so many experiences that I can fondly recall.
Oh. And take photos of stuff you do. heaps of them. and back them up. one of my big regrets from my 18-26/27 age
If I look back to my 20's, I
- was fairly competitive at my chosen sport
- went to heaps of gigs
- was into photography, and worked at a couple of nightclubs on the weekends, as well as music festivals etc
- went out with my mates pretty much every sunday afternoon without fail to a sunday sesh
- finished 2 uni degrees
- managed a couple of bands
- travelled to europe and japan/korea on multiple occasions
- started a career I am still involved in (although in another role in another country)
- fell in love a few times
- met my current partner, became a dad
When I look back at it now, at 35, i sometimes shake my head. not cos I ever really achieved anything with those, but I had so many experiences that I can fondly recall.
Oh. And take photos of stuff you do. heaps of them. and back them up. one of my big regrets from my 18-26/27 age
I would not invest at all in property unless it is your permanent place of residence. Perhaps even not at all.
I would invest in income producing assets such as shares and ETFs.
If you have a job your company invests super on your behalf. Add another 10-20 per cent of your salary into compounding assets.
Other than that enjoy life, do what you want to do. There's no rulebook so write your own.
My old man invests in shares. Told me he should have sold up 3 years ago when his original bank was up by x 5. There were days where he would lose $100k in a day. Anyway , he is back to his original bank so hasn't made a dime.
On the flip side , he fully owns 9 properties and lives off the rent of all of those.
In essence , property doesn't lose any value if you hold onto it for a long time.
Like you said, no rulebook.
I am morally against property as an investment - but that’s another story for another thread
Out of curiosity , if mortgage payments are lower than rental payments , why wouldn't you invest in a property ?
Because access to shelter shouldn’t be only for the wealthy
I'm no expert but from what I've read I would never buy a small unit or apartment as an investment.
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Only if he lived 30 years ago. such an approach could be a disaster over the next 30 years.
I don't understand what you wrote. What I do know , if you took out a loan 30 years ago for an investment ppty , you would now own that property fully and not have to worry about interest rates.
2 more things- you could live in it debt free not having to pay any rent , and also have more dispensable income for items such as holidays or other investments.
But this isnt about access to shelter. Its about ownership of shelter. Your point is private property should not only be open to the wealthy.
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