I took a virtual training on Understanding the Nigerian Stock Exchange some weeks back and I remember a poll was taken and amongst the questions asked was the age of participants. Age 20-30 superseded others with 40% which showed the rate at which youth in their 20s were responding to financial literacy.

Money decisions you make in your 20s could determine your financial state in your 50s. For most of us, financial education was not something we were familiar with growing up but are forced to be aware of when we discovered adulthood entailed more than we had expected. 

For many people in their early 20s, money may not be so much of an issue. Mosts are either students, fresh graduates or newly employed. Basically, their families still cater to their needs.

However, when you get into the mid and late 20s, the hustle becomes real. Financial responsibilities get on the increase. The need for a steady source of income dawns faster. This can even get overwhelming if you fall into categories such as first-child, the only child among others with a job, married, starting out a new business etc.

It’s said to make hay while the sun shines. So it’s good to start the money journey while in your prime when your body is very agile and active. When you can set money goals and smash them! 

For me, there are 3 Ms’ to doing this: Making, Managing and Multiplying. Now let’s dive into each.

Make money! Yeah and make it from as many sources as possible. Diversify how and where the money comes in from. Let’s be truthful, just one source (usually salary) is never enough. Needs will always arise and before the money comes in, it’s gone so you can really use having one or more side hustles. Buy and re-sell goods, take freelance jobs, learn marketable skills that you can monetize. Just do something to give that extra cash.

Manage your money! It’s good to make money but not managing maybe a total waste of your efforts. So save! Have a budget to work with. Don’t just spend, plan your spendings. Understand what triggers your spending the most and be disciplined with it. For me it’s food, so I plan all the money I spend daily with some extra for emergencies. I don’t take beyond this with me in terms of cash and keep my card at home and work on being disciplined not to make transfers. I eat before leaving home so I don’t have to buy food. Besides, with no extra cash for food, I just have to adjust. Doesn’t mean I don’t indulge once in a while but it’s not as often as before. So now I can extend those extra on food to my savings.

The third M for money will be Multiplying money! Basically, invest your money. This would mean you put your money in places where it works and brings you some more. Read and research extensively on investment plans suitable for you, take courses on it if you need to. Thank God for the internet, where you can access as many resources as possible. Be careful to avoid scams and Ponzi platforms so you don’t lose your money anyway.

Don’t be afraid to experiment. While you’re young is the best time to try out new things so don’t let fear hold you back. Trust me the old you will thank the young you for all the work done so now get to work!