FINANCIAL ADVICES FOR PEOPLE IN THEIRS 20s FROM A 32 y.o

The most valuable resource that everyone has in common is time. Take a look at your bank account, we use time to make more money, but we can’t use money to purchase more time. At the age of 32, I have done everything by the book: go to school, get a job, save money. Those decisions have helped me achieving these financial milestones: over $100k/year career, a five bedrooms house, $130ks in saving and $130ks in retirement 401ks. If you are in your 20s and want to accomplish the same goals as above, consider these few pieces of advice.

Invest in the “RIGHT” education

Here is the story about how I chose to be a pharmacist as my career. In 2007, during the second year at the local community college in Boston, I had no clues what to say when my advisor asked me about my career choice. Majority of my friends studied business and marketing. I picked biology as my major just because of my uncle’s advice. The concept of being in massive debt after college wasn’t clear to me because I stayed at home and was able to pay off all my college tuition. I was cruising along in college, taking the classes I supposed to take without any thought further than just trying to get a good grade.

It started to hit me when I got closer to finishing my associate degree in biology. Panicked and afraid were what I felt since I didn’t know which to choose. My initial thought was to become a radiology technician. The idea was how to get a job that makes money without wasting our education. I ended up didn’t pick that because I was afraid of going sterile by being around all these hazardous x-rays. Plus I wanted to pursue higher education instead of just trying to get a job right away with only an associate degree.

My second thought was nursing because a nurse makes a decent amount of money. Since I could meet the program’s requirements, I applied. Even though my application got accepted by North Eastern University, the fact that it cost roughly $27k annually for this program didn’t play well in my head. My logic was: why should I spend this much money while pharmacy program cost the same but making more upon completion. I ended up pursuing the Pharmacy program at the University of Toledo, OH.

Put career first

Raising a family requires full effort and attention. There is nothing wrong with getting married at the age of 20. Unless you are already financially secured and have a healthy support system, my advice is to focus on establishing a career before anything else. I saw friends who fail shortly by having kids at such an early age. By making that decision, the only option was to get a job that provides. Living paycheck to paycheck puts a lot of stress not only on yourself but also on people around you. Majority of people ended up not happy with themselves because they didn’t get to follow their passion.

Work hard

I believe what you get in rewards is equal to the amount of work that you put in. I always have a job while I was in school. From being a science tutor, teacher assistant, busboy, waiter to pharmacy technicians, I am proud to be able to earn money. Ever since I graduated from pharmacy school,  my goal was to work as many hours as I can to take advantage of this high paying job. Started as a floater pharmacist, I became the pharmacy manager for one of the busiest store in the southern California district. From working only one job, I am currently a pharmacist for three big companies.

Save as much as you can

It’s not about how much you make; it is about how much you keep. Growing up in Vietnam, having to live without a lot of money helps me value what I have and live within my means. My parents hustled hard to ensure I have a normal childhood. I learned to save money by listening to my parents and educate my self. Nearly 80 percent of American workers (78 percent) say they’re living paycheck to paycheck, according to a 2017 report by employment website CareerBuilder. I don’t want to be just another statistic. To get better at saving money, it requires practice, strategy and discipline. In the “HOW TO ORGANIZE YOUR FINANCE” blog, I highlighted a few important first steps if you want to start being serious about your finance.

Related: HOW TO START SAVING?

Go where the job opportunities are.

Don’t afraid of being separated from family and friends. The job market has been difficult for the past ten years. Back then, my older colleagues were able to get high salary and benefits job without even trying. At this point, new graduates are lucky if they get jobs right after graduation. For well-paying jobs, new grads have to go where few others want to go.

Don’t invest blindly just because you want to step ahead

Investing take times and a lot of patience. At the age of 27, I made over $100k by being a pharmacist. I was able to save a decent amount of money on the side. In my head, I kept thinking about what to do with that saving and how it can grow instead of sitting in that bank account.  I lost a lot of money by investing in a friend’s company without knowing exactly what it was all about. I trusted that friend, and I paid the consequences. Before investing in anything, whether stock, real estate, or online business, educate yourself and ask for advice from people who have done it before. Don’t just go in blindly because you have a good feeling about it.

Related: COMPOUND INTEREST: HOW TO USE IT TOWARDS YOUR ADVANTAGE.