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KYP021 Six lessons I wish I learned in my 20s
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In this episode, I talk about how turning 31 has me evaluating the goals I set early on in my 20s. With 4 years until the retirement and consulting deadline I had given myself I talk about the 6 major lessons I got through my 20s, especially the things I have learned in this past 2 years that I wish I had known back then. Not to say the 20s were wasted because every lesson learned is worth it.
- Start Working in Varsity - if you take the university route, don't wait for attachment/internship year to start working. Instead, find jobs to do either on-campus or off-campus that can help you understand how the workplace works. The lessons usually come fast and hard and shock us when we do finally start working. You will thank me for this.
- Start a Project or company - In university, I had a few projects that I started with friends but didn't fully pull through on. We learned a lot from just planning that and it was a big step in future projects but I do regret not completing it. College is a great time to start honing your problem-solving skills, turn your problems and other students' problems into business opportunities. Looking back I could have started a few: photocopy and printing, assignment writing as well as snack supplies. These are standard challenges for the average college student. Technology makes it easy to solve these challenges with low-cost investments like inkjet printers. This year I came across two young gentlemen who are in their final year at the Chinhoyi University of Technology who started a professional photography business while they were still in college. Take advantage and do the same. If you have left college you can still start something around the challenges you face.
- Start Saving from Job number 1 - I made the mistake of thinking my first job didn't pay enough for me to start saving. The honest truth is that it would have done me a world of good to start then. Saving needs to become a habit if you will do it consistently and to do this you need to start early with whatever amount. Start today!
- Invest and Take Chances - In your 20s, you may be lucky to have fewer responsibilities. This makes it the perfect time to start investing and taking some risks. Time in the market is better than timing the market. Amounts you invest in your 20s are worth significantly more in your 30s and even more in your 40s. Bitcoin came out when I was 19 and it was valued at $0. Appreciating that I may have not been liquid enough to give it a try I looked at the price in 2015 when I started my first solid job. The value of Bitcoin in 2015 was $313, down from a previous year's high of $770. If I had thrown $100 at bitcoin in 2015, it would be worth $12,000 today! A bummer but a lesson. Risk a little.
- Negotiate Prices and Contracts - For everything that you buy, try getting a better price for it all the time. Your success rate will be below 10% most likely
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