Some thoughts on savings and investing

The pressure to have a savings plan or an investment plan is common for people in their 20s. You may have worked hard to save $5,000, but then feel stressed about what to do with it. Or you may be working hard to fund your current lifestyle, and are worried that you’re not doing enough to save for your future.

It’s perfectly natural to desire financial freedom or financial security, but I just wanted to take this moment to help relieve a little of the pressure you may be feeling about money.

First, try to approach your financial learning from a place of curiosity rather than dread. As an example, some of us dread tax time because we’re worried about paying more tax, and so we ignore this area of our life. But if we instead maintain an active curiosity about our finances, tax time becomes a lot less scary.

Second, the amount you are able to earn will grow considerably across your 30s, 40s and 50s. During your 20s, our earnings power is lower, and a higher proportion of our income is required for necessary life expenses. So try not to feel stressed if you’re not able to put away much money during your 20s. If you maintain an active curiosity about investing, you’ll be in a great place when your income increases.

Third, it’s helpful to appreciate that a sustainable return with investing could be around 5% to 10% a year (if you can earn 10% or more every year with your investments, that’s really good). It may have taken a long time for you to save $5,000, and if you are wanting to invest it to try and double or triple your money quickly, you’re actually running a greater risk of losing some of it.

And finally, your 20s are an incredible time in your life with unique and amazing opportunities. You have a wonderful freedom to see new places, meet new people and try new experiences. Your personal growth during this time is invaluable, and the memories you make could be priceless. Yes, keep an eye on your financial future, but be sure to enjoy this moment of your life.

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