• Celebrity
    • Daniel Kaluuya Digital Cover
    • Digital Cover Method Man
    • Digital Cover Zazie
    • Celebrity News
    • ‘Yes, Girl!’ Podcast
    • Entertainment
    • Black Celeb Couples
    • Celebrity Moms
    • Red Carpet
    • If Not For My Girls
  • Fashion
    • ESSENCE Fashion House 2022
    • Fashion News
    • Street Style
    • Accessories
    • Fashion Week
  • Beauty
    • Black Beauty Awards 2022
    • ESSENCE Hair Awards 2022
    • AVEENO Skin Health Startup Accelerator
    • Beauty News
    • Skin
    • Makeup
    • Nails
    • Girls United: Beautiful Possibilities
  • Hair
    • Hair News
    • Natural
    • Relaxed
    • Transitioning
    • Weave
    • 4C
  • Love
    • Love & Sex News
    • The Solve Podcast
    • Weddings
    • Parenting
    • Relationships
  • Lifestyle
    • Black History Month
    • ESSENCE Gift Guide 2022
    • ESSENCE + smartwater Live Well Challenge
    • Build Your Legacy 2022
    • Dream & Plan with Confidence Prudential
    • AMEX Platinum Travel
    • Homecoming Season 2022
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Money & Career
    • Entrepreneurship
    • Travel
    • Food & Drink
    • Black Travel Guide
  • News
    • Paint The Polls Black
    • Sponsors Recognition Page 2022
    • Latest News
    • Raise Your Voice
    • Culture
    • Politics
  • Video
  • Festival
    • 2023 ESSENCE Festival Of Culture
    • 2023 ESSENCE Film Festival
    • 2022 Fest Videos
  • Events
    • 2023 ESSENCE Film Festival
    • 2022 Girls United Summit
    • 2022 ESSENCE Fashion House
    • 2022 Black Women In Hollywood
    • 2022 HOLLYWOOD HOUSE
    • 2022 Homecoming Season
    • Wellness House
    • She Got Now
    • Dear Black Men
    • I Am Speaking
    • Power Tools
  • Studios
  • Girls United

WHERE BLACK WOMEN COME FIRST

Every day we're serving Black women deeply. Come get a plate of goodness! Sign up for daily content and exclusive offers you'll love!

Your email is required.
Your email is in invalid format.
Confirm email is required.
Email did not match.
By clicking Sign Up, you agree to our Terms of Use and that you have read our Privacy Policy
Skip to content
SUBSCRIBE
  • MAGAZINE
  • NEWSLETTER
  • Celebrity
    • Daniel Kaluuya Digital Cover
    • Digital Cover Method Man
    • Digital Cover Zazie
    • Celebrity News
    • ‘Yes, Girl!’ Podcast
    • Entertainment
      • Paint The Polls Black
    • Black Celeb Couples
    • Celebrity Moms
    • Red Carpet
    • If Not For My Girls
  • Fashion
    • ESSENCE Fashion House 2022
    • Fashion News
    • Street Style
    • Accessories
    • Fashion Week
  • Beauty
    • Black Beauty Awards 2022
    • ESSENCE Hair Awards 2022
    • AVEENO Skin Health Startup Accelerator
    • Beauty News
    • Skin
    • Makeup
    • Nails
    • Girls United: Beautiful Possibilities
  • Hair
    • Hair News
    • Natural
    • Relaxed
    • Transitioning
    • Weave
    • 4C
  • Love
    • Love & Sex News
    • The Solve Podcast
    • Weddings
    • Parenting
    • Relationships
  • Lifestyle
    • Black History Month
    • ESSENCE Gift Guide 2022
    • ESSENCE + smartwater Live Well Challenge
    • Build Your Legacy 2022
    • Dream & Plan with Confidence Prudential
    • AMEX Platinum Travel
    • Homecoming Season 2022
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Money & Career
    • Entrepreneurship
    • Travel
    • Food & Drink
    • Black Travel Guide
  • News
    • Paint The Polls Black
    • Sponsors Recognition Page 2022
    • Latest News
    • Raise Your Voice
    • Culture
    • Politics
  • Video
  • Festival
    • 2023 ESSENCE Festival Of Culture
    • 2023 ESSENCE Film Festival
    • 2022 Fest Videos
  • Events
    • 2023 ESSENCE Film Festival
    • 2022 Girls United Summit
    • 2022 ESSENCE Fashion House
    • 2022 Black Women In Hollywood
    • 2022 HOLLYWOOD HOUSE
    • 2022 Homecoming Season
    • Wellness House
    • She Got Now
    • Dear Black Men
    • I Am Speaking
    • Power Tools
  • Studios
  • Girls United
Home · Money & Career

4 Money Lessons I'd Teach My 20-Year-Old Self

Lifelong financial habits millennials can put into place now.
4 Money Lessons I’d Teach My 20-Year-Old Self
Jose Luis Pelaez Inc/Blend Images LLC
By Tanisha A. Sykes  · Updated October 27, 2020

My 18-year-old son attends college full-time, works at Starbucks nearly 25 hours per week and hones his DJing skills in his newly renovated bedroom suite. 

Sure, it was a much-needed upgrade in our small Cape Cod-style home, but if I’d had it this good, I would have never left home! Maybe that’s why he’s in no rush to leave. According to some recent stats, neither are many other Millennials.

In 2015, 42.2 million Millennials lived with their parents, compared to 41.9 million in 2010. It’s a wise step, especially if you can pay off some debt and bank some cash for the future. 

If I could go back in time, here are some savvy money moves I would share with my younger self. 

Live home longer. Independence be damned! Pay some rent, always be respectful, and clean up after yourself. Your Mom and Dad will love having you, and your pocketbook will thank you. Set goals for your money—whether you’re saving for your wedding, a home or a luxe travel jaunt—and have enough discipline to see them through. 

Pay off your car. I initially had a 1990ish four-door Toyota Corolla with a rust spot on the left side. Yep, it was a hand-me-down from my Stepmom, which was fine. When I bought a brand-new 1999 Mazda 626 I thought I was living large. I paid that note for five years, but I should’ve paid it off in two since I was living at home and making consistent money.

Save 30% of every dime for retirement. All that spending on drinks, clothes and fun, fun, fun is cute, but it’ll cost you. You may not make six figures now, but it’s the habit of paying yourself first that will put you light years ahead of your friends and colleagues. Trust me. At 65, your nest egg will thank you.

Don’t go into debt, period. This is a big one. It’s soooo easy to get a credit card these days that you might not really think about the consequences of carrying debt you can’t afford. One rule of thumb: If you can’t pay off the amount you are spending today by the time the bill comes next month, then you can’t afford it. Use one card for spending and keep one for emergencies.

Managing money is all about making the sound decisions. You’re never too young to start!

—Tanisha A. Sykes is a writer and editor living in New York. Follow her on Twitter @tanishastips.

COMPANY INFORMATION
  • Our Company
  • Customer Service
  • Essence Ventures
  • Change Your Address
  • Contact Us
  • Job Opportunities
  • Internships
  • Media Kit
  • tag
SUBSCRIBE
  • Newsletters
  • Give a Gift of ESSENCE
  • Magazine Tablet Edition
FOLLOW US
MORE ON ESSENCE
  • Home
  • Love
  • Celebrity
  • Beauty
  • Hair
  • Fashion
  • ESSENCE festival

ESSENCE.com is part of ESSENCE Communications, Inc.

Essence may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.

©2023 ESSENCE Communications Inc. All Rights Reserved. | Privacy Policy | Terms of Use | Essence.com Advertising Terms

Get The ESSENCE Newsletter and
Special Offers delivered to your inbox

By clicking Sign Up, you agree to our Terms of Use and Privacy Policy.

Get The ESSENCE Magazine
by subscribing below
subscribe now