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7 key Financial strategies I wish I knew in my 20’s

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Starting out your career and independent life is an exciting time. You have limited responsibility, lots of energy and a disposable income all to yourself!

"If you suffer from FOMO (Fear of Missing out), remind yourself that real friends will stick by you, no matter what. Won’t it be great to still have money to spend with your friends, down the road, even when you’re going grey?"

This freedom is exciting, but it is also a valuable resource that can be exponential, if played out right. Here are 7 ways to create financial freedom for later, by setting yourself up right, now.

#1 Stop Spending so much on your social life

wineglas toast

Spending time with your friends is important. A strong social net is even proven to increase longevity. So since you’re building friendships for the long term, it would probably be nice to have some money to spend when you get there. Too much focus on the ‘short term’ is bad for your wallet. Things like dinner out, drinks every Friday night, constantly going to festivals, or doing rounds in the club are what I mean. Going out and having fun is great, but make sure that you keep some of that hard-earned salary, for things that help you make your money ‘work for you’.


#2 Start a business

woman behind table with work

This gives you the best odds of becoming a multimillionaire in the future. Realize though that you will be putting in a career’s worth of hard work to make this happen. A good idea is important, but the success of a business is based on a lot of other things that you’ll need, including:

  1. The focus to commit to one business
  2. Know your industry and market
  3. The Right Network
  4. Plans to achieve the goal
  5. The right partner(s)
  6. A team that you build
  7. An eye for Finances | your financial model


#3 Take over a business

woman behind desk on computer

If you have experience beyond your years and are ready for the responsibility, why start at the beginning, when you can take over an existing business? A business can be extremely valuable when run correctly. Maybe there is a business just waiting for the right ingredient to help it move forward or grow – you!

Look for a business owner that is ready to move on to the next business or retire. Another possibility is to find a business to take over via auctions or a business broker. Make sure that you work with the business for a while, to make sure that it is really sound, before taking it over. Trust your gut if something seems like a threat or opportunity with the organization, and explore carefully all of the in’s and out’s before you take the plunge.

#4 Get a Coach or Mentor

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The most successful people in business, point to a key ingredient in their success is having a coach or mentor. Mentors are key because they have already achieved success and find value in sharing their financial advice and tips with someone who is still growing and learning. Their insight and wealth of experience over the years, can help you avoid some common mistakes and move forward quickly to succeed in your financial growth path.

#5 Invest

desk with paper finance phone

Investing is one of the best ways to get a great return on your capital (money) though it does carry risks. There are many forms of investment. You can invest in the stock market, buy shares of a company or buy and rent real estate, just to name a few options.

Make sure that you:

  1. Are fully aware of the risks
  2. Invest money that you are prepared to lose
  3. Invest a bigger lump-sum (to cover transaction fees etc.)
  4. Understand the basics of the (stock) market that you are getting into
  5. Invest in an industry / something that you know, understand, and are interested in. In the words of Warren Buffet, put your eggs in a basket, and “watch the basket!”. Read more in his book.
  6. Save

Right now, interest rates are extremely low. However, putting money aside, not to spend now but later, is crucial on building-up wealth. Even if you are investing, you first need to save up enough to invest and set-up your portfolio. To save more or even faster, you can consider different ways to live more economically, so that you save a considerable part of your salary.

#6 Increase your Salary

finance paper

Not only can you do the most with the money that you have, but you can also increase the amount you are getting to get to your financial goals faster. Make sure that your salary is conform with or better than the going market rate, and if that isn’t possible in this job, consider a position elsewhere.

Do make sure to look at the total picture here. It may surprise you. For example, getting a job closer to home with the same salary, might leave you with more money at the end of the month, as you are not spending on the transportation to and from your work if this expense is not already covered by your employer. Increase your salary, to get the best income possible, for the work that you are doing. Just make sure that you don’t adjust your spending patterns. Making more does not mean spending more, in your case because. You have your goal. Stick to it!

#7 Be consistent

budget finance goals productive eve and elle

You hear it constantly all around you – young people away on a burnout. If you want to keep up hard work for the years that you’ll need to be financially wealthy, you will need to stay in the game and be consistent.

Keep your goals in mind and take the steps along the way to do this. Even if the step is a small one or standing still. For example, while saving up your nest-egg, put the money aside and don’t touch it! Let’s say that you’ve promised yourself that you’ll save € 100 000 and you are at 70%. This is not the time to start easing up on your spending patterns and ‘living a little’. It’s amazing how quickly money can be spent and this kind of thinking, even for just briefly or a few splurges can leave you very disappointed and even further from your goal that when you set out. If you stick to your goals, you’ll achieve them.

Achieving your goals step-by-step

Getting there is a process. Financial freedom and wealth is an achievement, to be built over time. What are your financial goals? Share your thoughts in the comments section below. We are just as much inspired by you, as you are by Eve & Elle.

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We are Olivia & Morgan

So both in our 30's, with exciting careers including fast track to CEO positions, we met at RSM Business School during our MBA in The Netherlands. 

Always afraid to drop the ball, we quickly figured out life after 30 is not about having everything together, but more about developing yourself, knowing who you and what your goals are and ESPECIALLY  knowing how to get there.

Because we can all dream, but turning that into action and reality is a huge challenge.

So we created this platform to develop and achieve your goals step-by-step.

We truly believe that if you can dream it, you can make it happen. Anything you want, you can achieve.  

This is the philosophy of Eve & Elle and the core concept behind every article we write and product that we develop.

Everything we do is about helping you make it happen.