How time flies. You are already celebrating your 25th Silver Jubilee on planet earth. It seemed like yesterday when you got admission into the university and right now you are already through with service (NYSC).

You probably have a job that is paying you a meagre salary, and if you are among the lucky ones, you already have a partner and you are waiting for your ship to sail in so that you can have your happily ever after.

We’ve put together 25 financial things, big and small, you should know before you turn 25. Why would we do something like that? So you can achieve your financial goals with plenty of time to reap the fruits of your labour.

1. How To Make A Budget

This is because without a budget you are like a blind man driving a car, and do you know what happens when blind men drive cars? At best they do not get to their destination and at worst they end up in a horrible crash.

Simply put, without a budget you may not reach any of your goals like buying that car you’ve always wanted, a home befitting of your taste or just having enough money to fend for you and your family when you retire.

2. How Much You Should Be Saving

How much of your income should you be saving? The simple answer is 20 percent. How did we come about this number?

Well, the 50/20/30 rule, which divides up your monthly budget as follows: 50 percent is reserved for essentials (rent, electricity bill, water bill), 30 percent is allocated for your lifestyle choices and at least 20 percent goes to “financial priorities,” which includes debt payments, your retirement contributions and your savings.

3. Differentiate Between An Asset And A Liability

Simply put an asset makes you smile to the bank in the long run while a liability converts your pocket to a basket, literally.

4. The Perfect Data Bundle Plan For You

Internet data bundle has somehow proven to us that it is an essential commodity to the human race. There is no perfect data bundle for everybody.

Depending the size of your income and your internet surfing habit, choose the plan that best suits you.

5. Celebrities Lie About How Much They Are Worth

Celebrities are always lying about how much they earn and how much they are worth. That is what they do for a living, they lie.

Do not get caught up in the hype.


6. Your Net Worth

You also have a net worth. Having a net worth is not reserved for Millionaires and Billionaires. Your net worth is the sum total of your assets (Bank accounts, savings, investments etc) minus your debts (loans, liabilities etc).

Your net worth is great way for you have a good view on your finances. It helps you know where you are now, where you are going to and in most case gives you a wakeup call back to reality.

7. How Much You Make and Where, Specifically, Its Going Out.

This sounds like a simple task right? But the truth is that most people, regardless of their age, don’t know how much they money they have coming in and going out.

8. What Is a Financial Emergency and What’s Not

It’s not funny when you go all Bill Gates on a date only for you go home to a nagging land lord. At 25, you should get know your priorities. By 25 you should have a fat overfed saving account and it shouldn’t end there, you should be able to spot a financial emergency.

9. How To Manage Budget Raiding-Friend

Everybody has at least one of such friends. They are cute, funny and just happen to be one of your closest friends. But the truth is, each time you hang out with them, it tells on your budget.

No one is telling you to lose a friend; we are saying you need to learn how to neutralize these culprits if you ever want to be financial independent.

10.That, The Older You Get, The More Sophisticated Your Financial Life Becomes

Your meagre salary might be enough for you to live a lavish lifestyle right now and you might be tempted to start saving when you make more money.

The truth is, as you start to make more money, you will have more financial obligations. You will move out of your self-contained apartment, you will get married, have kids and start paying school fees.

Bottom line? Today is the time to start, not tomorrow

11.How Your Lover Handles Money

If it is important to know your lover’s favourite colour, worst habit, favourite meal then you might as well know about they handle money and where they stand financially today.

If you are going to spend the rest of your life with them you might as well know what you are getting into.

12.How To Spot A Scam Artist/Investment

You are too old to fall for any investment scam, be it online or in your village. By 25, it would be a pity for you to fall for a Fraudulent Scheme, no matter who is presenting such to you.

13.How To Maximize Your Time

The last time we checked time is still money. Binge watching a complete movie from season one to five is no longer cute.

When it comes to spending your time, you should follow a simple rule. If doesn’t make you money, doesn’t make you happy and does not make you better, then you should not waste your time doing it.

14.That It Is Possible To Accomplish Multiple Financial Goals At Once

Your financial life does not need to be a “this or that” situation. In order words, you want to build your savings, reduce your debts, pay your sibling school fees but you only have a limited amount at the end of each month.

The first thing you should know is that you are not alone; there are many people like you. Second, know that with proper financial planning and prioritizing you can meet all of your financial goals.

15.That You Will Never Have Enough Money

By now you should be aware that even with trillions of naira in your bank account; you will never have enough money. The more money, the more things you have to spend on. Even the super-wealthy also feel poor.

So waiting for the fictional time when you will have “enough money” is like waiting for a ship at a train station.

16.That You Will Never Know The Truth About Other People’s Finances

Your co-worker whom you earn the same salary with might have a luxurious car and an exquisite home but you’ll never know if he is deep in debt, inherited a huge sum from his parents or he might just be from a wealthy family.

It will be in your best interest not to compare yourself to other people, your only competition should be yourself

17.How To Dress Fabulously On Your Budget

It a wonderful thing to look good, but overspending on the latest and coolest apparel could mean the downfall of many. It’s possible to cut down on your clothing budget and still rock head-turning style, on just about your salary.

18.The Big Cost Of Your Little Splurges

By 25, you should visibly comprehend how a bottle of beer everyday can add up and stop you from making progress in you quest for financial abundance.

19.How To Negotiate A Better Salary

Yes, spending less and saving more will help but the fastest way to financial freedom than growing your income. You should know your worth and make sure you are earning what you’re worth.

20.That You Should Not Depend On One Source Of Income

This might be a trick from basket sellers but it is advisable to not put all your eggs in one basket. Diversify your sources of income; you will be surprised at the extra income you can earn from that special skill of yours.

21.You Should Be Prudent With Your Wedding Expenditure

What shall it profit a man to have an exuberant wedding celebration and starve after the ceremony?

22.Your Network Is Your Net Worth

Make sure you choose your friends and acquaintance carefully. Remember, you are three persons away from everybody in this world.

23.Your Own Financial Personality

How do you react to money? What are your spending habits? What are strengths and weaknesses when it comes to money? You need to find out and work on it.

24.Do Not Forget To Live Life

On your way to financial independence do not forget life. In case you forget, you only live once and what’s the use of all the money in the world if you have no one to spend it with.

25.With Total Discipline You Can Achieve Everything

Without discipline you can achieve nothing, with partial discipline you can achieve some things and with total discipline you can achieve anything.

- See more at: http://giftedgreen.com/2014/blog/2014/08/25/25-financial-things-you-should-know-by-25/#sthash.CwNbaNyR.dpuf

Nice one

Nice thread

Good lecture I must say. Thanks a million

Hmm... I saw..!

well said

This is perhaps the first practical self-help, how-to article I have read in years. Thumbs up!

Very cool tips....learned alot.

It's also in times like this that the share button comes in handy.

So informative!
Thnks firestar for sharing

Nice write-up.......

Nice. Thanks.

I could make Good use of these. I am 25 and most of these things applies to me in one way or the other. All those friends wey dey chop my money, its time to cut down excess spending. We must make am for This Life, cos Oluwa is Involved

Good points

Ooooh!!..ah!!..shared topic again!!..**"unshares" topic**

Thanks dude! I've earmarked some of these to work on. I just turned 25 last month

This is good


I like 13 a lot.

Nice thread,if people can follow this religiously. The sky shall be the starting point.

Op,nice info. One more reason I love nairaland.

Really nice tips.
learnt a lot.

Good one

Nice write up!!!!

Y is this not on frontpage?

thanks op.

For about the first time a list of to-dos makes perfect sense.

Thanks

Truetalk...I don't joke with my savings.
Very nice and practical steps.
That internet bundle shii would have sounded stupid to me if not dat I was a victim.

I remember wen I got my Q10 newly, I was using an airtel line nd subscribing @3000N
Before I say 'jack', dey would say I've exhausted it. I'm not even sum1 to browse and watch U-tube, I would do anoda sub of 3000N again. In a mth I would be spending like 8k on sub. I had to advice myself and ask questions...dats hw I ported to glo.

Dygeasy: For about the first time a list of to-dos makes perfect sense.

Thanks for sharing bro!!!!

That Number 18 is one of the points I really need to work on

18.The Big Cost Of Your Little Splurges

Really nice.
Thanks Dygeasy.

Enlightening! Thanks a lot, Star

Brilliant! OP thanks for sharing this. Funny enough,most of the tips won't be taught in college. You either learn through street smartness or experience.

sholasholala: Really nice.
Thanks Dygeasy.

obayaya:
Thanks for sharing bro!!!!
That Number 18 is one of the points I really need to work on
18.The Big Cost Of Your Little Splurges

I don even collect credit pass person wey create thread.

There is love in sharing and I'm glad I did.

Thanks. No 20 is very true indeed.