Some good advice for people is to work full time consistently! Let’s say someone is 20 years old, they might be almost through uni, almost finished their trade or perhaps they have already started working full time straight out of high school when they were 18.
Ok so let’s say they finish their uni or trade and they are now 23 and are working full time, the key is to now never stop working full time! Don’t quit and be unemployed multiple times your 20s.
Working full time consistently will ensure you make a lot more money which you can save and use on something like a holiday or to pay down debt or to buy a house or to invest or whatever.
People in their 20s and even their 30s tend to screw around and take long stints off work but as you will see from the below example this will cost you dearly.
Ok so let’s use a 10 year time period from 23 to 33 and for simplicity sake let’s say the average annual income earned was 70k so 50k after tax.
Person A worked consistently for those 10 years and earned 500k.
Person B quit his job without another job lined up 3 times and also started and quitted college twice so all in all didn’t work full time for 3 years.
Person B only earned 350k.
THAT’S A DIFFERENCE OF 150K!
Perhaps after living expenses for the 3 years person A saved an extra 50k! Or perhaps used that 50k for something like 5 overseas trips or a down payment or paid down 50k in debt or invested it or bought a car with it.
One year of not working cost you 50k, only 6 months cost you 25k!
See how it adds up? You only have 10 years in a decade to work. If you screw around for large amounts of time the opportunity cost is that you lose tens of thousands in lost income.
Now if you took time off to experience the world and travelled and tried all these new things then that’s good to, but if you just sat at home jacking off then you were better off working.
Stay working full time!
Want to learn more about money? Check out the rest of the site and these best money making books