What I Wish I Knew In My 20s: Finance
Money. It’s a word that carries so much meaning and history, especially for women. In their 2023 State of Women Report, theSkimm found only 28% of millennial women surveyed reported “good” financial health, and they are concerned about how they will manage themselves and family members in the current state of the economy.
The pandemic surfaced a lot of pressures for women—managing childcare, the mental load and caring for aging parents, just to name a few—and they have not gotten better. Knowledge is power, and at Each is Every, we know a rising tide lifts all ships. Throughout the year, we’ll be publishing “What I Wish I Knew In My 20s” articles, and gathering the collective genius of our community to share practical nuggets of wisdom.
Our first topic? Finance.
“Don’t let your scarcity mindset guide you; there is an abundance. Don’t be embarrassed to ask for more, ask for clarity, and ask for help.”
—Molly P. (Orlando, FL)
“You don't need a ton of money to start investing! Buying fractional shares, or portions of stock, on apps wasn’t a thing until 2016, but I'm so glad I joined one before my 30s. Investing in fractional shares allows you to put as little as $5 a week aside, which doesn't sound like much but really adds up over time.
Also, don't be afraid to talk to your local bank about long-term savings options. Credit unions are even better because they often have special offers for members on things like life insurance. Accounts like IRAs or CDs can be opened for $500-$1,000 and gain more interest the longer you leave them alone. This can make for a great nest egg or emergency fund that grows over time.”
—Lindsay B. (Jacksonville, FL)
“Ask for 10% more than you think you’re worth. It’s probably closer to the truth.”
—Jessica P. (Charlotte, NC)
“Don’t be afraid and guard your time. Time is your most precious resource, and when you make the choice to give that time to something (or someone/company) it better be for a good reason or purpose that resonates with you—and you should be compensated as such. I spent so much of my 20s in a place of, ‘well I guess this is normal’ or ‘XYZ upsets me, but I don’t want to say anything.’ I sat in a place of fear about talking about money, and every year that came and went at my place of work, the workload got bigger and the title changed with no compensation change and I signed up for it every time. Your time is valuable. You should NOT settle for people that misuse it. It is always ok to share what you need to be able to do the best job possible, the worst they will say is no and then you are in the driver’s seat to make a change. There is a reason now why I own my own business and bet on myself.”
—Allyson R. (Jacksonville, FL)
“Don’t let the fear of striking out keep you from playing the game. Kidding… but also kinda serious. I didn’t grow up learning about finance and I’ve been pretty fearful of money in general for most of my life, which has kept me from ~making money moves~ until pretty recently. Luckily, there are intuitive and non-intimidating investment and financial education platforms like Ellevest out there, and you really can start small. Also, YouTube and even TikTok are great for financial education—just make sure you’re learning from folks who know their shit.”
—Chelsea C. (Denver, CO)
“We have to break down the stigma about talking about money, especially in close relationships. Whether it’s your partner, your boss, or someone like a client, open, honest conversations about finances and our expectations can save a lot of time, hassle, and emotions down the road.”
—Morgan M. (Jacksonville, FL)
“You can do everything right … and still not reach your goals. It’s not always as easy as skipping Starbucks or thrifting. Some things are beyond your control, and that’s OK. Look back at where you were 10 years, even five years ago. I guarantee you’ve made significant progress, even if it doesn’t feel like it. The future is important, but remember you are living now. Don’t let every fun opportunity pass by now in place of a more secure future.”
—Krystina W. (Baltimore, MD)
“I would have bet on myself every single time! I wish I’d known to look for ‘low hanging fruit’ opportunities. I would have invested in certifications and licenses, in real estate or wellness for example, that I could have used to create opportunities on my own terms - earlier in life.”
—Tiffany A. (Jacksonville, FL)