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3 Financial Tips I Wish I had Known When I Was Younger

3 Financial Tips I Wish I had Known When I Was Younger

| June 19, 2023

Want to know the key to financial freedom and success? Believe it or not, it’s education—specifically financial literacy. What does that mean, you may ask? The term “financial literacy” covers various financial skills and concepts but comes down to your relationship with money. Unfortunately, financial literacy concepts aren’t often taught in school, and healthy financial habits are rarely passed down from generation to generation. 

So how does someone become financially literate if they haven’t learned these concepts in school or from their family? The good news is there are plenty of educational resources available today. One of the best resources is a trusted financial advisor who can educate you on how to effectively manage your finances and investments. In the spirit of education, I am sharing 3 things I wish I knew when I was younger. 

1. Start Investing Early

One thing in particular that I wish I had known about money when I was younger is that it pays to start early. The earlier you start, the better chances you have of increasing your earnings. The chart below demonstrates this concept. The first person saved $2,000 a year from age 19 to 26, while the second person saved $2,000 a year from age 27 to 65. As you can see, the person who started investing at 19 has more money at the end of the day, even though they invested for a shorter time. How early you start investing and saving dramatically impacts your overall return on investment because of the power of compounding. 

2. Start a Roth IRA 

I also wish I had known that it pays to start a Roth IRA when you are young. What most people don’t realize is that the money in this type of account grows tax-free. Additionally, what people don’t know is that the older you get and the more income you make, you are less likely to qualify to continue funding a Roth IRA. That’s why it’s crucial to set up and start funding this type of account early so you will be able to withdraw more tax-free money in retirement.

3. Invest at Your Own Risk

The third thing I wish I had known about money is that investing is not as scary as it seems. You can invest at your own risk, meaning your investment strategy should be relevant to your risk tolerance. I used to think investing was a very risky business. I thought that if I invested, my money would be out of reach and vulnerable to market fluctuations. But my fear came from not knowing anything about investing or taking the time to educate myself about all of the different available investment options. This is why education and financial literacy are so important, especially when you are young because, as I mentioned above, the younger you start investing the more you will have in the long run. 

We Can Help

Although developing healthy financial habits at a young age is crucial, it’s never too late to take control of your wealth management plan. At Premier Planning Group, we simplify the often complex financial planning process to help you work toward your ideal future. Schedule a complimentary consultation to see how we can help you pursue your goals, both today and in retirement. Call our office at (443) 837-2520 or email my executive assistant, Talia Grover, at

About Brion

Brion Harris is the CEO, founder, and managing partner of Premier Planning Group, an independent financial firm specializing in working with pre-retirees and retirees, helping them create customized wealth preservation and retirement distribution strategies. With over 20 years of experience, Brion has developed deep knowledge and skill in helping his clients simplify their finances and find confidence in their financial future. Brion and the Premier Planning team are known for their unparalleled client service and their dedication to building long-lasting relationships with their clients. As a result, Brion has been the recipient of the #1 Advisor Leadership Award* at Summit Brokerage Services for eight years running and has a reputation as one of the top retirement advisors in the business. 

Brion is a proud 20-year resident of the Annapolis community, where he resides with his wife, Elizabeth, their three children, Addison, Jay, and Scarlett, and their two dogs, Pepper and Coco. When he’s not working, you can find him boating, skiing, traveling, and enjoying good food and music with his family. If you want to learn more about Brion, connect with him on LinkedIn.

*The #1 Advisor and Leadership Award is based on production data while at Summit Brokerage Services, Inc. Brion Harris received the award in 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021. This award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the advisor by any client.

The views stated in this letter are not necessarily the opinion of Cetera Advisor Networks LLC. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.