Billionaires and CEOs have something in common with the rest of us: They didn't know everything in their 20s.
The people who start and run awesome companies, write best-sellers, and become household names haven't always known what was best for their money. How do we know? We asked them.
From investor Mark Cuban, who laments his misuse of credit cards, to TOMS founder Blake Mycoskie, who cautions against chasing money, keep reading to find out how investors, CEOs, authors, and other highly successful people answered the question: What do you wish you'd known about money in your 20s?
Learn to manage your credit cards.
Mark Cuban, billionaire entrepreneur, investor:
"That credit cards are the worst investment that you can make. That the money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market. I thought I would be a stock market genius. Until I wasn't.
"I should have paid off my cards every 30 days."
Skills are worth more than a job.
Tim Ferriss, angel investor, best-selling author of "The 4-Hour Workweek":
"In your 20s, optimize for learning, not earning. Work directly under or with master dealmakers, and acquire skills. This is particularly true for negotiating and hard skills like coding.
"What would you rather have: $20,000 more per year in your 20s, leading to making $100,000 to $200,000 a year in your 30s, or a lower-paying job from 20 to 25 — but one like a real-world MBA you're paid for — leading to making millions in your 30s?
"It often comes down to prioritizing skill acquisition over immediate postcollege earning. McKinsey or Goldman can be seductive, but it's easy to get trapped in a 20-plus-year path of paying for a bloated lifestyle that is always a bit more expensive than the year before. Serfs can become self-made kings, but consultants tend to remain consultants. The only true job security is a superior skill set."
You need a plan for your money.
Alexa von Tobel, founder/CEO of LearnVest.com, author of "Financially Fearless":
"Not having a financial plan is a plan — just a really bad one! Given what I see as a general lack of personal-finance education, it can be all too easy to wing it with your money.
"I was lucky enough to learn this lesson while still in my 20s, so I had time to put a financial plan into place for myself (and start LearnVest to help people nationwide do the same!)."
See the rest of the story at Business Insider