A money expert has shared the nine things young people aged in their 20s and 30s should buy for financial success.
Nicholas Muscat, who shares his financial advice on YouTube as AussieMoneyMan, said he made the list based on a combination of research and the best things he has bought so far.
Mr Muscat tried to make the tips – which range from education to health – as ‘practical’ and ‘useful’ as possible.
Nicholas Muscat has shared the nine things young people aged in their 20s and 30s should buy for financial success
1. Education
Mr Muscat said education does not necessarily mean going to university ‘just because everyone else does’ but instead learning about your passions.
A person who wants to get into coding could take a course, while someone trying to break into YouTube could buy courses to learn about the website’s algorithm.
The 20-year-old is also a big fan of self-help books, which he says can help in all facets of life.
‘You’re buying self-help books… That sort of education, that is one of the best things you could possibly do because it will improve every other area of your life,’ he said.
Mr Muscat is a big fan of self-help books, which he says can help in all facets of life (stock image)
2. Sleeping environment
Mr Muscat encouraged young people to spend cash on a good bed and mattress, pillows, blankets and shades to promote quality sleep.
‘All these things allow you to practice better sleep hygiene,’ he said.
By spending the money on an ideal sleeping environment, Mr Muscat said you are more likely to enjoy a better rest, which will give you more energy each day.
He also encouraged young people to follow a nightly routine and research how they can get the most out of their sleep.
‘If you’re someone who sleeps at random hours and you find you’re not getting things done, you’re not productive, you don’t feel great, you don’t have energy, that is probably the reason,’ he said.
‘Spending time researching sleep hygiene and spending money setting up sleep hygiene.
‘You simply cannot operate without sleep.’
Mr Muscat encouraged young people to spend cash on a good bed and mattress, pillows, blankets and shades to promote quality sleep (stock image)
3. Used cars
Instead of splurging big on a new model, Mr Muscat urged young people to save money by buying a used car.
He said younger people are more likely to have an accident and can save more money in the crash if behind the wheel of a used car, rather than a new vehicle.
Mr Muscat said motorists in used cars don’t have to worry about scratching a new car.
Used cars are cheaper to buy and maintain, Mr Muscat said.
‘It’s a really smart decision because a lot of young people don’t have a lot of money,’ he said.
4. Investments
Mr Muscat said investing is one of the ‘best things you can buy’ in the long run.
‘Whether you’re buying shares in a company or you’re investing in gold, whatever it is,’ he said.
‘If you’re buying investments, you’ve done your research on them.
‘That is going to be something that future you really bloody appreciates.’
The 20-year-old said it was important to jump into investing ‘as soon as you can’.
Instead of splurging big on a new model, Mr Muscat urged young people to save money by buying a used car (stock image)
5. Healthy diet and lifestyle
Mr Muscat stressed the importance of spending money on a healthy diet and lifestyle – whether that be a buying exercise equipment, joining a gym or purchasing healthy food.
He said a lot of people don’t understand how to lose weight and can learn a lot from researching how to live a healthy lifestyle.
‘I think everyone has some interest in not being particularly overweight, particularly unfit,’ he said.
‘It’s incredibly important to have an education into those sorts of things and same with fitness.
‘Just like sleep, it affects everything in your life.’
Mr Muscat said people who eat well and exercise regularly are more likely to have more energy and be more motivated.
‘It’s really hard to spiral into success if you don’t have energy during the day, or you’re not happy with yourself in other ways that you can control,’ he said.
Mr Muscat stressed the importance of spending money on a healthy diet and lifestyle (stock image)
6. Experiences
Mr Muscat said young people should spend money on experiences – before it’s too late.
But the money expert warned there is a ‘limit’ to splurging on experiences.
‘There are certain things you can do while you’re young that you can’t do when you’re older,’ he said.
For example, Mr Muscat said he doesn’t get a hangover when drinking alcohol. The 20-year-old said he knows it ‘won’t last’.
‘Delayed gratification is important but you don’t want to sacrifice having experiences like sports or concerts or just having fun or being with friends, loved ones and family,’ he said.
7. Business/career
Young people should dive deep into their careers and learn everything they can about it.
Those looking to start a business should not be afraid to spend money on quality.
Mr Muscat said: ‘If you’re going into business and you want to have a side hustle in addition, put time into that, put money into equipment, get a good computer, get good lighting.
‘Anything that’s advancing you in your career, probably a good thing to be buying into, investing into.’
Mr Muscat, who hares his financial advice on YouTube AussieMoneyMan, said he made the list based on a combination of research and the best things he has bought so far
8. Financial knowledge
Mr Muscat recommends a combination of hiring a really good financial expert and undertaking research to broaden your financial knowledge.
He said it is ‘a lot easier’ if you understand the basics of superannuation and tax, as well as how to save money and invest.
‘Buy yourself some time in the future by spending some time learning about finances,’ he said.
9. Medical and dental costs
Whether it be braces for your teeth or orthotics for your feet, Mr Muscat said young people should prioritse looking after their health.
‘Worthwhile thing to spend money on,’ he said.
He recommends regular medical checks to ‘find out’ things about your body and health.