Young People Investing and Saving: Mindset and basics
They say time is money, and according to financial expert Barry Bigelow, young people have a major advantage—time itself. In an interview on Money Matters Monday, Barry emphasized the importance of early financial planning, stating, “Our entire system of money is built to penalize you if you don’t start saving.”
Developing smart financial habits early can make a significant difference in long-term success. Barry suggests young people focus on “goal building and purpose finding,” stressing the importance of understanding what kind of life they want to build and aligning financial decisions accordingly.
One of the biggest challenges for young adults is balancing student loan payments with saving for the future. Barry acknowledges this struggle but advises a strategic approach: “You have to strike a balance—paying off loans on time to build credit while also setting aside emergency savings. You don’t want to end up relying on credit cards with sky-high interest rates for unexpected expenses.”
Understanding personal finance can feel overwhelming, but starting small can set the foundation for financial security. If you have questions about saving, investing, or managing debt, send them in! Barry will be answering viewer questions each week.