Money Management Tips for Young People
By: Bradley Jarryd
Tags: Millennials, Personal Finance, Money Mindset, Money Management, Generation Z

I’m 33. For some of you, I may be old AF. However, I’m at least young enough to know what “AF” stands for.

If you’re 16–28ish, I know what it was like being that age and I remember the thoughts (mostly hormone-based) that ran through my dirty mind. Also, I have a pretty sweet life that keeps me young.

Just to prove that I am someone remotely “hip” and “with it” as my 70 year old mother would say, here are a few shots of me taken from the past few years as a represented male model (not an Instagram model!).

Being a male model has taught me A LOT about personal finance, perhaps more than any other career. For example, your income fluctuates daily, weekly, monthly, and yearly. You don’t get any paid time off. If you break your leg, you can’t work which means you can’t earn money. You are most likely living in the most expensive cities in the world (NYC, LA, London, Miami, etc.), and taxes and write offs are a nightmare.

Oh, and you’re not a girl…meaning you actually have to pay for most things while female models get the red carpet rolled out for them. Life isn’t fair.

In addition to my unofficial qualifications, I have also been debt-free for 5+ years, have over $100k saved up, and am a Dave Ramsey Preferred Finance Coach that helps models and actors get their financial sh*t together here in LA.

I tell you all of this so you actually take me seriously and so you don’t make the same mistakes I made in the past or the mistakes most of my model friends currently make.

Here are my top 6 tips.

Debt will F you up. Debt is literally borrowing from your future self. It’s kind of like smoking cigarettes. You’re having your little moment now, but you’re damaging your future self. Please please please be mature enough not to screw yourself over down the road. When you take debt off the table, you are forced to be more resourceful. That is a skill that will serve you for the rest of your life. Debt is the magic weight loss pill. It appears to do good, but long term it’s bad for you. Learn about money now. If your parents didn’t teach you the right way to go about it, it’s up to you to learn how to create wealth the right way. You’re lucky AF (there I go again) to grow up with all the knowledge in the world on a device that fits in your pocket. Just know that you are fully responsible because you can either play a dumbass game on your phone or you can create your game plan for financial independence using the same tool. It’s the world’s job to take your money, it’s your job to play gatekeeper. Every company is trying its hardest to show you why your money should be spent on their product and service. The ones that do this the best, stay in business. The ones that don’t eventually fold. It’s up to you to determine what you enjoy most with your money. With a gatekeeper mentality, your mindset is so stringent that you really must be sold on a particular purchase in order to make it. Your friends may call you cheap, but you can call them broke! Use your time better. Man, I spent so much time playing video games and watching tv, it’s sad. Now, with all the crazy ways of making money, you should never be “killing time”. Either work for money, learn a new skill that will help you in life or relax from doing a lot of the first two. Unless you’re earning a living playing video games, use this escapism as a reward for busting your ass and nothing more. Live humbly and spend less. When you’re young, you don’t typically make much money. That’s ok. You don’t need a nice car when you're young. Your little supple bodies can take eating garbage food and miraculously turn it into fuel instead of belly fat. Live humbly with your bills. It will starve your ego which is critical for long term success and joy. With lower bills, save 20%, and… Invest the rest. This may sound crazy to you because I know how much you want a new obnoxious sounding exhaust system for your Honda Civic, but when you invest now, you will be able to buy a much nicer vehicle in the future and you’ll laugh looking back that you actually wanted aftermarket parts for your $3000 car. I’m not saying you shouldn’t have fun. There are just ways to have fun that are more affordable that will still allow you to invest. At a young age, you can invest in almost anything, but I would lean heavily towards relationships and skills. IMO (see I know another acronym), the best investments you can make is in yourself and in others. Go to seminars, take courses, connect with potential mentors, develop mutually beneficial relationships, and have a 10-year vision for where you want to end up.

That’s what I would tell my 18-year-old self. Oh and always use protection…ALWAYS!

Was this article “fire” or what!? (Is “fire” still the new word for cool/good?)

Bradley Jarryd

Dave Ramsey Preferred Finance Coach

The Millennial’s Guide to Money // TikTok & IG: @IamBradleyJarryd

This article is for informational purposes only, it should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions