12 BEST Purchases To Make In Your 20s and 30s
Imagine reaching your 40s with the freedom to live life on your terms, financially secure, and worry-free 😊.
The secret to achieving this dream starts with the smart choices you make in your 20s and 30s.
In this post, we'll be revealing the 12 best purchases that will help you build wealth and set you on the path to freedom and abundance in your 40s and beyond.
Whether you’re just starting out or looking to optimise your spending, these tips will transform your future.
Note that you can't do all 12 of them at the same time, the key thing is to choose from the list what works best for you in the current season of your life.
In case you're new to our work, I'm writing this having turned 40 recently.
I also started life in the UK as a first-generation immigrant with no money and limited rights at the age of 14.
However, we achieved Financial Independence at 34 including mortgage-free in 7 years with many sacrifices, risks taken and wise choices made about money (after some mistakes).
12 BEST Purchases To Make In Your 20s and 30s
Here are the 12 best things we'd put money into if we were doing this all again.
1. Own the world 🌍
One of the first things I would purchase with my money would be to invest to own the world.
This means investing in index funds or ETFs that have allocations across some of the best companies globally.
By spreading your investments geographically, you can benefit from the growth of companies and economies worldwide.
Start early and you will be guaranteed a future of freedom and much more abundance.
This week alone, we helped two work-experience students start investing at the ages of 15 and 17.
Imagine what future they could have thanks to compounding.
2. Buy quality books 📚
Investing in books is a big differentiator when it comes to financial success.
Reading a variety of books from different genres has a strong correlation with creating a level of financial security and freedom.
I can specifically point to different levels of success in my life tied to specific books that resulted in a shift in my mindset and skillset.
In fact, I credit a book to helping me become a CFO years ago when it was my ambition.
I'd even say that this should be a consideration if you're dating.
Ask your potential life partner what book they last read.
It might be a red flag if they don't read any quality books at all.
Here are some categories of books worth investing in:
- Careers: Books to help you level up in your career, understand different job roles, and guide you to achieve your career goals.
- Marketing: Resources to help you understand the principles and strategies of marketing.
- Finance: Books to enhance your knowledge of personal and business finance.
- Sales: Books that pair beautifully with marketing and provide insights into the art of selling.
- Creativity: Books to help shift your mindset and unlock your creative potential, even if you think you're not naturally creative.
- AI and Technology: Books to keep you updated on the latest advancements in artificial intelligence and technology.
Money Book Recommended: Financial Joy: a 10-week Plan to help you Banish Debt, Grow Your Money and Unlock Financial Freedom
3. Wedding Rings and Surprises 💍
Investing in a wedding ring is more than just a symbol of love and commitment.
It can also provide important protections and advantages, such as reducing inheritance tax, wealth protection, and security for your family.
It's not about the cost of the ring, but rather the commitment it represents to your future partner.
Surprising your partner can also indirectly correlate to your future wealth, as it can keep your relationship fun, interesting, and together, potentially avoiding the costs of divorce.
This year makes it 13 years we've been happily married as a couple 😍.
I can tell you for sure that doing things together as a duo has not only made us happier but wealthier.
Note, that you can do the same as a single person too with a plan and lots of intention!
But, there are important wealth advantages that married people have.
All that said, please only marry the right person for the right reasons, which for us is love and commitment.
Everything else is a bonus!
4. Insurance 🔒
When it comes to insurance, two key areas matter for your youth.
Firstly, life insurance is crucial for providing financial security for your family members in case of your absence.
The younger you buy it, the better and cheaper it remains.
Secondly, there are many other forms of insurance that can provide important protections for your future, but we'd like to highlight health insurance.
Again, the younger you do it, the cheaper it is and the more likely you'll get good coverage without pre-existing conditions.
Although we have the NHS in the UK and this can be good depending on where you live, health insurance is a second layer of protection for when you really need it.
5. Property 🏠
Investing in property is a significant step towards building wealth and security for the future.
Whether it's buying a house or considering property investments, the benefits of property ownership go beyond just having a roof over your head.
It can provide financial stability, security, and serve as a valuable asset for retirement.
Although buying a house is out of reach for a lot of people, one approach is to consider pooling funds with others.
We've seen a growing trend of young people coming together for property joint ventures and owning parts of something rather than zero per cent of nothing.
If you're considering property investments, it's important to explore different strategies, such as buy-to-let, HMOs, flipping, and buy-refurbish-refinance, etc.
However, property investment comes with risks, so it's crucial to do thorough research and consider your risk tolerance before diving in. It's not for everyone!
See week 9 of our book where we cover in detail 6 property investing strategies with practical case studies to help you implement them.
6. Buy back time ⏰
Investing in buying back time can be one of the best decisions you make for your future.
By simplifying your lifestyle and outsourcing tasks, you can free up valuable time to focus on what truly matters to you.
Whether it's hiring a cleaner, getting a Virtual Assistant (VA), or outsourcing meal preparation and childcare, buying back time allows you to prioritise your freedom and well-being.
We've personally found that adjusting our lifestyles to free up the budget to get a cleaner and a VA, has been one of the best investments we've ever made.
In addition, we also sometimes pay for someone to batch cook for us as a way to free up our time to focus on time together as a family.
7. Holidays & Retreats 🌴
When I look back on my life over the last 10 years, one thing reflect on almost every week is the beautiful travel experiences we allowed ourselves to have.
I never think of my jobs in the same way and this says a lot.
We've travelled to 30 countries and counting over the last 15 years with some of my favourites being Tanzania, Italy, St Lucia, Ghana, Indonesia, Egypt, etc.
Travelling and going on retreats is a life-changing experience.
It’s important to balance work and play and allocate a portion of your income to enjoy your life.
Start with 5% of your net income and when you're fully debt free (having paid off all expensive debts), gradually increase this percentage.
By travelling, you can feed your soul, improve your well-being, and create unforgettable memories.
Even if you can't travel at the moment, having a vision for your life and planning for it can make it a reality over time.
We plan at least 12 months ahead to get the best deals and keep costs lower.
So far, collecting Avios points using Amex has helped us gain Business Class upgrades and save thousands.
Please only do this if you'll pay off balances monthly without fail and will use a card like this for planned purchases.
8. Buy a business off the shelf 🏢
Starting a business can be intimidating, but you don’t have to start from scratch.
Buying a business off the shelf can be a great way to become an entrepreneur without having to start a company from the ground up.
Growing up, I saw my mum buy a medical services company off the shelf and turn it into an agency.
It helped me believe that there are other ways of becoming an entrepreneur.
Consider looking into websites like Empire Flippers and other similar platforms to find businesses for sale.
Take time to do your due diligence.
Alternatively, look on social media for accounts with over 10k followers and DM some to ask if they want to sell.
A lot of the time, people grow a following online but don't know how to monetise it. This can be your opportunity!
9. Good quality food 🍏
Many people are dying slowly simply because of the poor food they choose to eat.
Investing in good quality food is crucial for living a healthy and fulfilling life.
Even if you ate a smaller portion but ate good quality food, you're setting yourself up for success.
By prioritising wholesome foods and cutting out junk, you can nourish your body and avoid the negative effects of consuming low-quality, processed foods.
Good quality food not only contributes to your overall well-being but also helps you avoid health issues in the long run.
Recommended reading about good quality food is ‘Ultra-Processed People'.
10. Tailored coaching & advice 🤝
Seeking tailored coaching and advice can be a game-changer in your journey towards building wealth and financial independence.
Whether it's financial and business coaching, or advice from experts in various fields, investing in the right guidance can help you make informed decisions and avoid costly mistakes.
Having the right people around you, such as financial planners, estate planners, and other advisors, can provide you with the knowledge and support you need to level up and achieve your financial goals.
11. A reliable car 🚗
Investing in a reliable car is crucial, especially in your 20s and 30s.
It's easy to be influenced by social media and feel the need to have a flashy car, but it's important not to prioritise a nice car at the expense of investing for the future.
Avoid buying a car on finance (if possible) and opt for a reliable, basic car that meets your needs.
By doing so, you can save money and invest for greater wealth and freedom.
We don't just say it, we're living it today.
Our car is 8 years old, cost less than 10k and we paid cash.
We never worry about it and instead invest our money to create more financial freedom.
12. Health 🏋️♂️
When it comes to your health, there are three key aspects to consider: physical health, mental health and spiritual health.
Prioritising your physical health through regular exercise can have a positive impact on your overall well-being.
Whether you have a gym membership, work out at home, or enjoy outdoor activities, investing in your physical health is essential.
We converted our home shed into a small home gym and it's one of the best investments we've ever made.
Additionally, nurturing your spiritual health by making time for meditation, prayer, or other spiritual practices can contribute to your overall sense of well-being and fulfilment.
For us, this is about prioritising our relationship with God and putting it first in all that we do.
Finally, there is mental health especially post the pandemic.
Many of us are struggling in many ways and being distracted more than ever online.
Try to spend more time in the physical world with friends, family, among nature, etc.
This is what we're doing to improve our mental health.
You may also want to consider therapy or counselling.
Here are some additional bonus points:
Bonus 1. Wholesome events and Members' clubs
Investing in wholesome events and members' clubs can be a great way to align your money with your interests.
By attending events that align with your passions, you're more likely to network with like-minded individuals and build valuable connections.
Whether it's music performances, mental well-being events, or property seminars, these gatherings provide an opportunity for networking and personal growth.
Mary and I actually met at a property investing event and 15 years later, we're still going strong.
If you're single, be led by your interests and related events as a way to meet a future partner.
Bonus 2. Another Passport
Investing in an alternative passport can be a strategic move for those considering a change of residency.
Obtaining a passport from another country can open up new opportunities and provide a sense of security for the future.
Whether it's for lifestyle reasons or broader geopolitical considerations, having a second passport is worth considering as part of your long-term financial planning.
Conclusion
The future financial life that you desire awaits you but it begins with making wise and intentional choices today.
Wealth is more than money, so in addition to looking after your finances, ensure that it is not at the cost of your well-being.
If you focus on achieving a balance today, your future self will thank you for it years from now when you're alive and well to further enjoy the fruits of your labour.
More to read on the 12 best purchases to make in your 20s and 30s:
- Get Financial and Business coaching to build wealth
- 10 Budget Friendly Best Places to Retire in The World
- 40 Years Old and Nothing Saved For Retirement. Do. This!
Which of these 12 best purchases to make in your 20s and 30s will you be making and why? Comment below
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