3 Financial Mistakes Young Adults Should Avoid with Rachel Wong
Faith & Finance with Rob West
“The way of a fool is right in his own eyes, but a wise man listens to advice.” - Proverbs 12:15 It’s good to learn from your mistakes, but it’s even better to learn from someone else’s. Rachel Wong joins us today with three big financial mistakes that young adults often make…so you can avoid them. Rachel Wong is an Accredited Financial Counselor® and the creator of Open Hands Finance: a biblically-based content curriculum that teaches money skills to emerging adults.
Show Notes
It’s good to learn from your mistakes, but it’s even better to learn from someone else’s. Rachel Wong joins us today with three big financial mistakes that young adults often make…so you can avoid them.
Rachel Wong is an Accredited Financial Counselor® and the creator of Open Hands Finance: a biblically-based content curriculum that teaches money skills to emerging adults.Money Missteps: 3 Easy Mistakes To Avoid As A Young Adult
Money management is a crucial skill, especially for young adults just starting their financial journey. Here are three key financial mistakes young adults often make and how to avoid them:
1. Waiting to Save for Retirement
Many young adults think they’ll start saving for retirement once they “make more money.” This delay can cost them valuable years of compound interest. Starting in your 20s is like taking a leisurely walk—manageable and effective. Waiting even a few years turns the journey into a sprint.Tip: Open a Roth IRA and start contributing small amounts monthly. Even $25 a month can grow significantly over time.
2. Waiting to Start Giving
Some believe they’ll start giving once they earn a larger paycheck. But let’s remember the story of the widow’s mite. Despite her poverty, she gave anyway, reminding us of what it means to be faithful in our giving, regardless of our income.
Tip: Begin giving a small, regular percentage of your income now. It’s not just about generosity—it’s about developing a habit that aligns your heart with God’s abundance.
3. Relying on Willpower for Savings
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