From Yahoo Finance: 2025-05-24 13:01:00

In November 2024, the median net worth for those in their 20s was $7,638, compared to $35,649 for those in their 30s, according to Empower Personal Dashboard data.

A new car payment averaged $753 in April 2025, not including ongoing costs like premium gas, insurance, and maintenance, advised finance YouTuber Jaspreet Singh.

Avoid taking out expensive auto loans for fancy cars in your 20s, recommended Singh. Invest extra cash instead and wait to upgrade your vehicle in your 30s.

Luxury purchases like a Rolex or designer clothes may not retain value and can lead to debt. Hold off on these items until you’re older and financially secure, Singh advised.

Avoid booking expensive vacations that can damage your finances. Wait until you have cash to spare to avoid credit card debt, Singh suggested.

Wait to start a family until your finances are in order, advised Singh. Choose a partner wisely to avoid financial problems and potential divorce.

Avoid buying a home beyond your means in your 20s, cautioned Singh. Consider all costs, like utilities and repairs, which can strain your budget.

Reduce debt in your 20s to build wealth. Invest less to pay off high-interest debt sooner, saving on interest and reducing financial stress, Singh suggested.



Read more at Yahoo Finance: Avoid These 7 Big Wealth Killers in Your 20s