Utilize Compound Interest Early
Compound interest means that if you invest money, you will gain more and more interest off of that investment. This means the longer that money is invested and gaining compound interest, the more you'll make. Even if you invest a couple of hundred dollars, you could turn that into hundreds of thousands of dollars in the future. The earlier you start investing, the more return you'll get. This is why it's important for young adults and college students to start investing right away.
Invest in Solar Panels
Start thinking about making investments that will lower your monthly costs. Investing in solar panels will cost you at first, but they will pay for themselves quickly. You can eliminate your utility bill and help the environment while you're at it! You'll also get tax rebates and incentives from the government for going solar, so the cost won't be nearly as much as you think it'll be.
Invest in Yourself
Going to college may seem like a big waste of money to a lot of people, but if you really put the work in and focus on a career path that will pay off for you, that's the greatest investment of all. By investing in graduate school, for example, you'll be setting yourself up for a lifelong career in your field of choice. This is an investment that will pay you for the rest of your life.
Learn to Live on Less and Save/Invest More
Try to cut out unnecessary purchases such as going out for drinks or food, going to concerts every weekend, or going to the movies. Instead, put that same money in a savings account or invest it. You'll end up saving a ton of money every month, and you'll make money off of that money. This doesn't mean you should never do anything fun, it just means you should think twice about going out for sushi every week.
Buy a House
This may seem like a huge purchase, but buying a house is a much more financially smart move than renting for years on end. If you are laying down roots in a city, consider taking out a mortgage for a house. You'll be paying your monthly mortgage instead of paying rent to a landlord. Eventually, you'll either completely own your home or sell it (hopefully for a profit), instead of just throwing money to a landlord.
