The 7 Secrets to a Wealthy Life That No One Tells You in Your 20s

Campfire Wealth
Jul 7, 2023
6 min read

Updated: Jul 8, 2023

Written by: Campfire Wealth | Time, Money, Health

Secrets to a wealthy life

Welcome to the 20s, the decade where you're finally old enough to do whatever you want, but you're still young enough to not know what you're doing. It's a time of great financial opportunity, but it's also a time when it's easy to make mistakes. That's why I'm here to share with you the 7 secrets to a wealthy life that no one tells you in your 20s. These secrets are not magic, but they will help you make the most of your opportunities and set yourself up for fulfillment in the future. So buckle up, 20-somethings, and let's build a wealthy life!

1.) Time is your most precious resource

I imagine you’ve heard this before. Most books about wealth or any interview you see with the uber-rich will touch on this theme. The thing is that when you are young you are wired to feel like you will live forever. It’s biological programming.

I had my fair share of motorcycle near-death experiences in my 20s and even a close call with a lightning strike. You would think that might have shifted my mindset to maximize the value of time, but it didn’t. So what do I wish I had done to not take time for granted?

Daily gratitude. There are plenty of resources on how to practice gratitude. It’s worth it!
Be present. All you can control is the present moment, enjoy it. Don’t dwell on the past or worry about the far future.
Live with intention. Set short and long-term goals and take action. Lead to a life that is meaningful to you.

2.) Understand the rules of the game

Life is precious. It’s against amazing odds that we each even have an opportunity to take part. So let’s breakdown the game of life:

Setting - You’re a speck of dust, on a tiny rock, floating in an infinite space.
Objective - Maximize the life value of your time left. It’s up to you to decide what maximum life value looks like.
Players - It’s just you. There is no competition except what you create. All of the input and experiences are taken in and processed by your brain. You to decide what to do with that information. No one else.
Length - It’s unknown. But rest assured it will most likely be over before you are ready.
Winning - Gain knowledge, level up life experience, build relationships, and at the end look back with as few regrets as possible.

3.) Understand money

We tend to look at money in terms of what it can do for us. Which means a medium of exchange. You should look at money in terms of what it represents. Money is stored time. When you work, you exchange your time for money. If you die with excess money, that is time you sacrificed and are now passing on to a lucky recipient.

If you work for someone else, they leverage your time to make more money than what they pay you. That’s why it pays to own the business. A question to always be asking is, “Am I getting maximum money in exchange for my time?” If you work for someone else, it is likely that you aren’t.

There is a famous quote by Henry David Thoreau, “The price of anything is the amount of life you exchange for it." You can give away time, but you can’t ever get it back. So when you spend your hard earned cash, make sure it’s worth it.

4.) Invest in yourself for maximum returns

Always bet on yourself. The more you learn, the more life experience you gain - the more value you can generate. And you get paid based on the value you provide. Life is success and failures. Failure can actually help you level up quicker. So keep putting yourself out there.

Want to get more money in exchange for your time? Increase your knowledge. Take a course, hang out with smart people, work for someone you respect, and continually seek new opportunities. Figure out who you want to be in 10 years. Now go find that person today and spend time around them.

You may have to do a decent amount of this self-investment during your off-work hours. But as they say, “Hard life now, easy life later. Easy life now, hard life later”.

5.) This is the time to take risks

You’re young! Now is the time to take some risks. Not dumb physical risk - the financial kind. At this stage of your life, you have the opportunity to quickly bounce back from money mistakes. You don’t have a lot to lose but there is tons to gain. This is called asymmetric upside. Always be on the lookout for asymmetric opportunities - big upside, small downside.

Avoid crippling debt. But this isn’t the time to pinch every penny you can to save for retirement at the cost of everything else. Spend money on life experiences and activities that are difficult to enjoy later in life due to financial responsibilities (partner, spouse, debt, kids, etc.) and health. Travel, explore, pick up new hobbies, and experience different cultures.

Your 20s are not going to make or break your retirement success. Over save only if you don’t have a better opportunity for personal investment.

6.) Make the most of your health and flexibility

This is a unique window where health and life flexibility overlap. Until they figure out how to stop or reverse aging, you’re gonna get old. You may not have huge financial means now but amazing experiences can be had on the cheap. Staying in a hostel in your 20s is completely different than trying to do it in your 50s! Hiking the Appalachian Trail is easier when you aren’t coming up on a knee replacement.

Create shorter-term goals for those things that you may not be able to physically do later in life. Or may not have the risk appetite for as you get older. The time value of years in your 20s are some of the highest in your life when it comes to adventures requiring higher physical capability. Make the most of it.

7.) Create meaningful relationships

Studies have been clear that one of the keys to happiness is strong social connections. I’m an introvert so spending a lot of time around people isn’t my thing. But time with my family, loved ones, and my close circle of friends brings me a lot of joy. The highs and lows in life are best experienced with others. Even a small group of people that are important to you can provide a great emotional return.

Always try to find time for the people that matter. The people that we love and care about are never around for as long as we’d like. Make the most of your time and theirs. If you’re working excessive hours or spending time on less meaningful activities is your time being spent well? Will you wish for that time back for another moment with someone important to you?

Keeping in touch or carving out time can be a struggle. It’s the same for everyone. Sometimes it’s up to you to keep those relationships strong. Just do your best to set a schedule and hold yourself accountable. One could argue this is the most value you can get for the time spent.

That’s it, that’s the list. I wish I knew this stuff much sooner. In your 20s you are time wealthy. Don’t take this for granted. There are plenty of 8 figure plus net worth 60+ year olds who would give up all their money to change places. It’s not more money that rich people want, it’s more time. You have probably seen the longevity trends with the uber wealthy.They want what you have - youth! Make the most of it.

Some easy actions to take right now:

Make gratitude a priority. Start now. Write down (in your phone or on actual paper) three things you’re grateful for. Don’t overthink it. Work to make this a daily habit. Pick a consistent time, like each night when you brush your teeth.
Pick a month (in the next 6 months) that you’re going to take a trip. Write it on a sticky note and paste it on your bathroom mirror. Tomorrow write down 5 places you’d like to go (here’s a freebie - Portugal). Continue to take small steps for the next week until you have a plan. Then buy tickets. Having something to look forward to makes life better.
Pick a day and set a weekly reminder to reach out to your immediate family and close friends. Just a quick text saying “Hi! Hope you’re good!” is perfectly fine.

If there are any things you would add to this post, add them in the comments. If you know a 20 something that would benefit, please share this with them. Life is short, enjoy the hell out of it!