What important things does a 20-year-old need to know about money and finance?

I’ll keep it as short and digestible as possible.

Money is a living necessity, no matter what your living philosophy is.

Being rich is better than looking rich. You don’t have to buy things you don’t need to impress people you don’t like.

Money isn’t the root of all evil. The lack of money is. Think about it.

Being poor is expensive. The poor can’t buy things in bulk and is subject to higher interest rates. That said…
Don’t hate the rich. Hatred is pointless. Improve your own financial situation instead.

Money in constantly flowing. Position yourself so that it flows towards you, not away from you.
Always live below your means. Discipline is what you need.

The devils are in the details. Small, frequent expenses add up quickly. Take photos for each receipt and go through them at the end of the month. You’ll be surprised.

High salaried professionals can be poor. It’s not about how much you make, but how much you keep and invest.

Assets generate money, liabilities cost money. If you’re serious about your financial well-being, learn the art of building assets.

Debt is a monster. Unless you’re skilled at leveraging good debts, never touch debt. It will eat you alive. I’ll say it again - Never. Touch. Debt.

Leverage compound interest. With sound investing strategies, it is capable of growing your wealth by at least 20x over decades.

You are your best investment. Before you investing in stocks, real estate or anything, you have to be financially educated first. Don’t put the cart before the horse.

Last but not least…

Money is merely a tool, not the end goal. If you sacrifice everything for money, you’re missing the big picture of life. Remember, money is a good servant but bad master.

All the best in your financial journey.