6 money lessons I wish I knew in my 20s + MORE Apr 28th

Conversations about money, especially negotiations, can be emotionally loaded, awkward and uncomfortable. Money talk can trigger distrust, ambivalence, insecurity and counter-productive passive or aggressive behaviour. Distress is common when discussing money, whether it’s a business conversation (a raise, employment terms and so on) or a personal conversation (shared expenses with a roommate, divorce settlements and more). 

Don’t worry—a negotiation doesn’t have to be adversarial, like in collective bargaining. It can be a cooperative conversation that improves clarity, fosters mutual understanding, resolves potential differences, forges win-win agreements and prevents future problems. 

Negotiation engine and steering

Captaining a ship to a destination is a good metaphor for navigating negotiations to arriving at win-win agreements. It points to two skills you need for successful negotiating: prep and communication. 

Financial preparation (setting goals, limits, acceptable trade-offs and more) comprises the “engine,” propelling you forward in the conversation…

Introducing Making It, a new column in which writer Sandy Yong aims to help young adults get their financial footing.

Being in your early 20s is full of exciting milestones, but it can also be a nerve-wracking time. With so much to learn—from choosing a career path to renting your first apartment—it’s not always easy to know if you’re making the correct choices, especially when it comes to your finances. You have to learn how to spend, save and invest your money, and to figure out which credit card to get or how to finance your education. And, if you’ve ever made mistakes with your money, it’s easy to feel like that one wrong move has thrown you off course for good.

Looking back, I made plenty of money mistakes along the way, too. The good news? I learned from them, which made me more confident in the way I handle my personal finances now. Here are six important money lessons I wish I knew when I was younger.

1. Your career choice is a financial choice

Reflecting back, it would have been wise to heavily research which types of jobs offered which salary ranges before beginning post-secondary education…