How to Financially Plan in Your 20s

Making the right financial decisions in your 20s can long-term give you a great lifestyle for the rest of your life. The following are some tips I've learned through seeking out people who were older and wealthier than me:

1) Find a mentor who is good with money.

You may have someone in your family who always seems to have money under control. This doesn't happen to people by accident. Take the time to listen to what they have to say.

2) Read books that increase your financial knowledge, including those traditionally geared for older age groups.

After awhile, you'll begin to notice trends that keep coming up over and over. You may not want to take the advice of every book at face value, but it gives you a great starting point to thinking for yourself.

3) Learn the concept of delayed gratification.

Short-term sacrifices can become huge long-term gains. Most people in society want things immediately, which is why most people are in debt their whole lives. Rich people often do things that average people find uncomfortable. If you take the time to live below your means and eliminate your debt in your 20s, you can easily be a millionaire by retirement (and retire younger) just by saving what you'd be paying banks in payments. At the very least, learn to stop borrowing money as a solution to your problems. It's not always easy, but it's worthwhile.

4) Find ways to increase your existing income.

Most people are raised to be employees, but it's not your only income option. Investments are good as well, with the realization that they usually only work long-term (5 years+) as opposed to short-term. Never invest in anything you don't understand. If you have no debt, a matching 401K through your job or a Roth-IRA are a good place to start.

5) Part-time businesses are also great to explore in addition to your job and can be transitioned into large income sources.

There are a lot of great businesses out there that take very little money to start-you just have to be willing to do the work and get things to the point your physical presence is not required for the business to work. There are general business books that can show you how to do this.

6) Don't be afraid of making mistakes.

I don't mean go out and do stupid things on purpose. It's just sometimes things happen that you thought would work out right but they don't. Instead of letting it bother and discourage you, learn from it and move forward.

Additional Tip:

• If you start several small businesses that bring in repeat income, you can see how those incomes can be "stacked" to create wealth. This is also known as residual or passive income, which can produce you both time and money if you're willing to do a few years of intense initial work. From a personal standpoint, this is what is helping me retire before I'm 30. I can't tell you what's on TV every night, but at this point I really don't care. Getting to do the fun stuff yourself instead of watching other people is great!

How to Find Nice Gifts for People in Their 20s

Need a gift for someone in their 20s and not sure what to get them? Here is a basic list of what I think are great gift ideas to consider for people my age, which I also hope can fit within most people's budgets:

1) Consider Accessories for Gadgets We Already Own:

Many people in their 20s own either an IPod or similar media player. You can find cases for these (similar to cell phone cases) as well as attachments with different features such as microphones and cameras.

People who have digital cameras (regular and on their cell phones) usually like having extra storage cards, which can be used to transfer files between computers as well. You'll just need to ask what type they have.

2) You Can't Go Wrong With Gift Cards:

These are great, especially if they involve some kind of activity like movies or restaurants. If you know their favorite store, most will have some kind of gift card available.

3) Find Out if They Would Like Tickets to Events:

This is another thing you'd have to ask about if they have a favorite performer who has ticket prices within your budget. That falls into the category of something fun that people may not do for themselves. Just make sure they can make it to the events.

4) We'll Appreciate Anything that Fits Our Hobbies and Interests:

I like it when people are thoughtful and have spent some time finding something that fits me. It doesn't have to be expensive, and the fact you put some time into it shows that you care. Some ideas to think about are what type of music they like, their favorite movies or books, how they spend their free time, etc.