What are the most common financial mistakes 20-year-olds make?

1. Not saving and investing now as they assume it is `too small`
2. But even $50 a month invested now is worth $700 at 65, or more, in inflation adjusted terms
3. Not reading on finance
4. Peer pressure. I did this. Spent money on impressing people I don’t even like
5. For example, going out drinking at university, when you don’t even like drinking.
6. Not learning from others
7. Not focusing on long-term goals. If you are 21–22, you don’t need to care about your salary at 24 or 25
8. You see so many people on Quora saying `I am 18, how can I get rich quick`. The reality is, in 5 years you will only be 25 or 26. 10 years , 30–32.
9. Linked to number 8, avoid chasing high basic salaries in certain situations. Most graduates focus on the highest basic salary, but one of the best things younger people can do is go into a highly focused career. Like recruitment, real estate, sales or whatever. Have a small basic. Don’t give a damn about money in year 1, 2, 3 or even 4. Learn your craft. By 26, 28 or 30, you are much more likely to be making good money compared to your peers who took the `stable route`
10. Learn to fail . Trail and error.
11. Avoid get rich quick schemes
12. Avoid `boxing yourself in` by buying property or being closed minded to emigration.
13. Get a job after graduation. Get good at it. Then start your own firm. Not the other way around.

Source : Adam Fayed