I was 20 years old when the Great Recession struck. Here’s what I wish I’d known about money back then.

Courtesy of Brynne Conroy

The author, Brynne Conroy, was 20 years old when the Great Recession started.
If she could go back and give her 20-year-old self some advice about money, the first piece would be not to panic about the stock market — if you play the long game, things will eventually recover.
She’d also tell herself not to cash out her retirement account, and to get used to freelancing, because it will become the new norm.
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When I was 20 years old, the floor fell out from under the stock market.

I was following my first husband around the country. I had saved up a healthy emergency fund ahead of our impending move because I knew there was a decent chance I wouldn’t have a job when we pulled into town.

I wasn’t a cocky person, but I was confident in my financial wherewithal. Granted, for a 20-year-old, I was fairly money savvy. But as is the case with every 20-year-old, I had no idea how much I had yet to learn.

If I could go back and have a little financial chat with my overly confident 20-year-old self, here are a handful of things I’d want to tell her:

The economy’s going to keep falling — don’t freak out

This is the worst recession since the Great Depression. You’re going to know people who lose their homes, their jobs or even their opportunity to work upon graduation.

It’s going to feel scary. But you don’t have any money invested in the stock market yet. You have no real estate, and the career field you’re working in is heavily skills-based. The fact that you’re young and have low expectations as far as income goes will also work in your favor.

You’re going to hear people freaking out in the lunch room. It’s going to prompt you to make a trip to the ATM every day to withdraw your savings in cash. It’s going to scare you away from investing.

You’d be wise to calm down. There aren’t going to be any problems with FDIC-insured funds. The economy will slowly but steadily recover. Rather than being afraid of the stock market, now is the time to run towards it.

Eventually things will recover; if you play the long game, the investments you make right now could really pay off.

Don’t give up hope

Courtesy of Brynne ConroyYou’re going to be riding quite the financial roller coaster in the coming years. At times, it’s going to feel like the ride only goes down with no chance of ever again ascending into the sky.

Don’t give up hope. I promise that if you keep at it, your hard work will pay off. You’ll be privileged enough to have financial opportunities come your way, but only after you’ve put in some serious time and effort. You know how to work hard. You just need to learn some patience.

Learn about retirement account rollovers

Over the next few years, you’re going to sporadically be required to make mandated pension contributions. One of those pensions will force you to take your money out eventually, since you’re not vested. You’ll think this is fine and dandy because in that moment, you’ll really need the money.

Don’t do that. Let the money grow and serve you more prolifically in retirement. Learn about retirement account rollovers and your different options. You can move your money into a separate tax-advantaged account independent of an employer, dodging penalties, fees, and taxes for early withdrawals.

Get used to the freelancing thing

About a decade out, the public will start recognizing that America’s workplaces have severely slowed their hiring of W-2 employees in favor of 1099 contractors. This is happening largely so employers don’t have to take on the additional costs, legal responsibilities, and liabilities involved with hiring a W-2 employee.

You’ve freelanced before. You’ll do it again. You’re lucky in that the freedom of freelancing suits your personality, regardless of the career field you find yourself pursuing. But I know it also stresses you out because you were born with a preexisting condition and cannot get medical insurance save through employee benefits.

Within a few years, a federal healthcare bill will pass that protects you and enables you to purchase health insurance without being asked about preexisting conditions. Things are going to be okay on that front — at least for the next umpteen years. I can’t see any further into the future.

Stop being so self-righteous about credit

Yes, you’re debt-free now. You will be for quite some time. But that will not always be the case.

You do not have it all figured out yet. You are strong and admirable with a good head on your shoulders. But remember not to judge experiences you have not lived. Often, it will come back to bite you.

How much could your savings grow when you start putting money away? Find out with this calculator from our partners:

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