Developing a strong wealth and money mindset is a lifelong journey that evolves as we pass through different stages of life. From childhood lessons to intentional financial planning in adulthood, our relationship with money shapes our financial security and overall well-being.
Yetty Williams, founder of LagosMums, and Bimpe Nkontchou, CEO at W8 Advisory, recently discussed tips for nurturing a positive money mindset and building wealth. This is part of their collaboration to help women become more intentional about their money and financial future. Bimpe shared what she would tell her younger self based on her personal and professional experience.
Understanding wealth and cultivating a healthy money mindset can transform your financial future and overall well-being. Drawing from Bimpe’s personal experiences and reflections shared over the years, this article explores how money behaviors evolve through each decade of life. Bimpe’s insights reveal the importance of awareness, intentionality, and strategic planning at every stage, from childhood lessons to midlife financial confidence. Whether you’re just starting out or reassessing your financial path, this decade-by-decade guide offers valuable lessons to help you build lasting wealth and financial security.
Why Wealth and Money Mindset Matter
Money is more than just currency; it reflects our values, habits, and mindset. Bimpe’s story illustrates how deeply ingrained money personalities are and how early experiences shape financial behavior. For example, Yetty shared that her daughter, who took the Wealth8 money personality quiz months ago at the LagosMums UK IWD event, still remembers it vividly, demonstrating how these insights influence decisions.
In this article, we walk through Bimpe’s financial journey by decade, highlighting key lessons and tips she wishes she had known earlier. From childhood awareness to the forties and beyond, her experiences underscore that it’s never too late to start building a strong money mindset and take control of your wealth.
Childhood to Teens (Up to Age 17): The Foundation of Money Awareness
Bimpe emphasizes that money behaviors and attitudes start forming very early, around age seven. During this time, children absorb lessons about money from their environment, often through role models and everyday conversations.
For her, the early money lesson was about not wasting. Her mother taught her to finish all the food on her plate and appreciate the value of money spent on meals, reminding her that money doesn’t grow on trees. This instilled a sense of gratitude and stewardship towards resources.
“When you say waste not, want not, there’s a message there. We absorb those lessons whether we like it or not.”
Such lessons are crucial because they plant seeds of financial responsibility. Bimpe wishes she had been more curious as a child about why some have less and others have more, and encourages parents to foster that curiosity in their children. Teaching children to be thankful for what they have and to save and preserve wealth is a powerful foundation for the future.
The Late Teens to Mid-Twenties: The First Taste of Financial Independence
In this decade, Bimpe’s story shifts to receiving an allowance and the challenges of managing money more independently. She recalls that when she started getting pocket money while abroad, she spent it all without thinking about saving.
Peer pressure and the desire to keep up with trends led to impulsive spending on sweets, fashion items, and shoes. Reflecting back, shr wishes she had developed the habit of saving even a small percentage, such as 10%, consistently.
One memorable achievement was saving for half the cost of her first car—a Volkswagen Jetta—by working summer jobs and budgeting carefully. This experience taught her the importance of goal-setting and saving towards tangible objectives.
“I was proud to have contributed half the cost of my car, but I also came back with thirty pairs of shoes that were dusty and meaningless a year later.”
The key takeaway from this decade is to be intentional about money and to start building saving and budgeting habits early. Even if the amounts seem small, they accumulate and set the stage for long-term financial health.
Mid-Twenties to Late Twenties: Investing in Yourself and Setting Financial Goals
During this period, Bimpe’s financial awareness deepened as she started her legal career, but she confesses that her money habits were sporadic. She dabbled in stocks and unit trusts but lacked a clear financial plan or goal.
Living at home without major financial responsibilities, she admits to being comfortable and not prioritizing saving for retirement or long-term investments. She also highlights the societal expectation of relying on parents or a future spouse for financial stability, which can hinder financial independence.
Bimpe’s advice for this decade is to:
- Invest in yourself: Continue education, skills development, and career growth.
- Save regularly: Aim to put aside at least 10% of income consistently.
- Plan for the future: Think about retirement, home purchase, and children’s education early.
- Diversify investments: Explore stocks, bonds, real estate with a clear goal in mind.
Early Thirties to Late Thirties: Career Clarity, Mentorship, and Financial Intentionality
By the thirties, Bimpe’s focus shifted to career direction and life goals. Though she had started her legal career, she admits she lacked clarity about her long-term professional path and financial aspirations.
One of her most valuable lessons was the importance of finding mentors and role models—people with more experience who can provide guidance. This intentional approach to learning and networking can accelerate career and financial progress.
She also stresses the need for couples to have open and honest conversations about money early in marriage or partnership. Aligning financial goals, budgeting together, and understanding each other’s money mindset helps avoid conflict and debt.
“Talk about money. Make it a money date. Discuss aspirations and plans honestly to avoid red flags.”
In this decade, Bimpe encourages self-awareness and intentionality about money, relationships, and career. Don’t drift aimlessly; set goals, review progress regularly, and be mindful of the company and social circles that influence your mindset.
Late Thirties to Late Forties: Building Financial Confidence and Estate Planning
In her forties, Bimpe started to feel more financially confident but reflects that this awareness came about ten years later than ideal. This decade is when many people begin investing seriously, reviewing finances every six months, and thinking about retirement.
She emphasizes the critical importance of estate planning once you have children. Having a will, appointing guardians, and planning for your family’s future is a responsibility that cannot be delayed.
Other important financial habits during this time include:
- Reviewing and updating your retirement plans and savings.
- Setting up education funds or junior ISAs for children’s schooling and university costs.
- Understanding your triggers for impulsive spending and finding healthier coping mechanisms.
Bimpe shares a humorous personal example of stress-buying coats but highlights the importance of self-awareness about financial habits and emotional triggers.
Late Forties to Fifties: Reassessing, Diversifying, and Securing Your Legacy
This decade is about reassessment and securing your financial legacy. Bimpe advises people to seek professional advice if they haven’t yet organized their finances comprehensively.
She reminds us that life is unpredictable and stresses the importance of having an exit plan and ensuring your assets are managed in line with your wishes.
The goal is to feel financially secure and liberated, knowing you have an emergency fund, investment portfolio, and plans that protect your family and future.
The Power of Intentionality and Starting Small
Throughout her journey, Bimpe highlights the power of being intentional about money. Whether it’s saving 10% of your income, having regular money conversations with your partner, or setting financial goals aligned with your values, intentionality is the key to building wealth.
She also stresses that starting small is okay. You don’t need large sums to begin investing or saving. Even putting aside £8 a month through apps that fractionalize investments can grow significantly over time, thanks to compound interest.
Technology can democratize wealth-building, removing barriers to entry and making it accessible for everyone, regardless of income level.
Building Wealth Is a Lifelong Journey
Bimpe’s decade-by-decade reflections remind us that building wealth and cultivating a healthy money mindset is a lifelong process. It requires awareness, education, intentionality, and sometimes course correction.
It’s never too late to start, but the earlier you begin, the more time your money has to grow. Each decade’s lessons build on the previous one, creating a foundation for financial security, independence, and peace of mind.
Remember, money may not buy happiness, but it does buy security—and that security is priceless.
Frequently Asked Questions (FAQs)
At what age should I start learning about money and wealth?
Money behaviors start forming very early, around age seven. Early lessons about saving, gratitude, and avoiding waste can set a strong foundation for future financial habits.
How much should I save each month in my twenties?
Aim to save at least 10% of your income consistently. Even small amounts add up over time and help build the habit of saving and budgeting.
Why is it important to talk about money with my partner?
Open money conversations help align financial goals, avoid misunderstandings, and reduce tension. It’s essential for building trust and financial teamwork within relationships.
What should I focus on in my forties regarding finances?
Your forties are a critical time for reassessing your financial plans, investing seriously, and estate planning—especially if you have children. Consider retirement savings, education funds, and having a will in place.
Is it ever too late to start investing?
No, it’s never too late. Even if you start in your forties or fifties, investing regularly and wisely can improve your financial security. Seek professional advice if needed to create a tailored plan.
How can technology help me with saving and investing?
Modern apps allow you to start saving and investing with very small amounts, making wealth-building accessible to everyone. They often offer diversified portfolios tailored to your risk appetite.