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By Lesley Scorgie / Illustration by Christine Stephens

When I was 10, most kids my age were playing with games and toys. I spent my down time investigating the stocks of the companies that made these games and toys. My hobby growing up was learning about money: how it works, how it grows, how to make it, and how to spend it. I learned, through firsthand experiences, to develop a healthy relationship with money. Why? Because getting smart and savvy with your cash gives you the freedom to make choices and decisions, to make your dreams a reality. Wealth is not a dollar figure – wealth is about freedom. These 10 tips will help you get started down financial freedom road.

1. Start Now

Whatever your financial situation may be, start investing right now. Time is of the essence. The longer you wait, the less wealthy you’ll become. Think of it like this: by waiting, you are actually cheating yourself out of money. Start when you’re young. You’ll thank yourself later.

2. Take Control.

Healthy money management requires that you learn to spend wisely, handle debt appropriately and sometimes change your priorities. Use tools like realistic budgeting and planning to help achieve your financial goals.

3. If You Don’t Need It, Don’t Buy It

Overspending can have an incredibly negative influence on your life. Couples that have spending problems, for example, are typically the first in line for divorce. Overspending can spiral into debt and bankruptcy – and that affects every area of your life. You can control your spending. It just requires a change in your mindset.

4. It Doesn’t Matter What You Have, It’s What You Do With It That Counts

You could be the poorest person on the block. You might only have $25 to save each month. It doesn’t matter. Do it! Don’t be discouraged. There are thousands of very wealthy people who started with almost nothing.

5. Try Mutual Funds

If you’re looking for a relatively safe and easy way to maximize your return – even with a very little initial investment – mutual funds are the way to go. They allow you to get into the market, to diversify, and to contribute limited funds.

6. Contribute Regularly

By contributing to your investment portfolio regularly, you get to take advantage of the average price over the long haul. You don’t have to worry about timing the market. Leave that to the experts.

7. Diversify

If you have all of your eggs in one basket, and you drop that basket, all of your eggs are going to break. Diversify your investments to reduce your risks.

8. Be Patient

Money grows exponentially over the long run. It doesn’t necessarily grow immediately. Hang on for the ride. Markets change so much through time. Try to see past short-term fluctuations and focus on the long term. In the long term, the markets will perform with a return of 11% to 13%. Investors who focus on the short term tend only to make about 4%. Figure out a strategy that suits your risk tolerance level, and stick with it.

9. Pay Yourself First

You need to balance your debt reduction with saving and investing. Don’t concentrate on one area and ignore the other. Try to eliminate the debt that’s holding you back, but always ensure that you’re saving some money as well. Saving for your future should be the top priority on your personal budget.

10. Strike A Balance

Don’t forget the three principles of wealth: spend wisely, save and invest, and give back to your community. This last item can be achieved by volunteering, or by donating funds or goods to a charity. You’ll feel good knowing that you’ve done something positive.

Getting smart and savvy with your money doesn’t have to be painful and boring, but it does have to become a priority. Stop waiting for the perfect moment to invest or save because by doing that, you cheat yourself out of your most valuable asset – time.

Need financial advice? Email lscorgie@unlimitedmagazine.com and we’ll bail you out in an upcoming issue. This column was excerpted from Rich by Thirty: A Young Adult’s Guide to Financial Success by Lesley Scorgie (Key Porter Books), www.richbythirty.com.