Follow these 5 money rules while you’re still young—or ‘regret it later in life,’ says finance expert

Comedian Chris Rock’s advice for kids is great: “You can’t be anything want; you can be anything you’re good at, as long as they’re hiring.” MBA professor Scott Galloway’s advice is also great: “People who tell you to follow your passion are already rich.”

It’s an unpopular message, but a career that isn’t your passion, yet earns a good income, can be preferable to the alternative. This is less about money and more about freedom. A low-income passion job may breed resentment as you get older and have kids, mortgages and all kinds of higher bills that become burdens large enough to suffocate the joy you get from working in your passion

A job you merely like that pays a decent salary (provided you live below your means a save a chunk of that income), however, can eventually offer a level of financial flexibility that lets you pursue passions as hobbies purely for their pleasure.

Morgan Housel is a partner at The Collaborative Fund, behavioral finance expert, and former columnist at The Wall Street Journal and The Motley Fool. He is also also the author of the upcoming book “The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness.”

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