You asked for 5, I'll raise and spot you 10 answers.
1. Have a damn plan. Seriously. You need to write out a financial plan and review it on a weekly and monthly basis. A monthly basis to get the high-level stuff, weekly to check in on your investments, spending habits and income. What gets tracked, gets measured. What gets measured gets a chance to make changes in what is not going right, and to keep up what is headed in the right direction.
2. Keep your spending in check. The less you have, the more you need to not waste. Review all your existing bills. Do you have a neighbor you're friendly with? Split the internet bill and share the WIFI. Have family members or friends that you're tight with? Get on a family plan for your cell phone and reduce your monthly cost. Kill subscription services you aren't using. Haven't watched a Netflix movie in weeks? Cancel it and get a library card to rent DVD's. Don't spend on things that you don't use or derive value from.
3. Don't buy a new car unless you are loaded, or have a very specific business need for one. If you have a business, sometimes buying a new vehicle makes sense from a write-off standpoint. It almost never makes sense to buy a brand new car as a consumer. Instead, buy one only a few years old. Already 25% depreciation (and thus your savings), but still tons of life left.
4. Never pay full price for anything. Use cash back websites like
http://www.ebates.com,
http://www.befrugal.com and others to reduce the cost of purchases through cash back. Still, don't buy things you don't need. Always negotiate on bigger ticket items. You always have the power of the walkaway in any deal if the price isn't right. Learn from Trump on this. Walk away if it is a bad deal.
5. Get your credit to be top-tier ASAP. It will save you countless thousands in the long run. Get great cashback credit cards (4%-5% cash back for gas with Costco, PenFed, etc.), an everyday 2% cashback like Citi Double Cash, etc. Make sure all of your bills are set to auto-pay off cashback credit cards. You're going to pay anyway, so get the rewards. Every six months, ask for a credit line increase on each of your cards, but not if they will hit you with a hard inquiry. Call to find out.
6. Get a personal line of credit, just in case of emergencies or some other unexpected expense. Leverage matters and the best way to have more leverage to get out of trouble (or invest) is to have more access to capital. I've built up $200k worth of available credit that I rarely charge things to. It is always there if I need it. Remember, leverage gives you options.
7. Just like a car, don't buy more house than you can afford. If you haven't been on a strict budget for yourself for a long time before buying a house, becoming a home-owner will be a rude surprise. Buy at least 10% less house (or cheaper!) than you can afford. You WILL have unexpected expenses. Keep your monthly payment manageable, even if you were to lose your job for six months, you should be able to still make payments on a crappy job and/or from your rainy day fund.
8. Don't dump all your investment cash in highly volatile instruments like Bitcoin. Portion out a growth strategy and a stability strategy. Mix it up. Diversity in risk matters. Use dollar cost averaging when investing. Study, study, study, then study some more. Then study. Then invest.
9. Don't be afraid to live with roommates or parents as long as possible. Stack that cash to make the largest down payment on a house possible. A friend of mine has a $350k mortgage that is being paid for each month by 3 roommates. He's basically living in his own house with zero rent bill, while building equity in an expensive part of California. He'll be able to pay off his mortgage early at this rate. While we're speaking of mortgages, learn about how evil amortization schedules are for you, the borrower. Your first several years of a loan are the most expensive. Pay down that extra principal as fast as possible and build equity. You can always borrow against your house if you need funds later on. A 30-year mortgage turns out to cost you twice or three times what the house costs you if you pay it on the original schedule.
10. Last but not least, get a money mentor. Find a wealthy dude who likes sharing his knowledge, and become his confidant and friend. Help him solve his business needs and in exchange, show curiosity and ask questions. Most of what I learned about building wealth you don't find on CNN Money or CNBC. You talk with old money that knows the score. If you're old and wealthy, it is because you're smart enough to outlast the rest. Find a teacher and take notes, then put it into practice.
Bonus, here's even more:
11. Don't go to college if you're not in STEM, or you don't have a full-ride scholarship. The math doesn't square. If you're going to drop $100k of your own money in debt, go open up a business. Being your own boss is a great thing if you're smart and disciplined. If you're not an entrepreneur type, join a trade school and make money with your hands.
12. Sell things you don't need. Besides the regained money from Craigslist, amazon, ebay, etc., you'll clean up your house and be a lot more focused. Making money is largely about focus. Find your niche and focus like a hawk. When you have less crap and distractions, you can achieve your goals a lot easier. Turn off your cell phone during financial planning stages. Use Evernote to spell out your financial future and how to attain it.
13. Sites like
http://www.personalcapital.com and
http://www.mint.com are great budget and wealth tracking tools. Stay on top of things.
14. Don't hang around people will poor money management skills that show no desire to improve. Part of making money is being around people that don't waste it. If all your friends are club rats that blow money on bottle service, pretending to be rich, but carrying $30k worth of credit card debt....guess what...you'll probably be in debt too you hang out with this crowd. The golf course is a great place to meet real money. Network there and skip the club.
15. Give value to other people. Just like what I and other posters did, share your knowledge. Other altruistic people will be willing to give back. Surround yourselves with a circle of givers, as they can help fund your ventures, or just give great advice so you can grow in knowledge and wealth.