Martin Lewis: Five life lessons I wish I'd been told when I was younger

I was speaking as, within their graduation ceremony, I had the proud pleasure of being awarded a Litt.D, an Honorary Doctorate of Letters from the university. I'm grateful for the kind recognition, so I really wanted to do a speech that might just help this generation of students.

Below are the speaker notes I put together on my journey there. They were just for glancing at, so it isn't the exact text of what I said (I do freewheel a lot when speaking); however, I think it'll give you a decent idea. I hope you enjoy them.

1. It takes four things to be successful

Focus, talent, hard work & most importantly luck

• You can do everything right but it may still not work for you.

• Failing doesn’t make you a failure. It helps you learn for next time.

• Success in itself can be stressful; it's worth thinking how hard you want to push.

• If you find success, and it pays, remember the luck part, and give back.
  

2. Protect your reputation now for later life

• You’re part of the first truly online generation. Every moment recorded. Every second mapped.

• What you do now will likely last in perpetuity. It’ll be used when you apply for jobs, when you write your first article, when you run for office or when you release your first album.

• So enjoy yourself, but be circumspect, don’t screw over your future self.

3. If you’re self-employed, a third of what you earn isn’t yours

• For employees, you're paid via the payroll, and that means tax is normally taken off, so what goes into your bank account is your money to spend.

• Yet if you're self-employed or freelance, you’re normally paid before tax. Misunderstanding this causes huge problems for many young (and not so young) people.

• So for every £100 you earn, put £30ish straight into a separate bank account.

• Then don't touch it until your tax is paid. Any spare left over then, that's yours.

4. Don’t be afraid to change path (I did)

• You’re about to be born into the world of work, just a toddler.

• I hope it goes well, and you’re happy and content with your choice.

• Yet after a couple of years, assess, is it really right for you?

• If you wake up miserable going to work, don’t feel locked in to unhappiness.

• Test the waters and be fluid.

5. And finally, BE PROUD

• Many knock higher education, or will say these days it isn’t worth it.

• Yet be proud, you’ve worked hard to be members of a special club – university postgraduates.

• Congratulations. Have a little (frugal) celebration tonight.

• Take a step back and count your blessings.

• Use this privilege to improve you & yours, your society, your community, country & the world if you can!

GIVE YOURSELVES A HUGE APPLAUSE...