What's the best financial advice for young people just starting to make money? The Wall Street Journal put this question to The Experts, an exclusive group of industry and thought leaders who engage in in-depth online discussions of topics from the print Report. This question relates to a recent article that discussed advising young people financially and formed the basis of a discussion in The Experts stream on Wednesday, April 24.

The Experts will discuss topics raised in this month's Wealth Management Report and other Wall Street Journal Reports. Find the finance Experts online at WSJ.com/WealthReport.

Also be sure to watch three wealth-management thought leaders—Meir Statman of Santa Clara University and author of "What Investors Really Want," Terrance Odean of the University of California, Berkeley, and consultant, writer and investment adviser Tom Brakke—speak about controlling your feelings when investing and explaining behavioral finance in a video chat that aired on April 23 at 3 p.m. EDT.

Manisha Thakor: Three Lessons That Can Change Your Life

There are three financial lessons that I believe can literally change a young person's life forever. They are:

(1) Know what healthy spending looks like. Most of us were never taught what healthy spending looks like. My favorite rule of thumb comes from (Sen.) Elizabeth Warren's book written with her daughter, Amelia Warren Tyagi, called "All Your Worth: The Ultimate Lifetime Money Plan." The rule of thumb: 50/30/20. The idea is 50% of your take-home pay goes to needs, 30% to wants, 20% to savings. Keep that rule of thumb in mind and a young person can avoid so many classic financial mistakes.