We always talk about Smart Financial moves on this channel, but not today because while I tend to make smart financial decisions 99 of the time, I do still make some very dumb purchases. the name And today we're talking about these seven dumbest purchases I have made in my 20s so far because I'm only 26 and there's likely a bunch of other dumb purchases coming. and if you're a subscriber on this channel or you follow me on Twitter or Instagram you might already know some of these things because I put them up on my social media and kind of have them in the background all the time. And if you're not, then you need to be so.

hit that subscribe button. but first on the list. I have to hit the elephant in the room or actually the elephant outside the room. My boat Everyone likes to remind me that both stand for a bus out another thousand or bankruptcy on a trailer and they're not necessarily wrong.

Boats are super expensive, not only to buy, but to maintain in the store. and I haven't just bought one boat in my 20s I've actually bought three and I try to buy them pretty intelligently, but there's no hiding the fact that boats are really hard to buy and then eventually sell for a break even or even a profit unless you owned a boat dealership which is a long-term goal of mine. So maybe even so, I'll get there. But I bought my first boat when I was 22.

I bought it for 10K put a little bit of work into it and then ended up selling it to upgrade for my next boat which I think I bought for 35k did the same thing there. ended up selling that one to get this boat that I have now. this boat cost me about 62k. it's probably worth about 70.

so I did get it for a pretty good deal, but gonna be kind of putting some work into this, enjoying it and then seeing what I upgrade to next. and I just want to be clear that while I have made money on the Buy in the sale of each boat that I bought, I've definitely lost money when it comes to the overall maintenance, the cost to use it, the storage, the cleaning, everything else that comes with owning a boat boats are incredibly expensive. So by no means am I saying that I bought boats and sold them for more and made massive profits on them. and that's why I have the one I have today.

definitely not. but I will say that the smarter you can purchase things like this, it'll make the losses a little easier to swallow. and while some people say boat stand for bust out another thousand I say it stands for best of all therapies right? See what I did there? But no seriously, boats are probably the worst Financial purchase you can possibly make. But honestly I have to say that when I'm out at the lake or when I'm on a boat is the happiest I ever am and that's gotta count for something.

But yeah, this is definitely the biggest and dumbest purchase I have on my entire list. It is a lot of money I could have actually invested that money into assets that made me real money or honestly, just not purchase a boat because of how much money we spend just to use the boat. In fact, I should actually make a video on how much it actually is to own and operate a boat because it's pretty mind-blowing. but dumb purchase number two has to be this flamethrower.

Absolutely zero reason as to why I bought this thing I might have used it four times. So I had a campfire in my backyard and I think it cost me about 750, but hey, that included this custom Malku branding right here. Worth it? Yeah, probably not. It basically just sits on a shelf in my garage and it's a really cool kind of like hey, look I have a flamethrower and friends are like oh, that's cool but yeah, come on.

Sean Have some constraints, don't purchase Number three is actually something I constantly beat myself up for because it was so dumb and so expensive and drastically impacted my financial situation at the time. But I I bought into shares of a movie when I was 23 years old and if you didn't know how the movie industry works, there's essentially owners or shareholders in every movie that you watch and every kind of shareholder has a portion of the profit. Some actors are paid points in the in the profit. some people are just investors, some people are the producers, some people are just paid salary, they don't They don't get paid based on the performance of the movie, but essentially I bought into five percent of the movie profits over the next 15 years.

now. It sounded great at the time because the Movie group did about a million dollars when they went to the box office on their last movie. So I thought well, I'll buy into five percent, pretty much make my money back in the box office and then at 15 years of royalties from Netflix Hulu Etc But that's not what happened I basically invested fifty thousand dollars I might have gotten back five thousand dollars. Long story short, it happened right when Kovid went crazy and basically the movie production Studio like shut down.

They kept giving me the run around. They basically said oh hey yeah, we'll get you a movie or we have all these issues. whatever. I didn't end up getting any movie that went public.

so it sucks because I have no idea where that 50k went and I basically hired a bunch of attorneys I currently have a judgment out. Maybe I'll eventually get paid on it, but I've essentially written it off and the reason it was dumb is because I didn't do my due diligence at the time I had no idea about the people I was investing with I literally had met them one time sounded great I was sold within literally 24 to 48 hours I did not do any research on it. Super naive of me and honestly one of the most expensive learning experience I've ever had in my entire life. but whatever I try not to think about that one.

Yeah, live and you learn. Moving on. Done! Purchase Number four is gonna be my Honda 450 dirt bike. So first off, dirt bikes are not only done from a financial standpoint, but just from a healthy Most interesting I've been on this but not only is it done purchase if you value your life but it was a dump purchase for me financially because I bought this thing without even really knowing how to write it I just knew I needed a little more adrenaline in my life I wanted a dirt bike so I bought it and first thing I did was I got on it, turned it on and rode 15 feet straight into my neighbor's Bush it was awesome! It was 100 an Impulse buy and I don't regret it at all because I've had tons of fun on this thing and in my opinion it was super cheap.

There's only 3 200 Again, the amount of fun that I've had. Absolutely unreal. Bought this sucker and actually convinced my buddy to buy one the same exact day and he had never in a dirt bike before. So tons of fun on these bad boys.

But I do spend a lot of money on parts and might be spending a lot of money on medical bills. Now don't purchase is kind of a piggyback off of the dirt bike. but I essentially bought a car boarding setup without knowing how to kiteboard at all and not only did I buy a kiteboarding setup I bought a brand new set. it's huge and I'm not really going to be blowing it up.

so I'm gonna have to show Montage of what kiteboarding actually is from people who actually know how to ride. I mean come on, you can't say seeing videos like this on social media doesn't make you want to go out and buy a setup and try it for yourself. I've always been to wakeboarding, surfing all that stuff and I figured it'd be super easy. so I'd buy a set and try it out.

A couple problems with that one: I Don't live by a beach and these are designed to do at a beach although you can kind of do my wigs and that was the idea behind it and two it is than it looks like. I Have tried flying this kind of in the park by my house. just kind of get a feel of the kite. It's super challenging to do and equally as terrifying.

but I got it 500 and usually a brand new set like this is about two thousand or twenty five hundred dollars. So that's why I bought it. But yeah, I still don't really know how to use it slash Friday but I will soon I promise you. And then I'm gonna have to make a video for the seven smartest purchases I made and that's gonna be on it.

And if you can't tell by now, I'm essentially the biggest adrenaline junkie ever. So I'll just buy something or do something and then figure out how to use it later and typically involve slightly killing myself in the process. But it's fun. But next up on the dump purchase list is number six and it's actually something that is not a tangible object.

It's essentially just all of the nights I have gone out to the bars getting drinks and doing all those things and partying. You know, in my 20s. Because if you think about it, the average Night Out cheap Night Out is fifty dollars, right? You got couple drinks at the bars. Maybe an Uber Again, that's a very cheap night is fifty dollars considering that I've probably gone out to the bars over 250 times since I turned 21.

that's 12 500 spent on some dumb stuff. And don't get me wrong, it's fun for a little bit, but I wish I would have only gone out to the bars for like one year or two years and not like three or four years or sometimes I still go now and I'm like why am I here I'm spending so much money and it's not even that fun. So I don't know I think that deserves a spot on the dumb purchases list because I've spent an obscene amount of money. Think about how many kiteboarding setups you can get with that or how many dirt bikes you can get with that.

But that brings us to number seven on the list and it's almost the most expensive thing on the list. but the boat takes a case for that one. But this is my new truck that I bought last year 2021 Ram Rebel EcoDiesel definitely a Splurge that I could have done without I think I spent about sixty thousand dollars on it and I don't even actually drive it every single day. It's more of a weekend driver for me.

We're kind of doing stuff with the boat or the dirt bikes or things like that. I drive my car as a daily and I'm like the last person ever to ball out on a car because I really hate depreciating assets. but my prior truck to this I had so many issues with it and I wanted something that was newer that I wouldn't have to worry about that would last me 10 plus years would give me good gas mileage. yada yada yada I Feel like I'm just just fine.

The purchase for myself right now. but I really just wanted something that I enjoyed and I liked. but I probably could have gone just a little bit cheaper. It kind of hurts me because I look at these big purchases and essentially all this money I've spent and I treated that as that could have been down payments on other real estate properties or other.

Investments to essentially double my network triple my net worth? Who knows because I didn't end up investing that money. But then I sit back and think sometimes you got to live a little and enjoy the life you're living because there's no point in absolutely grinding and living a miserable life in your 20s if you're going to be set up in your 40s because you're going to regret all the fun stuff you could have done in your 20s. At least that's my justification. But I spent about 190k between these seven dumb purchases and that's just in the last six years.

I still have another four years to go in my 20s, so hopefully I don't rack up that number too much. So while I have spent a butt load of money I am still living way below my means and that helps me further justify these dumb purchases. but I want to throw in a bonus dumb purchase? It actually cost me zero dollars. but I see thousands and hundreds of thousands of people in their 20s make this dumb purchase and that is college.

And it's not that. I didn't go to college I just had scholarships that paid my way through college. Got actually a little bit of money out of those scholarships as well. But you see all these big entrepreneurs preach that universities and college are absolutely wasted time, wasted money and to never do it? That is not what I'm saying.

I'm saying that universe adversities and colleges are great For those who are getting specific degrees for specific career paths. You just need to realize that colleges are massive for-profit businesses. Let me say that again. for profit businesses, they are designed to make a profit and they become less effective over the years because they have expanded their product lines, right? They used to just exist for a legal degree, a medical degree, an engineering degree.

Then they sat back and realized, well hold on. We can hit so many more people if we started offering communication degrees. Being happy degrees, Come get a pulse certificate and no disrespect to anyone out there. But I mean, come on, do you really think spending sixty thousand dollars plus to get a communications degree is really going to pay out in the long run? You have to be very strategic.

If you do go to college, you can't just expect to go to college and figure it out when you're there, because honestly, that's probably hands down the biggest dumb purchase for people in their 20s doing people's mortgages. I See it all the time. Someone makes fifty sixty thousand dollars a year and they're paying off sixty thousand dollars of student loan debt. How are you going? You got off if you owe as much as your gross income, it's just not gonna.

So don't make your 20s by going to college without having a plan set out that would be super pissed if I had student loans right now because I don't really use my degrees too much I got two degrees, one in management, one in marketing. They're great to have and they're free. so I'm not complaining. but I wouldn't have paid 60k on them so you got to be careful.

But those are my seven dumb purchases with the bonus that I've made in my 20s. which one do you think is the dumbest or which one do you think is the most fun? Because honestly, they're all like pretty fun. Let me know in the comments down below and if you enjoyed this video, please hit the like button. share the video with a friend.

Otherwise I'm gonna try not to make as many dumb purchases for these next couple years in my 20s. but if I do make them, you'll see them on this channel. So I'll see you in the next one. I Love Me!.