Here are the 8 Money Traps That STOP YOU Becoming Rich (in your 20's). I avoided money traps in my 20's and I became a millionaire businessman, now it's your chance to do the same!
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Being aware of these money mistakes has helped me invest in multiple rental properties and kickstart my own business based on my passion which has grossed more than 50 million dollars and has given me the lifestyle I always dreamed of.
1: Not taking advantage of your free time. This is such a valuable resource, so donβt waste it binge watching Netflix and mindlessly scrolling through instagram. You can do so many things to turn your spare time into cash and if all you are doing is wasting your time then all that potential money is slipping through your fingers. You can often make some extra income with a side hustle.
2: Trying to keep up with your friends. let me tell you a secret, The majority of people are faking it anyway. As of 2020 the average American household had a credit card debt of $5,700. At the end of the day friends that need impressing are not true friends. Real friends are the people that love you no matter what.
3: Overdrinking & Partying. You may think that saving a few dollars here and there wonβt make a difference your dollar is worth so much more to you when you are younger. By investing instead of spending it will be worth dramatically more in 20 years time.
4: Putting off retirement investing. Many people put off investing in there retirement until around 45 to 50 years of age because of many excuses, mortgage , college fund and holidays. These lost years can cost you very dear !
If you invested $100 a month for 30 years at a 7% annual return you would have $116,945.26 set aside in your retirement fund . this can still grow if you wish to retire at say 65 it will have 15 more years of growth
But if you put off investing for your retirement let's say 10 years and started to invest the same amount for 20 years you would have $50,753.64 in your retirement fund.
5: Not having a backup fund.. Over 60% of millennials wouldnβt be able to cover a $1,000 emergency, 60%!
6: Moving out of home too soon. Everyone focuses on the mortgage payments, they are BIG but if you only look at those you forget about the living expenses, at 20 just my food bill was huge and then there was the utilities, ground rent, maintenance, car bills, travel expenses the list goes on and on. So do the math and stay at home for as long as you can and invest your money.
7: Going into debt to buy a sweet ride. Nowadays when you go and buy a new car they ask you how much you can afford to spend per month, they're not interested in the car you want, they are selling finance ! This excessive monthly payment eats a hole in the amount you are able to invest for the future and adds stress to your life.
8: Expensive relationships and dates. Itβs lovely to treat someone you love to something special every now and again but if you start a relationship waving money around it often attracts the wrong people. Many people in their 20βs want to get married but again the truth is you can not afford to get married in your 20βs.
CONTACT:
For business inquires only, please use this email: mark @marktilburycoaching.com
*Some of the links and other products that appear on this video are from companies which Mark Tilbury will earn an affiliate commission or referral bonus. The Info in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Free Stuff:
π GET YOUR FREE STOCK WORTH UP TO $1,000 ON PUBLIC (for USA): https://public.com/mark
π GET YOUR FREE STOCK WORTH UP TO Β£200 ON FREETRADE (for UK): http://freetrade.io/marktilbury
π° Get $10 worth of Bitcoin with code "TILBURY10" when you sign up and verify your account on Coinbase. (For EVERYONE): https://coinbase-consumer.sjv.io/c/2553549/1154763/9251
π LIMITED TIME: Get 2 FREE STOCKS ON WEBULL when you deposit $100 (for USA/CHINA): https://act.webull.com/kol-us/share.html?hl=en&inviteCode=LSq9TWxC5TaP
*The Info in this video is accurate as of the posting date. Offers are only available for a limited time*
My Links:
β₯ Snapchat: https://www.snapchat.com/add/marktilbury
β₯ My Second Channel: https://www.YouTube.com/c/marktilburyxtra
β₯ My Podcast Channel: https://www.YouTube.com/c/likefatherlikesonpodcast
β₯ Twitter: https://twitter.com/marktilbury
β₯ Discord: https://discord.gg/hXjW6pY
β₯ Instagram: https://www.instagram.com/marktilbury
Being aware of these money mistakes has helped me invest in multiple rental properties and kickstart my own business based on my passion which has grossed more than 50 million dollars and has given me the lifestyle I always dreamed of.
1: Not taking advantage of your free time. This is such a valuable resource, so donβt waste it binge watching Netflix and mindlessly scrolling through instagram. You can do so many things to turn your spare time into cash and if all you are doing is wasting your time then all that potential money is slipping through your fingers. You can often make some extra income with a side hustle.
2: Trying to keep up with your friends. let me tell you a secret, The majority of people are faking it anyway. As of 2020 the average American household had a credit card debt of $5,700. At the end of the day friends that need impressing are not true friends. Real friends are the people that love you no matter what.
3: Overdrinking & Partying. You may think that saving a few dollars here and there wonβt make a difference your dollar is worth so much more to you when you are younger. By investing instead of spending it will be worth dramatically more in 20 years time.
4: Putting off retirement investing. Many people put off investing in there retirement until around 45 to 50 years of age because of many excuses, mortgage , college fund and holidays. These lost years can cost you very dear !
If you invested $100 a month for 30 years at a 7% annual return you would have $116,945.26 set aside in your retirement fund . this can still grow if you wish to retire at say 65 it will have 15 more years of growth
But if you put off investing for your retirement let's say 10 years and started to invest the same amount for 20 years you would have $50,753.64 in your retirement fund.
5: Not having a backup fund.. Over 60% of millennials wouldnβt be able to cover a $1,000 emergency, 60%!
6: Moving out of home too soon. Everyone focuses on the mortgage payments, they are BIG but if you only look at those you forget about the living expenses, at 20 just my food bill was huge and then there was the utilities, ground rent, maintenance, car bills, travel expenses the list goes on and on. So do the math and stay at home for as long as you can and invest your money.
7: Going into debt to buy a sweet ride. Nowadays when you go and buy a new car they ask you how much you can afford to spend per month, they're not interested in the car you want, they are selling finance ! This excessive monthly payment eats a hole in the amount you are able to invest for the future and adds stress to your life.
8: Expensive relationships and dates. Itβs lovely to treat someone you love to something special every now and again but if you start a relationship waving money around it often attracts the wrong people. Many people in their 20βs want to get married but again the truth is you can not afford to get married in your 20βs.
CONTACT:
For business inquires only, please use this email: mark @marktilburycoaching.com
*Some of the links and other products that appear on this video are from companies which Mark Tilbury will earn an affiliate commission or referral bonus. The Info in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Hi, it's mark. Your twenties are a really exciting part of your life. You might have a bit more money in the old pocket and certainly a lot more freedom. Most people in their twenties think they're invincible.
I know I certainly did. I think I was a bit to be honest, but actually the truth is in your 20s you're more vulnerable than ever. If someone makes a financial mistake at this point in their life, it will send shockwaves through their entire future. Each of these mistakes is very different.
So it's really really important. You watch this video until the end, otherwise you could fall victim to one of them so smash that, like button all right done that let's jump straight in number one, it's not taking advantage of your free time! Now, in your early twenties, you are incredibly rich in one way: you've got bundles and bundles of time. You can do so many things to turn your spare time into cash and, if all you're doing is wasting your time, then all that potential income is just slipping through your fingers. This is also the ideal time to invest in yourself and build your skills.
I used to use my spare time in my 20 sketching model planes, and this has led me to have in the manufactured and selling them all around the world. In fact, one of my biggest designs is the biggest selling RC aircraft in the UK. The original design for this was sketched in a classroom, while I was being bored by the geography teacher. I remember a well mr.
Willard, so developing those skills from an early age who served me very, very well number two trying to keep up with your friends. Everyone has that one friend that always seems to have the nicer car, the nicer house and sometimes the hotter partner. Let me tell you a secret all right: the majority of people are faking it anyway. As of 2020, the average American household had a credit card debt of over five thousand seven hundred dollars.
This is astonishing, as it means the French are actually trying to keep up with our probably more in debt than you are having access to so much easy credit allows people to rewrite reality at the end of the day. Friends that need impressing are not true. Friends, real friends are the people that love you no matter what they stick by you through your troubles and are there for you when you need them, they are the people who couldn't care less. What you spend your money on number three over drinking and partying, when you're out drinking it's easy to get caught up in the moment and spent a lot more money than you usually would now.
This is most people's kryptonite. It's one of the things that keeps many people broke and, of course, unable then to invest. I'm not saying that going out and enjoying yourself is wrong, as you have to do. What makes you happy the key takeaway from this is everything is great, but in moderation you may think the save and a few dollars here and there won't make a difference, but your dollar is worth so much more when you're younger by invest in it. Instead of spending on something you really didn't want, anyway, it's gon na be worth dramatically more in 20 years time, number four is putting off retirement. Investing when you're in your twenties retirement seems like a lifetime away. Many people put off investing in their retirement until they're about 45 or 50 years of age, because of many many excuses, they've got a mortgage to pay, they've got a college fund to save for and, of course, there's holidays. These lost years can cost you very very dear.
So let me explain if you invested $ 100 a month for 30 years at 7 % annual return, you would have a hundred and sixteen thousand nine hundred and forty-five dollars set aside in your retirement fund, and this can continue to grow until the point you decide To retire, but if you put off investing in your retirement, let's say 10 years and you start investing in the same amount for a 20-year period - wait for it you're only going to have $ 50,000 in your retirement fund. Yes, it can grow but you're starting from such a low base. Just 50k $ 50,000 is a huge amount of money just to lose and the reality is $ 50,000 would have only cost you $ 12,000, so lots of free money. I was very lucky my mentor advised me to save and invest in a pension from the age of 18.
I've always been told that you should put at least so at least not a minimum of at least 10 % of everything you earn. And it's given me the ability to use that money in lots of different investment opportunities, such as business, real estate and also stocks and shares. Even Einstein said compound interest. Is the eighth wonder of the world number five is not having a backup fund now over sixty percent of Millennials wouldn't be able to cover $ 1,000 emergency 60 % wouldn't have enough money for a minor emergency.
Now I know I bang on a ballast and I do bang on about a lot at the time about having a backup fund, but that's because it's super important. I learned it the hard way when I was 19. I purchased a car that I needed a loan to buy the engine in it lasted me about a month before it blow up, and it left me with a huge debt after put a new engine in the car, because I purchase a car really, I couldn't afford This led me into a cycle of debt that was hard to break free of. I made the decision to get clear of debt, and I worked my ass off for a year with many many different side hustles.
I never wanted to be into that situation ever again. Number six is moving out of home too soon by slightly abusing your parents generosity. This is going to be the smartest move that you're ever going to make. It's also the best value accommodation you are ever going to get and don't take it for granted, and when I was in my 20s, my number one goal was to move out of home into my own place.
I just wanted to have the freedom without my parents being around. I fell in love with this beautiful apartment. Well, to be honest, it wasn't exactly beautiful, but it was perfect for me as I walked in it hit me that this could be mine. I started to imagine my big red couch in the front room, my desk house parties and, ultimately, how impressed my friends were gon na be before I knew it. My emotions had got the better of me I'll signed up for a mortgage and I've moved out. You know what I wasn't ready, I didn't have enough savings and my apartment ended up losing a lot of money over the next couple of months. It all worked out in the end of course, but it certainly wasn't a best move for me at the time. Everyone focuses on the mortgage payments.
They are big, of course, they're big, but you've got to look at all the other living expenses now at 20, just my food bills huge. I am six foot four, so I did eat a bit: rent, maintenance, car bills, travel expenses. The list goes on and on so do the math and stay at home. For as long as you can and invest your money number seven is going into debt to buy a sweet ride when you're earning it is so tempting to upgrade your car and impress all your friends or your family with your success, we're constantly being bombarded with YouTube Videos about 19 year olds, buying Tesla's, Aldi's, Lamborghinis and trust me.
This isn't smart nowadays, when you go and buy a new car, they don't I'll. Ask you what car you're interested in. They ask you how much you can afford to spend per month. They're not interested in a car, you want they're selling finance.
They want to sell you as much finance as possible over as long a period as possible to make them the most amount of money as possible. Most cars have a very sharp depreciation curve, meaning they lose their value extremely quickly and before you know, your car is worth half what you paid for, even if you bought it in full, be honest with yourself stand back and take a look at the car balance. The cost it will actually cost you with the interest from the finance taken into account, then take a look at what the car is selling for on the forecourt a year old, it's shocking just how much you're going to lose. The only thing you can gain by buying a new car, if you can go look at me with my new car.
Look at me with my huge debt is what you should be saying. The key is to buy a second-hand car pre-owned car at the bottom of its depreciation, with a little research you'll, be able to pick up a cool, second-hand car and drive it around for a couple of years and probably sell it for the same as what you Paid for it, or maybe slightly less effectively, making the car almost free, with the only running cost being fuel and a bit of insurance you're able to get all the upsides of owning a nice car without the huge loss of money. Number eight is expensive relationships and dating relationships in your 20s. Get very serious.
Believe me, it's very tempting to want to splash the cash expensive days and restaurants to get the person you want to love you. Now it's really lovely to treat someone. You love to something special every now and again, but if you start that relationship waving that old money around it's often going to attract the wrong people, you want someone to like you, for who you are your passions, your interests and not the size of your wallet. Many people in their 20s want to get married, but again the truth is you can't afford to get married in your twenties. It took me around about 16 years from when I first met my true love to actually physically getting married, and the reason was is because we had a set idea of what we wanted the day to be, and obviously, if we're to cut corners on that day. That memory would never have been what it is, and I can still remember that day to day and people still comment on what a great day they had. So it's worth doing it later, because you've got more money to use to make that day. Great.
The big take out from this is live within your means and invest in your future, so I'm going to leave some videos there, but don't click on them just yet. If you want to learn more about growing your wealth, while you're young then make sure to subscribe to the channel, bring that old Bell to keep up to date. So, thanks again for watching and I'll see you in the next video.
I'm antisocial so I don't even have to try to follow these tips
i canΒ΄t fall in any trap if i donΒ΄t have money, stonks
Why am I saving my whole life to actually start living my life at age 67 when I can't even go for a run anymore?
It's soo disheartening I can't take it.
Thank you so much, these advice is so important to me.
This guy sounds like Wallace from Wallace and Gromit XD
How did you get so much money in your 20's? Student loans or savings?
Hahaha Mark the only thing stopping you or anyone from becoming rich (at any point in life) is mindset. Here's a tip though, don't waste your time on YouTube!
I'm 23 I feel like I lost 2years of my life due to cov-19 lockdowns.
I'm still honing my painting skills. When I'm at a professional museum level. I know I will be able to make a lot of money.
Not to say saving money while living with your parents is a bad thing if you can save up money. However there is nothing worse than complacency if you want to succeed and staying at home makes it really easy to sit back and not achieve anything.
You're a legend man, just opened my first Index fund after watching you. Just wish I found out before 24years old, better than 34 I guess π
paycheck to paycheck. make 12 dollars a hr and only have 200 in my bank account.
In my 20s I drank and partied a lot, rented nice apartments, went into debt driving a load of Porsches, and dated dozens of amazing women.
It was fucking amazing. Definitely do this.
I have another one: If you're in your 20's and invest in a fund for your retirement 30 years later via a bank or broker, try to understand the product for absolutely 100%. In the Netherlands this has cost households a LOT of money and they don't dare to make the banks and insurance companies pay it back, because they would go bankrupt. The problem here was that the costs the banks took from your investment were so high, you would never make a profit and even get you in debts. Read all the ups and downs of the product so you understand it and don't be afraid to ask about how it works and don't take bs from that broker. Now these practices are not allowed anymore today in the Netherlands but maybe in other countries they still apply. The only things that made me money are real estate, crypto and private stock investments.
I wanna move somewhere where the minimum wage is a livable wageπ€©
if you're not sure your friends are faking, then they arent really your friends, cause i know exactly how much my friends make, and if they are in debt or not, and what they're plans are, if you dont know any of that and have to just assume, you arent really friends, they're just people you know
all i can say is, listen to him this guy knows what he's saying!!
A Toyota Celica and a BMW will get you to the same destinations, not overspending on cars is one mistake Iβm thankful I didnβt make.
I'm 29 years old and most of my friends do that mistake.
I donβt drink. Currently live with my parents (Iβm 19) and taking my first two years at a community college to get my prerequisites out of the way, and when I transfer to a 4 year Iβm going to split a place with my friend and her boyfriend to cut down on rent, as well as living in a place where we donβt need a car.
Insurance in germanyππ on car.. boy oh boy. How many people ive met.. and telling me about their newest BMW. Im like with a cold face cool dude, but check the bill in the end..
I invested my time watching this video! So worth! I'm 22 and will follow all the tips that I can
Basically, have no life and focus purely on money, because apparently, that's what life is about?
Me at 31..Sees the first one and realizes i spent all of my 20s gaming by myself and have no friends or a girlfriend…oops
Opinions of a coward boomer who stuck in capitalism. I think the millennials have to change the economical and social structure of the society and not to admit these boring βrulesβ.
I didn't have the option to stay with my parents because there were no opportunities for me there, I'd still be living there now at 30 with no job if I didn't leave.
I'm happy to have been doing it right until now (turning 21) lol
βFor God so loved the world that He gave his only begotten son. So that who so ever believes in him should not perish, but have everlasting lifeβ -John 3:16
Is buying up all the Star Wars guys to complete my collection of 1970s/80s figures a trap? Who cares
3. Yes Fuck drinking i spend 100-180β¬ each week on alcohol. I safed so fucking much money in Lockdown.
26 and started investing just last year. Honestly wish I would've started doing this at 18. But I didn't! I didn't know how. But it's never too late. Be smart guys and may your cash drown in green. ππππππππππππππππππππππππ