These are the Top 5 WORST Money Mistakes people make in their 20’s, and how to avoid them - enjoy! Add me on Snapchat/Instagram: GPStephan
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Shout out to Phil Towns #1 Rule investing for the video inspiration!
1: Substantial student loan debt. A recent study determined that the average student loan amount for the class of 2016 was $37,172. Even worse, it’s forecasted that the total outstanding student loan balance will reach 2 TRILLION DOLLARS by 2022. Absolutely re-consider if college is the right choice and if you need a degree for what you want to do. If so, consider a community college for 2 years to save the money, then transfer. It makes no difference (except to your bank account.
2. Waiting to invest. One of the BIGGEST advantages that you have in your 20’s is TIME. Not only can you ride out any short term fluctuations in the market, but you can fully take advantage of what’s called COMPOUND INTEREST. This is why the money you SAVE and INVEST in your 20’s is arguably the most IMPORTANT money you have your entire life. You can basically get 40 years for your investments to grow into something massive, simply because you have time on your side, working in your favor.
3. Buying an expensive car. Assuming you’re just a car enthusiast and want a fun car to drive, there’s nothing wrong with buying a nice car in your 20’s…just make sure you can afford it. Ideally, less than 10% of your take home salary should go to a car payment…this means just get a Miata or S2000 instead of a Porsche 911. Take the budget route until you’re in your 30’s.
4. Renting an expensive apartment. Renting a place is awesome, especially if this enables to you to save and invest elsewhere. And you should also live somewhere you’re happy with. But throwing a TON of money at a cool apartment in your 20’s is a waste. An expensive apartment in your 20’s is simply going to take away from the lifestyle you can live when it DOES matter…it’ll take away from future financial security, from future investments, and from future retirement. The more money you can save here, the more money you can have elsewhere.
5. Not keeping track of your finances. Very few people actually do this, but it will make a massive difference. To do this, just sign up on Mint.com or PersonalCapital.com - it’ll automatically track your spending. From there, you can reasonably start a budget, track your finances, and then cut back or save as needed. If you do this, you’re going to be ahead of 99% of the population…and it doesn’t take much time to do this. Maybe 10 minutes a week, if that…this is really, really simple stuff. The time it takes you to watch one of my videos and hit the like button…that’s how long it takes 😉
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 off for a LIMITED TIME with code ThankYou50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
Shout out to Phil Towns #1 Rule investing for the video inspiration!
1: Substantial student loan debt. A recent study determined that the average student loan amount for the class of 2016 was $37,172. Even worse, it’s forecasted that the total outstanding student loan balance will reach 2 TRILLION DOLLARS by 2022. Absolutely re-consider if college is the right choice and if you need a degree for what you want to do. If so, consider a community college for 2 years to save the money, then transfer. It makes no difference (except to your bank account.
2. Waiting to invest. One of the BIGGEST advantages that you have in your 20’s is TIME. Not only can you ride out any short term fluctuations in the market, but you can fully take advantage of what’s called COMPOUND INTEREST. This is why the money you SAVE and INVEST in your 20’s is arguably the most IMPORTANT money you have your entire life. You can basically get 40 years for your investments to grow into something massive, simply because you have time on your side, working in your favor.
3. Buying an expensive car. Assuming you’re just a car enthusiast and want a fun car to drive, there’s nothing wrong with buying a nice car in your 20’s…just make sure you can afford it. Ideally, less than 10% of your take home salary should go to a car payment…this means just get a Miata or S2000 instead of a Porsche 911. Take the budget route until you’re in your 30’s.
4. Renting an expensive apartment. Renting a place is awesome, especially if this enables to you to save and invest elsewhere. And you should also live somewhere you’re happy with. But throwing a TON of money at a cool apartment in your 20’s is a waste. An expensive apartment in your 20’s is simply going to take away from the lifestyle you can live when it DOES matter…it’ll take away from future financial security, from future investments, and from future retirement. The more money you can save here, the more money you can have elsewhere.
5. Not keeping track of your finances. Very few people actually do this, but it will make a massive difference. To do this, just sign up on Mint.com or PersonalCapital.com - it’ll automatically track your spending. From there, you can reasonably start a budget, track your finances, and then cut back or save as needed. If you do this, you’re going to be ahead of 99% of the population…and it doesn’t take much time to do this. Maybe 10 minutes a week, if that…this is really, really simple stuff. The time it takes you to watch one of my videos and hit the like button…that’s how long it takes 😉
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
So my problem is I’m already 25 , I have a crappy car that I’m happy with, still live with my parents, I haven’t started investing but I need to, I’m just kinda unsure where to start so I just keep letting weeks pass by and I need to get my head out of my ass and do something, ultimately my biggest problem beyond getting started is I am antisocial, I don’t like talking to people, so it’s not in my nature to want to go try to make friends with rich people to learn from them, I wouldn’t even know where to hang out to try to meet them anyways, point is if investing doesn’t do it and my job won’t do it I am never gonna get anywhere, and investing definitely isn’t gonna do anything until I start
Whats the site you used to calculate?
I know one thing, if I hadn't gone to college I would have been trying to survive at the minimum wage. All the family members I have that didn't go to college live pay check to pay check and some never left the parents house because of it.
i love that you were realistic when you talked about how guys like having cool cars. Gave realistic options for cool cars that are kinda affordable
That go buy an s2000 quote didnt age well! Lmao
A woman who likes a fast and expensive car will definately go for you as long as you actually have the $$$$$ to back it up. The smart cookie, knows its just a ploy. Buy a practical car.
This video is eye opening though.🤣🤣. I'm guilty of treating myself to a few Starbucks every other week.
Starbucks is fire tho
Seriously, the Avo Toast point has me ROLLING!!!!!! I can't wait to tell me husband and college freshman daughter about this hysterical fact. (And now I came back to edit this because you totally got me) BWAHAHAHA.
First I was like, what the hell is avocado toast? then, 🙃😂😂😂
My money mistakes moving to California.
It will cost around 300,000 to 700 000 in house price costs, house taxes, insurance, medical fines and CA State tax.
Stay away from this place, its run by criminals
Great, I’m in my 30s already 😢
People who go to college are fools
Only people who are rich are able to say that buying cars is a hobby for them 🤣🤣🤣
by far biggest mistake i made!
This was back when s2k’s weren’t 30k lol
Avokado toast isn't a thing in my country
One thing I noticed that you didn’t talk about when it come to college is letting the military pay for it. Yeah, the military fucking sucks sometimes and you may not agree with the military for political reasons, but if you need to go to college they will pay for it. And there’s tons of kush jobs, or you can join the guard so if you do have a shitty job you only have to do it one weekend a month.
I’m about to be 25 in April 😫😫😫 and barely investing
This is really an amazing video for those who want to move financially, Forex requires the expertise of a professional broker,
that is why i have made huge profits since i started trading with Mrs Jessica Borst.
You just made me want to eat an avocado toast 😋
I bought an AWD 5.7L Charger. I love it! I got a good deal on it but I'll never sell it. It was for sale for $9400 and I got it for less (negotiate) and they fixed the issues. I love it, I sit in it, I clean it (detail it myself) and just love it in general. It was my dream car when I was like 13 and I got it 😀
The thumbnail though…
“Yet.. that I know of” is such a perfect way of not committing to a statement lol I need to start using it.
I think I'll stick to eating a non-vegan bacon and egg breakfast.
" we are not just telling stories ,
We are exposing overpriced brands "
———-Graham Stephan
Who else clicked because of the thumbnail? 😉