Hi guys it's mark, so your 20s are the most important years of your life as they can shape your entire future. I firmly believe that these are the years that can make or break your fortune. Recently, i made a video all about the best purchases to make in your 20s, and you guys seem to really like it, but the truth is all it takes, is one bad purchase and it could set you back for years, even though i made lots of smart Choices there were some mistakes i didn't see coming until it was far too late. Each of these purchases are different.

So it's really important to watch this video until the end. Otherwise you could miss something really crucial. Remember this isn't financial advice. These are just the things that i wish i knew when i was younger, as i would have become a millionaire a lot sooner we'll get into this right after you hit that like button for the l tube your rhythm and subscribe for more videos that help you Grow, your wealth number one is cheap goods.

Now i know this one might sound a little controversial and may not make much sense at first, but buying cheap goods could end up costing you a lot of money, as the saying goes, buy cheap, buy twice in my early 20s, i was looking to employ some Talented people, as i knew that if i was going to make my business successful in the long term, then i needed an awesome team. One of the people i wanted to hire wasn't sure. If joining my business was the right move for him as it meant leaving a secure job, so in order to sweeten the deal, i decided to tempt him with a company car. It was a red ford, fiesta xr2, as i knew this was his favorite car.

Unfortunately, a lot of other people like them too, making them one of the most popular cars to steal. So i bought a cheap lock to secure the car while it was parked outside. Within a week, the car was stolen and even the thief seemed insulted by the cheapness of the lock as it left it dismantled on the side of the street, where i'd parked the car as if to say, don't insult me buy a better lock. That's honestly, what it felt like this just goes to show that buying something cheap can often end up costing more in the long term.

If you want a product to be fit for purpose, then the cheapest in the market is highly unlikely to succeed in that mission. To be honest, now i try not to judge the product i buy, based on the price, i'm more focused on getting a good return for my investment number two is get rich quick courses. Lots believe that only uneducated people fall for get-rich-quick schemes, but the reality is that everyone is vulnerable to this. Given the right circumstances, i've seen some of the smartest people i know being sucked into a scheme.

That's promising them the world on a gold platter just to drill this point home, even more jim browning, who is a professional scam. Detective right here on youtube, actually got himself scammed and they made him delete his entire channel. So with the right tactics, even the best can be full. I grew up in a small english town in hampshire and on my first trip to america, i was amazed how big everything was from the mansions all the way up to the cheeseburgers one day i was sitting down watching the tv in my hotel room and every Infomercial i saw was telling me i could have it all.

All i had to do was buy their simple course, which was a collection of video tapes at the time as a young guy. In my 20s the commercials really spoke to me as i was aspirational, and i felt like i was made for more. The sales tactics they used were perfect for pulling in someone like me. I just didn't realize it at the time.

I phoned up the number on the tv to get some more information and they quickly started telling me about all the bonus, vhs, tapes and books i would receive if i bought the product. While i was on the phone of course, i started to panic and i ordered them straight away, because i didn't want to miss out on a chance of a lifetime when they arrived. I was so disappointed. It was just a bunch of generic information.

I already knew nothing new or groundbreaking and just stuff i'd already learned from reading books that were a fraction of the price i tried to get a refund, and the only response i got was that if i really wanted to become rich, i needed to buy the Next set of vhs tapes nowadays this is called a sales funnel. They just want to push you onto the next product and make more money out of you. The best way to avoid getting into a situation like this is to be aware of the sales tactics these scammers use. Although the products may change, the tactics are always the same, they sell you the dream and give you just enough to make you want more.

They tell you that the product is priceless and then slash the price tag for a limited time, causing you to panic and buy straight away. This is because, when you panic, you don't think rationally in these types of situations, it's best to stay calm. If they can do the deal today, then they'll be able to do it next week. No problem at all number three is designer clothes.

I'm aware that a lot of people disagree with me when it comes to my stance on designer clothes, even my son, to a certain extent, but it all stems back to when i needed some new clothes for my first vacation with my friends. I wanted to impress the lady, so i went out to get some clothes from a local designer shop, as i was told that it was the place to go and being a ginger. I needed all the help i could get nothing had price tags on and when i asked to pay for the clothes i picked out, i discovered it was a lot more than the cash i had with me. They said not to worry, as they could sign me up for a store credit card, and they could give me a thousand dollar limit and as a bonus 10 of my clothes, so of course, being young and very naive.

I spent it all, although they may have mentioned the interest rates at the time i didn't take any notice. Each month i paid exactly what the store card asked for after a year i worked at, i hadn't paid anything off the bill. I was just paying the interest so not only had i bought some overpriced items, i'd actually paid an extra chunk of money. I didn't have to always avoid signing up to store credit cards, as these are usually designed for one purpose.

Only to get you to spend money, you don't have and trap you into a credit cycle. You can't escape from this is all designed to give the company reoccurring revenues without having to sell you anything else. It's actually pretty genius when you think about it. There are lots of better credit cards out there that actually do offer great bonuses, so it's definitely worth doing the research before ruining your credit score over some designer clothes.

So although i lost some money, it was a valuable lesson about patience and sticking to a set budget. Number four is stock signals and tips. There's always someone claiming they've got the tip of a lifetime that will make you tons of money, but my issue here is that even a monkey can be right some of the time. If you take a punt enough times, then eventually you'll be right.

I had a friend that worked at a meat market and had given me a couple of stock tips that had gone really well, i used to give them a bit of extra money for stock tips and signals, but they weren't called that back then. The first signal i took went really well and when that happened, i was really hooked. This was back in the dot-com bubble. When everything seemed to be going well, you could invest in a random stock and hit it big.

It was just that crazy. It just so happened. The next stock signal i listed to was the one that didn't go so well. For me.

He advised me to buy a stock called media at invest. I ended up losing the majority of my investment. Within a few weeks. I felt extremely gutted, as that was money, that i'd worked really hard to make to be fair after that bubble burst.

It was very hard for me to go back and invest in individual stocks, which is probably one of the reasons i champion index funds. Now, if you're going to take a signal from someone, don't just rely on that. Do your research - i know it's pouring, but it's well worth doing as you could end up losing a lot of money. These signal groups are huge nowadays on discord and people seem to love them, but most of the people are often making more money selling signals than actually trading themselves.

When people are giving out signals and tips, they will nine times out of ten be being paid. One way or the other, whether it be a commission or a direct fee from you taking the information. Ultimately, the only person that can lose is you because the tipster gets paid regardless the only time i'd. Let someone else pick a stock for me is when a company gives me a free one and public are currently giving you a free stock worth all the way up to a hundred dollars.

If you're in the usa and free trade are giving away a free stock worth up to 200 pound, if you're in the uk i'll leave the links down below, if you want to check that out, number five is sports. Betting, peer pressure and gambling often don't mix. However, it can be easy to fall into this trap. I wish i didn't have to tell this story is, to be honest, it's quite embarrassing, but here we go in my twenties.

A friend of a friend convinced me that betting on horse racing was easy money and that he'd never lost. He even said he would guide me through the whole process, so i decided to put it to the test and i bet on a race that i knew nothing about. The first bet i placed was for 500 because at the time i had a little bit of spare cash, the horse came in second, he almost won, but he lost by a nose. Now that detail didn't matter, of course, because i'd lost the bet, so he strongly suggested.

I tried again so like a true gambler, i doubled my bet to a thousand dollars. The horse came in second again, almost an exact repeat of the first race guess what my mate said that wasn't meant to happen, so i decided to miss the next two races that he advised me about and they both won. So i thought that maybe i was just unlucky and it would be different next time, so i put four thousand dollars down, as i was really keen to get my money back. Luckily, this was money that wasn't going to affect my business in any way that horse came in third, i was devastated and vowed never to gamble to this extreme ever again.

Now, i'm not entirely against gambling in sports. It can make it more exciting for sure. So. In moderation, it can be a bit of a laugh and who knows you might make some money, but how about this? I bet you lose more than you make the saying when the fun stops, stop couldn't be more correct.

I should have stopped betting as soon as i made that first loss as chasing my losses, ultimately lost me even more money. Nowadays, it's more common for people to bet in their 20s, due to lots of very addictive apps that draw you in with free bets, to give you the taste of winning. It's become such a huge industry. Now the moral of this story is that this can quickly get out of hand and spiral into something that really affects your life.

So, if you're going to bed, then i would say have a set budget and when it's spent it's spent number six is unneeded. Medical costs, unfortunately, health is not something we can always control and when you're feeling your worst people can offer you treatments, you don't actually need to lock in regular payments from you. If someone at the nike store tried to sell you the same shoes you purchased last week, you'd probably decline the offer, but when it comes to injury and pain, you don't quite understand it can be far easier to bamboozle you. I hurt my back when i was a teen and i never did anything about it and it progressively got worse and worse over time.

Eventually, i had no option but to seek help and, as i've been passing this spinal clinic every day for years, i thought it was about time i went in and did something about it. The problem is when you're in that amount of pain, you'll virtually pay anything to get out of it. Just before we dive into this, i'm not saying the guy didn't know what he was doing, because he was certainly able to take away the pain, but he took the opportunity to sign me up for a year of treatment which, to be honest, i really didn't need. But, like i said i was in a vulnerable position.

All this was due to the fact i didn't look up the clinic beforehand, as he did this to everyone. He was a businessman trying to squeeze as much profit out of other people's pain as possible. If i ever expressed that i wanted to leave, he seemed to have the next best treatment that i couldn't miss out on. It almost felt like a bit of a cult atmosphere.

By getting a second opinion, this expense could have easily been avoided. This entire situation really drilled into me. The power of second opinions and research. Number seven is over promised services with great communication.

It can be really easy for somebody to sell your dream when it comes to buying a product or service that you don't actually need. Remember everyone is trying to make a living, and sometimes they don't have your best interests at heart. Although i wasn't in my 20s for this one, it will be something that affects you nowadays, especially with the growth of the internet and, if you're planning an online side. Hustle when the internet started to take off, i was convinced by a salesman and web designer that, in order to have one of the best websites in my industry, i had to have a specific type of technology called adobe flash.

He probably knew it wasn't right. For me, but that's what he had to sell so of course he attempted to sell it to me. It sounded like the ultimate thing to drive my business forward, but it was actually the opposite. It brought no money in and therefore no return on, investment with a bit more research.

It would have been really easy to tell that this was a waste of time and money, but once you've invested some money, you feel like you have to keep chucking more money in otherwise it will become a sunk cost that will never be recovered. The designer then disappeared on a big job in dubai, and i was left with a website. I'd pay ten thousand dollars for an ability to use it for you've guessed it nothing. The big lesson here is that there are no shortcuts when it comes to doing your research.

I wasn't conned, but what he gave me just wasn't really right. For me, it did actually look quite good, but it wasn't functional, it couldn't sell anything and it wasn't searchable on google. Sadly, it's all in hindsight now, but i did learn something really important from this mistake and that's the seven day rule. This is essentially waiting.

Seven days before buying anything, this acts as a cooling off period before committing to the purchase to ensure it's actually the right decision. It helps stop impulsive buying decisions and allows you time for further research. So the big takeaway here is your 20s are more important than they might seem and making the right choices now can set you up for success in the future and save you a lot of unneeded stress. Maybe you avoid having white hair.

When you get to my age, you may think you have some spare money to throw away, but in your twenties that thousand dollars could spark the start of a multi-million dollar business like in my case, the one thing i always say about mistakes. Is it's only a disaster if you don't take a lesson from it, i'd even go so far as to say a mistake is only a true mistake. If you do it twice, so i'm going to leave the next video right up there, but don't click on it. Just yet make sure to subscribe, if you want to grow your wealth and don't forget to pick up some free stocks in the links below okay i'll see you over there.