The 5 WORST Money Mistakes To Avoid In Your 20’s

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

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

Видео The 5 WORST Money Mistakes To Avoid In Your 20’s канала Graham Stephan