The 6 BEST Purchases To Make In Your 20s

You know im almost in my mid 20s and its getting scary honestly, feeling like your not doing enough, like why don’t you have property yet. Its like an annoying Mom asking you when are you going to give me kids. However these 6 things you should buy in your 20s take time, and you should not be in rush.

I think your 20s should be used as a foundation, it’s the perfect set up for a great life. Yes your young, and figuring things out, but somethings don’t require a lifetime of problems.

I think about it like building a house, a house can last anywhere from 50-100 to even 150 years and sometimes even more, depending how good you take care of it. But even then, if you have a trash foundation, you’re you going to have problem.

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1. Invest into a Good Career
- The biggest return on your investment is going to come from the skills that you acquire
- Everyone wants to invest into the stock market when they work at mcdonalds, or making minimum wage, I don’t think that’s good idea
- Because if your apart of this community, the long term Team ( and you’ll be waiting 10 years to see some substantial gains, you’re going to be making minimum wage for 10 years )

I recommend:
- College, Trade Job or a lincense but get a job you actually enjoy
- And look for something that you like, youre good at and its going to make you money

Before you say: I don’t know what to do Tommy
- Go to labour statics
- And spend 1-6 hours doing research on jobs

2. Invest into a Good Used Vehicle
- I just bought my first car ever this week
- Its used, its reliable and its paid off
- No monthly payments

Here is a tip:
- Only buy a new car when you can afford to burn some money, and pay cash for it
- Your first car does not need to be a camera 2022, or a Toyota 2022
- No buy a used and get massive discount

For example:
- I paid 9,000 cash for a 2014 toyota, which use to go for 23-34k when it first came out
- But if that sounds like a lot, look into cars that go for 1k-5k
- Again they all get you to point B

3. Invest in your Retirement 401k, roth ira and all that
- If your employer is giving you free money for investing then take it ( get the max match ) – and ask for a roth option, roth 401k, roth 403b plan they should have some

4. Buying your First Home
- Now honestly I’ll give you the same advice Charlie Munger said when he was talking to Warren Buffet
- You buy a home when your ready and when you need one
- For a lot of people buying a home is not best idea, it ties up your capital, has a lot of expenses, and limits you to that location in the short term atleast

However:
- In long term, buying is going to be better than renting
- Here is my formula: 33% rule, 10-20% down payment on a 15 years mortgage
- While paying extra towards the mortgage

For me Personally: I hate the idea of going 30 years paying a mortgage, or constantly staying a state of debt.

5. Unknows: Health insurance, car insurance and Life insurance
- For most of you if your in your 20s and don’t have any history of medical issiuies
- A high deductible plan will be best ( along side an HSA account )
- And for life insurance ( get term life insurance 20 years policy, and multiply your income by 10-15x and should be your policy size )

6. Don’t try to get rich to quick ( patients )
- Because this is the most important thing ( their will be a lot of expxneses that you will have that you cant afford and you’ll have to save up for )

For example:
- Wedding ring
- Wedding
- Kids
- And all that other stuff

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

Видео The 6 BEST Purchases To Make In Your 20s канала TommyBryson