7 Money Mistakes I Wish I Knew At 20

Recently I found a Reddit post about people sharing what they wished they knew back in their 20s, in regards to money. In this video, I’ll share what my favorite 7 replies.
https://www.reddit.com/r/singapore/comments/q4io79/what_you_wish_you_knew_back_in_your_20s_in/?utm_medium=android_app&utm_source=share

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0:00 - Intro

0:50 - Invest early
You should invest early, even if it’s lower yields, rather than just leaving it in a bank account. Alot of people don’t invest because they are worried to losing money. But as long as they don’t invest, they are already losing money to inflation. So at the very least, put your money in low yield cash accounts. But in the long term, it’s still better to invest your money in the stock market.

2:21 - Don’t buy things hoping to fill a void or turn you into a different person
Many people buy stuff feeling that it will upgrade their social status..It’s not alright to splurge on expensive stuff if you are living off paycheck to paycheck or if you don’t even have any investments at all.

An exception is sometimes you need to look professional, like meeting with your clients, going for interviews or going for dates, in that case, it’s alright.

4:26 - Due your own due diligence when investing
Many investors tend to buy into a stock just because they saw someone else liking the stock. In this case, it was Hyflux.

Anyone can be wrong, even the experts. So when you are investing, never follow anyone blindly. Do your own research and come out with your own conclusions.

5:53 - Spend money on life experience
While you are saving money for financial freedom, you need to enjoy the journey, otherwise it won’t be worth it. Try to live and explore the world while you still can, that’s the whole point of being alive.

6:48 - Treat credit cards like debit cards
Even though having a credit card may seem like you have access to infinite money, that’s not the case. If you are unable to pay back credit card debts, the interest is 25%.

7:33 - Spend money on improving yourself

9:07 - Get insurance early

*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Some of the links and other products that appear on this video are from companies which Kelvin Learns Investing will earn an affiliate commission or referral bonus.*

Видео 7 Money Mistakes I Wish I Knew At 20 канала Kelvin Learns Investing