If you're in your twenties or any decade of life,
I'm going to show you in this video what to do to build wealth
so that your next decade of life you will be more wealthy.
The first thing you have to look at
when you're trying to save money is where you're going to live.
It's not a bad idea to stay at home with your parents and save money that way.
If you can't stay with your parents, you know,
getting an affordable apartment with a roommate is a great thing to do.
When I was in my twenties, I really wanted to live in Scottsdale,
so I got a place with a roommate of mine, but it was an expensive apartment.
I had no business renting an expensive apartment in my twenties.
I was only making 30 grand a year.
If I would have rented something more budget
friendly, I would have been able to put that extra money into saving
and then not get into debt and b start to save money for investment properties.
Another thing people like to spend money on are new cars.
You don't need expensive cars when you're in your twenties.
This is a time to be saving.
When I was making 30 grand a year as a teacher, I bought a brand new Honda
Accord that was like over half my salary for the year to buy this car.
And then I had a car payment on it. There's
no reason you can't be driving the car you have now or getting a used car.
Or maybe if you're in a big city, you don't need a car at all.
It's all these things to save you money because when you have a new car,
you have higher insurance cost.
If you're in Arizona, you have a higher license plate costs.
So you have to look at all of these little things because they all add up
and they get you into debt and they take you away from saving.
And then just
the rest of it is just other stupid things people spend a lot of money
on, like new cell phones, new clothes, the latest and greatest technology.
All that stuff is going to eat away the money that you're earning.
And you may think, well, oh, when I start to earn more money than I'll save,
but you won't.
You'll keep buying more and more expensive of things.
That's why you need to put yourself on a budget and stick to the budget.
You can pick a vice that you really like.
Like maybe your clothes person may be a car person, but
you can't be every kind of person because then you're going to be a broke person.
The second piece of advice
I have while you're in your twenties is to work and work a lot.
Now, this may be counterintuitive to what Cannon I talk about, because we always
talk about working smarter and not harder and financial freedom.
But the truth of it is in your twenties is when you have all the time
and all the energy.
You don't have kids, you don't have commitments.
And you have that youth where you can work three jobs and save money.
And sure, you want to work
smarter, not harder, and try to find creative ways to make money.
But at the same time, now is the time to be making money.
Because when you start to have a wife or husband, kids, all of it,
you're going to have less and less time and more and more demands on your time.
I actually did this.
I was a really hard worker in my twenties because I was teaching bartending,
hostessing at a restaurant, coaching, cheerleading, a bunch of things.
But my problem was I was spending all that extra money on stupid things back 2.1.
If I would have saved and invested that money that I was making,
then I could have done much, much better in my thirties.
Number three is stay out of debt and stay on a budget.
If you're not budgeting your money, then there's no way that you can keep
track of what you're spending where you need a very specific budget
and a very set limit to spend on all the different things throughout the money.
This is going to help you to save money and never, ever put things on credit
cards.
When I was in my twenties, I got a $9,000 worth of credit card debt.
When I quit teaching,
I ended up having to move home and work for a year to pay it off.
And the only reason I was able to pay it off
so quickly is because I was living at home.
But you don't have to do any of that.
Just don't get in the credit
card debt to begin with and you'll be able to sustain on your own.
Tip number four is side hustles.
Side hustles are great when you are younger because like I said
before, you have the energy and you have the time to do them.
And there are so many more side hustles now with the Internet side hustles
in my day.
We're trying to waitress plan or bartend a friend's birthday party, pick up
another kind of event that you could work, maybe hostess at a restaurant.
They were very minimal options on side hustle with the Internet.
Now there's so many different side hustles you can do.
You can dog sit on Rover, go on Fiverr and learn us
SEO skill or some other kind of skill and pick up some of that hourly work.
You can Airbnb your apartment.
There's so many things that you can do that
you need to get creative with these side hustles, these passive incomes
that you can kind of do on your own time to make additional money.
And some of these pay really, really well.
Like, I know people that dog sat on Rover out of their house
and those charged like 50 bucks a night and have six or seven dogs a night.
So those that can be really good money for you.
So you really need to get creative live now that there's such different ways
to make money.
And the last tip
I have about getting wealthy in your twenties is to buy something.
Now I know those of you sitting there are thinking, Well, I have no money.
How am I going to buy something?
But I think what most people don't realize is you don't need a lot
to buy real estate on your first time purchase.
There's a lot of different loans that allow you to buy with 3% down
3%, down as $12,000 on a $400,000 house.
And when you buy something, you then rent the different rooms out to your friends.
So instead of you and your friends going to get an apartment together,
if you buy the house
and rent the rooms out to your friends and your friends cover the mortgage.
All of a sudden you now have a cash flowing asset.
If you buy a cash flowing asset in your twenties, it will almost guarantee
you wealth into your thirties, forties and fifties.
It's not the easiest thing to do, but if you're doing the side hustles,
you're working extra jobs and you're staying out of debt and getting creative.
You can easily save up that 12 $15,000 and buy something.
I didn't buy anything until I was 28, 29 years old, and I really wish
I would have done it a lot younger because it would really help you.
And for me, I just bought a two bedroom condo,
so you don't need to necessarily have a 400,004 bedroom house,
even if you bought a condo
that was two bedrooms and you rented the room out to a buddy.
They may cover part like most of your mortgage,
and then you have a really low monthly payment versus if you go and rent
something and once again then you own it.
So owning real estate in your twenties is totally doable
and it's something you should really look into
because that certainly will build wealth into your thirties and forties.