- We're living in an era
where 12 year old kids are becoming millionaires.
The opportunities right now are countless
to become financially free in your twenties,
so what are you waiting for?
It can be hard but not impossible.
Hey guys, it's Jatz.
And in today's video, I'm going to share the plan I'm using
to become financially free in my twenties.
Why should I listen to you?
You are just a 22 year old guy who makes YouTube videos.
Well, I may be 22,
but I have already built a six figure business
by having multiple sources of income around me.
So according to my plan, I should be well set
to finally retire within the next few years.
I mean, I wasn't taught anything
and I had to learn everything on my own,
but I wish I knew all this beforehand
in order to gain financial freedom much quicker.
But you don't worry because I'll be teaching you everything
you need to know.
Start by smashing that like button
so I can continue making videos like this
for you to gain financial freedom.
The first thing I would suggest is get any sort of job
that could start paying you some money.
There are many reasons why I suggest this.
One being that you can actually see how the world works.
When you get a job
you can start understanding how things work
in the business world.
Not only that,
you can even start gathering key information
such as problems customers may have.
This is good as you can create solutions for the problems
in exchange for some money.
The main reason why you need a job,
so that you can get some money coming in.
Like they say,
the first million is always the hardest
compared to the second.
Getting money is like this,
but once you make some money
you'll be able to make more money.
It will allow you to fuel your investments
and side hustles you may have.
So it's important you set your foundations right
before moving ahead, as if not, you'll come crashing down.
Look at me, before I started my journey,
I was working at a tech company
where my job was to fix computers for clients.
I was paid well and definitely made some good friends
that I still talk to today.
That job allowed me to fuel my adventures
and this is why it's important you start somewhere.
Now that you have some sort of income,
it's important you start budgeting your money
as it's much easier to lose money than to earn money.
You know what I mean,
as soon as you get that fat paycheck (laughs)
you just want to go around and spend it.
I mean, I was guilty of this too, but as I matured
I start to understand the importance of managing your money.
Look at this article.
You can see most Americans are really bad at saving.
They have a debt of $14.3 trillion in total.
And the generation has started decreasing the amount
of personal savings they have over the years.
Once they're in the trap of having high interest debt
they essentially have to work harder
in order to pay the debt.
But imagine they didn't have the debt in the first place,
they could have used it for better use.
Also, unfortunately, some people aren't able to meet
the debt requirement, leading them to stay in this loop.
This is why it's important to start budgeting
as soon as you start earning,
so you never fall for the trap when you are young.
So the first thing I want you to do
is start using the 50/30/20 rule.
The 50/30/20 rule is a budgeting method
where you use 50% of your income on your needs,
such as bills, groceries, health insurance,
mortgage and et cetera.
Mind you, this does not include your Netflix account.
I mean, who even uses Netflix?
There's hardly any good movies left.
Anyway, secondly, the 30% you use is for your wants.
This includes all your expenses,
such as your subscriptions, phone bills,
takeouts and dinners.
I mean, you can save more money by simply eating from home
instead of ordering takeaways,
or even workout from home
instead of paying for that gym membership
that you don't even use.
But the choice is yours,
as long as it's not more than 30%
as you still have to enjoy life a bit.
Lastly, the 20% of your budget is used for savings.
Now, this is really important for many reasons,
as one, this will definitely keep you away
from high interest debt.
As if you ever have an emergency
you won't need to borrow any money.
Also when saving money,
it's important you invest some of your money too
as keeping your money in the bank
will lose it value due to inflation.
So keep some of your money you need
just in case an emergency arises,
but the rest, start investing into things
like index funds or ETFs.
I have been following this budgeting strategy
ever since I have come across it and live by it.
However, for me, I have less wants.
So I tend to spend more and use less of the things I desire.
It's entirely up to you though.
Your situation may be different
and cannot follow the rule
due to bills being over 50% of your income.
As long as you are able to save some money, it's all good.
Now that you have established some budget
and how some money saved up,
it's important you actually use the money
instead of keeping it in a bank.
Like I mentioned,
your money loses value over time due to inflation.
The banks give you a less return on your money
than the actual rise in cost overall.
So be smart with your money and invest the money.
As you can see from this article,
it's the best time to become a millionaire
by simply investing.
These millionaire made their money
through investing at least 25% of their money
into the crypto world.
It has been said that Bitcoin is the new gold.
Many people made some quick money,
thanks to the price of Bitcoin reaching $68,000.
From just $320 in 2016 to a jump to $68,000.
Yeah, that's insane.
I wish I bought in when the price was low,
could have been a multimillionaire by now.
However, the crypto world is very volatile
but it's worth investing as it is the future.
I mean, people are investing into digital arts.
Yeah, NFTs.
This is a new form of investing option
where you can make some serious money if done right.
I truly don't get this new generation.
I mean, I can simply screenshot this NFT and own it,
but the owner who bought this NFT for 23.7 million
has the digital bragging rights to say he has the original.
I mean, seriously, who the hell gives a damn about that?
Oh, well, as long as you can make some money
I don't really mind it.
I mean, if you still feel skeptical
into investing into the crypto world,
you can always stick to the traditional investing methods,
such as investing into index funds or buying stocks.
Mind you, these investing options are long term game.
So hold your money for as long as you can
as they have a higher impact when compounding.
I personally currently invest in cryptocurrencies,
such as Bitcoin and Ethereum,
but I'm looking to take far more risk
by diversifying my crypto portfolio.
But I have most of my money invested
in traditional stocks and index funds.
I haven't looked so much into the NFT world
but we'll do soon,
because I'm tired of being late to the party all the time!
Don't worry, I'll make sure to make videos around NFTs
to keep you lot in the loop too, so stick around.
Moving on to getting a credit card.
The only reason why I say
it's important to get a credit card
is so that you can build a great credit score.
As you have managed to learn how to budget
it's the best time to get a credit card
as you are less likely to end up in credit card debt.
This is very important so that you can prove to the banks
you can return any money you use without fail.
Entrusting you to get better loans
when trying to buy a house.
Also, this is not financial advice
as I'm just talking from my own experience.
There are many types of credit cards you can get,
but you need to make sure that the credit card you choose
charges less interest, have less fees,
and one that provides extra rewards,
such as loyalty points and cashbacks.
I mean, who doesn't like rewards?
For me, I personally use Amex as I love their travel points
so I can travel the world.
If you haven't got a credit card,
you can get one using the link in the description.
Don't worry, I'm not sponsored by them.
But if you choose to use my link, we both will get a bonus.
Now, once you've completed all the steps above,
it is time for you to start looking
to generate multiple sources of income.
This is one of the toughest things to do
as you need to put a lot of time,
but once it up and running, it will feed you forever.
It's a bit like having a child.
At first, you will have to put a lot of time.
But later in life, they will help you out a lot.
Also, I'm not sure if you are aware of this,
but most millennials live their life paycheck to paycheck.
Think of it like this.
They're in an endless loop where there is no way out
unless they start generating more money
through other streams.
I'm sure you've countless videos of me
bragging about creating passive income.
It's because it is a must in order to retire early.
Here's a list of side hustles you should start looking into.
Number one is getting a property.
Getting a property may not be an easy job
but it is one of the best investments you will make.
Now remember when I said having a credit score is important?
It is due to this reason.
Having a credit world will allow you to get lenders
to give you more money when you're trying to buy a house,
making it slightly easier to buy a property.
Also make sure you check out
if your country has any government schemes
that allows you to get a house for cheap.
In the UK, we have something called
a Help to Buy equity loan.
This is where you only need to pay 5% deposit
which is very good when trying to buy a house.
The best thing about getting a property
is that you'll get paid in two ways.
One by the value of the property increasing year by year,
and second is your tenants paying you rent each month.
You can choose to reinvest this money
into buying more houses
or focus on building another side hustle.
The choice is simply yours.
Secondly, if you have any business
you think that will do well in the coming years.
As I see that the tech world is always going to go forward
due to us transitioning into the metaverse.
Now, many people aren't so good with technology
while some don't have time setting all the equipment.
So why not start a tech startup,
where all you do is set up office computers,
servers and other stuff?
It is a really good business to start
as it has a lot of potential to grow.
Now, yes, it may take time.
But like I mentioned,
once it gets rolling it'll be fully passive for you.
Finally, here's a bonus side hustle you can start,
which is one of my favorite
where I built a six figure business, Amazon FBA.
I've made so many videos about this,
so I won't be going in a lot more detail.
But it's simply where you buy products in bulk
and sell it on Amazon.
It's semi-passive that's why I love it so much.
As once the product reach to Amazon
I can focus on my other ventures.
Amazon is the world's largest seller,
meaning they have millions of customers
ready to purchase your products.
You don't even have to spend thousands on marketing
and it's easy to set up, so why not start?
Now, if you wanna start Amazon FBA
and you I want to guide you step by step
throughout the whole process,
then I do provide mentoring
and you can simply sign up filling in the Google form
which is linked in the description.
But the choice is yours.
You can either come to my mentoring
or watch the free videos which I have on my YouTube.
So yeah, these were possible income streams
you can start in 2022.
Make sure the money you make from these streams you reinvest
or in invest into stocks,
so you can retire in your twenties.
Also make sure you follow all the steps
before you try to create another source of income,
as you need to set your foundations right.
This is why if you're in need of a job,
you can start by watching this video
where I've shared seven online jobs you can start right now.
Anyways, I hope you enjoy this video
and make sure you leave a like.
Subscribe if you're new around here.
And I will see in the next video.