hey guys welcome back they were in my new brand-new TESLA Oh actually it's not my
Tesla it's my friend Eric's what's up everybody what's up YouTube so
I eventually I'm gonna get a Tesla so I'm speaking into existence so it will
manifest I will be getting a Tesla hopefully in the next couple of years
yeah but I say that the first one I eventually named to believe because if
you don't really think you can do something it's not gonna happen if you
if you can visualize it if you you know spend the time to say this is possible
for me it took me a few years to be able to make this happen but and I'm so glad
I could share it with you two I'm so happy to be here right now and share
with you guys with Tesla have you ever been in a Tesla put a comment down right
now if you've ever been in a Tesla also if you're in Nebraska and you want to
drive this Tesla check the link in the description and you can drive this Tesla
us we're not with us but whatever it's in the Lincoln maybe
yeah if you want to drain the blood from your face it'll do a great job it's
pretty fast so today we're going into eight different money mistakes you can
make in your 20s and the first one is getting an expensive car that you cannot
afford but I personally cannot afford it Tesla but maybe Eric can can you afford
your Tesla I'm broke now it's not news that buying a car is a pretty bad
investment actually as soon as you drive the car off the law is about 10% of the
value of the car over the course of 10 years he learns 63 percent of the value
of the car so you can do the math a car is a pretty bad investment this car
brand new was a hundred and thirty thousand dollars yes which is a lot
that's a lot so I followed some of your advice because when I bought it it was a
couple years old it was like five years old
and so I paid probably 40 I think it's 46 so I saved $80,000 of depreciation I
totally agree with you that it's actually really good advice one thing
you can do to maximize your money when buying a car is buying a car that's at
least five years old just like it did so what year was this car built I was in
late 2014 so this was like one of the original PD 5 G's that Tesla produced
okay so it's been about five years so he saved over $80,000 by not buying it
brand new so that's also something you can do to maximize your dollars so leave
a comment below if you want to know more advice about how to buy a car and if not
we are going into the second mistake to not make a near 20s okay let's do I know
what you guys want to see you want to see the car driving yes talk too much
sorry
money mistake number two is not contributing every month to a 401k plan
if your company does not have a 401k plan or your freelancer like myself then
you should be considering opening a Roth IRA or a traditional IRA what is so
powerful about compound interest is that you need time for it to grow into a
significant amount let's say you are 20 years old right now and you set aside
$100 a week until you are 65 years old at a rate of return of 8% a year give or
take this is not to get confused of putting this money into your savings
account because your savings account will never make you a percent of return
a year at the age of 65 you will have about one point eight five million
dollars million yes million that is six zeros
congratulations you're a millionaire and you didn't have to join any pyramid
schemes to get in there let's say your friend Billy it wasn't as concerned as
you were he didn't start setting aside a hundred dollars until he was thirty
years old at the same eight percent of return a year putting away that money
until he's 65 years old Billy would have only have earned
$800,000 that my friend is a million dollar mistake money mistake number
three is going into debt to go to school of course if you're gonna be a lawyer or
doctor you do have to go to school if you want anyone to respect you however
if you're going to school just because or to get a liberal arts degree most
people will never get a raise just because they have a degree or see a
return on that investment anytime soon what can be a better option is taking
courses online self teaching yourself by buying books on Amazon that can be
twenty bucks a book and taking different courses online from different online
platforms there are many courses online where you can go to school at a deep
discount and right now Google is having a free
certification for many different programs that they do not have enough
people to fill the positions a link to that will be in the description you can
also think about going to a trade school if you know exactly what you want to do
and the trade school is a lot cheaper and a lot more concentrated to the
career fair that you are looking to get into on to number four money mistake
number four is having kids too early children are wonderful and they bring so
much joy and happiness into our lives I know I'm gonna find a few people however
it is no surprise that children are very very expensive according to a 2017
report from the Department of Agriculture the average cost of raising
a child from infancy to 17 years old is about two hundred and thirty three
thousand dollars that's a house I didn't personally move out until I was 19 years
old and my ex to move out until he was twenty-five so this number can be a lot
higher depending on the child so if you're not financially stable yet you
might want to consider waiting until you're a little bit older with a little
bit more savings and a little bit more stability if you already have a child no
worries you can save on all the other things on this list however if you are
20 years old right now and you're so excited to have a child maybe you should
consider waiting and like a decade mistake number three is owning and test
I know you hate me I love animals but once you take the sentimental value out
of your loving pets and just look at them as dollars and cents if you can't
afford to pay your bills every month pets can get pretty expensive between
feeding them and sharing them vaccinating them cannibals sitters when
you're not there so on and so forth and things can get pretty complicated
if little Betty gets little Bella pregnant the sixth money-making mistake
is dipping into your emergency funds the whole point of an emergency fund is for
emergencies so you don't have to dip into you your normal fun so let's say
you hate your job but you have four months of pay saved up already you don't
have to stress out about staying at a job you hate because you have four
months and you can just leave so leave your emergency fund alone and leave it
for just emergencies like your car breaking down or you break your leg or
bailing your friend out of jail you never know number seven is not taking
advantage of your free time to make a little bit of extra money I have so many
videos on YouTube but that is all about starting side hustle literally from your
bedroom that sounds like actually a really good video idea I'm gonna write
that down but not taking advantage of some of your
free time to diversify your income and make extra cash is a huge mistake in
your 20s especially since you can leverage your youth your energy your
free time to take on an extra side income here's what I call my side hustle
Bible to start an extra income just click right there it's right there okay
number 8 is sorry I didn't move I'm in the same place it's not as exciting
number 8 is keeping up with the Joneses I know I really struggled with this when
I was 18 19 20 years old because I had all this new freedom and I had control
of my life for the first time ever and so much responsibility and that I just
was not used to me and my friends we were all broke but we just wanted to
have fun so we would go out 4 nights a week
lots of partying lots of shopping why did I do that because all my friends
were doing it or I would try to pull one of those okay I'm gonna go to my
friend's birthday party I'm not gonna order anything cuz I'm broke but what
always ended up happening somebody pressuring you into buying something
ordering something spending money because you'll know huh Yolo once you
finally learn how to say no to going out constantly your finances will thank you
later I want you to come back to this video when you're on a beach somewhere
and you're like thank you I didn't go out to eat every night and now I'm on
the beach somewhere Thank You cat thank you
that would make me feel so good mistake number 9 we're on the same place number
9 is going into debt for a wedding a lot of sensitive topics here don't kill me
please don't kill me please in the comments I get it really I've been
dreaming of my wedding day since I was four years
it's supposed to be the most magical day of your life right maybe it will be
maybe not but the average cost of a wedding in the United States is about
$31,000 which is more than half the average median of a household income of
$55,000 that money would better serve you on a down payment on a house that
you're gonna be living in and making a family in for the next some odd years
then just one night maybe just consider cutting back on the
open bar and the extra add-ons that they try to get you on you don't need them
number 10 the last one but a huge in such an important mistake that we make
in our 20s is only paying the minimum of balance on our credit cards if even that
that will only add interest and money for things you didn't even buy so what
is actually happening it when you only pay the minimal balance on your credit
card bill let's say you owe about $6,000 do you know anyone that oh six thousand
dollars at an average interest rate of fourteen point nine nine percent if you
only pay the minimal amount each month you're paying an extra four thousand
dollars in a cured interest that is ten thousand dollars in total when you only
borrowed six we are just giving away free money instead what we should be
doing is trying to pay off as much as fiscally possible without ending up on
the street to get that debt down to zero as quickly as possible if you'd like to
hear some tips and tricks how to pay off your credit card debt as quickly as
possible because I don't really know what y'all want to hear let me know in
the comments and I would love to make that video for you one of those tips
would probably be not living in the United States
I need to stop okay that's my ten money mistakes that you should avoid in your
20s and actually probably in your 30s and for the rest of your life actually
as well let me know what things you're guilty of doing in the comments no shame
girl don't worry no shame and any other money mistakes you regret making in your
20s for our older wiser subscribers out there like comment and subscribe I will
see you in the next video bye now
as much as physically physically physically physically physically
physically you should be trying we should be trying oh my god what which
look I'm sorry you're oh that is my cue okay