Having regrets is a normal part of life maybe you regret not talking to your
crush in ninth grade or you regret not going to prom everyone will have some
regrets in life but when it comes to money there are some regrets you never
want to have to face there are certain money mistakes that one made especially
in your youth can make it nearly impossible to succeed financially but
luckily boss in this video I will share with you ten money mistakes you'll
regret later in life so you can grow old and be regret free and if you're new to
the channel then hit the subscribe button below from where a life-changing
content mistake number one thinking College will
make you rich if you're like the average American teenager then your life path
has already been set for you you'll be expected to get good grades in high
school to be able to attend a good college you'll work for 40 years but
likely more and then you'll retire and hopefully during this time you will have
enough money to buy a home and go on a couple vacations
the sad reality is that most young people don't realize that College truly
isn't a path that will reliably make you rich and to be honest them having this
perspective probably isn't their fault in fact we should blame society for this
you see your education actually truly starts the day you leave school you may
not like to hear this but it's the truth the real world is very different from
the four walls of a classroom truly successful people are people who learn
daily even two decades after they've left school they know that simply
getting the education that college provides will only offer them the
ability to work a routine job that will never pay them enough to get rich the
rich identify early on that they must pursue skills outside of formal
education to get ahead financially unfortunately most people stop learning
the daily leave school and that's a big mistake that leads to poverty and an
unfulfilled life read good books listen to good audio programs school doesn't
teach you as many worthwhile things as you'd like to believe
mistake number two not doing your own research young people are those who will
sculpt and shape the future world we live in they are people with great minds
are full of opinions but they will rarely challenge what they hear from
their elders for instance they take money-making advice from their
who have never earned a six-figure income or they take business advice from
those who have never ran a business that turned an annual profit your earlier
year should be a time of learning but also questioning what you are told and
even getting deeper into your own best thoughts and viewpoints experience may
lead you to discover that issues that seem black and white are actually many
shades of grey with age doesn't necessarily come wisdom and many young
people to easily accept what they hear from all their generations following
your instincts can take you a long way if you know how to follow them well
mistake number three spending unnecessarily when you're young your
main priority is having as much fun as possible and let's call it like it is
having fun often costs money whether it's going up to the bar with your
friend or going on vacation money is almost always involved and I think it's
good to live it up especially when you're young and have the time and
energy to be adventurous but where the youth and most people in general go
wrong is by behaving this way on an ongoing basis many people feel a
constant need to live like the people to see in social media those who drive
fancy cars were expensive clothing and live a life that is unattainable for 99%
of people in an effort to emulate these individuals useful people try their best
to obtain the material goods that their role models possess like the newest
phones and gadgets and all this is really doing is making them poorer than
they already are as a young person your primary
assignment should be to build a solid financial foundation for your life to do
this you have to have the habit of saving and learning about investing you
can buy everything and anything your heart desires but that's after you've
built wealth I know this advice is unappealing to hear now but it will be
worth its weight in gold when you start to see your net worth exponentially rise
in the future mistake number four giving up too easily it's so easy to just quit
when something feels too hard it could be a tough class in college a
significant other you're in a relationship with or starting your first
business the idea of giving up what you're doing just to try something else
can often be the easier option unfortunately I am no stranger to giving
up too easily when I face challenges in all my early business ventures
dropshipping and flipping books on amazon not seeing incident results
prompted me to quit when in reality putting in more effort to learn and
develop my skills likely would have given me the outcomes i was seeking to
obtain now there are a few reasons why people give up it might be that you
don't like what you're doing but the biggest mistake you can make in most
cases is to give up pushing through the hard times is what makes a stronger and
well-rounded person when things start getting a little tough don't take the
easy way out keep on pushing through and you might surprise yourself when you
work through something tough and come out the other side there is no better
feeling don't give up keep on fighting mistake number five investing blindly if
you've been watching my videos or listening to any proper financial advice
you will know that it is important to start investing early not to mention
there are thousands of stories of people who have made millions investing in the
stock market which as a young adult can be enticing to emulate yourself and it's
true investing can be a very rewarding endeavor but it's not as easy as buying
a few shares you think will do well and collecting your profits whether you're
young or old you must always do your research when making any type of an
investment if you want to invest in shares of a company you need to learn to
read financial statements understand financial ratios and at least have some
knowledge about the business the company operates in the same goes with real
estate you must know the demographics of the area in which the property you want
to buy exists trends in rent and vacancies and how interest rates change
can impact your investment decision but simply you need to do your research
before investing if you truly want to master investing the best way to go
about it is to study some really good books on that subject and talk to those
who have invested successfully in the assets you are looking to obtain this
way you can save yourself the heartache and disappointment that comes with
losing your hard-earned money mistake number six needing instant gratification
requiring instant gratification maybe the biggest deterrent in any young
person's life when it comes to achieving any type of success due to social media
in the instantize culture we live in the used our not willing to be patient to
see their efforts through until the end and want the results they
seek immediately again I struggled with this during my earlier business ventures
but once I focused on delaying my gratification my life changed for the
better for instance I committed to building up a YouTube channel and by
working on it every single day and being patient I have built a nice income
stream for myself now don't get me wrong I completely understand why people feel
the need to get instant results young people today are under great pressure to
establish these successful career as soon as possible to find the perfect
partner at the earliest opportunity and most importantly to enjoy themselves
right here and now they always want everything now and that usually leads
them into unnecessary shortcuts debt and an unhappy future chock-full of regrets
mistake number seven not saving any money for retirement a
recent survey of a thousand and three people from Bank Rate find that 69% of
those ages 18 to 29 had no retirement savings at all your retirement may seem
far off but you're doing yourself a major to service if you don't recognize
the importance of saving as soon as possible unfortunately like I said
earlier in this video young adults often feel an immense pressure to fit in with
their peers by buying the latest gadgets and the newest clothes each one of these
purchases pushes them further and further away from retirement and as a
result of what's known as hyperbolic discounting as humans we are hardwired
to prefer short-term payoffs even when we would get more by waiting quite
frankly it's hard to convince an 18 year old that the $500 they invest now for
retirement is better spent in this way and then buying a phone that all their
friends possess however these purchasing decisions will be regrets down the line
which is why you should avoid this type of spending when you can mistake number
8 not preparing for emergencies when you're young you never envision anything
going wrong maybe it's because you haven't experienced many tough times in
life and you are full of energy every single day however the reality is that
rainy days will come whether that's mentally physically or financially not
having the money to address unexpected events is something you want to avoid at
all costs and is definitely a regret those who don't invest in their
emergency funds will face as soon as you start to earn an income allocate 5% of
your after-tax cash to emergency fund so that you can avoid any
regrets that will be attached to future unfortunate events mistake number nine
buying too much house buying your first home is one of the most exciting events
in your life however it is probably the biggest financial outlay you will ever
commit to and many people overextend themselves and buy more house than they
need and realistically can afford don't buy any home just to show off to your
peers buy a home that works for you in terms of its size and cost at the end of
the day you carry its financial burden not your friends and family so this
should be a decision you make for your own ultimate benefit mistake number 10
blaming others for your lack of success when things go wrong in life it's easy
to point the finger at others and direct blame their way when in reality you
should be pointing a finger at yourself just because you went to a party with
your friends instead of studying doesn't mean the C+ you got on your exam is
because of them just because you spend a hundred thousand dollars on college
because your parents forced you to go doesn't make it solely their mistake you
are ultimately in control of the decisions you make and accepting
responsibility for your actions is essential to having less regrets as you
age this also works in a positive way as well
it means picking the career you enjoy and not the one your parents expect you
to enter into it means being okay with being selfish with your time when you
are driving towards your goals when you look in the mirror you only have
yourself to answer to at the end of the day which is why you must blaze your own
path and avoid blaming anyone but yourself thanks for watching if you want
to go from the life you have to the life you deserve then hit the subscribe
button now