5 Money Mistakes To Avoid In Your 20s

5 Money Mistakes To Avoid In Your 20s


– How’s it going today guys? Welcome back to the channel, hope you’re having a great day so far. So in this video here,
we’re gonna be talking about the biggest financial mistakes that people make particularly in their 20’s. Now some of these are mistakes
that I have made myself and I’m gonna share my personal experience with each of these and others are mistakes that I’m seeing other
people making out there so I hope you guys get a tremendous amount of value out of this video and if you do I would appreciate it
if you would drop a like and make sure you hit that
subscribe button as well. Let’s go ahead and get started here by starting off with number one, what I believe to be the biggest
mistake people are making, especially as young people and that is skipping the 401(k)
contributions altogether. I honestly can’t blame young
people for this mistake because what it comes down
to is a lack of education about what a 401(k) is,
what compound interest is, and how this all ties in together. But just because the schooling system has failed to educate you on this does not mean that it is
not extremely important so if you’re one of these
young people out there that have no idea what a 401(k) is, you don’t know if you’re contributing or you know for a fact that
you aren’t contributing, I certainly hope this part of this video motivates you to at least consider contributing a small amount
of money to your 401(k). So just how bad is this problem? Well, according to a
survey by Money Under 30, 51.6% of Millennials are not
contributing to a 401(k). So the majority of Millennials, the majority of young people out there are saving nothing in their
401(k)s for retirement and that just absolutely blows my mind. And this is going to be a massive problem 20, 30, or 40 years down the road when this group of young
people’s looking to retire and their wondering why they
have no money to retire. What you have to understand here is that compound interest is what we call the time value of money. And you have to give your
money a very long time to grow in order for it to grow
into a meaningful amount and I wanna walk you guys
through an example here. Let’s say you decide to contribute 100 dollars a week to your 401(k) and that’s honestly not a lot of money. That is maybe one trip out to eat or two trips out to eat every single week. We’re not talking about a
crazy amount of money here. $100 a week and let’s say
you’re earning an average return of around 8% per year over
a very long period of time. Well let’s say somebody decides to do that from age 20 to age 65. $100 a week going into the
401(k) earning an 8% return. Well by age 65, they would
have 1.86 million dollars. A very hefty retirement, a very
large amount of money there. But let’s say on the other hand, one of their friends
decides, well you know what? I’m not gonna start doing
that until I’m 30 years old. So rather then contributing
$100 a week from 20 to 65 they wait until 30 to 65,
at the same exact yield they’re only going to have $827,000. So just to make this simple for you guys, that is a one million dollar mistake. By waiting until age 30 to
contribute toward your retirement instead of starting at age 20, you just cost yourself one million dollars from that 401(k) on a $100
per week contribution. So that is what is important here. It’s the amount of time that
you’re allowing your money to grow, not necessarily how
much money you are investing. So if you know for a fact
that you’re not contributing to your 401(k), that is
a very important thing you should be doing as a young person and I hope you at least are open to the idea of doing that now. And at the very least, what
I always tell people is if your employer is
matching your contributions, oftentimes you’ll see employers
matching up until a certain amount, always maximize
what they’re going to match. One of my former employers,
they would match 50% up to 3% and so I would
contribute 6% of my pay into my 401(k) and they
would give me 3% for free. It’s literally free money that so many people are not taking advantage of. It just completely blows my mind. Okay, mistake number two
is buying an expensive car. Now this is something I’ve done myself and it’s a video I did on my channel way back before I had
a lot of subscribers. I’ll link up to it in
the description below and it’s how I lost $9,480 in one year by owning a car that was a flashy car. Now the scary part of this is, I bought a car that was a 2007 and this was back in, I believe 2016. So this was a nine year old car that I still managed to
lose just shy of $10,000 on in the course of one year
and that was largely due to the fact that I overpaid
for it and then I traded it in. I basically made every mistake
you could make in the book when it came to buying
and selling that car. But the scary part is it
could’ve been a lot worse if I bought a brand new car. A one or two year old
car right off the lot or something like that for example. You can end up losing a massive amount of money by buying an expensive car. So if you guys wanna check out that video, I’m gonna link it up in
the description below but cars are what you
call a depreciating asset. The assets that you want in your life are appreciating assets
like stocks and bonds, and real estate, things
that tend to go up in value. While a car is technically an asset, most cars are depreciating assets meaning every single year they
are worth less and less money and if you make this
mistake of going out there and buying a brand new car
or buying an expensive car you’re gonna end up
upside down on that car to the point where
basically how much you owe is more than what that
car is actually worth and you’re gonna be stuck
paying back this car payment for years to come on a car that’s not even worth what you owe on it
and it’s just a really bad situation to be in and I see so many young people making this mistake. Now you might be asking yourself well how much money should
you be spending on a car and I wanna share with you guys
what my opinion of this is. So in my opinion, your total
monthly vehicle expenses including your insurance and
including your car payment should be no more than 10% of
your pre-tax monthly income. This is a pretty conservative number but I can pretty much guarantee you guys this is gonna keep you out of trouble when it comes to your vehicle expenses. So let’s say for example you made $5000 per month in pre-tax income, that means that your total vehicle expenses should be around $500. So maybe it’s a $400 car payment, and a $100 for your
monthly insurance payments. Where you run into trouble
is when you see somebody with $3000 of pre-tax income per month with a $750 vehicle expense a month. It just does not make financial sense and there are so many people out there that are making maybe
$30, $40,000 per year driving brand new Ford
F150s or cars that they just can’t afford and then they wonder why they have no money at
the end of the month. Okay the third huge financial
mistake that people are making in their 20’s is getting
into debt with student loans. Now I’m not saying that college
is necessarily a bad thing. I went to college. I got a two year degree
in Electrical Construction and now here I am making YouTube videos so obviously I’m not
using my college education but it cost me altogether $12,000 over the course of two years and I was fortunate
enough to have some money from my grandfather that paid for college so I was blessed to not
have to go into debt but even so, I went community college to keep that expense as low as possible. The problem you run into
here is when people are going to college for what I call,
a non-marketable skill. Something that is not very useful. A degree that is not going to allow you to make decent money and
then you are in debt. In some cases, six figures of debt with a degree that’s not
gonna earn you any money. It just doesn’t make sense to do this. One of the things I frequently
talk about on this channel is getting involved with skilled trades, whether it’s being a
plumber or an electrician or a carpenter, these are
skills that don’t require you to go to college or go into debt that are going to allow
you to make a lot of money. But at the end of the
day, the number one thing, the most important piece of this is you’re doing what you are passionate about and if you don’t wanna be an electrician, obviously don’t do that
but I always recommend if you’re going to go to college, at least have some kind of plan as to what you’re gonna do after college and how much money you
can make with that degree. One of the things I always like to say when I’m talking about
looking at the trades versus looking at college
is let’s say it’s midnight and all of a sudden you find out you have a burst pipe in your basement, you’re gonna be calling a plumber, you’re gonna be going oh
shit, I need a plumber. You’re never gonna be in
a situation where you go oh shit I need a art history major. It’s just not a skill that’s
gonna be in massive high demand and so it’s just something
that people don’t consider is the demand and the
need for that service. Again, plumbing is not for everybody but it is a skill that is in high demand and when you need a
plumber, you really need one and that’s when you’re gonna
be opening your pockets and shelling out some dough. Financial mistake number
four, I know it’s going to get me some flack in
the comment sections below but I just have to say
it, I have pets myself. I have two cats named Ava and Stormy, I’ll put up some photos
on the screen here for you but pets are one of the
biggest financial mistakes that people make in their 20’s. Like I said, I have two cats, I love them, they’re one of my
favorite things that I own and so I would never change
the fact that I have two cats. I really enjoy the
companionship and everything but at the end of the
day, if you strip away the whole emotional
attachment to your pets and you just look at
the dollars and cents, this is a huge expense every
single month to be a pet owner. Now I’m not saying that you shouldn’t own a pet if you really want to. It’s a very important part of your life but you should consider the
financial obligations involved with owning a pet and a lot
of people don’t do this. They end up buying a dog or adopting a cat or adopting an animal
thinking okay, you know what? This dog’s only gonna
cost me $1000 or $500 and that is literally just the beginning. I’ve ran the numbers here for
what I’m paying for my cats but I know just from
owning dogs my entire life, it is way more expensive
then you think going in especially when all you
look at is the dollar value you’re paying for that
pet at the very beginning. So just for me for an
example with my two cats, every single month I
spend about $25 on food, $40 on litter for my cats, $120
per month on pet insurance, now pet insurance, the one that
I have it covers everything. Shots, vaccinations, spaying,
anything that comes up it’s covered and personally
I would rather be paying for pet insurance rather than
having these unforeseen expenses but you don’t necessarily
need to have pet insurance. And then I also have to pay
pet rent at my apartment coming up to a grand
total of $210 per month. Now for me, that’s really
not that much money but for some people that is
a significant chunk of change and it’s something you need to consider when you are buying an animal. I would say for a general rule of thumb, it’s gonna cost you about
$150 per month for a pet and you also have to
consider if you’re not gonna go the route of
getting pet insurance, there’s gonna be those
unforeseen expenses along the way and you should really
be planning for those that way you don’t have to end up putting it on a credit
card but that can be a huge financial burden for people is buying a pet when
they’re not thinking about the long-term costs of owning that animal. Alright and finally number five here, the fifth huge financial
mistake young people are making it’s a mistake that I almost
made myself is avoiding risk. Now I know this might sound
kind of weird to you guys because you might be thinking, risk, maybe you’re
thinking of the lottery, maybe you’re thinking of, I don’t know, something you’re gonna lose money when you’re risking your money, but risk can be one of the
greatest things that you can do in your life is risking something. Risking the time that
you’re putting in something, risking your money and
I’m not talking about the lottery here what I’m talking about is something that comes up in your path that might not necessarily
seem like the right thing to do on paper but you decide to
do it anyway because you have all the years ahead of
you to offset that risk. And I wanna share with you
guys my story about that to show you what I mean by this. Like I said, I went ahead and I got my two year degree in
Electrical Construction. I worked for the local power
utility for a little bit over two years and I
honestly hated my job. I did not enjoy what
I was doing day to day and so on the side I started
this little YouTube channel. I was making videos in my room, drawing stuff on a white board, making financial videos and
I really enjoyed doing this and I said you know what,
I would absolutely love it if every single day this is what I did. I put together ideas on paper, I made YouTube videos,
that would be a lot of fun. But I looked at the numbers here and I said okay at my job I’m making, I was making about $60,000 at the time and when I was looking
at my YouTube channel, I was making less than $1000 per month. So financially, looking at those numbers, it would make absoluty no sense to quit a union job with great benefits earning 60k a year guaranteed
six figures within five years but I made the decision anyway to say, I don’t wanna do this
anymore and I went all in with this YouTube channel
and now I’ve scaled this up to a really great online
business for myself. Had I been afraid to take that risk and take that leap of faith,
I would still be stuck in a position doing this job
that I really did not enjoy. And so you can’t always look at everything as dollars and cents on a piece of paper. You have to look at it
as what are you going to enjoy doing at the end of the day, and do not be afraid of taking
some risks as a young person. Avoiding risk is in my opinion, a huge financial mistake
that people are making and it’s one that I
almost fell into myself. But anyways guys, that’s
gonna wrap up this video. This is what I believe
to be the five biggest financial mistakes to avoid in your 20’s. Drop me a comment down below
if you guys have made any of these mistakes or if you
have any to add to this list, I would love to hear what
you guys have to say. Thank you so much for watching this video. I hope you enjoyed it and I
will see you in the next one.

100 Comments

  1. Oscar Medina says:

    I have a 403b is that alright?

  2. thelegend27 as says:

    6. Don't join to pyramide scheme and try to convince your friends to do the same dumb mistake

  3. Chris M. says:

    Your a dumb ass, It all just counts on how good some one can maintain their cash flow keep more in than going out. Ive managed to save doing all the things you’ve talked about. And I’m good, my House, vacation, names brand items shoes jewelry all this off making decent money but knowing when to buy it save up built credit. White peoples have a different privilege that colored folks not all but many. So your explanation on this is very exaggerated.

  4. Chris M. says:

    Ladies and gents live whatever way life makes you happy, buy the car you want that’s affordable to you at the time and that you dont plan on trading in, never buy new unless you can pay cash. But Set aside what you make and what you spend on a sheet of paper after bills and all expenses. Always make sure you can still live comfortable enough to atleast save 300/400$ a month. That’s the key we won’t all be rich but living happy and well is possible. Hope this helps a few of y’all.

  5. jryde421 says:

    401k sounds nice but ik the government is not stable enough to trust it.

  6. Tate Mushroom says:

    well if i put about 18k in my 401k every year i will have 6 million by 65

  7. Spencer says:

    I'm 18 and I work at Walmart. I already have $600 into the companies 401(k) plan

  8. Ben Bundy says:

    Fantastic video. Thanks!

  9. Jae Lee Smart says:

    One of the things I hate about 401k is that your money return is not guaranteed. Yes, historically over the last 200years, there was 8% growth, but if you think about it, 200years of stock history is not that long. You can lose money by contributing to 401k. What are your thoughts on this?

  10. parkerbohnn says:

    8 percent huh? The most overvalued U.S. stock market of all time including the 1873 crash and the '29 crash and you actually think these 20 year old's are going to earn 8 percent a year? Your age of 22 is showing through.

  11. parkerbohnn says:

    Kid put your money into gold bars and silver bars, avoid the U.S. stock market like the plague. If you have enough money sell the U.S. major stock market indexes short around the middle of 2020. Look for the DOW to at least retest the 10,000 level on the downside. It should retest the 5,000 mark.

  12. Eithan Schuler says:

    This information is a little overzealous. You have stated to avoid it and then you say to do what you're passionate about. People with ambitions can make these work. The point you're dancing around is that you should live well below your means. That's it. If you cant manage your money now, you're not gonna be able to manage double or triple.

  13. Bernard Andries says:

    10% of my wages would be impossible to do. it's 1600 a month. Sadly.

  14. Armando Aguilar says:

    I spend $50 a month on dog food! Fml lol not including the yearly vaccinations.

  15. Tyler Norman says:

    401K: $100/week = 400/month. No way in hell your average millennial can afford ticking $400/month away for retirement. I'm 23 (in 2019) and hardly make over 30K/yr; $40/month sure, not $400/month.

  16. Izaiah Loring says:

    $100 is less than half of a single days pay for me, I’m not finished the video yet

  17. Gabriel Levine says:

    Your employer offers you a 401K plan? Those kinds of benefits are hard to find!

  18. FonchCakes says:

    "$100 a week isn't that much"
    Well, it's looks like we've got a Richie Rich in the house

  19. Nick H says:

    This guy pays $40/gram.

  20. MariahB says:

    Thank you Ryan. I just quit my job today at a call center to go into Cosmetology full time and pursue other things I am interested and I feel great about it. I just turned 22 btw

  21. Alex Sosa says:

    If you have a shitty job that doesn’t offer 401k and if you want to run your own business how do you get a 401k?

  22. Gian Franco says:

    Pets are a controversial topic because people get so emotional about them. Yes, dogs are great – but if you're living paycheck to paycheck, you need to think twice.

  23. Dan Swizzle says:

    This is very generalized I feel HOWEVER…. the 401k is definitely accurate. Had one since I turned 18. Convinced my friends to do the same. For the most part, we're child retire at 50 if we choose due to the amount we invest each week.

  24. Antwun Trademark says:

    6:05 HUGE valuable tip when buying a vehicle 🚗

  25. EdVentures says:

    When I turned 20 years old I bought my first car which was a corvette for $30,000 ( didn't have credit at all) and everyone thought I was cool but 3 years later I sold it for $15,000. Biggest mistake and I learned it the hard way lol.

  26. Daniel Man says:

    Financial advice from Peyton Manning! Great video!

  27. Sil says:

    Lol 3-5k a month this guy is a clown… in your 20s you are a student there is no way you make that

  28. Ravindu Liyanage says:

    Rich people buy necessities first
    Poor people buy luxuries first
    You should know what you NEED and WANT

  29. She Smooth says:

    First off he is not even Being realistic 2nd off he is way too young to even tell you what mistakes to miss in your 20s seeing that he does not have the life experience nor knowledgeable on the full version and does not understand how many curveballs come before you 30 and I don’t even want to hear what he has to say anymore I thought he was informational but now I see he is not.

  30. Ohem1 says:

    I too have two cats but they aren't as expensive as you put it, I only had to pay for one ($100) and the food is just about the same as yours, the insurance is around $16 for one of them (going to change for a lower one for my other cat) and their litter is just below $40. I made financial mistakes earlier 2-3 years ago and have managed to get rid off a big portion of the consumer debt and started saving. I live in Sweden so the rules are a little bit different when doing investing, but I've started putting into a no-fee index fund.

  31. StudentsOfMoney says:

    You can become a millionaire with the cost of smoking or vaping.

  32. Ryan Scribner says:

    FREE 5 Step Money Making Blueprint: http://www.ryanoscribner.com/start
    Follow Me On Instagram: @ryanscribnerofficial

  33. Simone Miller says:

    I have a Shih Tzu. Insurance and food included I pay 64 a month. Switch to Figo bro.

  34. Conor Winston says:

    I wish I had a pet but pet rent and nonrefundable pet deposits are BS.

  35. Slxxpy Jan says:

    401 k is not good if you have problems in your health and there's no cure to your health. If your normal then 401k is okay.

  36. Samurai Jack says:

    How do make and edit such professional videos? The quality is amazing and I would like to know the editing software you use!

  37. Cheers! 진아 이야.♥ says:

    100$ is not a lot of money ? 100$ is two meals out ?? What kind of crazy world do you live in where students have that much money. This is not reality for 80% of the population.

  38. Benjamin Tjaa says:

    Save 100 dollars a week with minimum wage? Are you kidding me?

  39. W S says:

    I agree with Ryan’s list of five. However, not everyone should experience life with financial incentives. For example, going to college for financial gain is not for everyone. It can be for developing relationships, networks or to grow up to find yourself. These are priceless and will assist with opportunities (including financial) later in life.

  40. Jay Man says:

    I have a Roth IRA I plan on using to purchase mutual funds instead of 401k. What do you think?

  41. Muhammad Kv says:

    You could have saved half of the money if you had bought a windows laptop instead of iMac

  42. James says:

    yeah pets is a big one, i really want a dog, but they costs thousands of dollars, and thats money that while im young would be better spent on stocks, house deposits, paying loans etc.

  43. Jess MacDougall says:

    Pets are a financial mistake…
    I have 2 dogs, 1 cat, 2 fire belly toads, 1 fire belly newt, a crested gecko, and aquariums (which are planted and I dont think people understand how expensive the fish keeping industry is lol)

    Yup. They're expensive. Especially the fish, tbh I think that is the biggest mistake you can make when picking a pet when you're trying to save money is going for fish because they're supposedly cheap… maybe at first but they're addicting lmao

  44. Mystery Monk says:

    The 100 watt light bulb is a
    mistake buy 60 a watt light.

    Don't be a power hog!

  45. Biyanka Patel says:

    Are you counting inflation rate vs interest rate..?

  46. marcus III says:

    I wish I had watched these types of videos before I graduated from college since my parents are so fucking financially illiterate.

  47. captain Jack says:

    u always talk about saving money in your whole life just for retirement and to ENJOY life when u can berely walk .. or Myb half of us watching this video will be dead in our 50s .. and DAN LOK he always says that WHY NOT NOW and thats the differ btwn you and DAN LOK.

  48. Madeline Stewart says:

    OH SHIT I NEED AN ART HISTORY MAJOR I'm dying that was so funny

  49. Casey Myhro says:

    The company I work for doesn't offer a 401k. Instead, they offer a Pension plan.

  50. Daily Joy says:

    Where's the list?

  51. Ira Witte says:

    Partying or going out every saturday

  52. sreekala devi says:

    The last one is my mistake

  53. JoshTries says:

    Isn't it better a ROTH IRA

  54. Detective Slugger says:

    Most people SHOULDN'T invest in any 401(k) they are mainly rips from corporations, and you can easily generate more ROI from the index funds….. 401(k)'s are always heavily taxed by the financial controllers of the corporation (the person controlling your money in the company)…. Just dont do it and learn a little bit about the stock market.

  55. Rebecca Starr Grace says:

    It's 40 dollars a month for my pet. And he was given to me for free. And his rabies shot was 24 dollars. It's not expensive and you're stupid if you have pet insurance

  56. kingX777 says:

    I mean most people in there 20s are getting a few hundred dollars a week. Without two jobs, you could barely pay rent now a days. It’s no wonder people can’t afford to put away money.

  57. Nick P says:

    What does it mean that your former employer matched 50% up to 3%? That he's willing to match 50% of what you put in? So half of 6% is what he would maximally match?

  58. Hailey Earls says:

    If you’re thinking of getting a pet in your 20s, I would suggest a hamster. They’re inexpensive, not high maintenance, and solitary, so they don’t need any hamster friends. They live an average of two years, so it’s not a huge financial commitment. Not to mention they’re super cute and fun to watch☺️

  59. All Things Sam says:

    I think these tips are really great and applicable but only if you look at the big picture more than the figures he mentions above. I personally cannot imagine saving $100 a week as a full-time college student and working 2-jobs. But I can consider putting away $20-$30 for the future. Any money can be just a start.

  60. iicringeii says:

    8:51 when you use the toilet after eating chipotle

  61. Spencer -_- says:

    College loans – non marketable skills – sjws.

  62. Miller D says:

    Cringe!

  63. John Encarnacion says:

    22 with money in a portfolio
    and a 753 credit score

  64. Tim Heisler says:

    fack u guy no student loans having ass

  65. Julin Mao says:

    I just realized I wasted 4 years of my 20s… I wish I found your video earlier. Btw, I'm 24 years in one month

  66. Mach4 says:

    college can be a great fallback

  67. Morgan Andrews says:

    I'm pretty sure when he says $100 dollars a week , he means ppl in there 20's who aren't working at McDonald, but the people who have actual careers

  68. Morgan Andrews says:

    Damn….ill just get a fish or hamster

  69. Stefan says:

    Start watching or listening at 4:15 if you're not American (just because we don't have 401k)

  70. AlmightyDonny says:

    But what if you buy a nice car and rent it out and make money per day for that?

  71. NSK says:

    I share rent with guys who earn 1200 dollar per 2 week and pay 500 dollars per month per year on car payments

  72. Axell Bautista says:

    100 a week is not a lot lol. I can’t spend anything because I get 90 dollars a week 😂

  73. Jure Macola says:

    Talking about money mistakes, has an apple product on his desk.

  74. mike black says:

    First Mistake… Purchasing Apple products 😂

  75. ChilledTea says:

    "Be a plumber man! Be a good one!" – Dr. Jordan B Peterson

  76. Nirupam Pratapgiri says:

    oh don't forget! marriage! avoid it like the plague

  77. Jocelyn Paz says:

    I have a question what happens if you get a 401k with your company but then you quit? Is it independent from your company?

  78. Itss Ricaa says:

    Wow ! Really enjoyed this video ! New subscriber ☺️

  79. Blackwatch says:

    1. I've been fired from my first job, then I quit my second. I've thought about investing money in the future, but since I can't sit my ass down in one place, I've said fuck it.
    2. I don't have a license, I drive my bike all day, so I'm good.
    3. I still haven't gone to college. I thought I was missing something special. lmaoooo
    4. I don't have a pet. so I'm good.
    5. I'm taking risks. On my first job, I was doing all I want… and paid the price (I kinda miss it though).
    On my second job, I quit because of supervisors acting like CEOs. So I guess I'm a risk taker.

    Oh, I'm 23 btw lmfaooo

  80. lauren lopez says:

    Starting your savings early is a must

  81. On That Slow-Mo says:

    I have a son, am a CEO of two separate companies, also work as a Professional travel agent… I live simple and save up what I have
    …. I'm 20… I graduated 4 weeks after I had my son…

    I may be doing everything backwards but At least everything is covered… I got insurance, I just sold my old property… buying a new one soon… I make sure my bills are Paid before I treat myself to anything… my son is happy and healthy… with don't be afraid to take a risk… it's never second guess yourself… when you believe you can do you can and you will… of you want something you gotta do something you have never done before to get there (I'm an entrepreneur myself) everything you said is true but how you handle yourself and your reactions to a situation make that pathway… always having a backup plan… when I had my son… I still graduated, it's putting the effort in to complete what you started… education is handy… where there is a will there is a way… all to do with self discipline… I myself when through hischool on my own "black sheep" steer clear of those who are bound to end up in the middle of nowhere… keep to your lane, focus on your goals and you can do anything… just believe you can and you will

  82. Amphion says:

    Hey great video! My speculation is that another crash could very well wipe out retirement accts like in 2009. But what alternatives are there? Housing prices are generally inflated (IMO), and you don't wanna put all your dough all into precious metals. Even though both are better than letting the bank have it haha. 401k is perhaps the least appealing, perhaps that's why most youngins ignore it.

  83. Personal Finance Professor says:

    It all comes down to priorities. Prioritize your time above material possessions as time is the ultimate limited resource. Every purchase made is essentially traded for time spent toiling away in your day job. The money saved in your 20's will probably increase 8x by the time you are in your 60's. Save now, enjoy a much less financially-stressed life later.
    -Personal Finance Professor

  84. William Aleman says:

    Thanks for the advice. Ugh opened a credit card, and I am struggling to pay it back.

  85. DennisK says:

    “Oh shit I need an art history major!!”

  86. g quin says:

    Worst fucking advice I have ever seen or heard in my life!

  87. Nyla says:

    What would you suggest for cheap insurance I can't find a $100 insurance payment anywhere all my quotes are for $230 and up

  88. Jeffrey Posey says:

    Hit the nail on the head with this one Ryan. It blows my mind when people tell me their passing up 401(k)'s or Roth IRA's, never mind understanding compound interest. WTF
    I disagree with the pets, I believe the companionship is well worth it. p.s. Buy your cats some better food you can afford it…

  89. Zach Todd says:

    Yeah, homeboy looks like a cat person.

  90. Liv Almighty says:

    I’m never financing a car ever in my life again, I have 13,853 for a 2017 Elantra

  91. Shaliah Thierry says:

    I'm so glad somebody finally brought up the fact that pets are literally the WORST idea for someone struggling with money. Gosh! Thank you for saying this.

  92. Dee Jay says:

    100 bucks a week is alot of money unless u in a high tax bracket

  93. D R says:

    Don't buy a new car. Buy used. Do your own work on the car if needed . Save a whole lot money .

  94. Masked B1tch says:

    Barely two and a half minutes in and I'm getting ready to tune out.
    I know damn well how important a 401k is, but on a bi-weekly check of about $300, who in the hell could afford to just stash away 33% of their paychecks? $100 is one or two trips out to eat? I wished you were joking.
    And finally, 8% interest? Completely impossible. The best return rate I've ever even heard of in this day and age is like 1%. Get real, please.

  95. Gabrielle Sivley says:

    Your cats are adorable 😭

  96. Adrian Aponte says:

    I’m very strict on my 401K…. I try not to think about it…. but when I do….. I can’t help but think, I’ll be a dead man by then anyways.

  97. Udecid444 X says:

    What if you.never make it to retirement and you never get to spend it how about that ???😐

  98. Menith Rahul says:

    companionship and cats doesn't sound right

  99. Eryczak PL says:

    Everybody should filter everything said in this video because I don't think this is an universal tutorial and for f*cks sake telling people to risk in their 20s is probably one of the most harmful things you can advise… It's extremely not probable to make much money on YouTube and it's too risky to depend on. Although I highly agree that people should think about what makes them happy, what they want to do in the future and make what's possible to start making money from it

  100. Yusuf Ahmed says:

    friend everything is possible with small amounts of money , one needs to have money management skills

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