Date: 2020-06-26 12:08:41
Here are the 8 Money Traps That STOP YOU Becoming Rich (in your 20’s). I avoided money traps in my 20’s and I became a millionaire businessman, now it’s your chance to do the same!
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Being aware of these money mistakes has helped me invest in multiple rental properties and kickstart my own business based on my passion which has grossed more than 50 million dollars and has given me the lifestyle I always dreamed of.
1: Not taking advantage of your free time. This is such a valuable resource, so don’t waste it binge watching Netflix and mindlessly scrolling through instagram. You can do so many things to turn your spare time into cash and if all you are doing is wasting your time then all that potential money is slipping through your fingers. You can often make some extra income with a side hustle.
2: Trying to keep up with your friends. let me tell you a secret, The majority of people are faking it anyway. As of 2020 the average American household had a credit card debt of $5,700. At the end of the day friends that need impressing are not true friends. Real friends are the people that love you no matter what.
3: Overdrinking & Partying. You may think that saving a few dollars here and there won’t make a difference your dollar is worth so much more to you when you are younger. By investing instead of spending it will be worth dramatically more in 20 years time.
4: Putting off retirement investing. Many people put off investing in there retirement until around 45 to 50 years of age because of many excuses, mortgage , college fund and holidays. These lost years can cost you very dear !
If you invested $100 a month for 30 years at a 7% annual return you would have $116,945.26 set aside in your retirement fund . this can still grow if you wish to retire at say 65 it will have 15 more years of growth
But if you put off investing for your retirement let’s say 10 years and started to invest the same amount for 20 years you would have $50,753.64 in your retirement fund.
5: Not having a backup fund.. Over 60% of millennials wouldn’t be able to cover a $1,000 emergency, 60%!
6: Moving out of home too soon. Everyone focuses on the mortgage payments, they are BIG but if you only look at those you forget about the living expenses, at 20 just my food bill was huge and then there was the utilities, ground rent, maintenance, car bills, travel expenses the list goes on and on. So do the math and stay at home for as long as you can and invest your money.
7: Going into debt to buy a sweet ride. Nowadays when you go and buy a new car they ask you how much you can afford to spend per month, they’re not interested in the car you want, they are selling finance ! This excessive monthly payment eats a hole in the amount you are able to invest for the future and adds stress to your life.
8: Expensive relationships and dates. It’s lovely to treat someone you love to something special every now and again but if you start a relationship waving money around it often attracts the wrong people. Many people in their 20’s want to get married but again the truth is you can not afford to get married in your 20’s.
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