The BIGGEST Wealth Killers in Your 20s and 30s (AVOID THESE)

now you want to go out and buy a house you can't you want to get that asset called a piece of rental property you can't because you have poor credit because you cosign for somebody who really needed your help and pulled on your heartstrings don't cosign don't be mad at me I'm just telling you the truth been there done that guys I've personally made some insane mistakes with money over the years from foreclosing on properties to running up a credit card bill overdrafting checks bad credit keeping student loans into my 50s look I've made a

lot of mistakes with money over the years but I've also made a lot of good decisions with money as well what I want to do on this video is I want to try to help you avoid some of the mistakes that I've made in the past if you're in your 20s or 30s or maybe even your early 40s and you're you're watching this video this will give you some things to watch out for that I experiened that you don't have to go through so guys your first big wealth killer in your 20s and 30s is

financing cars in my opinion you need to try to avoid car payments and you don't have have to buy brand new cars look buying a new car with payments on it just burdens you in the long term with higher monthly payments you have a car that's depreciating in value going down in value and of course you're paying interest payments and you may say well I get a really low interest rate I get it but you're still making payments on something that is going down in value you can easily buy reliable used cars with cash and

not have to worry about an ongoing payment and don't worry about how you look to other people it doesn't matter so avoid financing cars and avoid that new car you really don't need it now the second biggest wealth killer in your 20s and 30s is racking up this credit card debt look let it go change your lifestyle change the way you think about credit cards there's nothing wrong with having a credit card right if you have a credit card and you can pay it off quickly every single month but you just want to use it

because you want to build up some type of credit history I'm not mad at you but just use use it for things like groceries or things like gas for your car things that you have the money for but don't use the credit card for stuff that you don't need and for things that you don't have the money to pay for this is where everybody gets into a issue with credit cards me myself I actually built up credit card debt before too I understand it's easy to do that's one of the reasons that in 2011 I

stopped using credit cards I haven't used a credit card since and I found a way to live without this safety net of a credit card but carrying a balance over from month to month you're just paying a whole bunch of interest and you really don't realize it credit card interest can be 20 and 30% and people just don't realize it it just becomes a part of their regular monthly payment leave the credit cards alone and if you want to use them use them responsibly but in the wrong hands a credit card will destroy your wealth

now the third wealth killer for people in the 20s and 30s is skipping over the the 401K match if you have a job here in America if you have a job that offers a 401k a retirement plan and they match it please get the match don't leave the match the match is there for a reason it helps you it's almost like free money don't leave money on the table by not getting your 401k match forgetting about getting the match is something that you will regret when you get 10 or 20 or 30 years out from

now you'll say boy I wish I had got the match sooner or or at least got the match listen don't leave free money on the table now speaking of investing in 401ks the fourth wealth killer is just not investing enough money at a young age right A lot of times what happens is when we're in our 20s and 30s we don't see or think about the fact that we're going to be 50 and 60 one day and we're going to need the money that we've accumulated at a young age at that time so we don't

put a lot of emphasis on investing more and investing more so that we'll have more down the road and I'm saying that's a huge wealth killer and I'm guilty of it not investing enough for many years I only put 5% of my income towards my job's retirement and that was a big big mistake cuz I probably lost out on half a million maybe a million dollars or more by not putting enough in and I'm saying when you're young stretch yourself push yourself Take It to the Limit and do as much as you can in terms

of investing more and more money because the more more you invest at a young age the more you're going to have at an older age you got to let compound interest work for you and the younger you are the less you have to put in to get that money to work hard for you down the road if you wait until you're 40 and 45 and 50 years old to want to catch up it's very very difficult so while you're in your 20s and 30s stretch put as much in as possible and you'll see the results

ultimately down the road now the fifth wealth killer for people in their 20s and 30s and I'm really of this one too is accumulating student loans and keeping those student loans around for way too long look when you borrow excessively for your education or trying to get a higher degree or more skills that you borrow money for whether it's college or trade school whatever you got to consider the return on your investment in other words you don't want to go in debt from student loans $200,000 with a degree in social work you got to be

thinking about these things and whether not you want to get your Master's and your doctor degree or whatever your higher degree is it going to be worth the money that you have to spend on it and then the debt that you're going to be accumulating to get it look if you had to go to a community college for a couple of years I've never had an employer say hey where did you go to school as a freshman and sophomore in college that doesn't matter when you go to a community college you're getting the same 60

credit hours that you'd be getting at a much more expensive college but you're getting it at a local Community College or go to college slower instead of taking four years to get a bachelor's pay cash and make it take six years or seven years or even eight years look those extra years that you spend in school working and paying for college are better than coming out of college with a 4-year degree in four years and having to owe 30 and 40 and $60,000 and if you get loans to go to college or get some type

of degree or certification pay them off as fast as possible don't let them sit around and wait on the federal government's program that may or may not be there to pay them off for you now listen some people have done that and it's worked out great other people have waited around and it hasn't worked out great pay down your student loans as quick as possible as I said I had student loans until I was in my 50s you don't want that I had student loans for 31 years you don't want that trust me now the

sixth wealth killer is just buying all these gadgets and all of these upgrades in technology or upgrades for your cell phones every year or two look you may think it's not much I just went out and got a cell phone about eight or nine months ago cost me about $1,500 look if I go and replace that every year or every two years that's $1,500 a year that I could be putting somewhere else putting in an investment putting in a stock or ETF or something different and that's just one upgrade if I do that with several

things right it becomes a wealth killer trying to put two and three and $5,000 into upgrade upes on everything that I have every single year or two and you may not be saving tons of money by not getting the latest upgrade but at the same time when you don't get the latest upgrade on whatever you're trying to upgrade it also teaches you delayed gratification it teaches you patience so it has far-reaching consequences to actually wait before you upgrade stuff or wait before you get the latest gadget right it teaches you more about Building Wealth on

top of saving you money now the seventh wealth killer is one I may get pushed back on and that's okay it's overspending on living situations the biggest expense that we all have is where we're going to lay our head at night our shelter right and I know that paying for rents nowadays is expensive at least here in America just a couple of years ago rents went way up and they've stayed way up and it can be hard to find a place to live that is safe and has good schools to send your kids to look

I understand all of that but when you pay too much for rent or where you live it leaves less and less room for growing your money and Investments and Building Wealth you may have to get a little more creative about your living situation maybe it's moving back home with parents maybe it's living with friends and family maybe it's living with roommates right maybe just for a short time while you save up money to buy a home the days are over that everybody can afford a place to live by themselves so sometimes you're going to have

to do what you got to do in your 20s and 30 30s to save some money somehow to either get out of debt invest more money or buy a home and get to a different level in terms of your personal finances it may mean a year or two of sacrifice or three or four years of living with other people whatever it takes another wealth killer is overspending on vacations look I know we all want to take that cruise we all want to sit on the beach somewhere we all want to travel over to Greece and

over to Dubai and hang out relax and have some fun but listen guys splurging on luxury travel or frequently booking these expensive vacations a lot of times those things are fine and dandy but you got to remember you're paying something for those not just today but a little bit is coming off the top for later on down the road for you you're losing some of your ability to build some wealth right so you got to understand that kicking it today affects tomorrow and sometimes it's really hard to see that when you're in your 20s and

your 30s you're not really looking at the fact that one day you'll be in your 50s and you'll be wishing you had some of that money back nothing wrong with getting these experiences I'm all for that that's okay but just understand what's being sacrificed yeah I know we want to look good on our vacations and all that good stuff we want to spend some relaxing time away from it all and we all want to get the loves and the likes on the social media platforms that we're on but just remember there's a sacrifice for overpaying

or spending too much or spending a lot on these luxury vacations that we all tend to one to go on guys if you get value from this video please smash the like button below and please consider subscribing to this channel if you're not already a subscriber and also don't forget to share this video with your friends and your family now let's get back to the video now the ninth wealth killer for people in their 20s and 30s is day trading gambling and trying the getrich quick schemes you got to be patient it takes time to

build wealth it's not done overnight it's not something you can just flip the script and all of a sudden you got a bunch of money look it doesn't work that way it may work that way on TV social media certain YouTubers but in real life for most of us it's going to take some time and getrich quick violates so many principles that it just doesn't make sense to rely on that or to chase that listen there's nothing wrong with day trading if you can day trade and you feel comfortable that you are putting the money

up that you can lose there's a lot of day trading that has made people lots of money but there's a lot of people that day trade that have lost a ton of money so you got to be careful with the get-rich quick schemes they're out there more now than ever before and they look good right you get on a YouTube channel and this person is saying all the right things they got the right personality you kind of feel a bond with them and you like what they're saying and how they're saying it next thing you

know you're dropping $1,000 for a course or you're dropping $5,000 for some oneon-one mentorship but listen don't try to get rich quick leave the gambling and and some of the day trading and just making money fast leave that stuff alone look it's not a prerequisite that you mess up money in your 20s and 30s by following some get-rich quick scheme or by putting all your cash in here or there you don't have to do that now number 10 the 10th wealth killer in your 20s and 30s is co-signing for other people look I know you

want to help other people out you got a heart to help out your your friends your family and all these people but look co-signing can be a huge mistake listen give and help as many people as you can it's all good but don't attach your name to loans and co-sign for other people I don't suggest it cosigning for friends and family it puts you on the hook for other people's financial obligations and other people's Financial abilities and capabilities and responsibilities it's not yours but you can potentially damage your credit to a point where now you

want to go out and buy a house you can't you want to get that asset called a piece of rental property you can't because you have poor credit because you co-sign for somebody who really needed your help and pulled on your heartstrings don't cosign now the 11th wealth killer you got to be careful about in your 20s and 30s is falling for this I make more money so I spend more money it'll get you every time thinking that every time you get a raise great now I'm going to go out and spend more money on

something you may not think about that consciously but it happens if you're not careful and intentional with your money right but when you live in a way that says that when I make more money I'm going to spend more money guess what happens you stay lowerer middle class for the rest of your life right because if your spending goes up every time your salary goes up or every time you make more money what's the point this is why people who make a $100,000 and $150,000 a year this is why they feel like they're living paycheck

to paycheck and they still feel poor yes inflation went up and the cost of living went up right but a lot of people that make more money every year they just spend more money on things that they don't have to spend more money on you may have to to spend more money for goods and services and things that you buy but often times you're taking more vacations when you make more money you're buying more shoes when you make more money matter of fact you're buying a higher quality of shoe when you're making more money and

you're doing the things that you don't have to do but you choose to do because you make more money and you feel like hey I'm working too hard and making too much money to be spending the same that I was spending five years ago you live by that Mantra then guess what you're going to stay right where you're at right in that middle class now the 12th wealth killer to be careful about in your 20s and 30s is not paying your bills on time right this also runs your credit down and you got to be

careful because you want to have that credit to actually buy assets at some point so pay your bills on time it may feel a little rough right now but you're benefiting by making sure that you have better credit down the road you want to stay conscientious of your credit in your 20s and 30s and it's just the right thing to do to pay your bills on time value your name value your credibility in general not just for the sake of having good credit but for the sake of being in the habit of doing the right

things with your money and paying your bills on time with your money it's just a good habit to have now the 13th thing that is a wealth killer in your 20s and 30s is the club and the bar hanging out at the bar hanging out at the club that's a good way to lose a lot of money and lose a lot of time think about it you spend $200 a month at the bar or the club and that $200 a month is about $2,400 a year and over the course of 10 years that's about $244,000

now if you take that same $24,000 over the course of that 10 years and you put a 8 or 9% return on investment on it because you invested it instead of spending it at the club or in the bar that 24,000 may be closer to $5 to $40,000 well here's the deal doesn't sound like a lot of money right but you also spend time doing those things so the 3 hours the three or 4 hours you spent doing it you could have been researching learning making money creating something doing your side hustle building your business

getting more knowledge right look it's nothing wrong with having fun having fun is a good thing but remember the club the bar is costing you money and it's costing you time and those are two things that you're always going to want more of when you get older you talk to a person who's 50 60 70 years old the thing that they're going to wish they had more of is money and time and guess what money and time is what you spend in your 20s and 30s when you're hanging out at the bar or you're hanging

out at the club don't be mad at me I'm just telling you the truth been there done that look the deal is this there's wealth killers that are out there for you in your 20s and 30s just waiting on you to spend money on them you got to make intentional financial decisions always be focused on your long-term goals your vision whatever that is always stay true to that Vision in your 20s and 30s I challenge you to have enough nerve to be different you see the crowd go left consider going right if you see the

crowd go right you need to strongly think about going left but these are the wealth killers in your 20s and 30s that you got to avoid guys if you got value from this video smash that like button drop a comment and let me know is there another wealth killer that I left off the list share this video with other people and do me a favor check out this video right here where I talk about the four assets that you want to be purchasing in your 20s and 30s and never selling until the next video peace