TOP 4 Money Mistakes To Avoid In Your 20s

I did some really dumb things with money in my 20s. Don't make these money mistakes!
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Time-codes:
0:00 Money mistakes I made in my 20s
00:25 I didn’t care about personal finance
02:53 My financial system
03:43 Why I don’t use personal finance apps
04:24 How much I invest
05:03 When you should buy currency
06:37 What is compound interest
08:10 Invest in yourself
08:51 When is the best time to risk
09:47 Bluehost is one of the best web hosting companies
10:45 I tried to impress the cool kids
11:45 Spend more to earn more or not?
13:50 If you want to start investing

My first mistake was that I didn’t care about personal finance. I thought that personal finance was for rich people. And when I started my company, I didn’t do any accounting and didn’t have any spreadsheets, which caused a lot of problems.

At the end of 2019, I read a book by Tony Robbins, “Money: Master the Game.” I learned about compound interest and realized that I was losing out a lot. I made my first investment in March 2020.

Even if you don’t have a lot of money, you’re still forming your financial habits and they will help you when you start earning more.

Personal finance template: https://docs.google.com/spreadsheets/d/16oPOau3oHH2Wc99LR-t4Ijqk_hnusPby3EXRcUKzkEQ/edit?usp=sharing

My financial system. I have a Google Spreadsheet where I track all my income and expenses. I write all my sources of income separately in order to see which of them brings me more money and which I only invest in, like in BiliBili and TikTok.

I don’t use personal finance apps because I have a lot of accounts and businesses, so it’s easier for me to track everything manually.

In my spreadsheets, I automatically calculate how much I need to invest. My goal for 2021 is to increase the percentage of my money that I invest in stock markets.

When you live in a country where your currency is losing its value, think about buying dollars or euros to save your capital.

Compound interest is when the interest that you made is not taken out but is reinvested again. So, the more years ahead you have, the more money you get.

When you are young and don’t have a lot of money, the best thing you can do is to invest in yourself. Don’t be afraid to take risks when you are young and don’t have a lot of responsibilities.

The worst thing you can do is to try to impress people with your clothes or things as I did in my 20s.

I used to raise the level of my life to motivate myself to work harder. But now making an impact on other people’s lives is more important for me.

If you want to maintain the same quality of life that you have now during your retirement, you need to save 20 for every dollar you spend.

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