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hi it's mark your twenties are a really exciting part of your life you might have a bit more money in the old pocket and certainly a lot more freedom most people in their twenties think they're invincible I know I certainly did I think I was a bit to be honest but actually the truth is in your 20s you're more vulnerable than ever if someone makes a financial mistake at this point in their life it will send shockwaves through their entire future each of these mistakes is very different so it's really really important you watch this video until the end otherwise you could fall victim to one of them so smash that like button all right done that let's jump straight in number one it's not taking advantage of your free time now in your early twenties you are incredibly rich in one way you've got bundles and bundles of time you can do so many things to turn your spare time into cash and if all you're doing is wasting your time then all that potential income is just slipping through your fingers this is also the ideal time to invest in yourself and build your skills I used to use my spare time in my 20 sketching model planes and this has led me to have in the manufactured and selling them all around the world in fact one of my biggest designs is the biggest selling RC aircraft in the UK the original design for this was sketched in a classroom while I was being bored by the geography teacher I remember a well mr. Willard so developing those skills from an early age who served me very very well number two trying to keep up with your friends everyone has that one friend that always seems to have the nicer car the nicer house and sometimes the hotter partner let me tell you a secret all right the majority of people are faking it anyway as of 2020 the average American household had a credit card debt of over five thousand seven hundred dollars this is astonishing as it means the French are actually trying to keep up with our probably more in debt than you are having access to so much easy credit allows people to rewrite reality 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 they stick by you through your troubles and are there for you when you need them they are the people who couldn't care less what you spend your money on number three over drinking and partying when you're out drinking it's easy to get caught up in the moment and spent a lot more money than you usually would now this is most people's kryptonite it's one of the things that keeps many people broke and of course unable then to invest I'm not saying that going out and enjoying yourself is wrong as you have to do what makes you happy the key takeaway from this is everything is great but in moderation you may think the save and a few dollars here and there won't make a difference but your dollar is worth so much more when you're younger by invest in it instead of spending on something you really didn't want anyway it's gonna be worth dramatically more in 20 years time number four is putting off retirement investing when you're in your twenties retirement seems like a lifetime away many people put off investing in their retirement until they're about 45 or 50 years of age because of many many excuses they've got a mortgage to pay they've got a college fund to save for and of course there's holidays these lost years can cost you very very dear so let me explain if you invested $100 a month for 30 years at 7% annual return you would have a hundred and sixteen thousand nine hundred and forty-five dollars set aside in your retirement fund and this can continue to grow until the point you decide to retire but if you put off investing in your retirement let's say 10 years and you start investing in the same amount for a 20-year period wait for it you're only going to have $50,000 in your retirement fund yes it can grow but you're starting from such a low base just 50k $50,000 is a huge amount of money just to lose and the reality is $50,000 would have only cost you $12,000 so lots of free money I was very lucky my mentor advised me to save and invest in a pension from the age of 18 I've always been told that you should put at least so at least not a minimum of at least 10% of everything you earn and it's given me the ability to use that money in lots of different investment opportunities such as business real estate and also stocks and shares even Einstein said compound interest is the eighth wonder of the world number five is not having a backup fund now over sixty percent of Millennials wouldn't be able to cover $1,000 emergency 60% wouldn't have enough money for a minor emergency now I know I bang on a ballast and I do bang on about a lot at the time about having a backup fund but that's because it's super important I learned it the hard way when I was 19 I purchased a car that I needed a loan to buy the engine in it lasted me about a month before it blow up and it left me with a huge debt after put a new engine in the car because I purchase a car really I couldn't afford this led me into a cycle of debt that was hard to break free of I made the decision to get clear of debt and I worked my ass off for a year with many many different side hustles I never wanted to be into that situation ever again number six is moving out of home too soon by slightly abusing your parents generosity this is going to be the smartest move that you're ever going to make it's also the best value accommodation you are ever going to get and don't take it for granted and when I was in my 20s my number one goal was to move out of home into my own place I just wanted to have the freedom without my parents being around I fell in love with this beautiful apartment well to be honest it wasn't exactly beautiful but it was perfect for me as I walked in it hit me that this could be mine I started to imagine my big red couch in the front room my desk house parties and ultimately how impressed my friends were gonna be before I knew it my emotions had got the better of me I'll signed up for a mortgage and I've moved out you know what I wasn't ready I didn't have enough savings and my apartment ended up losing a lot of money over the next couple of months it all worked out in the end of course but it certainly wasn't a best move for me at the time everyone focuses on the mortgage payments they are big of course they're big but you've got to look at all the other living expenses now at 20 just my food bills huge I am six foot four so I did eat a bit 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 number seven is going into debt to buy a sweet ride when you're earning it is so tempting to upgrade your car and impress all your friends or your family with your success we're constantly being bombarded with YouTube videos about 19 year olds buying Tesla's Aldi's Lamborghinis and trust me this isn't smart nowadays when you go and buy a new car they don't I'll ask you what car you're interested in they ask you how much you can afford to spend per month they're not interested in a car you want they're selling finance they want to sell you as much finance as possible over as long a period as possible to make them the most amount of money as possible most cars have a very sharp depreciation curve meaning they lose their value extremely quickly and before you know your car is worth half what you paid for even if you bought it in full be honest with yourself stand back and take a look at the car balance the cost it will actually cost you with the interest from the finance taken into account then take a look at what the car is selling for on the forecourt a year old it's shocking just how much you're going to lose the only thing you can gain by buying a new car if you can go look at me with my new car look at me with my huge debt is what you should be saying the key is to buy a second-hand car pre-owned car at the bottom of its depreciation with a little research you'll be able to pick up a cool second-hand car and drive it around for a couple of years and probably sell it for the same as what you paid for it or maybe slightly less effectively making the car almost free with the only running cost being fuel and a bit of insurance you're able to get all the upsides of owning a nice car without the huge loss of money number eight is expensive relationships and dating relationships in your 20s get very serious believe me it's very tempting to want to splash the cash expensive days and restaurants to get the person you want to love you now it's really lovely to treat someone you love to something special every now and again but if you start that relationship waving that old money around it's often going to attract the wrong people you want someone to like you for who you are your passions your interests and not the size of your wallet many people in their 20s want to get married but again the truth is you can't afford to get married in your twenties it took me around about 16 years from when I first met my true love to actually physically getting married and the reason was is because we had a set idea of what we wanted the day to be and obviously if we're to cut corners on that day that memory would never have been what it is and I can still remember that day to day and people still comment on what a great day they had so it's worth doing it later because you've got more money to use to make that day great the big take out from this is live within your means and invest in your future so I'm going to leave some videos there but don't click on them just yet if you want to learn more about growing your wealth while you're young then make sure to subscribe to the channel bring that old Bell to keep up to date so thanks again for watching and I'll see you in the next video