Money Mistakes young people make and how to avoid them! How to be a millionaire/ rich faster?
Hi, I am Meera and today I would walk you through the common money mistakes made by young people in their 20’s. How to be a millionaire, the most common searched term on Google, you may have listened ir read through some money making tips about How to get rich or How to make money faster. Well this video is not about that. Today, I will share with you the 8 common or worst money mistakes people make in their 20’s and how to completely avoid them so that you could race through to become a millionaire faster. Follow these personal finance tips as these financial tips are quite easy to implement and fix you money issues faster, learn how to invest correctly and how to plan your finances appropriately. I wish you all the best and hope you don’t make these mistakes.
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Complete Session Script :-
Hey everybody, this is me Meera and you are watching me on Skillopedia, the place where you learn skills for the real world. Today I have deliberately chosen a topic that is widely searched by all of you out there. You are probably looking to start a career, or are already working and making money right? So today I’m going to talk about, Money. Or money mistakes what I have possibly made, and have seen many people making out there. You have a job, you have money and all you want to do with that is shoot it in the air… But if you plan your money well, you can very well be a millionaire one day. That’s right, so I am about to share some money mistakes that you can avoid in your twenties. Well those past the age, can also use these video as a reminder. You make sure that you click subscribe hit the bell icon and we make sure you keep getting notified for new and interesting sessions, just like today. Let us dive right into it.
No financial plans or goals, well stop instagraming for a day and check your accounts. What is happening to your money? If you don’t have a plan then it is difficult to know what to do with your money. Another common mistake that we make is concentrating on short term financial goals. While short term financial planning is necessary, long term planning is equally important. Pick up a calendar, a diary and most importantly a calculator. Set a target by writing what you want to invest in, for example a car, a house or even a vacation. This will help you plan your small savings and start working towards it. Here is a quick tip, let us say you want to be a millionaire by 2038 for that you must save $ 1500 each year if you are starting from zero. May be start smaller say $ 500 and make up for it as you keep earning more and the calculator will tell you, you are a millionaire by 2038. I might bluff but look at your calculator, it won’t bluff you.
Temporary happiness, most of us, no wait all of us, confuse spending money with being happy. All the fresh sale on apps and in the malls, will tempt you. It is not necessary to spend two months’ salary on buying the latest iPhone, laptop, the latest luxury brand accessory or even clothes. We indulge ourselves in binge shopping for retail therapy. Spending money for temporary happiness can drain your savings little less each time. If you are having a bad day or week, do not pick up your car or wallet, shopping will not help solve your problems talk to your family and friends instead. Try to figure out the difference between need and want, and when you do, you would find yourself telling the same difference to a friend the next time.
Well in order to avoid spending too much, don’t get caught in saving too much. Using money way too carefully is also not the best decision. You don’t need to save all your money as it will get dull over a period of time and lead to binge spending or excess of spending. Instead set aside a certain amount every month for your indulgences in order to strike a perfect balance. Check with a financial consultant or research properly and do smart savings which will leave you with a good amount to spend as well and on the other hand your savings will be busy getting multiplied in the bank.
I understand that it is too hard to resist credit card bills when we have a small emergency, many people begin to travel or shop without knowing how to use them effectively. Now I have a friend who would specifically disagree to this as she never had credit card debt. But she is an exception. Most people get into a bad habit of over spending. May be they go on a luxurious vacation, buy things, use for the smallest reason probably. A small tip to all those in trouble, call your credit card company and discontinue right now. Save yourself from the worst.
Most of you individuals out there, just postpone the idea of making investment to a later date, or year. As you want to enjoy your lives and live in the moment. However you fail to understand is that, while making investments today, might seem boring. It will benefit you greatly in the long run. Any little investment now can end up being more than a lot of money invested later. Use your birthday, graduation, Christmas gift money to invest. If you don’t have someone to help you, make the right investment you can always seek professionals help. Well I am using an app currently which I will probably mention in the description box below, it helps me keep a track, there are various millionaire calculators available online. I will mention all of them below right in the description. Go ahead and try a millionaire calculator to get started.
Well this happens when you don’t make an emergency fund or contingency fund. Money for an event that you cannot predict or plan. Relationships end when money gets involved, especially if you borrow and a later unable to pay them back. Preserve your friendships and family ties. Truthfully I spent the first few years of my twenties living without an emergency fund in a metro city choosing instead to use all my money for saving up for fifteen-twenty years and nothing for an emergency fund. Try your best to build an emergency fund even if it is just $ 500 to start with, it will go a long way and will make you feel more empowered financially.
You might say that it is because there are not many jobs available in your city and in your field, but what you are ignoring that it can affect you negatively in many ways. If you are under employed it can make it difficult to reach your goals and you may end up in a lot of debts. If the work environment is negative, it can make you depressed and it is very difficult to stay positive in such situations. It is fine that you decide that you need to stay here for a year, but you should be committed to moving on to a better opportunity.
You are not a superhero with super powers, you can either learn that now or you will learn it when you are paying the ambulance fee and surgical costs from a medical emergency when the other driver sues you after a car accident or when struggling to replace personal items after a breaking. It is important to carry adequate coverage to protect yourself from this. Shop around for competitive rates, then budget and properly ensure yourself and your property. You may want to look for a job that offers health insurance to employees or get a job to cover insurance if you are a student.
Guys creating a solid financial state is not easy but with small and smart steps, you can use your twenties to build the foundation you dream of. With so much information that is available online for free today. Educating yourself is easier and cheaper than ever. So go ahead write your target goals and write me as well in the comment section as to how this video has helped you and what are you going to do about it? Well with this I would like to end my session here today, I will see you very soon with another interesting and motivating topic until then keep smiling spread happiness, this is me Meera signing off
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