5 Financial Mistakes I've Made In The Last 10 Years

If you want to save more money, pay off your debt faster, and start building a solid financial foundation in your teens, then there are some common mistakes that you really want to make sure you avoid. Here are 5 pieces of advice I would give to my 18-year-old self.

00:00 Intro
00:06 Being late to the investment game
01:56 Spending money on low value things
05:25 Getting stuck in the cheapskate mindset
10:45 Buying things from unreliable sources
13:35 Misjudging the dollar value of my time

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The podcast that delves into the minds of entrepreneurs, creators and other inspiring people to uncover the philosophies, strategies and tools that help us live happier, healthier and more productive lives. You can find it by searching “Deep Dive with Ali Abdaal” on any podcast app (eg: Spotify, Apple Podcasts, Google Podcasts etc).

The podcast that delves into the minds of entrepreneurs, creators and other inspiring people to uncover the philosophies, strategies and tools that help us live happier, healthier and more productive lives. You can find it by searching “Deep Dive” on any podcast app (eg: Spotify, Apple Podcasts, Google Podcasts etc).

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[marcusgunter]

My biggest money mistake was losing almost all my money during the great depression in 2008 especially to the Lehman Brothers. It taught me one unforgettable lesson though, "Diversification". Never to put all my eggs in one basket. Now, I try to split mine between Stocks and Real Estate such that if one is affected, I would not be too affected and that has paid off as I made my first million earlier this year through this method (got the help of a pro though). I also experiment with a couple of other things. Hard to imagine what the situation would had been given the economy.

[mudkipstreekotorchic]

Im 23 going on 24 and I always feel behind compared to my classmates or others that have houses, vacations and other things that i don't have enough money for. Now I'm more aware that I'm still earning way more money than i did when i was in college as well as I have technology that i paid for all on my own and still have room for mistakes, I wish i had known a lot more about finances back then but I'm glad that i have been able to improve on my spending habits as well as learn from others to reduce the mistakes i make

[khalilahd.]

As someone in their early 20’s I’m still navigating financial literacy and I made a lot of the same mistakes you mention here. But you gave really great advice. Investing early on and budgeting are things I’m still working on. Thank Ali 🙏🏽💜

[Keep.Improving]

Money mistakes I made in my teens by Ali Abdaal

1. Being to late to the investment game
- invest as early as possible

2. Spending money on low value things
- follow 4 rules to know if the thing you want to buy is worth it
1. The law of diminishing returns (the more you have of a particular thing, the less happiness you get from it)
2. Is there anything else I would rather spend money on? (Is there something instead I that would give me more value in the moment?)
3. Do I really want this thing or does the society want me to want this thing? (If I would be the last person on earth, would I still buy it?)
4. Do I really want this thing or do I like the idea of this thing? (Do I want to buy it based on the feeling of owning the thing or does it really create any value?)

3. Getting stuck in the cheapskate mindset
- Don’t waste your time for getting things slightly cheaper
- Try to get the right balance of spending money well and saving money (more to the side of spending)
- Spend your money on nice experiences. You will gain more from it than from saving it. Except: 1. You have future returns to what you are spending money on 2. You have something to fall back on
- Invest in skill development (Skillshare, Books, Kindle, Audible)

4. Buying things from unreliable sources
- don’t get scammed
- Use PayPal
- Don’t fear discomfort
- Don’t buy things you don’t understand
- Do your research

5. Misjudging the dollar value of my time
- read “The 4-Hour Workweek”
- Mind your relative income
- Setting a realistic hour rate

[claryjune]

Great video Ali 👌🏻, specially the part where you used twilight as a ruler .. 😉

[DoctorAzmain]

Now as a doctor, I've started getting more serious about money now I'm earning, but I WISH I would've started educating myself earlier around these financial issues, investing etc - but the 2nd best time to plant a tree is now!!

[dailydoseofmedicinee]

these finance videos are so important 👑

[Tonisshortfilms]

Nice one! A bit of feedback/advice to your editor: The frame rate of the video did not match their sequence settings, so your voice appears overly heavy due to it being slightly slowed down. Nothing major, but worth double checking.

[gauseb]

Am I the only one who is hearing his voice being a little deeper than usual in this video?

[LindseyUijleman]

You are honestly one of my favorite YouTubers because you actually motivate me to do stuff and I always feel im actually learning something. Thank you for amazing such amazing videos!

[vernon]

Hey Ali! Thanks for the 1-month free trial. Happy to be part of the first 1000 ;)

[englishfilm]

Hey Ali

Unless you already have, would you mind making a video going into investing step by step? Thing is, I’m in the exact situation u was - I literally have no idea where to start…I don’t want to do the wrong thing and F up, , , I don’t understand a lot of the terminology and I don’t get how it works

You’re honestly the only person I trust to take advice from regarding this stuff :/

[faheem-wani]

I love how you’re using the Twilight as a ruler, don’t know if that’s intentional but it’s HILARIOUS.

[GwnTim]

The point of buying things from unreliable sources is kinda funny hearing it from you. A long while ago i saw one of your videos about how to make money in some sort of side hustle. Because you werent that big yet, i didnt really trusted it yet (seemed like a get quick fast scam).
But now im working on improving my skills (on your Youtube/skillshare) and seeing potential where i can provide value for people (in exchange for money).

[BontleLanga]

As a teen who is about to start my first job and finally get my own account, I can't begin to describe how helpful this video is. Thanks man🌻

[hannahholland]

using twilight as a straight edge -- brilliant

[appleisthebest]

Great video Ali! Thanks for the advice!

[zaahra]

I made a huge money mistake last year and you should’ve seen me writing this down 😅 Thanks Ali.

[SuperDennis]

Great video! Have you done some voice lessons or something? Your voice sounds deeper/different

[megaedits]

everytime i came to this channel its always worth it my time. you wont believe it but i also kinda take notes of everything you mention.