Crazy Money Mistakes All Young People Make (IMPORTANT)

Crazy Money Mistakes All Young People Make (IMPORTANT)

If you ever plan on retiring, you’re going to want to know the biggest financial mistakes that people make during retirement. These blunders could be catastrophic to what would otherwise be a comfortable and rewarding retirement after years of hard work. By taking note of these mistakes long before the retirement date, you can avoid them entirely to ensure your after-work years are stress-free and filled with enjoyment.

[brucestiles]

0:00 Intro
0:41 Buying a Brand New Car
1:29 Accumulating Credit Card Debt
2:27 Investing Recklessly
3:19 Neglecting Health
4:23 Not Learning Discipline
5:15 Not Having a Career Plan
6:03 Waiting to Invest
7:36 Outro

[honorpop]

1CRYPTO
2 XRP
3 CHAIN LINK
4 LUNA
5 POLKADOT
6 GOLD
7 STOCKS

[ChrisInvests]

Don't forget to scroll up and hit the like button! 👍

[brucestiles]

Chris' list includes excellent advice beyond the (updated to) Eight Principles that I've made my daughter memorize:
1. Make a decision that you will become financially independent, and commit to achieving it. (Becoming financially independent is something that you make happen. You can get help, but no one is going to do it for you.)
2. Pay yourself first (“Do not save what is left after spending, but spend what is left after saving.” -- Warren Buffet)
3. Live frugally.
4. Save regularly.
5. Invest wisely. (Use broadly-diversified, low-expense index funds.)
6. Avoid debt.
7. Have a Plan. (Hope is not a strategy.)
8. Stay the Course. (You will undoubtedly hit bumps in the road. Get back on track after setbacks.)

[teh_longinator]

Pretty sure all of these are me. Racked up debts in my 20s that I'm just now paying off at 35.
I'm in finance, but with 15 years working out of school, it seems everyone wants extra designations I don't have (and don't want to do because it would mean missing so much of my kids early life for work).
These tips are all great, but not too many kids know what they want to do when they're pushed to plan their entire Iives at 16. Not sure what my point is here tbh, great video

[arigutman]

Buying crap you do not need to impress people who hold little to no significance in your life. This has to stop. For all of us...

[fnqadv]

Young people won't be told, they know best and "things aren't like they used to be". I know this as I was young once...

[lengerer]

I always remember back 20 yrs when I was 20, I almost bought a nice 10k car. Last min I pulled out and a yr later used that money to buy land. Then 5 yrs later built a house on it. Saved every penny to pay it off. 15 yrs later had it paid off.
Cost 390k aud and today is worth 850k aud

[tacticalveterinarian]

Excellent video~! Sometimes it's NOT a money problem, sometimes it's a BEHAVIOR problem!

[rhobson]

Timestamps:
0:42 Buying a brand new car
1:30 Accumulating credit card debt
2:29 Investing Recklessly
3:23 Neglecting Health
4:25 Not Learning Discipline
5:18 Not having a career plan
6:03 Waiting to invest

[Whitepbass]

I look forward to your videos every Sunday

[Nathan-endn]

I still don't understand why a car depreciates in value so quickly but a house goes up. A car if you take care of it can run for 10-15 years maybe longer. There should be no reason you lose 1/3 of value after you drive it off the lot.

[LilTo]

Only mark I checked off here is health(shit I've been hit by a bus on my bicycle told the ambulance no thanks because i didn't want the hospital bill) ; rest I have not done and I'm still broke. can't get rich on minimum wage. Had 2 career plans, failed at both of them.

[DougVandegrift]

Have you tried buying a reliable used car today? You might as well buy a new one lol

[robles]

Looks like this video was made to describe me 😬
I made every single one of those mistakes. Not only one time but several times, bought at least 5 different new cars from my 20's until around my 50's.
Now I'm working as a slave to make up for all that wasted time and money 😬

[waiyan]

Can I translate your video and post it?

[hebrewsvs]

That's good wisdom on the health. Altogether great video. Unfortunately, regardless how many times we see this video, when we are young, we are dumb.

[andrewstead]

Brilliant video that I will show my kids, what would you recommend them investing in, s&p 500?

[MargaretMargaretKarjala]

Real estate investors losing money is music to my ears. They are a major reason why the real estate market is the way that it is now.

[FTBram]

Chris, thanks for all these life lessons. As a son of a normal hard working family, these lessons help me a lot in thinking about my financial stable future!