7 'Silent' Money Traps to Avoid In Your 30s

In your 30s, you're starting to make more money than ever before. But it's also the time to watch out for some of the biggest financial mistakes that can come with a bigger paycheck. We'll talk about 7 traps that start in your 20s and then get worse as you age, plus how to avoid them!

Timecodes:

0:00 - Intro
1:04 - #1 Silent Money Trap
2:52 - #2 Silent Money Trap
3:53 - #3 Silent Money Trap
5:07 - #4 Silent Money Trap
6:39 - #5 Silent Money Trap
7:50 - #6 Silent Money Trap
9:41 - #7 Silent Money Trap

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LINKS:

DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

[coffeecyclist]

Time Stamps!
1:04 - Trying to look successful
2:52 - Still having our fun, but quite expensive friends
3:53 - Buying an expensive home
5:07 - Continuously ignoring financial literacy
6:39 - Not investing in the market
7:50 - Not investing in your career
9:41 - Not starting the money conversation with your aging parents

[lobsnbuns]

The one about Ignoring financial illiteracy really hit hard on me. I went through my 20s completely ignorant of all the financial cues i came across, on ads, on the news etc, but at the same time always had a nagging feeling that I am missing something important and yet kept IGNORING it . Only till recently I fully realised how much me and my family had been missing out. So I start teaching myself and my 8 year old son now. It's kinda late for us but at least my son won't make the same mistake (well, hopefully).

[knicholaichukonyt]

I love your style. Clear, concise and relevant. Thank you.

[bryanalcantarfilms]

Mr. Kim, you are very knowledgable and I am really enjoying this channel filled with great advice! Keep up the great work my friend!

[laraarx]

Thank you so much for this video!! I just recently entered my 30ies and I'm trying to learn as much as possible about handling my personal finances and building wealth. Discovering your channel has been so helpful and this video is another great one! Thank you for your work, you're doing a fantastic job!! 👏🏼

[brandonbrinegar]

I really like your videos. They are very informative.

[veekay]

This video is very helpful, thank you.

[phwang]

4% interest - *laughs/cries in 2023 rates*

[tuffy]

2:00 hits hard. Currently 32 and expecting my first child next month. Really fighting the urge to buy a new SUV for the family.

[fabiocortese]

How to advice to invest in own career capital? Do you advice to specialize in the single part of a work? For example, if I work in a bank in a Risk Management department, the advice is to specialize in a single part of this world (better if in this part you worked before)?

[hopelessdecoy]

Unfortunately my wife still thinks investing is gambling, even though we have a dividend portfolio that sends us a check every month, not even relying on growth for our primary investment engine.

[Dustii]

On the topic of buying stuff to look successful, I think its still a nice feeling (obviously) which is why people fall into it. However, that 70K car could easily be found low mileage a few years old for 40k or less. In my scenario, my car was just over £50, 000 rrp, at 6 years old and 29, 000 miles on the clock, I nabbed it for £17.4k.
There are ways to have nice things but make cuts elsewhere. Even if I had a million in the bank, I honestly don't think I'd have an ounce of temptation to buy brand new.

[arekkusu]

An I the only one how hears "ageing parents" as "Asian parents"?? :p

[Ketocon]

Boy that last one….. the money conversation with your aging “Asian” parent is gold

[zacharysherry]

All strong money traps are silent in one way or another... Usually as silent as a phone swype. Anyway I used to drive a XC90 that was a wealthy ex-girlfriend's car. That thing drove like a barge. I can't imagine it being more expensive than a Subaru Forester honestly. Ridiculous price for that thing.

[anniesadventures]

I’m so greatful for my parents. They have taken care of their finances so well they have paid for their resting place.

[yun]

Unrelated, but what hair product do you use?

[YasinNabi]

Makin money can be easy by having a job, but making money out of money is a game, Learn the Game of money and always have money, even if you are not doing any job.~~~~

[oscezrcd]

I agree with most of what you said, but I disagree that knowing how to improve your credit score is a necessary part of financial literacy. Borrowing is not a necessary part of growing your wealth, only investing is. There are many ways to invest without borrowing. Even if you want to invest in real estate, you can do so via REITs. In fact, I would argue that borrowing to buy houses is a highly leveraged, and therefore risky type of investment.

[Steven_H]

I'm getting anxious about my career, about to turn 30 and I'm not in the right place as far as my career is concerned.