8 money mistakes I made in my 20s

Let’s talk about what NOT to do with your money 😱 Continuing with our month of finance, I am going to break down some of the things I wish I knew when I was younger.

00:00 - Intro
00:21 - Mistake #1: not budgeting
04:33 - Mistake #2: looking at gross income instead of net income
05:20 - Mistake #3 - not looking at your student loans
07:10 - Mistake #4 - impulse spending
08:21 - Mistake #5 - you don’t need luxury items
09:23 - Mistake #6 - not using all your credit card benefits
10:58 - Mistake #7 - not investing sooner
12:45 - Mistake #8 - unhealthy spending habits
13:52 - Using cash back services
16:23 - Outro

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[HugoBergmann-lund]

The biggest financial mistake I ever made was with my 401(k). My company offered a Roth 401(k) while my kids were in college, but I didn't start contributing until the third year of their six years in college. Because I was helping with their expenses, I was entitled to tax credits, which made my effective tax rate very low. That's precisely when you need to be in a Roth! Despite this, I still retired with about $350, 000 in my 401(k).

[holoinfinity]

These videos are so underrated bc many young adults, esp those in their early 20s/30s do not really learn this stuff until it's too late. My parents made sure I knew & understood this stuff.

[marie]

I am in love with this series. Thank you so much for teaching us about financial literacy 🥺 I just realized I'm making a lot of these mistakes. I feel like I'm too old to be this lost on my finances, but I just graduated from med school so I don't have much experience 😅

[Sidtrav]

I’m 29 and my husband and I worst mistake has been getting credit cards and buying things we “want” all the time. Debt is an absolute nightmare and not worth it at the end. The “shoes” you just HAVE to have, are not worth it…

My best personal advice is to look into minimalism and online buy what you truly need. It helps us not go into debt or just buy things for that dopamine rush.

[hannahpcho]

i love this series so much. as someone who is soooo financially illiterate, this is so so helpful. and it’s also so nice to hear from your mistakes. thank you again miki, and i will be closely following along 😊

[aelv]

Thanks for the inspiration! I’m just started to make videos about my financial journey as well. I’d say a financial mistake I made in my 20’s was buying a new car! Taking on a car payment instead of investing more money. Another financial mistake was not living within my means and trying to keep up and buy expensive things. Thanks for sharing!

[maev_]

I’ve literally watched this finance playlist SO many times because you make everything so simple and easy to understand. Thank you Miki!’

[tamondaisland]

I’m in love with this video, and I know I needed this. I’m low key proud of myself because I also make a note for credit cards’ benefits just to make sure I could get the most out of it, but still working on memorizing which card to use for different categories. Thanks Miki for these series! ❤

[esantana]

I’ve already started implementing your tips, they’re all gold!

[Joyce-uwrv]

This is EXCELLENT! PLEASE CONTINUE TO DO FINANCES, BUDGET, SPENDING!

Thank you ❤

[amandahalee]

Thank you so much miki. Your videos always make my day, and you might not know it but you are a role model to me. You are spreading positive influences and enriching people's life. BTW i really miss your long podcasts. xxx

[sannn]

Also i love a YT channel named “I will teach you to be rich” Ramit teaches budgeting in a similar way as you but with a bit more details. He also teaches us how to change our money psychology so we know where to work on our weaknesses.

[ezginurdal]

among your other talents and videos, I love the financial videos most. You are so smart and very responsible. But you also know how to enjoy your life. I know we are close in age ( I am 25 ) but I still aspire to be like you in a lot of ways. I seem to already do some of the advices you said and it made me happy and reassured, because I know they work lol. I am kind of better at budgeting compared to my peers but hey, you are much better than me in this aspect and I am very pleased. Because my generation seems to not understand the benefit of savings and I know some of that comes from the hopelessness for the future and inflation, but you give me hope. Love you, and hope you keep making these videos.

[amandamills]

I'm 23 and I already regret some of the spending decisions 😮‍💨 Trying to get it on track this year!

[notyourbestie]

can i just say i love your series like this. please keep this up. i watched your bills hack short video and guess what? i got a new plan for a lower price for a bigger giga bytes data 😂 thank you miki!! i also learned i was done paying my phone. buuuut, decided not to upgrade bc i'll be saving money for our upcoming wedding.

[CharleneCong]

Great video! One lesson I've learned is the power of 'paying myself first.' No matter how tight things seemed, I always made it a point to put a bit of my paycheck into savings or investments before anything else. It sounds simple, but it’s a game-changer. It's not just about saving money; it's about making a habit of prioritizing your future self. This small shift in mindset can lead to big changes in how we manage our finances. Awesome insights in your video – it’s cool to see someone else’s journey and learn from it!

[VeraCasaca]

Thanks for this series! More money videos please!

[dblewzd]

Great video, l need some financial tips. Having a budget and managing a debt is something that can change your life for the better. 😊❤

[Slackwinner]

Thanks for sharing so many useful financial tips and tricks in this video! One financial tip that I learned over the past couple years of budgetting and investing is to always get the full employer match for your 401K contributions at the minimum since that's free money for you and will provide some financial stability when you retire 💯

[dwsifbe]

This is so insightful thank you so much ❤❤🎉