Money Traps to Avoid in 2020 | Phil Town

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mismanaging money, money mistake, wasting money, financial mistakes to avoid,

[PhilTownRuleInvesting]

Have you fallen into any of these money traps?

[jidebalogun]

"Who knows whats gonna happen in between"

Answer: CORONAVIRUS!!

[TheRealAbdulIssa]

I like when Phil says "Who knows what will happen in between?" I guess a pandemic is a good answer for that now lol

[ThePaladino]

Phil! You are the first non-Tesla fanboy celebrety I've seen acknowledging the Roadster 2's capabilities.
Respect!

[smithraymond]

I lost my shirt during the great recession in 2008 by falling into many of the money traps Phil just mentioned. Not falling into those traps again this time around.

[fofofifi]

I guess I've watched most of your videos now. Thanks for giving me knowledge and confidence. Thanks Phil!

[PierceJordan]

Avoiding flashy new cars is a great tip! Especially in Wisconsin where it’s going to get beat up in the winter anyway 🤷🏼‍♂️

[leonoradompor]

Contentment and simplicity, minimalist !

[gustavocoelho]

Thanks for sharing your knowledge Mr. Phil

[Squintillions]

Mmmm, nothing wrong with index funds in the 401K as part of your overall financial portfolio. I like the strategy of having a good base of index funds and ETFs and then picking some really good companies to invest in along with that. One possible problem with maxing out a 401K is if doing so is not leaving you with enough take home pay to cover your living expenses. Then suddenly relying on credit cards or loans to cover costs. Of course if you are doing your financial planning/budgeting, that shouldn’t happen.

[johnmatthews]

You make these points so simple and easy to achieve! Thanks for sharing your wisdom

[mikehux]

Wow thanks Phil great Advice and informative.

[jhlamcin]

Always good to watch your YouTube videos

[yourer]

1-3 are so obvious to me, but most of my family have fallen for it. The last one never occurred to me and will be looking into that.

[benmills]

Great Vid Phil I will be defiantly watching out for Money traps in 2020 especially when markets are at all Time High's right around the world, don't buy new shoes if you are not going to walk in them and don't buy a new car that you won't drive that's a money trap.

[modernadulting]

Buying a Car That’s Out of Your Price Range
Don’t buy a fancy car to impress people you don’t like, just because you can. People need transportation, but there’s so much variability in price that you have to spend wisely. New cars can be one of the biggest money pits a person can get stuck in.

[zanzibarspice]

I dialed in my expenses and paid off good chunk of debt in the last 2 years. I’ve found a sweet spot of living frugally while allowing a small budget for entertainment. I’m saving 35-40% per month. Been educating myself on investing so I’m ready when opportunities present themselves. Looking like I may have an unexpected life change in the next few months. I in a position where I can manage it without going into debt. I’ve worked hard to be in this place. Feeling a lot of pride in that.

[albadominguez]

I'm following Dave Ramsey to help me get out of debt, and following you and your daughter to learn to invest, so that I can begin once I'm out of debt.

[brotheraugustine]

Totally forgot I'd subscribed to the Apple Plus streaming service until I watched this just now. I planned on canceling after watching a certain show and just never did. Thanks Phil!

[ionkayak]

Thank you very much, Mr Town!
Absolutely agree with you!