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six money traps to a boy in your thirties.
You see, from a financial standpoint that your thirties is your most important decade off your financial life.
Why is that?
Now you're past the twenties.
Figure yourself out because in your twenties, you trying to find out.
Okay, what is the ideal career for you?
What should you focus on?
What is your purpose?
You just probably graduate from school.
Now what's next?
So you trying to figure yourself out in the twenties, but in your thirties now you are a little bit more mature right now.
You have little bit Maur experience, but you're still young enough to apply some of these financial strategies that will make a huge difference in your financial life.
Now, assuming what I'm sharing with you, that, like most people, you have a stable job, meaning that you do not have the ability to dramatically increase your income unlike a high income skill.
So I am sharing these lessons with you, assuming that you don't have a high income skilled, you have a stable job like everybody else because with a high income skill, it means that you could actually dramatically increase income so assuming you do not have the ability to increase your income by 10 2030 50 or even 100% a year.
That's who this video is for, which is like most people and most people.
It's not that they don't have the ability to do so to develop high income skills.
Just they don't know how right.
You don't know that a high incomes co exist, and they don't even understand the possibilities.
And if you could avoid some of these money traps in your thirties or even in your forties, you would put yourself in the position off financial success and be able to provide a better future for your family money trap number one by a house that you can't afford.
You see a lot of times in your thirties, most people they are thinking about marriage.
They're thinking about settling down there, thinking about having kids.
Or maybe you already have kids and you're already married.
And one of the mistakes that a lot of people make is they want to keep up with the Joneses, right, because they're friends own sort of house.
Now they want, at least in the same neighborhood, on the same house, and they want to compare with other people, so they end up buying a house that they actually can afford.
Now you have to understand this, that when it comes to buying your primary residence, your home, your house is an expense that affects your other expenses.
What I mean by that he means that if you move to a certain neighborhood, their house, their home affects your art expenses, meaning the expense of your home is it comes with your homeowner insurance, your utilities, where you shop, where your kids go to school.
What kind of car do you drive?
It affects your other expenses.
So it's not just the house itself, but everything else that goes with it.
Now that's very, very important to understand.
And that's why most people, when they buy a house they can afford suddenly now all the others expenses bagel up dramatically, and now they're in debt.
I don't want that to happen to you.
A while ago, I made a video call.
Should you rent all?
She only didn't click here and check it out Now.
In the video, I teach a rule call the 20% rule.
What is a 20% rule.
So when it comes to owning your home, let's say you have a net worth networth off a 1,000,000 dollars.
I believe you shouldn't spend more than 20% your net worth on your primary residence, so your net worth it's a $1,000,000.
You shouldn't spend more than $200,000 on your primary residence.
You may be thinking, What, Dan?
What if I don't have a networth?
I just have income.
I don't haven't built him a net worth yet.
What do I do?
The same 20 rule applies.
So let's say you and your husband or your your wife together.
As a household income, you make $10,000 per month $10,000 per month.
Then the same 20 rule applies.
You shouldn't spend more than $2 dollars a month on your How's your primary residence?
And I know the number is low.
I know that number's low.
The reason is low is because you want to be able to live a little bit more frugally with your house so that you have more money to put aside because safe and invest for long term wealth versus if you make 10,000 month as a household, and you're spending 40% $4000 a month on your primary residence.
With all the out expenses, you do the numbers.
It's very difficult to have anything left by the end of the month.
Does that make sense?
Common below?
So that's the money trap Number one, Money trap number two And that is to buy a car.
You can't afford this kind of hi's hand in hand with money Trap number one.
So buying house you can't afford buying a car that you cannot afford.
I get it in your thirties.
Now you're making me a bit more money.
If you are in the corporate world and you are stable and you want to buy that car, I like a new conscious us.
Everybody else right in my twenties, I was getting a new car every year, so I understand where you are coming from.
But financially speaking is not a very smart decision.
Is not a very smart move, because by spending too much money on a car, you cannot afford anything else.
I remember when I was making minimum wage in a supermarket a time I had a co worker.
He was driving a BMW, and he was paying $1000 a month for the least voice BMW.
And he was only making around $2200 a month.
And I I thought to myself, How could someone making $2200.1 spending 1000 bucks a month on a copy of it on a BMW?
Well, it turns out you can't afford it.
That's all he's got, right?
But he wants to look cool, right?
He wants to look good, right driving the BMW around.
But actually, it's very, very difficult.
Remember, he was.
I was sitting his car and he was thinking, Oh, my goodness, am I gonna have enough money to pay for the gas for the BMW?
Now that's not being smart again.
Your car payment, your car expense.
It's expensive.
Controls the effects, other expenses, the more expensive car.
They're more expensive insurance.
The nicer your car, them or expensive gas that you have to get there more expensive.
Your maintenance just like my belly, right, cause a couple of 1000 bucks just for oil change, right?
That's what it is when you drive a luxury car.
Sports car, everything becomes Maur expensive, so that's money trap number to buying a car that you can't afford.
Money Trap number three.
Not investing or not investing enough now in your thirties.
Used to think you have a lot of time right?
Used to have 35 years before even worry and think about retirement Well, the truth is, yes, you have time, but you don't have a lot of time.
And most people, they wait too long and you think all wait, I make more money, Then I will invest.
You want to take a bandage off the power off compound interest?
You want to use it to accumulate your wealth.
Even if you put aside a bit of money every month, invest for the long term.
Let's say, for example, let's say you invest $10,000 right?
Seems a 30 years old.
And let's say you invest your investment producers 7% annual return year.
7% every year, $10,000 a year by the time you get to 65 years old.
Guess what?
You would have $1.4 million.1.4 million dollars.
However, if you wait till you are 40 years old.
So instead of 30 years old, 40 years old by the time you were tired, you would just have to a little bit over $650,000.
So one point 4,000,650 Because you waited a decade, nothing else changes.
So time is your friend if you use it wisely.
So don't wait to invest, invest and then wait.
Money Trap number four.
Not having a high income skill See, why do you need a high income skill?
Why do you need to actively every year increase your income is You have to understand that with inflation and costs of living going up, wouldn't you agree?
Every single year, things are getting Maur expensive, right?
The dollar that used to buy a certain amount of things and items dead dollars getting thinner and thinner every year.
So let's say the cause of living is going up by.
That's a 3% every single year.
So it means that if your income stays the same year after year is the same amount you are getting 3% poor every single year.
When you take that out every 5 10 years.
15 years?
You look at that.
This is why most people struggle because the learning abilities right the way the rate that the income is growing, it's not.
It's fastest inflation.
So even though if you're staying the same, you're actually getting behind.
So every single year, your thirties, you just strive to increase your income air free single year.
Actively active income every single year.
You want to strive to earn more.
Now the challenge is depends on your profession.
Depends on your job or the company you work for.
That may may not be the case in that common below.
If you haven't gun in a pay raise, we haven't earned more money for a number of years.
Coming below right so they're out of people could see that's just a fact in most industries.
Now am I talking about a side hustle like most people talk about?
I'm not talking about a side hustle.
A high income skew is different from a side hustle.
What is a high income skill?
High income scale simply means income on your own terms, meaning you could generate income where you want, where you want with whom you want it is not industry dependent.
It is not location dependent and is not company dependent.
So it doesn't matter if you work for this and company or their company or this industry or that industry with a high income skill, you could work in different industry.
It is transferrable.
This is why it's not a job.
It is a skill set that offer to the marketplace in exchange off money.
Now, what are some of those skill sets I'm talking about?
Could be blogging.
It could be YouTube.
He could be closing.
It could be digital marketing.
It could be cooperating.
It could be consulting whatever.
Excuse that you could offer from the comfort of your own home.
It's beyond in your current occupation.
I define that as high income skill.
Not having a high income skill puts you in the hugest advantage.
Because now you're restricted right, your earning potential.
There's a cap to how much you could earn.
So if you want to develop your high income skill and you just want to find out Maur about it, click a link below.
I'm gonna teach you a couple of skill, says I believe, are extremely powerful.
Does that has helped my students from all over the world to be able to earn more money in a meaningful way.
I earn more money than they could ever imagine and be able to provide a a better future for their family.
So make sure you check it out.
Check on the master class.
Money trap number five Not having financial goals.
I am shocked how many people I talked to actually don't have financial goals when I asked them.
Okay, so what are some of the financial goals in the next 12 months?
12 years, three years?
Five years from now, most people is like I don't know.
I guess I want to be more successful.
I said, Do you want to be making more money?
I said, Yeah, I guess I want to be making more money, but it's not very clearly defined.
So the first thing you want to do in your thirties is make sure that you have financial goals.
So how much cash you want to save up in your bank account?
How much savings do you wanna have?
What kind of investments do you want to own?
How big of a portfolio you wanna have how much money you want to be earning on a monthly basis.
Those should be clearly defined.
See, the problem is this.
Most people we have talked to climb that ladder, right?
Let of success.
And they say, You know what?
I'm gonna go to school.
I'm gonna get a certificate.
I'm gonna get diploma.
I'm gonna get a degree, and that's great.
Nothing wrong with going back to school, right?
For some, Maybe they get a degree and then they go back.
They want to get a an M B a p x t, and that's fine.
But most people do it do that because they are living up to other people's expectations.
So the first degree didn't get the results that they wanted to bring them to success that they want.
But then they thought, Well, I guess the logical thing is I go back and get a 2nd 1 Now, if that's what you want to do and desk you'll vocational goals.
They want to be a doctor, lawyer, accountant, engineer.
That's perfectly fine.
But what I notice is people who try to climb this ladder and they realize actually the letters leaning against the wrong war by the time they get to the letter and it looked down this, like, this is no what I want this is how did I end up here and now they need a con climbed down back the letter, right, climb down.
And then they got to find a different wall to lean agains, and that raises a lot of time versus if you're clear off.
That's my goal.
My famished goes, Is this and this and this And you ask yourself, Is this the right letter?
And I might leaning against the right wall.
Isn't that a smarter way of doing it?
So having clarity off your financial goals, I think are extremely critical.
You wanna avoid that money travel, not having financial goals, because clarity is power.
And what is power, power, stability to act When your idea, when your vision is clear, the path is easy, it's only when it's vague and when you're not so sure what your goals are, then you're all over the place, right?
Instead of being focused So money trap number five Not having financial goals.
Money trap numbers.
Not being financially literate now is interesting in a school system we're taught how to read, how to listen, how to write, write, how to be literate in the language of English.
But we were never taught how to be financially literate.
And this is why we have so many problems financially.
How in the world in a society, because we were never taught some of these things.
When I say financial literacy, I'm not talking about that.
You need to be an accountant.
You need crunch all the numbers.
But I am talking about knowing some of the basics, such as budgeting, being able to read your own basic financial statements, understanding credit cards and and credit scores.
Being able to understand some of these basic terms in terms of loans and interest rates, right for one K or some basic investment if it's real state of its index fund having and basic understanding off how that worst?
That's all I'm talking about.
I'm not asking you to be a sophisticated investor unless that's what you want to do.
But for most people, that's probably not doable for most.
But at the very least, you want to be able to like It's like in English.
You don't need to learn how to write a poetry, right?
How to write like a beautiful essay, but is nice to know.
At least you know ABC to zit right?
Be able to understand the basics.
You can use those words to combine it into a sentence.
That's all I'm talking about.
When it comes to financial literacy, we just don't know.
And ignorance costs money, right?
What, you don't know?
We'll hurt you.
The books that you don't read will cost you money, so spend labor of time, even read a couple books on this topic.
Go to some block pose, read on it and teach your kids.
Don't be afraid to talk about money at the dinner table.
Don't be afraid of talking money with a spouse.
Gonna be afraid to talk about money with your kids.
Educate them.
Educate yourself, right.
Give them that advantage.
Give them a heads up, right Computer.
Everybody else so common below Out of these six money traps, which one you are going to avoid in your doesn't matter of this in your twenties, in your thirties or even in your forties and fifties, which one you are going to avoid common below.
And don't forget to hit us a Skype it.
And if this the first time you're watching our videos and you want to learn more about finance, money and wealth, make sure you hit us of Skype and turn on their notification.
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6 Money Traps To Avoid In Your 30's

12 Folder Collection
林宜悉 published on March 20, 2020
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