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  • 2020 is one of those years that's going to be  remembered in history for centuries to come.  

  • It's not just about the pandemic but how  the world reacted, especially the central  

  • banks. Central banks all across the world printed  unbelievable amounts of money. Just in 2020, over  

  • 9 trillion dollars were thrown into the economyAlmost half of the existing money was created  

  • since the beginning of the pandemic, which  clearly should have created hyperinflation,  

  • but experts told us that's not happening. The truth is that inflation has hit a  

  • record high since 2020, and now people like  Jack Dorsey are saying - Hyperinflation is  

  • going to change everything. It's happening! He is not a random guy. He is the founder of  

  • Twitter, one of the largest tech companies in  the world, and the CEO of Square, a financial  

  • payments company. And he is not alone. Multiple  experts have already warned about the coming  

  • hyperinflation. While I don't really believe in it  but judging by whats happening, it could happen!  

  • People don't understand how  devastating it could be

  • It's not another crisis like a pandemicThe moment people loose faith in the dollar,  

  • it's the end of the dollar because fiat money is  not backed by anything except our belief in it

  • Just take a look at what happened in the Weimar  republic after the first world war or Zimbabwe in  

  • 2006. The truth is, individually, we can't change  that. But what we can certainly do is take better  

  • care of our money. While inflation is still around  5 percent. You have to save as much as possible to  

  • purchase assets that will rise together with  inflation. We have made an entire video about  

  • how to profit from inflation, but in this videowe are going to take a look at 5 money traps you  

  • have to avoid in your 20s because if you do  not, you will never become financially free

  • If you are ready, give this video a thumbs  up, and here is a little disclaimer.  

  • This is not financial advice and everything  thats said in this video is for educational  

  • purposes. 
 

  • betting 
 

  • Unless you have been living under the rock, you  probably watched or at least heard about the squid  

  • game. It perfectly illustrates humanity's  will to find a quick way to prosperity,  

  • especially when they are desperate. There is  something in the back of our minds that tells  

  • us that there is a shortcut to wealth only if we  just bet on the right team or the right horse or  

  • whatever it might. But the truth is that, at  the end of the day, it all comes down to luck.  

  • And chances that you will be lucky could  be on one a thousand or one a million or  

  • one in a hundred million. Which means the vast  majority of people are going to lose in this game  

  • so do not ever chose this path as your way to  create wealth no matter how sweet does it looks.  

  • Real wealth takes real effort and real-timeThe case with GameStop perfectly shows our will  

  • to gamble our way to the top. It was a risky betAlthough the hedge funds made a terrible mistake,  

  • it was clear that this bubble was going to burst  at some point. Of course, the people who held  

  • the stocks, in the beginning, did make a lot of  money. Others jumped in when it was at all-time  

  • high and lost their lives savings without really  understand all the risks that comes along with it

  • 
 2. Sacrificing your future for the sake of today

  • This is the most common financial trap that  most people fall into, especially young people.  

  • We want to enjoy life today and not 5, 10, or  20 years from now. Merely the idea of enjoying  

  • life when you are old sounds so dumb that why  even consider it. I totally agree with you,  

  • but the problem is that life is set in suchway that you are either going to enjoy a little  

  • bit today or enjoy a lot later in your life. I am not a fan of sacrificing the present  

  • for the future because life is now and not  tomorrow, especially 10 years from now. If  

  • you can't enjoy the present, you won't be able  to enjoy the future, especially when you are not  

  • guaranteed to live till that future. Howeverenjoying life isn't just about spending money.  

  • You can perfectly have fun with friends  while not spending a lot of money.  

  • Just remember your childhood, you use to havegreat time with friends while not even having a  

  • dollar in your pocket. At least that's how my  childhood was. My parents never gave money but  

  • nonetheless, I still had great time with friends. It's your perspective, the way you look at it. If  

  • you are used to satisfying your urges by spending  money, then that's something you should work on

  • 
 
 

  • 3. You stop learning how new technologies work This is a very common mistake people make as  

  • they get older and that includes myself as  well. As we grow and get elder, we start  

  • paying less attention to new technologies. It  gets difficult to push yourself to use them.  

  • I am trying to push myself to learn how Tiktok  works, but I have been pretty unsuccessful so far

  • The problem is that the world is constantly  changing, especially in the last 50 years.  

  • And wealth is shifting from one generation to  another. How many Rockefellers, for example,  

  • are there on the Forbes listNot many! And nowhere close  

  • to the top of the listThe family who inherited the  

  • wealth of the richest man in America who had a net  worth of 400 billion dollars adjusted to inflation  

  • are slowly losing their fortune, and yet this  drops out from Harvard ( Zuck) worth 12x more with  

  • 121 billion dollars because one kept living on his  fathers success while the other took advantage of  

  • this new intention called the internet. So if you want to keep making money,  

  • you have to keep learning, always be curiousIn the last 10 years, youtube and Instagram  

  • have been booming, but today there are other  platforms that are taking over such as Tiktok.  

  • We have entire new industries like  crypto that are growing exponentially

  • 
 4. Not being patient 

  • One of my weaknesses is that I am not a patient  person. This is something I realized in myself  

  • since I was a kid and I have been working  on myself since then. But what I realized  

  • that whenever I am patient, things turn out to  be way better. You are making an investment,  

  • and things go down. All you have to do is  wait and things will get better. Because  

  • ups and downs are normal in the stock  market, but a lot of people pull out

  • Think of bitcoin recently. It has plummeted  significantly, and recently it crossed  

  • a new milestone. That doesn't mean  that just because you are waiting,  

  • its going to grow, but if your investment is based  on real analysis that prove that this particular  

  • asset worth a certain price, then you should  not worry about it. Buy and forget about it.  

  • Or when it comes to buying something expensiveYou just feel the urge to swipe that credit card  

  • and get that thing as soon as possible, but the  next day you realize that you are perfectly fine  

  • if you haven't bought that thing. So if you  have been a little patient, if you went back  

  • home and slept on it, the next day you would have  changed your mind and saved yourself a few hundred  

  • or maybe a few thousand dollars. But it's really difficult since we are  

  • living in this consumer-based economy where  our lives moves forward by spending money

  • 
 
 

  • 5. investing all of your money 
 

  • The feeling when you just start investing is  awesome. But when you discover the concept  

  • of inflation and look at your money, you feel  so bad that why your 10K d ollar that you barely  

  • saved are sitting and losing value over timeespecially when we have record-high inflation

  • I feel you! I have the exact same  feeling when I look at my savings.  

  • But the truths is - life is unpredictable. Things  could be great today and horrible tomorrow,  

  • and if you don't have enough cash at your handsyou might end up getting into debt that will  

  • cost you much more than what your investments  could generate, so its always better to have  

  • an emergency fund before you start investing. Figure out how much you spend per month and make  

  • sure you have at least 3 to 6 month of savings  always stashed in your account and invest the  

  • rest. Yes this money is going to lose value over  time, but you never know whats going to happen  

  • a year from now but what you can know for sure  is that you are ready no matter what happens

  • But before you start investing, you should  at least know the basics of the stock market.  

  • I get it its not easy, especially when you are  just starting. You have a million questions. Don't  

  • worry! I get it. I was once in your position. And  to answer all of your questions, I have created a  

  • course that simple, straightforward and fully  animated. I have literally answered almost all  

  • of the questions you have in your mind. I strongly  recommend it if you are serious about investing.  

  • It will not just teach you how to invest in index  funds but teach you how to analyse stocks and  

  • read financial statements, and at the end of the  course, you will have to complete an assignment  

  • that I will personally check, and the best part  of it is that you can get 2 weeks of Skillshare  

  • premium if you use the link in the description  and get the course for free. So don't miss it

  • You can also start your investing  journey by getting 2 free stocks from we  

  • bull by using the link in the description. You have everything you need to start

  • 
 
 

  • If you have enjoyed this video, you  will most definitely enjoy this custom  

  • playlist that I have created specifically for you  

  • that has our most popular videos on ....  that can potentially change your life

  • And now give this video the thumbs  up that it deserves, and make sure to  

  • subscribe if you haven't done that yet. Thanks for watching and until next.

2020 is one of those years that's going to be  remembered in history for centuries to come.  

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5 Money Traps I Wish I Avoided in My 20's

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    Summer posted on 2021/11/07
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