Name: 5 Money Traps I Wish I Avoided in My 20's
Uploaded: 2021-11-07T17:35:39.000Z
Duration: 10 min 7 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

To-infinitive

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

Past simple

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 economy.  Almost 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 pandemic.  The 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 video,  we 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  

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-time.  The case with GameStop perfectly shows our will  

to gamble our way to the top. It was a risky bet.  Although 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 such a  way 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. However,  enjoying 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 have a  great 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 list?  Not many! And nowhere close  

to the top of the list!  The 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 curious!  In 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. 

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 expensive.  You 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. 

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 time,  especially 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 hands,  you 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  