Financial mistake that most people make especially in their 20s.
POVERTY MINDSET
Poverty mindset is a mindset that people develop over time based on the belief that they will never have enough money. when you have a poverty mindset you trick yourself to believe that it's too difficult to make money to get ahead in your career to afford a vacation and to afford nice things in general you feel guilty as soon as you buy something you strongly dislike rich people even though you wish you had what they have and you start to think small instead of thinking big that is the poverty mindset but guess what you can change that mindset . You should be in control of your mind and with practice you can re-engineer. How you think let's talk about the opposite of poverty mindset .
ABUNDANCE MINDSET
NON INVESTING YOUR INCOME
A lot of people make is not investing a portion of your income spend some have fun buy nice things but be smart you have to invest some of your money and think of it as investing in your future self . Investing some of your money some of your income but the one thing that i will say is that you shouldn't invest blindly that's another mistake that people make . Because at the end of the day you have to understand that investments can be risky right depending on your investment portfolio we can definitely be really risky .
If you're just getting started and investing your hard earned money you don't want to invest randomly in in stocks or companies that you don't know you know and you're like i think this will do well but i have no idea that is why i highly recommend you get professional help you can manage your own money the same way that you could build your own house but why would you when you could have a dedicated team of professionals . Whole purpose is to help you manage your money your investments properly they're an elite investment firm but not only for the elite top one percent of people there for the everyday investor accessible for all income levels and that's what's most exciting about it so let's say you invest with titan however much you're comfortable with then you get connected with their investment manager and then you get video content similar to instagram stories it's basically explaining exactly what's happening with your money how they're managing it and they're going to use their unique strategy which by the way has led them to outperform all the major indexes and robo advisors so you don't want to just throw your money into dogecoin or a random company .
Don't know much about because that adds to the risk so this is a really great way to have a financial plan to get financial professional help without having to invest a ton of money . It's just a minimum hundred dollar investment to get started and they're not small all right they manage over 600 million dollars . The poverty mindset kicking in all you need is 100 bucks to get started that is it no strings attached and if you use the code below you get three months free of expert investment management with zero fees . Next mistake that you make is going through your life especially your young age your teenage years your early 20s .
NOT BUDGETING YOUR INCOME
Properly right and then when you get older you start to make a little bit more money hopefully but the problem is you don't know how to budget it so you continue to spend everything that you make and at the end of the day you're not investing anything you're not saving anything you're not putting any money away for retirement plans and you're left with nothing so that is not good from an early age and i mean today for you watching this learn how to budget your money properly you know there's this rule obviously it depends and it varies for everyone but the 50, 30, 20 .
Budget rule and that means that 50 of your monthly income goes to your necessities housing utilities transportation food etc .Not the fun part but 30 of your income goes to the fun part you know it's like your personal expenses the clothes that you're looking at the products that you want to purchase right those fun things there's nothing wrong with treating yourself once in a while that's why 30 of your income can actually go towards that and then 20 should be your savings . You know whether you're saving for a retirement plan or you're investing that money or actually just saving in the bank so that you can pay off debt that you still have or just to pay off debt those 20 that is money that you should not touch that should go towards debt investments savings that's what you need that so the 50 ,30 ,20 rule is definitely it's pretty generic but it works for a lot of people and it's a great place to start .
NOT HAVING A RETIREMENT FUND
When you're getting paid 10 it's really not that much you don't notice it you know you just budget for it properly but if you go back now 10 of my income you know from 14 when I started working to 26 that would have been a pretty good chunk of change . I missed out on all of that and all of that could have been applied to my retirement plan and unfortunately it just did not happen because I didn't know that that's what i needed I didn't have anyone online telling me hey you should be doing this anyone giving me that type of advice especially someone who you know is an immigrant came here and my family didn't know anything about this in the us so i had to learn it myself from personal experience put money away in your retirement plan it doesn't have to be a ton of cash a ton of money make sure that you're still living an amazing life but focus on your future as well uh this next one is huge huge i've had problems with this my friends have had problems with this uh this is a this is something that can be really bad if you let it go for too long and that is paying too much interest on credit card purchases right a credit card it just seems like monopoly money sometimes it's just this piece of plastic or metal and you go over there and you give it to someone and someone gives you things for it and it's crazy but at the end of the month you got to realize you got to pay for those things so sometimes. Its seems so easy so practical nowadays you can just do it online just type a few things and you get shoes you get clothes you get whatever you want but at the end of the month you have to pay it off otherwise it doesn't matter if you got it on sale. Because you're going to be paying more in interest every time you swipe your card you are essentially borrowing money from that card issuer and if you don't pay back the interest grows and it grows and it grows your credit goes down and then all of a sudden.
STUDENT LOAN DEBT
Student loans that are more than whatever you need think ahead of how you're going to pay back your debt before it's too late there's no secret formula here on being debt-free. When it comes to student loans what I would say though is just don't go overboard don't take more than we need if you're like oh maybe I just i'm going to take a I'm going to get some extra cash right only take what you need because that is debt that is huge debt the us right now is overflowing .
Article from TamilSelvan:)
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