Money Traps To Avoid in Your 20's To Become Rich | Rules For Investing | Money Secrets | Finance
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- เผยแพร่เมื่อ 9 ก.ย. 2024
- In your 20s, it's easy to fall into financial traps that can have long-lasting consequences. These are common pitfalls to watch out for and strategies to avoid them:
1. Credit Card Debt: Credit cards can seem like a convenient way to afford things you want, but high-interest rates can quickly turn small balances into significant debt. It’s essential to use credit cards wisely, paying off balances in full each month to avoid interest charges and to build a positive credit history.
2. Living Beyond Your Means: With the rise of social media, there's pressure to keep up with peers in terms of lifestyle-luxury apartments, designer clothes, and frequent travel. However, spending more than you earn is a quick way to financial instability. Focus on living within your means by budgeting carefully and prioritizing savings.
3. Ignoring Emergency Savings: Life is unpredictable, and not having an emergency fund can lead to financial stress when unexpected expenses arise, like medical bills or car repairs. Aim to build an emergency fund that covers at least three to six months of living expenses to provide a financial safety net.
4. Not Investing Early: Many young people delay investing because retirement seems far away. However, the power of compound interest means the earlier you start investing, the more your money can grow over time. Start with small, consistent contributions to retirement accounts like a 401(k) or IRA.
5. Student Loan Mismanagement: Student loans are a reality for many, but ignoring them won’t make them go away. Understand the terms of your loans and consider repayment strategies that work with your budget, such as income-driven repayment plans or refinancing if it lowers your interest rate.
6. Falling for Lifestyle Inflation: As your income increases, it’s tempting to upgrade your lifestyle correspondingly. However, falling for lifestyle inflation-spending more as you earn more-can prevent you from saving and investing. Instead, try to maintain a modest lifestyle and direct extra income towards your financial goals.
7. Underestimating the Importance of Credit Scores: Your credit score impacts everything from loan approvals to rental applications. Missing payments or accumulating too much debt can lower your score, making it harder to get favorable loan terms in the future. Regularly check your credit report and make on-time payments to keep your score healthy.
8. Overlooking Insurance: In your 20s, it’s easy to overlook the importance of insurance-whether it’s health, renters, or car insurance. Not having adequate coverage can lead to significant out-of-pocket costs in case of accidents or health issues. Make sure you have the necessary insurance to protect yourself financially.
9. Neglecting Financial Education: Many young adults enter their 20s without a solid understanding of personal finance. Take the time to educate yourself on budgeting, investing, and managing debt. There are numerous free resources available online, including blogs, podcasts, and courses.
10. Falling for "Get Rich Quick" Schemes: In the pursuit of wealth, you might be tempted by opportunities promising quick returns with little effort. These often lead to disappointment and financial loss. Be skeptical of any opportunity that seems too good to be true and stick to tried-and-true methods of building wealth over time.
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Bhai abh thik hu mein👍 Financially stable now😌😂
Lots of love my brother ❤️🫡
😂😂😂❤❤😂
😂😂😂😂
Bahi also me my story😢😅
Emotional spending Of money lead to financial unstability😦
Seriously 25000k😮😮😮😮.
I remember i used to recieved 3500Rs as my monthly expenditure from my parents during my college days that also 2000Rs as mess fee n 1500 as my pocket money.
You guys r really very previlege.
Same bhai😢
us
I am from well off family still i spend money carefully.
25000K nhi 25K bhai
Voow tmlog ko pocket money milti thi 😢
18:35 mai to na sehta , badal ego ko massage kr rha hai iphone lekar ? 😂😂😂😂😂 Editor deserved raise + plus bonus + life time working with aditya now for the idea he put in for specifically using this clip hahahha😂❤❤
Me with 0 rupees 😂
sherrr
Me with ₹42 😂
Investment on stock market is like learning the skill to learn how to analyse Market
Bhai ye video to eye opener tha
Bro make a vedio of perfect roadmap to investing in our 20s☺️
Undoubtedly this video's view : like's ratio will be lower which implicates ADITYA - THIS WAS BOHOT HARD BROTHER - LOVED IT !!!
Brahmcharya Day 6 ✅ complete 💯
Feeling sad for Ritik 😞
😢😢
Are you girl
@@HrithikMehlawat😂
😂😂
Great. You are hitting the topics exactly at the psychology of today's youth. You very nicely understood the thought process of people who are trapped in these kind of situations. Great content. Keep up the good work.
College me batch topper hu, finance ke baare me phle se hi decent knowledge thi, Circle bi acha h, 4 dost h or chaaro same type ki financial conditions me h, or me in sb traps me fsne se bch gya. Thanks to my luck
Course konsa tha bhai & cllg?
Money traps are something which one needs to seriously check them.
Be a Minimalist be happy❤
ये तो मेरी कहानी हैं आदित्य मैने भी यहीं गलतियां की।
make video of every steps of investment ( like how to pick up stock , financial analysis (i.e balance sheet , financial statement , etc) , etc) like investment master class please make all inclusive video (i.e in 1 video)
As a college student , I use to write my expense list and don't waste money
SIP is The Best Thing of Investing. Always Invest 10% of Your Monthly Income. 5% To Large Cap, 3% To Midcap and 2% To Small Cap. Trust Me Your Future Will Be Secured.
Ooo bhai 😮
If you are under 25 , DON'T SIP, use those money on Exploring and Learning..
@@nhuto7 Every Individual Should Start SIP From Early Age. 90% Money is There To Spend Whatever Someone Likes.
Kon kon ye video Raat ki 11 baje dekh raha hai 😊
3 bje
Ritik jaisa haal hogya hai ab to paise bhi kam milne lage hai par party ruk nhi rahi
Toh betting kar maine toh world Cup mein 9 lakh kamaya sirf 20k se
😅🤣🤣
Bahut acha laga video. Nice video Bade bhai
Great Content and really simple but impactful way to explain things keep going mister saini
This is called quality content 🔥♥️
Thank you so much bro this is reality social media is killing you 😞
Bhai sach batau, Mai sochta tha ki mai financially mature rahunga aur apna kharcha samahlunga, Mai college mai hoo aur mai literally na to extra spending karta hu faltu ki chizo mai na hi mai ghoomne jata hu jyada aur na hi mai jyada kapde/Accessories kharidta hu magar tab bhi mera saara paisa , Gym, Supplements, Food mai 60% kharch ho jata hai aur baaki college sai ghar kai travel maj
That's why self knowledge is important
Approximately 69 lakh (6.9 million) Indians earn more than ₹10 lakh per annum, which translates to over ₹83,000 per month. Suppose they are investing 20% of their income which comes around 16k. So in this video he is saying make 30k sip at the age of 25. We have 150cr population 69 lakhs people can afford more than 16k sip. Which is less than 1% of the population. Aise to mai kabhi investment nahi kar paunga, I believe the best time to invest is now. Whatever you can afford which can be around 10-20% of your income.
Bhai tumhare videos ka background music humko hack karr raha hai aur humlog tumare videos dek kar knowledge gain karne mein trap hogaye hai 😂😅 pata hi nahi chalta ki hamara kitna time sirf iss knowledge ko gain karne mein hi chala Gaya 😊
Thanks brother
Thanks brother 😊 I get to know a lot about myself through this I just had a bit of all during the trend investment thing but I know I put it on hold considering starting it once I know more about how to invest
Excellent
Thankyou ❤️
This is a very powerful video, Thanks big brother for save my money from this money traps ❤
Love From bangladesh 🇧🇩🇧🇩🇧🇩🇧🇩🇧🇩
We want more -
Tq bro you are great financial content creator
itna aacha explanation sach me aapka dil se dhanyawad aap ek upay in sab se bachne ka bhi suggesr kar sakte hain jisse ki skills develop ho or wo kisi app ka promotion na ho jisse sach me khud me lge ki maine zindagi me ek skill to sikha hai or guide aapke dwara kiya gya
They don't even know how the money works.
Thanks Aditya, for guiding me, now I can work to increase my income first.
thanks bro ❤❤
Bhai bohot acha video banata hu 😊
Bhai please businesses ke upar case studies banana phir se start Karo new startups ke upar case studies banao please
Bhaiya i am in11th standard thank you so much for valuable information i want to more videos on educated system and financial system
Mere me to koi hai hi nahi 😅
-Mai ek gaon me raheta hu
-mere limited friends hai
-na koi gf hai
-simple video editing karke paise earn karta hu
-stock market me abhi investment nahi kar raha
-apne skill par daily work kar raha hu
-abhi fihalal gharwalo ka karj khatam karne pe kaam kar raha hu
-meri age 18-19 hai
22:55 thanks you sir ❤
No Ankur Varikoo was harmed in this video😂
I can relate to the story 😂
Mujhe kyu toda
Boht kamal video💖💯💝❤️💜💎💎🌟♥️✅️✅️👌🏻💯💯💯💯💯🖤💌🫡
Movie or series name
Bhai sach btau to yo video dekhna s phla mne soch li thi k mutual fund m invest krugo pr ab mne soch li k hr mhina thoda thoda paisa bacha ke apna bank m rkhugo or zb ve zyada amount bn javega tb fd krugo no risk🤗
Thanks for this video
Autobiography of Hrithik 😅
Right sir
Nice video. But I'd like to add a few more things. Tobacco, liquor also takes away a lot of funds. These should be totally avoided. Secondly raising a child properly requires a lot of funds. We are already overpopulated. But a lot of us are reproducing due to parental/peer pressure. We should stop reproducing not start aborting. Thirdly a simple registered marriage should be ok. No need to call Brahmins to officiate marriages under parental/peer pressure nor need to exchange dowries.
Nice 👍🏻
18:36 Lord badal 😂😂
Next video on zomoto please
Diffrance -jaha students CLG life me Phone, bike etc. ki EMI bhar rhe h,us time me apni sip bhar rha hu wo bhi part time job le thure.😅
Ritik was not harmed in this video
Bro your video editing level is outstanding and perfectly matches with story telling how can i start from zero any advice??
So true
That ritik is me now 🙂
India series means bgms bgmi game tournament in thumbnail
Kon kon bed pe late ke dekh raha hai 😂
Main to laterin me baitha hun 😢
@@RiteshChandravanshi-n9d bro go and watch nikita thakur and getsetflyscience
@@Error-oy1fz aditya bhai or tu ek hi kam kar rahe ho jagah aalag hai
Mai tho hagte hue dake rahahoon
Meeee 😂😂
Isiliye - *Jarurat* ek bahot bada word hai ✅
Thumbnail ✅ video ❌😭
Me to college gaya hi Nahi 😂😂😂
😊
Bohot accha kiya bhai
Same here
Psychology ka naam leke psychology ke saath hi khel raha hai money bohot subjective matter hai wo har kisi ki life me different form me react karta hai.
Maana ke majority log ye hi trap me fas jate hai but upskill karke bhi log utna nahi kama pate the reason is they know their strength and weakness jis industry jitna maximum paisa hoga usse zyada to nahi hi kama paenge.
Like I saw a cab driver wo 90k per month generate karta hai and 40k ghar lata hai ab isse zyada wo or kya hi kar lega
90K kamane ke baad ghar jaane ka time kaisa milta tha becharae ko🙄
@@Syyedasif. He is working 14 hrs a day to achieve this otherwise he will not survive there is too much loan on him
Hrithik kangana k chakkar me pada tha pehle toh😢
No warikoo harmed in this video 😂
I want old aditya sani
SHARE MARKET YOUR RIGHT BRO
Great job
OMG 😳 please next p
You are great fin influencer
Gist of the video is : if you can control your emotions then you can't control your money....
glasses not looking good bro
I think..
Savings kuch zayda fark nai padhne wala most of the rich people wo kabhi apni savings pe dhayan nai dete wo bs income ko increase karne pe focus karte hai
Wo option zyada sahi hai save karle kitna hi bacha loge apni skill ko badhao us se income badegi phr kabhi khrch krne se phele sochna nai padega
Ritik m hi hu😂
Tik 😂
Video ka First part ko alag hota to context thik lagta.
best content
INFORMATIVE ❤️❤️❤️
Watching this video at 3am
bhai mujhe toh baas 1000 milta hai 🥺khane ke paise and idhar udhar kharchne ke liye baki jane aane ka paisa milta hai 50rs 60rs every day 😿itna ganda hal hai ki tuition ka bolke paise lene prte hai pura mahine use karne ke liye
wo sab toh theek hai lekin ye bataiye aap video banate tym konsa use kr rhe ho
ye lab ke chaasme ka kya arth nikale
prakash daliye aditya ji
Thanks Aditya. Waise toh mei kanjoos hu but apke video ke baad aur kanjoosi karne ka mann hota hai 😂
Please make video on How to spend money??????
Hum kis environment me rehte h
Hum thik vaise hi ban ne niklate h
no instagram money betting apps happy life at its best no tensions EMI
भाई वीडियो बहुत बढ़िया हर चीज ठीक है background Sahi nahin lag
Content ❤
Links for glasses please. Kharab review dena hai.
but itna aacha se explain karke bhi aapne bahut hadd tak to samjha hi diye hain jisse ki kaaphi madad khud ki ho sake
Zen way cpoied 😂
Bhai thumbnail accha he
Awesome
Nice 👍
Main samjh sakta hu it's like ritik and I am Siddharth suffering from same 😭
👍
Bhai kya baat boli he 12:00
I want to buy my bike from my own money. Does that count as ego massage or not because that bike will sure help me in my day to day life.
50 % return mila hai ☺️