This video looks at the biggest Money Traps to AVOID in your 20s. These money traps will keep you from financial freedom. Some of these Money Mistakes will cost you MILLIONS
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Traps that will leave you poor
Avoid these money traps
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1. Getting to cocky
anyone in a bull market looks smart
When everything is going well you think you are a great investor with a special ability
You begin to overlook simple
Not look at fundamentals, not manage risk etc
Hold on investments too long bc you are over confident when you bought
Smartest people KNOW they don’t know anything
Have humility
How YOU have LOST THOUSANDS and don't even know!
2. Too impatient
Great investment that doesn’t move as fast as they like
Ive see this with peers of mine do extensive research into a company and invest. It basically stays the same after some months and they decide to sell because its not going to the moon
Once you sell it always seems to surge up
The time you are jumping around you miss days in the market
Big believer in time IN THE MARKET not timing the market
Leads to impulsive decisions
One of the best qualities you can have
Average is 9.8% but it doesn’t go up 9.8% it goes up 20% then down -4% etc
It is emotion, take it out of investing
Time is on your side
How YOU have LOST THOUSANDS and don't even know!
3. Do not over leverage yourself
Mortgage, margin etc
Debt can help but not over the top
Like a fire, you take care of it it will take care of you, if you avoid it and do not treat it it will burn your house down.
DO IT RESPONSIBLY
Make sure you can control it
You can pay it off in a moments notice
Do not let it take over your portfolio
Lock in these low interest rates
How YOU have LOST THOUSANDS and don't even know!
4. Do not invest blindly
Just because someone is doesn’t mean its a great investment
Or because someone made a bold thesis on the company that makes sense, they still do not know everything
Uneducated decision where you are hoping the other person is right
With no repercussions of being wrong
Listen to multiple perspectives
Understand it fully
How YOU have LOST THOUSANDS and don't even know!
5. To much cash
Opportunity cost
Keep enough cash to have a safety fund, pay off debt and have enough for a good opportunity
But too much will burn you
Inflation (1-3%) + opportunity cost (0- infinity)
time in the market beats timing the market
And even if you could time the market its nearly impossible
Bc once it goes down you won’t want to buy in until it goes up
But once it goes up you are not getting as good of a deal
#moneymistakes #moneypit #lostthousands
5 Money Traps to AVOID in your 20s
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