Financial mistakes to avoid in your 20's

[Bl4ckSh33pParticipant 274]

Other than marriage or having children, what are some common mistakes you guys believe a man should avoid in his 20’s? I feel like it’s a jungle out here, people want my money left and right, and I need some wisdom to keep me out of trouble. If you have any personal stories or experiences feel free to share.

I hate to break it to you, but what people call "love" is just a chemical reaction that compels animals to breed. It hits hard Morty then it slowly fades leaving you stranded in a failing marriage. I did it. Your parents are going to do it. Break the cycle Morty, rise above, focus on science. -Rick Sanchez

[Buller100Participant 2189]

Invest , invest and invest again…. If you have a well paid role you will be retired at 45.

[HaymakerParticipant 226]

Invest in what? Like stocks or do you mean like invest in yourself and my job? I already invested around 5000 eur in gold and silver but stocks are just too risky if you ask me.

Always going big, Yeah you know the kid, Call me haymaker.

[Anonymous 3]

Avoid spending too much (money and time) on going to parties. Sleep well, invest your time and money into learning. You can control only your own life, so invest in that. No one can control where stocks are going. No one can see the future, and even if you knew, that would be illegal insider trading. Economy is just everything is interdependent and all connected and overly complex. Making decisions may require full-time job of a lot of people and computers and still success is not guaranteed. Buying stocks without thinking is a sort of gambling, although with better expected return (you may have 50% chance to win or lose, but pay fees for the bank for the trade) then lottery or the games in casinos. I have been doing this for 2 years with small money (less than 1000$ and few stocks) and did not figure out any useful strategy. Yes, you are likely to just look on the chart and see the stock of your local bank to fall down from 40-50$ to 5$ and then go back to 25-30$ in the few months of the economic collapse. And wonder what happened if you just put all your money at the bottom, multiply it 6 times, and have half of the price tag for your own flat. But without seeing the future, this is absolutely not likely. You have bigger chances to be struck by lightning.

Another big mistake is to buy consumable things on bank loan. Your expensive phone or big TV or gaming rig does not help you to earn money, so why pay interest rate on it. Just collect cash, buy it a few months later, you get a better one for the same price tag, technology is getting better.

And, depending on country, it may be a mistake to buy a flat or car on a bank loan, especially if the bank loan is based on Swiss Franc or any foreign currency (if your salary does not come in that). A lot of people in my country still suffer from bad decisions made 10+ years ago. And, your needs are likely to change in time: Are you totally sure you will live in the same city in the future 10++ years? (situation of flat buy on bank loan is of course different if you have at least half the money, and so you do not sign contract on things you cannot foresee)

[DurdenParticipant 1051]

Haymaker wrote:

Invest in what? Like stocks or do you mean like invest in yourself and my job? I already invested around 5000 eur in gold and silver but stocks are just too risky if you ask me.

Study tax law and learn about the tax system in your country. It can save you thousands and it actually does not take as much work as you would think. If your more a bull investment wise, which you appear to be, stick more to bonds and lower risk stocks. The thing to look for in a stock to invest is its leadership. A company is only as strong as its leadership. Good leadership will find a way to survive and increase revenue. Never be hesitant not to hire a lawyer. It can save you thosands down the road.

You make money when you purchase. Not when you sell.

Don’t get married until you accomplish your goals and dreams. If you get married at all. I don’t recommend it. If you want children follow the most popular soccer player in the world example. Cristiano Ronaldo paid a surrogate and has an iron clad contract. There are so many vaginas out there. Not a singular vagina is worth it anymore. Modern marriage is a scam.

It's only after we've lost everything that we're free to do anything

[RoyDalParticipant]

There is a bit of bumper sticker wisdom I subscribe to:

Most men spend more time planning their vacations than they do planning their financial future.

Do the smart thing, plan, save, and prudently invest for yourself now, so you will have something solid twenty years from now.

Your investment vehicles should suit your temperament and the financial and legal climate of your country.

Rental real estate worked for me.

Society asks MGTOWs: Why are you not making more tax-slaves?

[DeeJaySeaParticipant 40]

Dont spend your money making your Honda civic go faster.

[Oz-BlokeParticipant 3233]

Be wary of financial advisors and their commissions. I’ve never known anyone to worry about my money more than me. Cars are a depreciating asset so I have never had a new one. Some of the richest men I’ve known drive old cars.

Before buying property, study the demographics of the town / city. What annual percentage, if any, does its population rise? Are its key industries susceptible to sudden shocks or downturns?

If you haven’t seen it yet, watch the money segment of The Zeitgeist Movie which deals with Modern Money Mechanics. That movie blew my mind, to learn that 90% of the home-loan money my bank loaned me over 20 years never really existed and was created out of thin-air with some keyboard keystrokes. No more loans for me, all cash. My bit to starve the whole rotten system.

#ManOut

[AttonParticipant]

Don’t spend your money on stupid s~~~.

A MGTOW is a man who is not a woman's bitch!

[Darth TyrannusParticipant 349]

DeeJaySea wrote:

Dont spend your money making your Honda civic go faster.

THIS is what my brother does only it’s a truck…
combine that with alcohol, marriage, and cigarettes? Well he’ll be a deadbeat in the future.

[Author]

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