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34. 3 Biggest MONEY MISTAKES To Avoid at ALL Cost | NEVER DO These
YouTube Link (available 12:00AM on 12.13.2021):
https://youtu.be/mglTm0Q_i7g
What is the biggest money mistake you have ever made? Oftentimes the biggest money mistakes that we make are EASILY avoidable. Here, I walk you through 3 biggest money mistakes to avoid at all cost.
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:49 - Question of the Day
0:58 - Mistake #1: Putting Money in Investments You Don’t Understand
1:52 - Biggest Ponzi Scheme - Bernie Madoff
2:21 - Mistake #2: Keeping Your Money in a Savings Account
3:29 - Money Market Account [Vanguard]
3:57 - Mistake #3: Making Money Your Ultimate Goal
4:38 - My Goal
5:49 - Call to action
Description:
In today’s video I am talking about 3 biggest money mistakes to avoid. You should never make these money mistakes.
I came to this great country at 19. I made quite a few money mistakes, but luckily I learned soon and got to build a great net worth since then. I have also had the privilege to help friends with their money questions and now they are also successful.
Mistake #1 - Putting money in investments that you do not understand.
Just because it sounds good, this is not a good reason to put your money into that investment. You have to do your own research, before acting on your money. You mind as well do nothing. This mistake is where a lot of people fall for the “get rich quick” scheme. You probably have heard of Bernie Madoff. He stole ~ $65B from people by tricking them to invest in his fund.
Mistake #2 - Keeping your money in a savings account.
Keeping in mind mistake #1, you can rather put your money in excess of an emergency fund in the stock market. You could simply start with an index fund.If you chose to still keep a lot of money in savings then possibly look into a Money Market Account. For example Vanguard pays ~ 0.50% which is far better than the sub 0.10% returns many saving accounts pay. That is 400% better.
Mistake #3 - Making the money your ultimate goal
Money should never be your ultimate goal. Money is the result of you doing something great. For example, my ultimate goal with this channel is to help as many people. My ultimate goal is not the money this channel will make. I know that when I help enough people, money will come. There is no way around that. Once one gets it and implements it, riches come from every direction.
I am truly thankful for you coming to my channel and experiencing the content that I am putting together!
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
You could purchase it here: https://www.amazon.com/dp/B09JBHGSRF/ref=cm_sw_em_r_mt_dp_0QE4R3280AE5BMYH1SPK
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.
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By VladimirYouTube Link (available 12:00AM on 12.13.2021):
https://youtu.be/mglTm0Q_i7g
What is the biggest money mistake you have ever made? Oftentimes the biggest money mistakes that we make are EASILY avoidable. Here, I walk you through 3 biggest money mistakes to avoid at all cost.
🔔 Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
-----Contents of this video-----------------------------------
0:00 - Intro
0:49 - Question of the Day
0:58 - Mistake #1: Putting Money in Investments You Don’t Understand
1:52 - Biggest Ponzi Scheme - Bernie Madoff
2:21 - Mistake #2: Keeping Your Money in a Savings Account
3:29 - Money Market Account [Vanguard]
3:57 - Mistake #3: Making Money Your Ultimate Goal
4:38 - My Goal
5:49 - Call to action
Description:
In today’s video I am talking about 3 biggest money mistakes to avoid. You should never make these money mistakes.
I came to this great country at 19. I made quite a few money mistakes, but luckily I learned soon and got to build a great net worth since then. I have also had the privilege to help friends with their money questions and now they are also successful.
Mistake #1 - Putting money in investments that you do not understand.
Just because it sounds good, this is not a good reason to put your money into that investment. You have to do your own research, before acting on your money. You mind as well do nothing. This mistake is where a lot of people fall for the “get rich quick” scheme. You probably have heard of Bernie Madoff. He stole ~ $65B from people by tricking them to invest in his fund.
Mistake #2 - Keeping your money in a savings account.
Keeping in mind mistake #1, you can rather put your money in excess of an emergency fund in the stock market. You could simply start with an index fund.If you chose to still keep a lot of money in savings then possibly look into a Money Market Account. For example Vanguard pays ~ 0.50% which is far better than the sub 0.10% returns many saving accounts pay. That is 400% better.
Mistake #3 - Making the money your ultimate goal
Money should never be your ultimate goal. Money is the result of you doing something great. For example, my ultimate goal with this channel is to help as many people. My ultimate goal is not the money this channel will make. I know that when I help enough people, money will come. There is no way around that. Once one gets it and implements it, riches come from every direction.
I am truly thankful for you coming to my channel and experiencing the content that I am putting together!
My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
You could purchase it here: https://www.amazon.com/dp/B09JBHGSRF/ref=cm_sw_em_r_mt_dp_0QE4R3280AE5BMYH1SPK
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.