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7 Money Mistakes to Avoid When You're Young - Taking control of your finances is one of the quickest and easiest ways to become more wealthy….and it’s something everyone can do.  This is important no matter how old you are, but especially when you’re young.  You can do this by either increasing your income…or avoiding financial mistakes (like over spending for example).  Since, pretty much every other video on this channel focuses on how you can make more money…today were’ going to talk about 7 major financial mistakes to avoid when you’re young  All 7 of these things are mistakes I’ve made myself and want to warn you to avoid. Feel free to use this as a checklist in your own life….and if you’re making any one of these, make sure you address it.  #1 is one we’re all going to be guilty of….and that’s having too many subscriptions.  Everything is a subscription payment these days. And alone they’re all super cheap. $9 per month here….$10 per month there….$16 per month here….and the list goes on and on.  It doesn’t matter if you can “afford” all these subscriptions. That’s not the point. The point is the opportunity wasted by starting off every month allocating a portion of your money externally.  That means you don’t need Netflix, hulu, amazon prime, spotify, hbo, apple music, etc… I’m not saying get rid of all of your subscriptions. I’m simply saying maybe it’s time to ask yourself how much you really use each one.  The major issue with this is not that you can’t afford them all most likely……it’s usually the second, third, and fourth order consequence of it.  For example let’s say you spend $120 on several different subscription services each month. The first order consequence is losing the $120. But the second order consequence might be that you don’t then put that money into investments over the next year or so. Which, third order consequence might mean that you don’t accrue compound interest on it for the next few years or decades….which ultimately, as a fourth order consequence, might mean you lose out on hundreds of thousands of dollars when you’re older, as your investments mature and continue compounding.  Now, that might sound like an extreme example, but trust me…it’s not that out of the ordinary.  So, key point #1 is to make sure you’re not wasting money on subscriptions you’re not really using every month.  That leads me into point #2 which is not investing early enough.  Like we just covered, the power of compound interest is CRAZY. We’ve all undoubtably heard this advice before.  Yet, most people that hear this advice let it go in one ear and out the other.  I’m not going to insult your intelligence and explain what compound interest is….if you do by change not know what it is, then just google it.  But that is by far one of the biggest financial mistakes I made…not investing early enough. I don’t care if you’re 15 years old, if you’re 20, 30, 60, whatever…. START NOW!  The next mistake to avoid is buying “things”.  I’m not saying don’t spend money and don’t buy anything. On the contrary, I think a lot of good comes from spending (both personally for you…as well as the economy as a whole), but that said most “things” are a complete waste of money. Etc........

Music from https://www.bensound.com/

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