The worst money mistakes I've made in my 20s | Money mistakes to avoid for young adults — Transcript

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1. 0:00Mula just spend, spend, spend, spend,
2. 0:02spend. Like I would be spending like
3. 0:05there's no tomorrow. So, last week I
4. 0:08said to my husband that my next video is
5. 0:12going to be about the money mistakes
6. 0:14that I made in my 20s. And he was like,
7. 0:17"Hmm. That should be a long, interesting
8. 0:20video."
9. 0:23Yeah, dude said it's going to be a long
10. 0:25video.
11. 0:27So, he's trying to say that I've made a
12. 0:29lot of mistakes in my 20s. So, guess
13. 0:31what? I'll use those lemons to make
14. 0:36lemonade. And what I mean by that is
15. 0:39I'll use my bad experiences
16. 0:41to teach you guys or to help you guys to
17. 0:44avoid all the mistakes that I've made,
18. 0:47okay? We're not going to just sit and
19. 0:50criticize ourselves for all the bads.
20. 0:54People make mistakes.
21. 0:56People make mistakes, okay? So, I'm
22. 0:59going to start off with the first money
23. 1:01mistake I made in my 20s. And this is
24. 1:06purchasing designer handbags. I bought a
25. 1:11lot of Louis Vuitton handbags that are
26. 1:13canvas, not even leather. Like I'm
27. 1:17talking about the Louis Vuitton
28. 1:19Neverfull MM,
29. 1:21the Speedy B 25, I have that as well. I
30. 1:25have the Pochette Metis. I have so many
31. 1:29bags from Louis Vuitton and they are all
32. 1:33freaking canvas. Now, yes, canvas is
33. 1:36durable, but for the amount of money
34. 1:38that I paid for those bags, it's not
35. 1:41worth it. Okay? And it would be better
36. 1:45if I had used that money to just
37. 1:47purchase a high-quality,
38. 1:50high-end leather bag that doesn't have a
39. 1:53name brand attached to it. I could have
40. 1:55done that. And then I could put that
41. 1:57extra money into some investment account
42. 2:00or something. But no, I wanted all these
43. 2:03Louis Vuittons. For what?
44. 2:07Uh for what, sis? So, I'm not saying you
45. 2:11can't treat yourself to luxury items. I
46. 2:14still do until this day. And I'm all for
47. 2:17that, but make sure when you're doing
48. 2:20that, you're actually going to use the
49. 2:22items. Because my bags, they sit in my
50. 2:25closet 90% of the times. 90% of the
51. 2:29times. Like I bought these bags in my
52. 2:3120s, and I have to force myself to use
53. 2:35them because the point I'm at in my life
54. 2:38right now,
55. 2:40I [gasps]
56. 2:41>> [sighs]
57. 2:42>> I'm just not for the brand names, okay?
58. 2:45I just focus on the quality of whatever
59. 2:48I'm buying, and that's it. Like I said,
60. 2:51splurge if you want, but don't buy
61. 2:54things that you're not going to use.
62. 2:56Don't make that mistake like me. Like
63. 2:58right now, I recently list those bags
64. 3:01that I have for sale on eBay because I
65. 3:04probably use it or use them twice per
66. 3:06year.
67. 3:07I just grab my other inexpensive bags.
68. 3:10So, what's the point? So, they're up for
69. 3:13sale on eBay.
70. 3:15>> [laughter]
71. 3:16>> I'm not going to spend that much money
72. 3:18just to show a certain image to people.
73. 3:22I have nothing to prove, okay? So, no
74. 3:25more of that for me. The second money
75. 3:28mistake I made when I was in my 20s, it
76. 3:31was definitely spending too much money
77. 3:33on rent. Now, you know when you're young
78. 3:37and you just got your job, your dream
79. 3:39job, and you're making money. I live in
80. 3:41a big city, so the first thing I did was
81. 3:44I went to the city and I got the most
82. 3:48expensive, well, one of the most
83. 3:49expensive apartment with the big windows
84. 3:53and the high ceilings and the granite
85. 3:55countertops and
86. 3:58it just had so many things that were so
87. 4:00not necessary for me at such a young
88. 4:03age, you know, as a a young adult who
89. 4:06just started working. I should be
90. 4:09putting my money in other places like
91. 4:11saving more money and putting it towards
92. 4:14buying my own home, which thank God I
93. 4:16have now, but I could have had this way
94. 4:20earlier if I wasn't spending that much
95. 4:22money on rent. It is crazy how much
96. 4:26money we're throwing away.
97. 4:29For what? Why not purchase a home and
98. 4:32build equity? That's what I should have
99. 4:34done so many years ago. I would have
100. 4:37even gotten a better deal.
101. 4:39Because right now, y'all, if I tell you
102. 4:41how much I pay for a mortgage, you're
103. 4:43going to you're not going to believe me,
104. 4:45okay? But I do pay a lot, but I feel a a
105. 4:48bit better knowing that I'm paying money
106. 4:50towards something that will be mine and
107. 4:52then eventually my kids will own it. So,
108. 4:55yeah, I feel a lot better than just
109. 4:57throwing money away. Let me know your
110. 5:00opinion on that. What do you think about
111. 5:02renting?
112. 5:03Uh another thing I should have taken
113. 5:05into consideration regarding this paying
114. 5:07extra for rent thing is I should have
115. 5:10made sure that whatever that apartment
116. 5:12cost, I was making four times that
117. 5:15amount. But in reality, I was not making
118. 5:18four times the amount for that
119. 5:20apartment. And that's a rule you should
120. 5:23live by. If you want to know if you can
121. 5:26really afford some place, make sure
122. 5:28you're making at least at minimum three
123. 5:32times the amount. So, if your rent or
124. 5:35your mortgage is $2,000,
125. 5:38make sure you're making at least $6,000
126. 5:41please. Because you don't want something
127. 5:44to happen and immediately
128. 5:46you can't even sustain yourself for
129. 5:49another month. Like it it will get nasty
130. 5:51real quick, okay? So, that's a rule I
131. 5:53try to live by. The third money mistake
132. 5:57I made in my 20s is not having a strict
133. 6:02budget. Y'all, to be honest, I wasn't
134. 6:05intentional at all. Like me, would I
135. 6:09just spend, spend, spend, spend, spend.
136. 6:11Like I would be spending like there's no
137. 6:14tomorrow and not taking into
138. 6:16consideration my budget and the bills
139. 6:19that are coming up. You know, yes, I
140. 6:21would have some of my bills on auto pay,
141. 6:24but if you ask me when they would
142. 6:26withdraw that money, I would I I
143. 6:29wouldn't be able to tell you.
144. 6:31I would not be able to tell you when
145. 6:33that money was coming out of my account.
146. 6:34So, yes, I was getting paid, things were
147. 6:37coming out automatically, but at the
148. 6:39same time, I was also waiting for
149. 6:42payday. I was desperate for payday to
150. 6:45come every single week. And that's not a
151. 6:47way like a young adult in their 20s
152. 6:50should live. That's how I was living,
153. 6:52unfortunately, basically paycheck to
154. 6:54paycheck. I was paying for all these
155. 6:56apps, all these subscriptions,
156. 6:58and money was just coming in and going
157. 7:01out even faster.
158. 7:03And that was a rough time for me, y'all.
159. 7:05That was a time when I had to really
160. 7:08come to a quick realization that, "Hey,
161. 7:10this this is not going to cut it. I need
162. 7:13a budget and I need it to be strict
163. 7:18in order for me to survive." But let's
164. 7:20say you're making $200,000 per year,
165. 7:22right? You could be spending $200,000
166. 7:25per year and you're still living like
167. 7:27the person making 15, 20,000 dollars per
168. 7:30year because everything that comes in is
169. 7:32going out just the same. So, you do want
170. 7:34to be mindful of that. This leads into
171. 7:38my fourth [snorts] money mistake that I
172. 7:40made in my 20s. Since I was basically
173. 7:43living paycheck to paycheck, things just
174. 7:45automatically getting withdrawn out of
175. 7:48my account, I paid a ton
176. 7:52of money. When I say a lot, I mean a
177. 7:55lot, okay? A lot. I paid a lot of money
178. 8:00on overdraft fees and late fees because
179. 8:02there were times
180. 8:04my bank account was $0 and $0. Sometimes
181. 8:09negative and I literally had to wait for
182. 8:11payday to come because, like I said, I
183. 8:13wasn't living on a strict budget and to
184. 8:17me that's one of the biggest mistakes
185. 8:19I've made. You know, like I said, if
186. 8:21you're making a small amount of money,
187. 8:22if you're making a low a low income, you
188. 8:25should be able to make your lifestyle
189. 8:28match that income, not try to go above
190. 8:32that and I think that's what I was doing
191. 8:34with my income. So, I spent a lot on
192. 8:37overdraft fees and late fees, which I
193. 8:39could have put towards something else.
194. 8:40The next thing I did or the next money
195. 8:43mistake that I made was every single
196. 8:47year, religiously, I would upgrade my
197. 8:51iPhone. Now, here's a fun fact. I have
198. 8:55the iPhone 13 now. So, in this day and
199. 8:58age, I do not constantly upgrade my
200. 9:03iPhone. I have the 13 since 2021 and it
201. 9:06still works perfectly fine. It's paid
202. 9:08off. So, why do I need to upgrade? Um
203. 9:11maybe in the future, but not right now
204. 9:14because my phone still works. Unless
205. 9:16that one breaks or something. And you
206. 9:18know, when I used to upgrade my phone
207. 9:19every single year, I would constantly be
208. 9:22in this rat race trying to pay it off,
209. 9:25you know, or I would constantly have
210. 9:27something paid for in addition to my
211. 9:29phone bill. So, it was just an added
212. 9:31extra that was just so not necessary. If
213. 9:34your phone still works, you don't need
214. 9:36another phone, honey. Put that money in
215. 9:38other places where it can work for you,
216. 9:41and that's what I've started doing, and
217. 9:43no regrets. Now, in addition to these
218. 9:45money mistakes that I've made, I've also
219. 9:48made good decisions as well. I'm not
220. 9:51going to sit here and pretend that I was
221. 9:53the worst at money, because even though
222. 9:56I made those mistakes, I wasn't all that
223. 9:58horrible, okay? First of all,
224. 10:00when I was in my 20s, I only bought one
225. 10:03single car. One car, and that's the car
226. 10:06I still have now in my 30s, okay? So, I
227. 10:10bought one car, paid it off, and once it
228. 10:12was paid off, I continued to drive that
229. 10:16car. And I'm going to drive that bad boy
230. 10:18until the wheels fall off, honey, okay?
231. 10:21Until the engine is dead, until it it it
232. 10:24it's beyond repair.
233. 10:27All right? Now, if you want to sponsor
234. 10:29me, um I do like Escalades, you know,
235. 10:34this is a family of four, so yeah.
236. 10:37>> [laughter]
237. 10:38>> Yeah, I won't be upgrading anytime soon,
238. 10:40and I'm okay with that. I love not
239. 10:42having a car payment. Another thing I
240. 10:45did that was really something good was I
241. 10:49started investing early. Now, was this
242. 10:53the amount that I wanted to invest?
243. 10:56Absolutely not, okay? Because as you
244. 10:59knew, I didn't have a strict budget
245. 11:01starting out. So, yes, I would invest,
246. 11:04but just a little here, a little there,
247. 11:06you know, sprinkled in, and I'm happy I
248. 11:09started early, and that's what makes
249. 11:12this so great, because the earlier you
250. 11:15start investing, the less you have to
251. 11:17contribute the older you get in order to
252. 11:20reach your financial goal. The later you
253. 11:23start investing, the more money you have
254. 11:26to contribute in order to retire at the
255. 11:29age you set out to retire, and
256. 11:32I'm just happy I started with my little
257. 11:35my little change. I started investing
258. 11:38and I was able to get my foot in the
259. 11:41door, meaning I was able to feel out or
260. 11:44have the experience of investing even
261. 11:47before I was really really ready. So, I
262. 11:50would advise each and every one of you,
263. 11:53start investing even if it's just 10
264. 11:55bucks every single week. 10 bucks per
265. 11:57week is $40 per month and that $40 is
266. 12:01going to turn into hundreds in the
267. 12:02future. So, you're going to want to
268. 12:05start investing real soon. Like I said,
269. 12:07it doesn't have to be a lot of money.
270. 12:09Just start, okay? All right, the next
271. 12:12thing is I did not move out of my
272. 12:15parents' house until I graduated
273. 12:19college. Now, a lot of people, you know,
274. 12:23I have a family member, she just turned
275. 12:2618 and she is ready to move out, get her
276. 12:29own apartment, and I don't look at that
277. 12:33as the wisest decision unless you don't
278. 12:37have supportive parents. But, if you do
279. 12:39have supportive parents that's that are
280. 12:41willing to support you until you finally
281. 12:45finish your studies, get a big girl job,
282. 12:48I would suggest take the help, okay?
283. 12:51Because that way you're able to save up
284. 12:53enough money to be on your own. And then
285. 12:57you'll be able to save up an emergency
286. 12:59fund, which is what I was able to do.
287. 13:01So, that goes into the fourth thing that
288. 13:04I was able to do, saving an emergency
289. 13:07fund before I even left my parents'
290. 13:10house. So, those are all the mistakes
291. 13:13that I made in my 20s. Let me know some
292. 13:18of the mistakes that you made in your
293. 13:1920s. And if you like videos like these,
294. 13:22click the like button so I can make more
295. 13:25videos like these, okay? Um I might do
296. 13:29one regarding my 30s if I get at least
297. 13:32300 likes, so we'll see. I'll see you in
298. 13:35the next one.