Theses are the TOP 5 Money Pits people need to avoid in their 20's - enjoy! Add me on Instagram: Naam.Wynn 1. Tuning/Modifying Cars - If having a car is not a money pit enough, putting more money into tuning or customization cars are such a money trap people should avoid. Cars hardly ever appreciate and by putting more money into something that will hard go up in value is a big financial mistake. I get it! I made that same mistake TWICE! Yes, I did it twice in my early 20's. I wanted to be cool with the bros, but that didn't last long. Cars is already an expense why make it a more expensive expense?
2. College with no sense of direction - College is great! It can give you better opportunities, networks, and experience. College becomes a money waster will go to college with no idea what your end game will be. Having the end in mind will take you down the path you need to get there. Having useless degree in things that you won't be advantageous to you, will just be a money pit. Don't spend on college unless you know you need it and how it can help you with your career.
3. Tech upgrades - Ahh everyone favorite topic to talk and watch about. There is a fascination with new and shiny things that get everyones ears and eyes to perk up. Don't get me wrong, I still struggle with this, but I still have to tell myself to STFU! Tech is getting better and the longevity is better as well. Big corporations know how to market and advertise to people want to buy. I know this topic is one common money mistakes millennials make.
4. Speculative investments - Most of us like to have some sense of wealth. The get rich quick schemes never seem to work, but why is it still relevant today? When we see and hear stories about people who make a lot money by doing or selling something.... we want in. In your 20's is a common time when is see people dabbing at the idea of trying to make a lot of money in a short period of time. Speculation can be amazing, but to a certain extent. Don't let speculation become a money pit.
5. Fast Fashion - Something is cool or hip every other week. The fashion is a vicious cycle of never ending spending. When you're in your 20's this is usually the age when you starting making money. Don't let the fast fashion retailers take all your money. The majority of your clothes should be interchangeable and multiple outfits you can put together. Nothing is wrong with wanting to dress nice, but don't let buying so much clothes become a money pit!
==========INVESTMENT BOOKS I RECOMMEND==========
Your Money or Your Life:
The Simple Path to Wealth:
The Intelligent Investor:
The Bogleheads Guide to Investing:
Money Master the Game:
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