Ep. 120 Top 10 Mistakes To Avoid In Your 20's

Today I am sharing my TOP TEN (10) money mistakes to avoid in your twenties to become financially free! 💸 This includes investing in appreciating assets, building a career, investing in a rental property, and finding supportive partners. On the other side, I encourage to avoid negative influences, materialistic spending, and the importance of building a good credit score, paying down student loans, and setting big financial goals.

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Video Translation:

"These are the top 10 money mistakes that you have to avoid in your twenties if you want to get ahead financially for the rest of your life. My name is Jason Lee. I'm financially free at age 26. I own a commercial real estate brokerage here in San Diego. And I also own 17 properties. Tolling an asset value of $50 million here in San Diego County. So let's start with tip number one, buying a nice car way too soon.

This is something that you have to avoid. If you want to get ahead with your money in life. If you buy a car, you put down 5 $10,000 and it's taking out 1000 to $2000 maybe even $500 a month out of your pocket. That's a big hit and it adds up. You could have saved that money and invested it instead of buying a depreciating asset because the second you walk out of that lot with a new car, that brand new BMW, you it for $50,000.

And the day you walk out that car, it's probably worth $30,000. Don't buy depreciating assets buy appreciating assets like real estate stocks or anything besides something that goes down in value like a car. I didn't buy my first car until I had three or four properties that are bringing cash flow every single month. I drove a 2017 Ford. Focus had no car payment for four or five years and I still driving that thing when I was worth over a million dollars. Take it a step further. I'll be honest, the dumbest thing I ever did was buy a nice car, buy a nice Mercedes, my top clients that own billions of dollars worth of real estate. I've seen them walk up in a dirty jeep or an old Honda because those are their habits. They built habits to save, save, save their money. They don't need anything materialistic and now they're very wealthy because of good habits. Don't make a bad habit of buying a nice car, buying a depreciating asset that's going to hurt your net worth and mistake. Number two, this one thing will literally set you back for your whole life if you don't do it right. Settling for a job that is either a dead end job or a job that you hate. If you settle for a job that doesn't pay much that you hate clocking into, that wasn't your dream career or your goal career, you're not going to enjoy your life and you're never going to make the amount of money that you want to, you have to build yourself a career or even better. You have to build a business. If you truly want to get ahead financially. If you always work for someone and you hate your boss, you hate going to work, you hate being stuck in traffic, you hate not being able to make your own schedule. If you are miserable, you're never going to perform well in your career or even worse. Even if you perform well..."