How To Be Smart with Your Money in Your 20s

How to be smart with money in your 20s. Let's talk about that. It is never too early to start, and I'm going to speak to all of you really because it's never too late to get going. So today we're going to talk about three things specifically in your 20s. I want you to start investing early. I want you to learn how to forecast, and that's a whole different word than budgeting. And I want you to learn about debt. When you do those three right, invest, forecast, and understand debt, you will win your whole life, not just in your 20s. So get a pen and paper. Let's begin. So how do you start investing early? Well, as you start making money, you start putting something away. What's your money rule? Are you going to put 10% away, 20% away? In your teens and you're younger, I suggest putting 50% away because you don't have a lot to spend. Your parents are still supporting you. Once you're 18, you're a legal adult. You're out on your own. You're heading into your 20s. Start thinking, I'm going to make money and put it away. So where do you put it? Well, first get educated. Stay here on my YouTube channel. You might as well engage, click the notification button right now. And anything that I speak about making money, investing money, do it. In the description below, I'm giving you a free link. I've given it to you many times. If you do not have a free app called iFlip, it will help you get into the stock market, start putting money away into smart folios and educating you. Now you can take a portion of it out and based on your money rules and what you want to put away, what do you want to invest it in? In your 20s, I would start thinking like, what do you normally spend your money on? I mean, if you're doing technical stuff, buy Apple stock. If you're always buying from Amazon, buy some Amazon stock. So as you're getting educated and getting some money rules, the biggest rule you do not want to break is month after month, after month, not putting some money away. Minimum, I would say, and it's been a rule of mine since my kids were born, is 500 a month. Because 500 a month will get you 6,000 a year, which can completely fund your Roth IRA. Now, 2023, those Roth standards have gone up at 6,500. So it's a little more than 500 a month that you want to allocate to put it away into your Roth IRA. And the reason in your 20s that I love it going into your Roth, you can't touch it until you're old. That's the point. You want all those years of compounding power. Just think if you didn't touch it until your 60s, that's 40 years of compounding power of money put together, right? You could be doubling your money every three to five years. Rule 72 says you can double your money in every seven years. With our strategies, you can double in three to five years. And with iFlip and that software, which is how I put a lot of my money, especially in the recession, the recession proof investments right now, whether you're in your 20s or whatever age, is something like iFlip, which pulls you out of cash, keeps you safely in and out of the markets, including crypto markets, also insurance. You say, well, I'm too young to get life insurance. Not really. There's cash value in bank, infinity banking. Again, go to my search bar here on my YouTube channel and look for all sorts of insurance information. And then the other one's real estate. So there's a lot of great places you can just start looking to invest. If you only put a little bit away, the best place that most of our clients put it is in iFlip until you build up enough 10, 20, 30,000 that you can actually start moving into the real estate markets. So those are just some ideas for you, not giving you any advice, but get educated, put money away consistently. Discipline and consistency is your game. Now let's talk about forecasting. Forecasting is my word because I can't stand the word budgeting. Budgeting is like dieting. No one does it. It feels restrictive. You're going to spend money. So spend it from a positive place. Like how are you going to spend your money? If you make 5,000 a month or 10,000 a month, how are you spending it? And don't just say a casual savings account. I want to specifically, how much are you going to put into iFlip? How much are you going to put into maybe a money market that you're going to stockpile? But you could use iFlip as well until you get enough money for some real estate, but have a plan. Here's what I know about investing and following some money rules in your 20s is if you don't have a plan at all, or your vision to invest in something, it won't show up. You're never going to see it. You're never going to even understand that it's available for you. So forecasting is spending very purposefully. The biggest mistake in your 20s is that you get in a pattern of making, spending, making, spending, making, spending, versus make, invest, then spend. So get that system right. Also make sure you have some sort of extra side hustle or hustle. If you have a job, you've got to live a corporate life. Have an LLC. You're in your 20s, you're an adult. You say, well, I don't know what I'm going to sell. In the description below, I'll give you two tickets to my millionaire intensive. Come to our millionaire intensive, and we're going to teach you how to make some money. Even if it's a little bit of money, by being in a company, you activate the tax code. Now you're spending in corporate life and you're forecasting in corporate life, which means you get it right off your phone, your car, your home office, all these amazing things. If you just have a job, you make money, you get taxed, then you're going to spend what's left. So let's fix that pattern of making money a variety of ways and putting that money away into investing a variety of ways. Now, the last thing I want to talk about, which is really critical about learning about money in your 20s, is debt. Most of you have no clue about debt. Debt is just the cost of money. Why would you, number one, go into any bad debt? The only reason you'd overuse your credit cards in bad debt is because you're not making enough money to pay for the life you want. So the answer isn't to reduce your spending and reduce your life. The answer is to make more money so you can live the way you want. Use your corporate credit cards. I have hours and hours and hours here on my YouTube channel about how to use proper credit card use and the value of what I call a credit card and investment card. Now you get into bad debt, you better call our office. We'll help you get out, get reset before you ever think about a bankruptcy or foreclosure or any of that. Call our office. Let's talk through the ideas of that. The repercussions of going into a bankruptcy or foreclosure will cost you seven years of your life. Most of your 20s will be burnt by getting into bad debt, bad credit, and then cycling through to try to figure that out. So in summary, make a bunch of money, put it away. So it's make, invest, forecast, keep out of bad debt, but use credit cards as good debt. So there's your theme. There's your 20s. By the way, you can just keep doing that in your thirties, forties, fifties. You'd be surprised how fast you can become a millionaire. So if you're enjoying any of this, I want you to continue to stay here again. If you haven't subscribed, click the notification button. We're here five days a week, 10 to 15 minutes is all I'm asking of your time to learn business and financial literacy and then put it into your life. Coming soon, we're going to have a YouTube journal where you can actually be taking notes every day. What did you learn? What are you going to do? What did you learn? What are you going to do? So that'll be available soon. Start that journal on your own right now. And if you have kids at home, have them start listening to my channel and ask them, what are they learning? What could they implement in their life about money? What are they learning? What can they do? And if you have any questions at any time, I want you to go to asklaurel.com, ask any question, make a request, and I will see you at the next Millionaire Intensive. Make sure you grab those tickets in the description below, grab your iFlip, and start putting money away. You can put as little as $50 away today and get started making money, saving money, investing money in your twenties. Talk to you tomorrow.