4 Biggest Money Mistakes 63 Year Old Self-Made Millionaire Made In His 20s

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biggest money mistakes 20s

Your twenties might not break your financial future, but they can certainly make it. After all, becoming a millionaire is much easier when you invest regularly when you’re in your early twenties. But if you completely neglect your financial future in your twenties, you might leave yourself with a big hole to climb out of.

There are a million mistakes and regrets you’re bound to make in your twenties, and even some of the most successful people on earth have fallen prey to them. Take Grant Cardone for example. At 63, Cardone has a net worth of over $300 million. He didn’t inherit that wealth. He made it over the last 35 years after he spent his last $3000 on an audio course to learn about sales.

That investment in himself really paid off, didn’t it?

As many know, Cardone’s story has a happy financial ending, but he spent his twenties like so many other people who wind up with a much less fruitful future. Here are what he considers his four biggest money mistakes that he made in his twenties.

Partying Too Hard

Going out multiple times per week can be a drain on your bank account. It can also kill your ability to be productive outside of your 9-5 job. Both of those things almost derailed Cardone.

If I could go back in time, I’d tell my younger self: “Your education doesn’t stop after college.”

After graduating high school, I became obsessed with all the wrong things. I spent money on drugs and alcohol — and even developed an addiction problem. I should have been spending that money on things that would help me develop new skills, gain knowledge and make powerful connections.

It’s difficult to stop yourself from wanting to party or even buy nice things to keep up with the Joneses after college. Understanding that moderation is important in all aspects of life will help you achieve your goals faster.

Traveling

This one is could be debatable. Sure, traveling costs a lot of money — money that can be invested, or used to start a business — but there are also benefits of learning about other cultures.

I’m not saying you can’t ever take any time off. I can travel the world in my own plane today because I ultimately decided to put in the hard work. Get obsessed with your purpose, and you’ll find that your travel plans can wait. Comfort is the enemy of abundance. Don’t let an $800 ticket to Europe get in the way of your freedom.

Forget what we said earlier, this is a website about achieving financial freedom, so we agree with Cardone on this one.

Sleeping In

Everyone has the same 24 hours… that is the saying, whether or not it is entirely accurate. Grant Cardone regrets that, while he was in his 20s, he spent so many of those 24 hours sleeping.

One of my biggest regrets was not taking advantage of all the hours in a day. I allowed myself to feel content when I should have been mapping out my goals and figuring out how to achieve them. Had I realized my full potential in my 20s, I would reached my first million a lot sooner.

There is a lot to be said for hustling and squeezing every minute out of every day. But that should not come at the expense of getting the sleep you need. If you can survive and thrive on 5 or 6 hours of sleep, great. But some people require 7-8 hours to function.

Being Too Comfortable In Dead-End, 9-5 Jobs

When you’re in your twenties, chances are that your 9-5 isn’t stoping you from starting a side hustle, learning a new skill or much else for that matter.

You should constantly be asking yourself, How can I earn more money? It might mean asking for a raise, switching to a new job with a higher salary or taking on a side hustle. Be a money fanatic.

The acceptance of the idea that eight hours invested in your job is enough regardless of your financial position is a misunderstanding of epic proportions.

This. This is what holds so many people back. Not embracing that side hustles, investing and creating multiple streams of passive income is the way (for the vast majority of society) to get ahead. So if you are in your twenties or early thirties, know that it is never too early to supercharge your future.

[H/T CNBC, image via Twitter]

Author
C. James

C. James is the managing editor at Wealth Gang. He has a degree in finance and a passion for creating passive income streams and wealth management.

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