Alex Hormozi: 14 Money Mistakes to AVOID in Your 20's

The video discusses 14 money mistakes to avoid in your 20s, including overspending on status, taking jobs to earn rather than to learn, and saving money instead of investing in yourself.

This video by Alex Hormozi was published on Dec 21, 2022.
Video length: 08:49.

In this video, Alex Hormozi discusses 14 money mistakes that people in their 20s should avoid.

He emphasizes the importance of investing in oneself and increasing earning potential, rather than overspending on status symbols. He also advises against taking jobs solely for the purpose of earning money, saving money without investing it, and living with the wrong people. Hormozi suggests automating investments and prioritizing learning and education before spending money.

He also recommends getting takeout instead of cooking to save time and investing in oneself.

• Overspending on status is a mistake
• Take jobs to learn, not just to earn
• Invest in yourself to increase your earning potential
• Choose roommates who have the same goals as you
• Building good financial habits is crucial

14 Money Mistakes to AVOID in Your 20's - YouTube

Understanding Money in Your 20s

• Overspending on status is a mistake
• Take jobs to learn, not just to earn
• Saving money is a mistake, invest in yourself instead
• Decide how much you're going to invest before you spend money
• Automate investing and make it harder to spend on unnecessary things

Investing in Yourself

• Invest in yourself to increase your earning potential
• Plow your money into your own ability to earn more money
• Get status in your 20s from people who are ahead of you by doing the right stuff
• Don't go shopping without a pre-approved list and budget
• Get takeout instead of cooking to save time and money

Choosing the Right Roommates

• Living with the wrong people can distract you from your goals
• Choose roommates who have the same goals as you
• Roommates who speak over you and have limiting beliefs are not helpful
• Find responsible roommates who will root for you
• Don't let roommates break things or be late on rent

14 Money Mistakes to AVOID in Your 20's - YouTube

Building Good Financial Habits

• Don't spend money on unnecessary things
• Don't take on debt for things that won't increase your earning potential
• Don't let your lifestyle inflate with your income
• Don't let your emotions dictate your spending
• Don't ignore your credit score

Living in Your 20s

• Don't listen to people who have smaller goals for your life than you do.
• Live with people who are trying to do the same thing as you are in your life.
• Live with multiple people in your 20s because it's cheaper and less lonely.
• Your micro community matters a lot, so overpay for convenience in terms of being close to stuff.
• Model the right aspect of someone's life at the right time.
• Measure money in how long it took you to earn it.

Money Management

• Don't overspend on status.
• Take jobs to learn rather than to earn.
• Invest in yourself instead of saving money.
• Live with more people in a better area than fewer people in a shitty area.
• Get competitive with money around what you're saving, not what you're making.
• Check your account every single morning.
• Give yourself permission to spend on one-time experiences that you'll be proud of when you're 80.

Watch the video on YouTube:
14 Money Mistakes to AVOID in Your 20's - YouTube