hey there my name is Chris winter and in
this video I want to share with you a
few money-making mistakes that you
probably want to avoid doing in your 20s
now I'm coming up to 30 I turned 30 in a
few months and I've definitely made a
few of these mistakes in my 20s and I've
also learnt a fair bit about money and
how to handle it and how to make more
money so hopefully I can give you a few
tips in in this video which might help
you might not be all of them you might
not be doing all of these things you
but it's always nice to kind of remember
a few reasons why you are doing such a
good job so I've got five tips here
they're all pretty pretty good and
they've definitely worked for me and
hopefully like I said that will
definitely help you save a bit of money
and also make a bit of money before you
turn 30 by the way guys if you like
making money and you like videos on
making money make sure to subscribe and
hit the like button because that's
always appreciated so anyway let's jump
into the very first mistake that you
don't want to be making with your money
so the first mistake that you can make
in your 20s is spending more money than
you make and this is a really really
common one especially when you get your
very first job so I remember when I was
18 I got my very first job I was working
at Blockbuster and it was really
exciting to be getting you know a
paycheck every week or every two weeks
that were getting paid in Australia and
you kind of feel like oh I've got all
this money coming into my bank account
what what am I going to do with it now
obviously the very first and the best
thing that you could do is probably put
in a you know a fund or something like
that put it in the bank and not touch it
but that's kind of not how it works
we've all grown up you know generally
living off our parents up until we're 18
years old might be a little bit
different for you but when you get your
very first paycheck it's like it's your
own money so it's very hard to not go
out and spend it but if you can it's
generally best to try not to spend as
much money as you make because it's
pretty simple maths if you don't if you
spend more money than you make you're
going to be not having any money at the
end of the week now if you do love to
spend money probably the best thing you
can do is when the money comes into your
account immediately put it into a
separate account it might be 15% of your
income
it might be 20% it might even be as much
as 50% if you're able to live frugally
but it really can make a big difference
because if you're not putting it that
money anywhere else it's always just
sitting in your bank account and with
things like online shopping these days
it's so easy just to purchase instantly
if you've got that money there you're
probably going to be thinking of well
it's there it may as well be spent so if
you have an automatic transfer that goes
on you know immediately on the day that
you're going to be getting your money
it's a really good way to save that
money so it's generally what I've been
doing you know when you get a paycheck
in I pretty much transfer that to
savings as soon as possible and then you
kind of get into the habit of it and one
of the best things is being able to
track your money and your savings are
set essentially you'll see that it goes
up and up and up and that's really also
just as fun as buying things sometimes
as well and it doesn't kind of make you
feel a little bit better especially if
you're going to be kind of at the end of
the the Paycheck period you're always
running out of money if you know that
you've got a little bit of money it's
generally going to help so the next
mistake is not tracking your money and
this is a really important one for a few
different reasons firstly it's important
that you're not actually just losing
money for example from subscriptions
that you might forget or you're not
using properly but also not tracking
your net worth and this is a really big
one for me and one that's worked really
well is tracking my net worth which is
essentially all of the money and all of
the assets you have - any debt now I
don't have any debt which is great so
it's really easy for me to track my net
worth but since I've been tracking my
net worth which is something that I do
every week I've really been able to see
that it's grown and it's a really nice
way to kind of have a bit of motivation
to make sure it's going in the right
direction so there are a few ways in
which you can track your spending and
what you're actually where your money is
going if you are in America you can use
apps like mint.com which has been around
for probably 10 years now and
essentially what that does is links up
to your bank account and you can see
exactly where your money is being spent
and it can also categorize it and it
does automatic categories now if you run
a little business or a local business
you can use things like zero or
QuickBooks which are really good and
essentially they'll help you especially
come tax time to categorize exactly
where your money is being spent
you can also see which kind of expenses
are coming through and whether or not
you're actually gonna be using them they
also can help you track your profit and
loss as well because you can also track
the money that you is coming into your
bank account which is also really useful
but what I've actually done and one
thing that's really worked well for me
is I use an app called daily tracker it
used to be called lumen trails I use
this to track a lot of things in my life
but essentially what I do with it is
calculate my net worth every week and
it's got a really nice graph system and
I'll show you just here quickly I'm not
exactly sure if you can see but you can
kind of see that it's got this graph
right there and it goes up or it goes
down and this is a really nice thing so
essentially every week I've gone to my
bank account and I see the total money
amount on there and then I also look at
things like you know crypto currencies
stocks you know whether or not I've got
like a car or something like that
because I know the rough value and I'll
add that in and then see exactly what my
net worth is like I said before I don't
have any debt so I don't really need to
take any debt out but if you do for
example oh you know twenty thousand
dollars on a car you probably minus that
but what this really allows me to do is
see exactly where I am on that date and
how much money I've got in my kind of
holdings the reason why I like this is
that it's a very visual kind of way of
seeing exactly how much money I've got
and if you actually know how much money
you've got every week it does make you
feel a little bit more comfortable and
you know exactly what position you are
and it kind of makes you want to achieve
a higher result now the next money
mistake to avoid in your 20s is living
off credit cards and this can be a very
scary one especially if you haven't used
credit cards before like I said when
you're eighteen it can be really
exciting to get that paycheck and maybe
you're gonna be signing up for a credit
card they might come to your university
or a college but you've got to be really
careful with the credit and you know
credit in general because it can be a
very slippery slope if you get addicted
to it and you're not able to pay off
your own credit so for me I used a debit
card which essentially just means
whatever money I've got in my bank
account is the money that I can use
there's no magic kind of
you can take if you want to buy a new
pair of shoes you need to make sure that
you have that money saved up
whereas with credit if you want whatever
you want if you don't want a new camera
that costs two thousand dollars you can
pretty much just buy that and then pay
it off later now if you are good at
paying off your credit card no problem
but generally what happens with the
majority of people is that you might
miss a payment or you might not have
that money when you need it and it
doesn't really work out because you're
going to have to pay interest on those
payments and with credit cards it can be
incredibly expensive to have those
interest payments so generally I'm going
to recommend not having your credit card
because it's the better way to do it but
if you are able to do it it's up to you
but probably and I do know a lot of
people have made a lot of mistakes with
credit cards now the next money mistake
to avoid in your 20s is not having an
emergency fund and it really makes a big
difference if you've got one so what is
an emergency fund well essentially it's
a pile of cash maybe a thousand dollars
maybe five hundred dollars maybe ten
thousand dollars depending on your
income and it allows you to have that
money in a bank account easily
accessible but something that you don't
actually touch so you might use it for
medical emergencies you might use it for
if your car breaks down but essentially
you don't touch that money and it just
sits there and it allows you to kind of
have a bit of breathing room if you need
to have that money so rather than always
being at zero dollars in your bank
account and then if something bad
happens you might have to take out a
credit card or you might have to take
out a loan it or like a payday lender
it's much better to have that thousand
dollars in there that you build up at
very first and it really just makes life
a lot easier there you go guys there
were a few money mistakes to avoid in
your 20s hopefully I was able to help
you even just a little bit make sure to
subscribe if you haven't and I'll see
you in the next video alright so as
usual let's now jump into some Q&A and
answer some of your business questions
alright so the first question is do you
prefer to save money or make money
that's a good question I generally
prefer to make more money these days
rather than saving it it's really
important to learn how to save money but
being able to make money is a lot more
powerful I think because pretty much
even if you are the world's best saver
it can be
really difficult to make big steps ahead
if you don't have enough money coming in
all the time so if you can learn how to
really be fantastic with kind of coming
up with different side hustles figuring
out different ways of bringing in money
then you don't have to stress as much
about saving money but it's really
really important guys to learn also how
to save money as well because again you
can spend so much money so quickly and
it's one of these traps that we always
fall into if you're kind of when you're
learning to start make money so always
good to learn how to save a little bit
of money but also probably more
important for me is to be able to make
money do you have any tips for starting
an Etsy store yeah I would say so I
think a lot of people on Etsy just kind
of put their their items out there and
don't really think about the kind of
strategy of how you're gonna get people
to your website so especially with Etsy
it's still kind of a ranking kind of an
SEO kind of thing on how you get found
so what I would definitely take a look
into some kind of ways in including
keywords and you know keywords in your
title with keywords in your descriptions
even in things like your image
thumbnails Etsy is gonna take all of
those things into consideration when you
know trying to rank you against other
competitors on Etsy so one thing is I
would always be taking a look at what
other other people searching for you can
see the kind of interesting dropdowns in
the search and that's definitely
something I would take a look at but
also driving traffic from things like
YouTube things like Instagram and
Facebook as well and trying to get them
over to Etsy not relying solely on Etsy
to promote you so definitely take a look
at trying to drive traffic from YouTube
and things like that how do you make
money online I'm guessing that's a
question directed of me how do I make
money online I think I've made a few
videos about this but generally a lot of
these do come out through my main
channel which is my photography channel
so on there I'm going to be making money
through Adsense which is YouTube ads
through affiliate marketing so mainly
Amazon and then sponsorships so with you
know brand deals which I do you through
companies like Squarespace or Skillshare
or
videoblocks and then you can also do I
also make money through courses and and
digital downloads would sure like
presets and things like that and then on
this channel I've also you know got
another adsense account which makes
money through this entrepreneur channel
and then I do affiliates as well for
things like Shopify so there's like lots
of different kind of sources of income
coming in and but the main thing is that
it all starts with kind of this YouTube
there's personal brand which is kind of
Chris winter on this channel it's kind
of the money mentor and yeah it's kind
of branches out through there but
there's I mean any kind of way of making
money I think you can pretty much do it
as long as you've got that kind of hub
which kind of drives the traffic to it
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