5 TOP MONEY MISTAKES To AVOID In Your 20s, 30s (& adulting)

[@TheHumblePenny]

Hey guys, which of these top 5 money mistakes have you made in the past or even making right now? Please share below 😀

[@yellssixx5591]

The Humble Penny spending too much money on food is my biggest problem !

[@viewreviewwithrs9868]

Debt No budget No extra income Repeated mistakes

[@ninatladi4132]

Great video Ken. I'd like to add a 6th mistake : hanging out with the wrong people!!! You are who you hand around, if you hang out with 3 fools, you are the 4th. When I was on my debt free journey I disassociated from the wrong people and sought out the people I wanted to be like and became a part of community in which the new habits, mindset and character traits I wanted are the culture.

[@TheHumblePenny]

Nina, this is a great addition! I appreciate you sharing your personal experience :)

[@theskylifeprojectold4341]

I agree with this Nina ❤. People forget we are constantly absorbing from people, be it good knowledge or bad...we take it in. Ricki@theskylifeproject

[@kenaddoh4693]

Completely agree with your sentiments regarding debt and the lending of money to friends and family. Dave Ramsey often uses the biblical quote “the borrower is slave to the lender”.

[@TheHumblePenny]

Thanks, Ken! He is 100% spot on!

[@TheClaudiaa11]

I borrow money from my parents, my best friend and cousin, because they don't ask me 0% and I pay it as soon possible. Thank God for those people in my life... 🙏

[@kenaddoh4693]

Maria Nkitu , good to hear that your experiences have been positive.

[@AdamLubinMediaMoneyMindset]

Brilliant video, this is a bitter pill for a lot of people to swallow. Being in my early to mid 20s I am glad I have woken up now.

[@mayaszweda9182]

Love this video Ken, very passionate & powerful

[@TheHumblePenny]

Thanks, Maya! 😊

[@LandAnchor]

Dude your channel is amazing. Such great advice and it’s helping change my mindset.

[@TheHumblePenny]

Hey Nicholas, wonderful! Much appreciated message 😊

[@LandAnchor]

@@TheHumblePenny I think what I like most about this channel and you as a presenter, content maker is the advice feels genuinely motivated. There’s no sales pitch, no quick fix, it’s honest. Please, please keep up this good work and I wish you and your family all the very best.

[@Darrelsweet]

Amen!! Ken, I am so glad I came across your video. You videos are so down to earth, Clear and encouraging. Yes!! I have started my journey to financial freedom.

[@TheHumblePenny]

Thanks so much, Frankie! 😀

[@kenosky9163]

Powerful information

[@pandabossanna]

Honestly lifestyle creep is REAL. It was probably the biggest money mistake I made (I'm still in my 20s - not for long though!). That, and constantly re-financing my loan so never getting out of debt. But finally did it!! :) Such a celebration!

[@TheHumblePenny]

WOW, HUGE WELLDONE!! Celebrations for real!!! :)

[@pandabossanna]

The Humble Penny thank you!! :) now I can focus purely on savings and FIRE! Hard work really pays off :) and I have you guys to partially thank for the motivation!!

[@villamathilda6984]

Great video ! 😀❤ thank you😀.

[@TheHumblePenny]

Thank you! 😊

[@veekay6142]

I love your accent, number 2 is very correct, I experience that, thank you for the nice content.

[@EuanCopeland]

Smashing it Ken (& Mary)! Lifestyle Creep is very difficult to maintain but sooo important! I love the ‘laughing the way to the bank’ quote!

[@TheHumblePenny]

😉

[@masterl14]

This is an amazing video! Thank you!

[@MrRoyck10]

I am a scavenger investor, people who borrow must meet certain borrowing criteria, in most cases i don't lend to family or friends but I will gift them a small percentage such as £100 to a £500 loan request. As an I.B.O boy money smart is an integral part of my culture.....another epic content.

[@edfinbow]

Great video! Very non-generic!

[@ladyf5217]

Always dropping bombs! Great video, I am moving towards financial freedom!

[@TheHumblePenny]

🙏🏽👊🏼

[@annabelleappiah-dankwah2368]

Great video! Got into debt mainly because of Lending to family and friends and not having a plan for my money but now I’m wiser won’t make the same mistakes again!

[@Linda-dc7rl]

Thank you so much Ken!

[@beantonking758]

Great Video Ken! Lending to family is definitely a personal mistake! Investing is the way forward on the 10 year plan! Thanks again😀😁

[@TheHumblePenny]

Seems lending to family is quite a biggie for many people. Ride on with that 10 year plan!! :)

[@chinkyeyes83]

This is an excellent video and I like the way you talked about lending to family and friends. This is always a hard one for me because of the emotional attachment you have to that person. I do not like mixing friends with money, but sometimes its hard to avoid when they ask you for money. I'm learning not to lend money that I do not mind losing.

[@TheHumblePenny]

Selina, absolutely! That's the approach :)

[@speedystartups6841]

We are new to KZbin and found your video. Some great insight Ken and look forward to see more videos like this. If only I had seen this video before making all 5 and Nina's 6th mistake.

[@hao_9388]

another great video!

[@TheHumblePenny]

Thanks!

[@Rleatfitness]

Some really great tips especially around borrowing from friends and family

[@Raetalkss]

You are really on fire in this video! A lot of truths were said here!

[@TheHumblePenny]

Thank you! ;)

[@kerrylow6894]

Great video ken thanks! You made me realise something again not related to finance. When i lost 3 stone my frienfs said they didnt understand it because i 'looked fine'. I realised i kept going right to my goal because that was my DREAM weight, not my FINE. Im going to read the book too! Take care guys! K

[@TheHumblePenny]

Kerry, I get it and so do you! 😊

[@kerrylow6894]

We need videos now on how to hold to our savibgs plan and not get caught up in stock market nerves or scams. Ive had so much junk email about best safe stocks and bitcoin. I keep havibg to go to my written down goals and reread them to maintain focus. Worried for those who dont follow such knowledgable youtubers ken. K

[@claudialord-lynch9865]

Excellent message .

[@TheHumblePenny]

Cheers, Claudia! :)

[@Shortiee31]

Very guilty of number 1... Time to make some changes! Pleased to say I already follow rules 2-5!

[@TheHumblePenny]

Excellent! :)

[@snoopos]

Hey Ken - why are 4 different Canon cameras used, under your 'Equipment Used' ??

[@TheHumblePenny]

2 cameras and 2 lens 😉. Although we use mainly the M50 for videos. The other full frame one for stills.

[@theskylifeprojectold4341]

🤣 I knew what the silent assassin was before you even mentioned it. On the daily, I have conversations about how saving money in a savings account or a normal bank account can actually cost money! Love the video ❤ Ricki@TheSkyLifeProject

[@abdullahasif8362]

Hey, as 19 years old with an extremely limited knowledge of anything investing related, what videos of yours could you reccomend after watching your "how to invest in stocks for beginners"? Thank you for making this an approachable topic!

[@TheHumblePenny]

Hi Abdullah Yes, watch that video and the whole Investing playlist 😀. You'll learn a ton!

[@Thatonethinker0]

You really capture attention so well man you should try out some ted talks

[@TheHumblePenny]

A TED would be a dream come true 😊. Really appreciate that!

[@nevertoolate8589]

Good advice as usual :) Do you have a video on the best way to invest a few thousands without locking the money away? Say, if you were saving for a deposit but weren’t quite there yet or were waiting to find the right place, where would you put your money so it’s available when you need it, while it still yields something more than ISAs.

[@manckid7795]

For me the best one you described here is the lifestyle creep! People generally chase higher paying jobs only to spend all their income on bigger, better and fancier consumer items such as a car, house or clothes etc. Always aim to keep your expenses fixed and that way you don’t have too much of your net worth inside consumer (depreciating assets)! Well said Ken! 😎

[@TheHumblePenny]

Thank you! :)

[@lj2070]

Hey Ken. Please do a video about your CFO Postion and without involving the company you work for. What does it entail? What issues do you fix as a cfo and all the other questions

[@Raetalkss]

Great video!

[@TheHumblePenny]

Glad you enjoyed it :)

[@elliottlambert7914]

Hi Ken, just following up about the mindset against storing too heavily in bank accounts, do you have any thoughts on saving for a first house, particularly investing vs using putting money into lifetime/help to buy ISA accounts. Thanks

[@adamrolfe7016]

Thank you for another great video, I would be interested to hear what ratio you would suggest to have with savings and investments? For example if you had £10,000 how much should you invest and how much should you keep aside?

[@Soulfulmotivation101]

Hi Ken thanks again for such a great video. I am going through a dilemma as to whether to invest my money in stock or to safe it up to buy a property. I just turned 40 and I really want to buy a property next year. But looking at the stock market now am confused as to invest my money or keep saving up to buy my property. Thanks again for your videos it’s really helping me in my finances. 🙏

[@claudialord-lynch9865]

So powerful.

[@TheHumblePenny]

Thank you, Claudia! 🙏🏽

[@oliverrobson8922]

All great stuff! Although I feel like these points are when things go back to normal. Is there any chance of seeing more tips and points for these uncertain times? 😊

[@TheHumblePenny]

Hi Oliver, please see our videos on dealing with money during a crisis. We have about 4 of them. Do you have any SPECIFIC questions? :)

[@Stephan__o.x]

Q. What if as an individual you do not see yourself as entrepreneurial BUT understand the importance of financial freedom? I had been entertaining the idea of investing in a business but don’t know where to start.

[@jackiea7965]

Great video Ken, I have made all these mistakes especially borrowing to family and when the money has not been paid back becoming resentful of that family member. I have now been able to say 'No' and realized that before i would always just say 'yes' and that became the pattern. Luckily, I have gotten over this but I like the idea as you mentioned of gifting it to the person and not expecting that if you borrow friends/ family that it won't come back. You are very spot on with inflation its something we all miss , now I save to invest not just saving to save, which I learnt from Grant Cardone.

[@MarcAntoineMC]

Hi, I just wanted to thank you for encouraging me through your videos to do my own channel - Thank You

[@TheHumblePenny]

Appreciated!

[@marupa1506]

So in your video , you talk about debt repayments be it mortgages or other debts , you also talk about investments, my question is should I pay off my mortgage with any money I save or should I invest assuming I have an emergency fund

[@JAZBLK]

"A version of the future will inevitably come in your life, what version do you want to show up?" Ken is my mentor and he doesn't even know it.

[@TheHumblePenny]

This is super kind, Jazzy! Thank you 😊

[@maxlockwood5831]

Do you have any tips or resources on strategies to paying off student debt?

[@TheHumblePenny]

I'll tackle this at some point. How big is your student loan debt?

[@maxlockwood5831]

@@TheHumblePenny £23K with an interest rate of 1.75%. I've started investing, but not sure if it's better to pay off my debt first.

[@chrisbaker91]

@@maxlockwood5831 I'm sure he might have a different view but if it is plan 1 student loan I say don't pay it off if you have other money goals e.g getting on property ladder. The reason being it is the cheapest loan you will ever get the highest interest being the rate of inflation so whether now or 10 years time it is only ever going to be getting lower in real terms. If you have additional goals like investing or property that is better for now but once you are happy with all those things then sure make over payments if you want just to knock it off.

[@maxlockwood5831]

@@chrisbaker91 Hi Chris, thanks for the advice. Yes it is a plan 1 loan. I do have plans to get on the property ladder and invest more in the future. I know the loan will get written off when I'm 48, I just hate the idea of being in debt and would love to pay it off. I'll stick to saving for a house and investing 👍

[@kenaddoh4693]

Another common mistake is not creating a written budget. A written budget is an extremely simple but effective way of managing your finances and helps you to identify areas of your life that are hemorrhaging money...Food and alcohol are the main areas where people waste money.

[@TheHumblePenny]

Agreed! :)

[@nathano14]

Great video, but I'm not sure I agree with your last point on debt. If you are someone planning to buy a house in your 20s you will likely not have enough money to buy a property outright. Therefore a mortgage is the only option. But to get a mortgage, you need to have credit history. To have credit history, you have to be in debt. Now of course, you could just not buy a property. But then we will be prisoners to the landlords we are paying rent to! In my honest opinion, it looks like debt is the only way to actually be able to attain an asset in the long term.

[@estebancardona6568]

It would have been good to leave clear the difference between good debt and bad debt, good debt can generate you a good passive income.

[@TheHumblePenny]

Great suggestion. I think this deserves a whole video by itself.

[@videoeditingexperts8471]

I love watching your videos, I can learn a lot from it! Hope we can work together!

[@mebrahtughebrezghi9453]

Hii bro I followed you all 2 month very seriously and I am ready to go to start to invest but can I call you privately thanks I from UK.

[@MarcAntoineMC]

Hi, I just wanted to thank you for encouraging me through your videos to do my own channel - Thank You