3 FACTS ABOUT MONEY YOU SHOULD KNOW BY AGE 25 💸 #Best Education Page #Online Earning

how's it going today guys I hope you're

having a fantastic day so today we're

gonna be talking about the three things

you need to know the three facts you

need to know about money by the time you

are 25 years of age now
personally I am

23 years old and I've learned a lot of

these facts about money just over the

gap between 18 and 25 I've learned a lot

of different things about money and how

I spend my money and what exactly I'm

doing with it and I want to share with

you guys the three things that I believe

are most important in this video today

now first of all because it is a Monday

I'm giving away a free lifetime

membership to stock radar that is my

weekly stock analysis membership site

and educational platform and this week's

winner is Evan Reineke commented hashtag

stock radar on one of my videos so Evan

you won a lifetime membership to stock

radar and for those of you that are

looking to join that it is officially

back open and the link for that is down

in the description below but the first

fact about money that you need to learn

by age 25 comes from this book right

here it's called the richest man in

Babylon and this is a very very old book

but all the lessons are still true to

this day that are taught in this book

but the main takeaway from this book for

me was the fact that part of all I earn

is mine to keep a lot of us have this

idea that all the money that we're

making from our jobs or wherever we're

making money from all this money that we

are earning we get to keep that money

but in reality that is just not true we

pay a lot of money in taxes we pay for

our housing we pay for our food our

utilities and at the end of the day how

much of your money are you actually

allowing yourself to keep so it's

actually false to believe that

everything we are earning is ours to

keep in fact we're keeping such a small

fraction of how much money we're

actually earning each and every week the

truth is that a small portion or a small

piece of all you earn is yours to keep

and you should be paying yourself first

now this is also something that Robert

Kiyosaki talked about but it's probably

something he picked up from one of these

earlier books here but this is very

important to understand this idea that

you have to pay yourself first pay

yourself before you're paying for your

utilities and for your housing and for

your food that way you won't even notice

that that money is going anywhere

because you're paying yourself first so

how do you actually take action on this

advice well what I would recommend and

what they talk about in the

they start by keeping a dime out of

every dollar you earn so every time you

get your paycheck take 10% of it and put

it into a separate account or somewhere

else that you just cannot touch it and

get into this habit of paying yourself

first the second fact about money that

you should know is that compound

interest is a very powerful tool and

time is on your side right now

especially if you are under 25 years of

age

now compound interest is a very simple

yet wildly misunderstood concept and

this is simply the fact that you can

allow your money to grow into more money

by reinvesting and earning a return on

your returns it's like dividends being

paid on your dividends for an example

using the stock market but people don't

understand that this is the time value

of money a lot of people make this

mistake by saying oh I'll start saving

or I'll start investing when I'm older

when I'm 25 or when I'm 30 or 35 years

old or more and I want to give you guys

a real example here of what this could

do if you wait too long to start

investing especially as a young person

time is on your side so if you invested

just $200 a month earning an 8% return

this is what you would see over these

spans of time so if you invested that

amount from age 18 to age 65 your

portfolio would be worth one point zero

nine million dollars now if you instead

waited until age 25 to start and you

invested from 25 to 65 you would have

just six hundred twenty two thousand

dollars and if you waited until you were

thirty years old to start investing then

you would have four hundred fourteen

thousand dollars the cost of waiting

just seven years from age 18 to age 25

to start investing is a four hundred

sixty eight thousand dollar mistake

that's almost a half a million dollar

mistake that so many people are making

by not investing until they are 25 years

old instead of starting at eighteen and

if you instead wait until you are thirty

years old to start investing and not

twenty-five the difference in waiting

those twelve years is about six hundred

seventy six thousand dollars so it's not

so much about the amount of money you're

contributing two hundred dollars a month

is something that most of us could

afford if we follow rule number one and

we pay ourselves first and keep a

portion of all the money we earn but

it's about how much time you are waiting

until your start investing that makes

the big difference here and then the

final fact about money is a very

simple yet important one I have to

remind myself of this frequently it is

the fact that convenience is expensive

any time you hear the word convenience I

want you to instead think of expensive

and I want to use an example from myself

of a mistake I used to make four years

back when I was working my full-time job

and it was buying breakfast out of the

house and I wanted to sleep on a little

bit later I didn't want to have a dirty

breakfast pan to clean up so instead I

would buy breakfast outside of the house

every single day because it was

convenient but what is the actual cost

of that convenience of buying your

breakfast out of the house well the

actual cost of eating a breakfast in the

house is about a dollar sixty-five per

meal whereas I was paying a six dollar

minimum to eat breakfast outside of the

house so I was paying a two hundred

sixty three percent markup for the

convenience of being able to sleep in a

little bit later and not having to clean

up after myself after breakfast and you

always have to understand that

convenience is very expensive and you

have to ask yourself is it actually

worth it in the long run but anyways

guys that's gonna wrap up this video

those are the three most important facts

I've learned about money up until this

point and I think it's important that

everyone understands these three simple

facts or lessons by the age 25 but let

me know down in the comments section

below of this is the first time that

you've heard of these things yourself or

if this was something that you knew

beforehand and if you have any other

money lessons or facts you want to share

with us but thank you guys so much for

watching and I will see you in the next

video if you are interested in learning

more about investing in the stock market

I've created a free course just for you

the link is in the description below

here are a few other videos you might

enjoy as well

you

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