3 20's Mistakes That Will Make You Poor In Your 30's

so look seeing as many of you guys are the age of Justin Bieber I constantly get the question on this channel Alex I'm a young 20-something how do I get rich how do I make the big bucks and I can get rid of questions coming from because after all I am the most woke empty house billionaire business advice guy also with a great body and the number one seller of Mamba meat on Amazon right now we're killing it right there mama meat is on fire you should get some there's a link below this video but seriously asking me this is like asking Tom Brady what it's like to throw a football the wrong way asking me this is like asking Amy Schumer what it's like to tell a funny joke and the answer is it's not even in the realm of my reality okay I don't even comprehend it I've been a billionaire since I was six years old that being said what I want to do in this video is not so much tell you how to get rich but tell you how to avoid the mistakes that will prevent you from getting rich what I want to do in this video and before I get going look I know you want me to get to the actual steps and if you go to about minute 334 well actually get the steps but please give me a few minutes introduced because if you don't understand how this works you're not gonna understand how to apply it and by all means if you don't have five minutes of patience that's great but if I'd known this one I was in my 20s this would have made me tens of millions maybe hundreds of more millions of dollars by the time I was thirty I wish someone made this video for me and I'd taken five minutes then so just give it five minutes or go watch a cat video they are pretty cool they won't they don't have a good ROI so watch this video instead it's kind of give you my highlight reel in my 20s that allowed me to become very successful at first but then it stopped me from becoming way more successful I want to cover all the mistakes I made cuz you can avoid these mistakes when you're 20 I mean if I avoided these mistakes I think I'd be worth 100 million dollars right now spoiler alert I'm not actually a billionaire for like the two people in the comment section we're like he's not a billionaire jokes they go over your head and while I was able to have my first million dollar year when I was about 23 years old I made so many mistakes that stopped me from growing and so I want to talk about this in this video but your 20s are dangerous they're very dangerous because you have more energy and more creativity than you'll ever have in your entire life but you also have an excess of stupidity and confidence and said stupid and in fact you're not even aware of it you're like a race car driver who's driving around the track drunk and doesn't even realize that they're drunk which you're gonna be having tons of fun you're gonna have a ton of energy but you're also drunk and you don't know it and the best way to deal with this is to realize that you are drunk and do the thing that you would do which is really either Road and be very careful what you're doing and think ahead of time and realize that you're drunk and counteract it so let's just dive into it the first thing you guys going to ask or think is well do I invest in things rental properties no look if you're investing in stuff and you're investing in rental properties you want us you have some form of money mastery already and I really don't know anybody people are gonna freak out in the comments section all right I actually hate the whole strategy of you know you don't have much money and you're investing not much money and you're gonna slowly compound it into something that's worthwhile that's great if you can wait till you're like 45 that's that's not my strategy though and the strategy you want to have and my strategy is you want to have a wealth trajectory kind of like a professional athlete not the ones that lose all their money but you get very competent making money quickly and then you reinvest that money okay then you reinvest that money and the stuff that gets the point that when you want to stop working or when you want to exit a business or something you still have a good solid flow of income coming in from investments that's what you want to do okay so you want to be getting good at making money first so I want to be very clear about that because I'm not gonna be talking about investing in things I want me talking about the king of the mistakes you will make instead and the thing in your 20s that will actually hold you back almost exclusively comes down to scarcity and misunderstanding how money works and how it should be deployed so let me get into this seeing you're 26 really weird thing happens where you have this inverse relationship where you think money is scarce but time is not it's a weird thing and it took me actually hitting my 30s to realize how opposite I viewed this let me explain so when you first start making money in your 20s whether you have a job or you start your first business and start making a lot of money like I did my view on money was very scarcity mindset and what I mean by that is the priority was making money first because well the goal is to make money right and every dollar you get in you want a stockpile and you want to you want to increase your profits as much as possible so you can take the money off the table and so you're very short-sighted with money and then in turn you're very short-sighted with your activity you're always gonna be focusing on the things that have the most immediate benefit and you're going to stick to those habits and avoid taking things that don't generate much money short term or are the best long-term decisions because you have this very bad view of how time works you think you have a ton of time and you can make these long-term decisions and you'll start being smarter and you'll start delaying gratification later on okay and it's it's the complete opposite actually and this really stems from the fact that you don't actually have a concept of time yet look you just got out your high school years if you're in your 20s and that's equivalent to being high on ecstasy for eight years and in all sorts it doesn't make sense you're insane so you can't really factor that into how life is just a blur and you found that point in your life where things are finally kind of clear and you're thinking you can see the world but because you haven't experienced a lot of time in that state you don't have any understanding that there's other time than right now and this right now is not infinite you don't have an excessive amount of it it's only until you've experienced a lot of this time you realize that one there is a future destination and you're going to be living there thinking about yourself being thirty as' and incomprehensible almost okay think about even I remember I was 21 at a bar one time my friends like yeah my 27 year old friend over here he's visiting he's he's really old I was like I think I'll never be that old and so that's the first thing and then also because you haven't here experienced a lot of time you don't really understand how your actions right now affect 10 years from now when you were 21 when you're 21 your actions at 11 don't really you don't see a connection between them but when you're 21 and then you're 31 you see a massive connection and so it's better for you to realize this now instead of getting the 31 and going oh and then putting the dots together see money is plentiful you can always get more money you can always get more money but what you cannot get more of is time and the experience that that time can buy or not buy and the opportunities that that time can buy or not buy let me explain in a few different ways and these are kind of mistakes I made and I see other 20 year olds making these mistakes constantly and it's kind of in different spectrums there's the entrepreneurs and there's also the people that are working a job so one of the number one things that I would always do is you'd hold off to get more experience you're always are waiting for more experience into that next thing you see this with people getting jobs just thinking I'm gonna work this job for five years so I have enough experience myself I always really waited to start a high investment long term vision of a company because I was thinking well I need to make a little bit more money I need to save up a little bit more money to do this I need to get a little bit more experience in marketing what you need to understand is you're really gonna get the gist of about anything within six months of doing it I'm not saying you're going to master it completely but you're gonna have enough experience where you need to start getting out of your comfort zone see what you're gonna be really tempted to do is you're gonna find something that works in your 20s and because you don't realize you actually have an extreme limitation on time and you're missing tons of opportunities by not leaving your comfort zone you're gonna become an old dog with an old trick very quickly you're gonna find something that works and you're going to stick to it whether it's a job or a business model and you're gonna lock yourself in to that because you have a scarcity mindset when it comes to money for example I was stuck in business models that we're generating me one to two million dollars per year and I wouldn't give in to business models that I really wanted to get into and long term we're clearly the best choices clearly the best choices over a 10-year period clearly the best choices but I wouldn't because I was building experience and you don't want to kill what's working now and focusing on what's working now is short-term it's based around scarcity because you don't want to lose what's working now going from making a million dollars a year to making a hundred thousand a year or even like getting funding for your company and barely making it seems unthinkable but that seems unthinkable and when you think about in the short-term money mindset it is unthinkable but when you're actually looking at the fact that money is replenishable and that time is very limited the long term sessions are the only thing that makes sense because over the span of ten years those long-term decisions if you just look at them next to each other one-year decisions versus 10-year decisions the ten-year ones are always the best decisions even if they don't pay off because you only have so much time to make ten-year decisions you don't have an unlimited amount of time to make these long-term decisions you really between 20 and 45 have about six to seven really long term decisions you want to make and so you want to start those long term decisions as soon as possible and start breaking out of your comfort zone as soon as possible so you can get into those long-term higher payoff decisions and so sticking to your tricks that are working or sticking into something for experience that's comfortable to you that's usually where 20 year olds are gonna get messed up at I should have I had plenty of money to be investing in the SAS company I am now and working on really big really big ambitious projects when I was in my twenties but I didn't because well the money took priority the short term money took priority and that doesn't mean that I was being greedy it means that hey I'm gonna work on a thing that generates me one of the two million dollars a year right now and said there the thing that could generate me a hundred million dollars in ten years and what you need to be comfortable doing in your 20s because time is the finite thing money is not if you lose the money you can make the money back you can make the money back especially if you're constantly pushing your comfort zone and gaining constant new challenging experience you're going to be you're going to reach a level of competency when it comes to entrepreneurship and the ability to generate money that even if you lose all your money you're gonna be good at making money in the first place so you'll be able to make it out you're not going to have a rock bottom if you are good at what you do if you gain mastery and what you're doing you're not gonna have those rock bonds if you're terrified of and so you need to get comfortable taking those big swings and taking things that might not work out you should also one hit bit I'm gonna give you is be okay taking extremely crazy swings one of my big regrets is I had tons of money to burn in my 20s okay and I didn't blow all of it but I also didn't deploy it either that's the problem with it I had money to lose I had money that I could afford to lose in my 20s and when I was always going to events or networking with other entrepreneurs everyone would be talking about Bitcoin for example and I knew like hey this Bitcoin thing makes sense I think it could actually grow but I have a scarcity mindset right now so I'm not gonna put a hundred thousand dollars into this even though I could just do that this it wouldn't even affect me I could put ten thousand or five thousand dollars into something that's high-risk high-reward and because I was so risk-averse when it came to money but so risk accepting when it came to time you have to understand that when you dedicate your time to something you're investing that time can't always get more time so it's a very big risk and so because I was thinking like that the money was so valuable that I didn't take those big swings if I just listened to a few people put ten thousand fifty thousand a hundred thousand could have worked out very well but again I wasn't taking the big swings and my career and also in investments and that's not really an investment that's just kind of like putting money on read 32 in Vegas and like so but if you see something you believe in and you have money you can lose don't be afraid to take those swings if you can afford to lose and money don't be afraid to take those big shots that won't work in a year or two years but will work over ten years almost every single person it's worth 100 million dollars every person it's a billionaire they took those big shots and if they're young billionaires young hundred millionaires whatever they took those shots in the rumen and ate ramen noodles early because time is the thing that is finite not the money always always always if I can give you one moral the story be thinking on in at least a 10-year period the actions that are going to make you money right now or make sense right now do not make sense over a 10-year period working that job for five years to gain experience does not make sense over a ten-year period going getting six months experience at that job really figuring out how it works and then jumping out of your comfort zone to start the big thing you're gonna work on it's not gonna work that year it's not gonna be as safe and comfortable as a job but over ten years it's going to pay off so much more that time you invest then challenging thing is going to pay off immensely now just a few other tidbits I think are just gonna be really helpful because I see I see young guys having problems with this whole time aimless dating look if you want to settle down and get married in your 20s by all means do what you want to do did however I cannot think of something that's a bigger waste of time than going out and aimlessly dating like most people do in their 20s it is a very time consuming very emotional energy consuming thing getting in long-term relationships that you don't have an intention of or you don't truly see going somewhere it's kind of 50/50 or don't truly you like your and you're like me like this adds a zillion times my life it's it's a giant waste of time and if you're not trying to get married in your 20s if it's not extremely important to you to start a family in your 20s like ask yourself is extremely important to me did I get married and start a family I highly suggest you live like a monk or you least do not prioritize it at all that means going out the hit on girls that means going and constantly hanging out with girls not there is anything wrong with girls but they are huge time and energy sinks they are massive time and energy sinks and it's going to SAP the energy that you have in your 20s and you probably woman mo twenties I want to hit it up no no what you want to do in your 20 you want to work on yourself so much that by the time you're 30 and you're actually ready to start dating you're actually looking to meet people and start long-term relationships that you are in such a high position you attract other great people into your life I'm gonna tell you the secret to anything what I was making friends or meeting great women is you need to be at a place in your life where you will have where you attract great people with you if you're not a great person you're not going to attract other great people there's no way you can hack or trick people in the dating yet and be very careful to do both of those things if you come me extremely successful but you're still a little chode which I mean it's gonna be really hard for you be successful if you're chode but you're gonna attract the wrong people all the same way also in your 20s it's so easy to follow this don't fall in the monkey-see monkey-do when you're young you're constantly trying to identify is something because you don't really know who you are and so you're going to see certain entrepreneurs or certain people on YouTube or certain influencers and you're going to try and identify as that type of person and you're gonna try and mimic that and one of the biggest mistakes you'll ever make is mimicking other people you don't you're not going to understand your 20s that you have very specific strengths and if you don't play those strengths and if you don't recognize who you are you're going to play to your weaknesses or you're gonna get caught up in things that aren't particularly important to you so it's very very important that you are not particularly going to know who you are or what you want or what your strengths are but the most important thing we do is don't try to mimic people just do things that make sense to you do things that make sense you learn from other people take what they're saying in but don't try and mimic other people don't try and do things because other people are doing them don't go and look at what other people are doing and do that for example I wanted to be a famous entrepreneur well known for being successful and so I'd imitate all these other famous entrepreneurs and I was just playing to my my weaknesses big time and I go out there and I'd go and also had a pretty crazy lifestyle and I thought okay this is what a successful person does and the reason why I had those have ideas in my head the reason why I was so unfocused is cuz I was looking at other people doing monkey-see monkey-do and saying oh this is what they're doing so this is what I should do if I want to be like that person big mistake instead triple down on your weirdness and what makes you you that's gonna get you way more results and that's gonna tell you exactly where you need to be going don't do monkey-see monkey-do and then another thing is when you're in your twenties it's again you want to feel like you've made it you want to feel like you're successful in your own way at least myself and so one thing you're always gonna be tempted to do is you're going to be tempted to hack that system and rig it in your favor for example I love my friends um out of my friend group right now I think all my friends are gonna be super successful but I'm the most successful person and when I was in my 20s I was by far the most successful person in my friend group and I used that as kind of my meter of success and it wasn't it I went and shied away from meeting more successful people but I got in that area and I was like this is this is cool I've made it and the truth is I didn't really make it in the terms of really killing it and I got too comfortable in that zone in my life because you want to feel comfortable and you want to feel good about yourself and you don't like that feeling of uncomfortableness and you don't except in your 20s you're going to think you have things figured out and you know how life kind of sort of works and how you think life works is you should feel good and it's not how life works feeling good is actually the biggest sign that you're going in the wrong direction and because you think you should feel good and because you want to identify something now and because you have this excessive amount of energy an excessive creativity but you also believe that you have an excess amount of time you just end up like this this you end up as this really powerful force that's going in 15 different directions all of which are the wrong direction and it's just it's not good it's like again you have a race car then go 200 miles per hour but you're also driving around the track drunk and you're not aware of it and so that's my best advice if you're 20-something there's no specific business by smell tactic you can use look if you if you're in your twenties and you focus on getting good at what you do and you kind of follow the rules that I just set forth right here you're going to get good at something you're gonna get very competent at it and your ability to make money is going to come easily but it's recognizing when you're making those mistakes that will prevent you from making money or lock you down at where you're at right now that's gonna happen because what happens in your 20s one final s I'm going to give you is you're gonna hit those points of success and you're gonna cling to them instead of jumping in the next thing and jumping the next thing because you think you can just cling to it and you can you can make the decision later on don't make it later on because also when you're 20s you can afford to take crazy risks because money is replenishable time is not and so that's everything guys if you like videos like this be sure to subscribe to the channel I run ads to people that have subscribed hit the notification button and hit the like button I can target that in Google ad and I spend a couple bucks a day running ads to that demographic and I give away thousands of dollars of free courses I may in the past I don't sell any beginner courses on channel anymore I don't sell beginner stuff but I did in the past and so I'll give you all that stuff that shows you how to build businesses and all the tactics just be sure to subscribe hit a notification bell and smash that like button that's it guys let me know your thoughts in the comments section and stay whoa [Music] [Music]

Channel: Alex Becker's Channel

Views: 379,278

Rating: 4.9039369 out of 5

Keywords: alex becker, make money, life tips, twenties, thirties, start a business, entrepreneurship

Id: eVgFzmC2lAI

Length: 19min 58sec (1198 seconds)

Published: Wed Apr 08 2020