5 Financial Mistakes I Made in My 20's 

5:54 I’m an accountant, and here’s another thing you should do each year, contact your insurance agent and ask for a better car or home insurance. Even though it’s assumed their job is to get you the best rate, they make more, the more you pay. I call once a year and get a better rate and plan.

I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.

I am 54 yrs old and have too many financial mistakes to list here but there was a bankruptcy involved. 😂 However, right now I have a 3% interest mortgage, a large savings account, college fund for my son and over a 800 credit score. ❤

Also get a high yield savings account. They are around 5% now.

The biggest mistake I made financially is not having a separate account for liabilities and personal spending. Makes it a whole lot easier to avoid overspending.

My biggest mistake in my 20s was always having revolving debt, paying it off then racking it back up again. Also I didn't begin investing until I was 29. I also did lots of gig work which was stressful and kept me working paycheck to paycheck due to the instability. Happy to say I have a great day job in finance at an investment company now.

Dear Shelby! I appreciate you giving your great advice. Honestly, achieving financial stability requires intentional planning, unwavering dedication, and consistent effort, rather than being a matter of luck. I owe a debt of gratitude to Mrs. Maya Payson, for her invaluable guidance, which has enabled me to generate a weekly income ranging from $5000 to $7000. She changed my whole life.

My neighbor's financial advisor has cost him over $300,000 so far in the last year and a half he has been with him. He was about to buy his kid a condo for $250,000, then he hired this guy and he told him not to buy it, and now instead of having a condo worth $250,000 plus, he's now in the hole for over $300,000. LOL

I wish schools would teach finance and life things in high school. I work with many teens and they are clueless about most things!

When I shop for a used car I already know exactly what I want, and the salesguy's only jobs are to fetch the key for me for the testdrive, and to take my money if I decide I want it 😅 I just cannot image walking into a dealership and taking recommendations from a sales guy what car suits me.

Don't worry, Shelby, you aren't the only one. My $ was invested in the s&p500 in a company 401k, they said they were transferring it into another account. I assumed it was going to just continue to be invested in an s&p500 equivalent. Wrongo, 1 year later and ~15% ROI about my money had made 0 in a money market account.

Great tips! The 401k situation happen to me aswell. It was close to a year when i realize that all my money was not growing/loosing money. I dont know why it gets automatically set like that.

Have someone with a good credit card history add you as an authorized user and then the “age” of that card will help your credit score.

Wow lots of negative comments. If you are reading this Shelby keep your head up your videos are great and i look forward to them!

The ONLY financial mistake I regret is buying a new truck when I got a promotion only to realize 4 months later I couldn’t afford it, so I traded it in for a more affordable suv and rolled in a lot of negative equity. Although my payment is much cheaper now, it hurts to know that I made this mistake.

You have a terrible financial advisor. Mine regularly beats the S&P and I pay them less than one percent. I’ve thought about leaving and investing myself but I’m just too busy to stay on top of it. He also helps with long-term financial planning

The mistakes never stop. It is easy to buy anything, including real estate. The problem is selling it.

It annoys me that you blame the financial advisor for your returns. Did you know what you were invested jn? What product was sold to you? I’m not saying he/she wasn’t wrong, but it doesn’t sound like you did your due diligence as an investor either

Doesn’t seem like you hired a few only fiduciary advisor. They would have invested in the S&P 500. Just like therapists, all advisors may not suit you. I am very well read on finances and had an advisor, I fired them after one year because of the lacking services. After a few years, I hired another one and they are also our CPA. This was a great fit for us and they’ve saved us more than $20k in taxes this year plus our next year’s finances and taxes are in a solid place. I’d say find someone who is reasonably priced and you can work with them on a project basis. Use them as a sounding board so they can point out your blind spots if any.

You are so honest and raw! Love everything about you and your twin ❤

My biggest mistake was believing in the sentiment that the stock market was going to crash and selling half my portfolio out of fear. I lost out on MASSIVE gains. Now I will never sell (unless I actually need the cash for another investment).

As a CPA, I love that you are interested in tax strategies and I feel like you do a good job communicating it. Keep up the good work!

Oh and thee worst mistake I invested with a real estate trust via a FA, beautiful office, he drove a RR...fraud! Yep. He's still in prison. Worse I intro him to my minister and wife and they lost money in the scam too. Most painful mistake ever.

I’ve looked into financial advisors and with the fees, my dad always says don’t do it because you won’t get the return. Investing in the markets still intimidates me. My dad has helped with a lot of my investments to get started but I have trouble adding to them. I try to think of them as long term returns.

Be careful not to conflate IRR (money weighted return, i.e, flows impact returns) with TWR. You're definitely right to fire your advisor but the advisor's return might have been better than you think.

My biggest financial mistake was in 1986. I was gonna throw $5k in Microsoft at that time was only .10 a share. Splt 9 times get .68 per share quarterly i would be a billionaire but at last minute bought a two week vacation to Tahiti. Best vacation i have ever had. But with the money i would have gotten could go there all the time

Such great advice. I’ve made all of those mistakes - except I never had a financial advisor. I threw myself into investing and learned - it was tricky at first but like you said, you don’t need an advisor. Thanks for sharing, you look amazing!!

I’m turning 21 in a couple of months I really appreciate the tip ❤! Thank you . Another thing I started doing with my credit cards is using it pay everything , because I get cash back , and then just pay off what I used right away or before it’s due .

Waiting for Graham's reaction video.

I agree 100% with the financial advisor statement

My financial mistake was I should have sold my stocks when I should have instead of taking other people's advice and they kept saying it's going to go up . Then some of my stocks tanked. 😂 I think people should buy and sell when they feel it's the right time instead taking out people's advice.

Your mistake was using that particular financial advisor. Please don’t bash all financial advisors. My husband is fantastic financial advisor with many credentials and high ethical standards. His clients love him and what he has done for their financial growth and security.

The best thing about using a credit card instead of a debit card is that you get 1.5% on all purchases. I have my CC card with the Chase and have it automatically paid in full every month from my checking account.

I have 2 on your list...I have a FA and I didn't allocate my un managed 401k. It's a tough decision bcz I lost money investing myself, got a good advisor, but the fee is 1.5% annual!

You don’t mention the Roth IRA! 0% tax on your gains. HSAs with 0% tax and pre-tax money is also worth a mention.

I don’t understand why our generation hates on financial advisors because they aren’t all that bad. If you don’t feel comfortable communicating to your advisor that you’re not happy with your returns, you should get a new one.

I'm sorry you had a bad financial advisor. I'm also sorry that you're lumping every financial advisor into the category of the one you unfortunately hired. Going with the S&P is a good stable route, but there is a lot more money to be made by slightly increasing your risk, and I'm not even talking about aggressive investing. The key is finding the right advisor who represents the right company.

❤❤ well done. Very good 👍 review. Thanks for sharing.

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investments.

I regret not listening to my boss and bought real estate when it was really afford and cashed out later when it sky rocketed. My boss is now retired and I would be as well if I listened to him, sitting on a beach front home paid off. I still am kicking myself for this.

Shelby I loved this video! Thank you for your openness in sharing your financial mistakes

Having jaw surgery in 3 months and thought about you. Hope the best for me ❤

WHY does having a credit card get you better credit score? like what? if i want to have a debit card instead of a credit card why should that impact my score? weird system.

My biggest mistake was getting a DUI

Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?

Love this video! Please make more like this. Also, love the Google Pixel phones!

Great info! What stock investing app do you use?

Hey Shelby, your LA videos have been my virtual guide and inspiration. Moving there in a few years, and you're on top of my "must meet" list. Excited to make you my first friend in the City of Angels! Grateful for your awesome content. Cheers, Nipun Mishra.

That financial advisor return is painful! I would've assumed since they're experts they'd know the statistic and just help people invest in index funds while tacking their advisory fee on top. Guess people choose them to gamble on beating the market?

I’ve had a Chase Mastercard for years. When I’m going to buy a car I get Chase to approve a loan from them. Bought a car in 2019. Chase interest rate 2.4%. I showed the letter from Chase to the dealer and they offered 2.3%. Also, I paid off the loan with the first payment. Telling the dealer that you are letting them handle the financing is a vehicle price negotiation in your favor. You need to change your retirement fund custodian. Mine is at Schwab at zero cost.

Agree on the money manager. I just moved away from that service earlier in the year.

The US credit score is a pretty poor mindset because it only values loans. If you have a million cash with zero debt, that's not considered good in the credit score. A debit card is a much better mindset than a credit card. Here in Europe if we have a visa card it's a debit card. your credit card system basically doesn't exist here. I once had an amex as part of a an account and that was actually the monthly payment type but I never used it.

I really love your content, as i face my 20's this year your content reminds me to avoid doing the same thing. As one of your fan i'm offering you a 1 video editing service. thkanyouuu

I made thst mistake with my rothira. The money wasnt acrually invested!!!

Lions didn't invest aggressively enough in their 20's, 30 years ago, but are still manely in cash today & the reason is cash is paying 5% interest & too many animals are expecting the S&P 500 to go up 64% in 5 years.

I love watching your videos! They are so informative and interesting. Every month I deposited money into BRK-B and I averaged 20% growth every year. I decided to take everything out and invest it into BTC because all the RU-vid BTC channels said it will skyrocket. Well, it went down and down and down. Then all the RU-vid BTC channels were saying it's going down even more. So I took everything out and put it back into BRK-B. I lost so much money!

And what was your best financial in your 20´s ? Time with your familie or have a boy friend or visit some places or your jaw surgery or your youtube career ?

These are all really good points. I was the same in my 20s, not thinking about finances as much as I should. With my 401k account I recently started contributing more and with Fidelity I can actually talk with someone who will give advice. When your young you can be more risky with it and choose more stocks over bonds. I also have an HYSA for emergency fund. I like to have a year expenses since the job market for my industry is down and it's very difficult to get a job. I use a credit card for spending and pay it off in full each month, along with points.

Biggest financial mistake was (among others) staying in a bad marriage longer than 20 years. This made her eligible for alimony. Now I pay a LOT of money.

I also regret using a stockbroker. When I moved to Calif. decades ago - I walked into a brokerage house in Los Angeles. I probably had a couple of thousand of dollars (all my money at the time.) I bought a stock recommended by the sleazy stockbroker - and in no time - lost it all. I guess he made a higher commission on that stock. I'm not sure the stockmarket will be profitable in the future. ,

I've told my kids not to bother with 401K until their late 20's. Young people should live la vida loca before getting married and settling down for the next 50 years.

Wow, what privileged mistakes. Sadly, this is not relatable for most Americans.

No personal credit card by 20? I think all of us 20 year olds had at least one in 1995 :|

If you are using a "financial advisor" to beat the snp500 you are using them incorrectly

Great video! These are common financial mistakes I think and this video will help people to avoid them.

Does it help you in any way if I click the sponsor link? Or when someone actually buys through the link? Over here, the Google Store is actually more expensive than other stores 🤨

Capital one savings is 4.3% and no minimum balance required

Fo the silly gooses that pay more than 7% interest at a dealer. You could always refinance with another institution, ie, bank or credit union. You dont have to stay with that high interest rate. Hope this helps someone

Wow, you’re so young ands know so much. Good for you!

One of my biggest financial mistakes was trying to “time” the stock market. I waited 2-3 years to invest all my savings in the S&P 500 because I was “waiting” for a stock dip. I would have been much better off just buying and never looking at my account. Basically do nothing if it goes up 20% or down 20%, just focus on work and social life and not pay attention to the stock market. Your chances of being successful at timing the market is literally less than 1%. Reading the book little book of common sense investing really helped too.

none of this was helpful to me - would have loved more basic money saving tips

that dealership sucks, you should at least know what the interest rate is, or refinance the car loan or pay off.

Agree you don’t need financial advisor. You do need a business accountant though. Like the idea of investing in S&P type fund for 401k and IRA. Make sure your business, as your employer, maxes out your 401k, (dependent on your business setup, that’s why you need an accountant), currently employee max contribution $22.5k, employee plus employer combined max $66k annually, for 2023. Also, max out your annual IRA, currently $6.5k, invest similar S&P type fund. I have my IRA setup through Vanguard, S&P fund, low fees.

crazy how much Kira Dixon looks like you.

Financial Advisors! GOSH! I was like you, set up my RRSP (Canadian retirement) at 19 with a financial advisor. Worst money mistake I've ever made. Advisor never told me about dividend stocks or really explained the fees. I took my money out almost TWENTY YEARS later and made more with just dividends than I did when putting money from my paycheque in. Smart phones/apps weren't a thing back then, but the advisor could have been better, not like he was making tonnes of money off my couple hundred dollars. It's made overly complicated and confusing on purpose.

Subject: Anticipating Future Adventures: A Note for Shelby Church Dear Shelby, I trust this message finds you well. I wanted to express my heartfelt gratitude for being the guiding force in my love for Los Angeles through your captivating content. Your videos have not only introduced me to the city but have also ignited a passion that has led me to plan a move there in the next few years. As I embark on this exciting journey, I can't help but look forward to the day we'll meet in person. You've been more than a content creator to me; you've become a source of inspiration and a virtual companion in my anticipation of LA. I am confident that when I arrive, you will be my first friend in this incredible city. Thank you for sharing your adventures and insights that have made LA feel like a second home. I eagerly await the opportunity to meet you and express my gratitude in person. Warm regards, Nipun Mishra

In 2009, I got a car loan from my credit union at 2.99% APR before looking at vehicles. After getting approved, I found three car lots with the same year, make/model and very close mileage vehicle I wanted. I went to all three dealerships. They all tried to get me to apply for a minimum 5% APR loan until they found out I had a 2.99% APR. After having the dealer give me their best offer, I did a three-way call while I was at the last dealership. I got them in a bidding war, and got 30% off the price cause they needed to take inventory off their books. It was so satisfying to completely flip the script on the dealerships.

Also, add your kids to your credit card as account users. At 18, they will already have a credit score with a credit history.

Came here to ask you about your jaw surgery progress/recovery? Was it 100% success?? And do you have any issues with your nerve/senses around your chin/lips/palette?

Subject: Anticipating Future Adventures: A Note for Shelby Church Dear Shelby, I trust this message finds you well. I wanted to express my heartfelt gratitude for being the guiding force in my love for Los Angeles through your captivating content. Your videos have not only introduced me to the city but have also ignited a passion that has led me to plan a move there in the next few years. As I embark on this exciting journey, I can't help but look forward to the day we'll meet in person. You've been more than a content creator to me; you've become a source of inspiration and a virtual companion in my anticipation of LA. I am confident that when I arrive, you will be my first friend in this incredible city. Thank you for sharing your adventures and insights that have made LA feel like a second home. I eagerly await the opportunity to meet you and express my gratitude in person. Warm regards, Nipun Mishra

I meant to say that when you're investing in dividends. That 1 you're principal reaches a $100000. You can let up on the paddle I say b*******Put the paddle to the metal. And don't look back until you retire. To be honest with you. It takes $200000 to make a $1000 a month in dividends..

We should do a collab. I have a great idea.

The 401K one is so good! I was putting my money into my 401K and then noticed one day it said like some money market fund? And it was in there and separate from my retirement account. So it was just sitting there and actually not part of my retirement money and growing or anything. I felt like such a ditz haha So definitely make sure you're putting it into the right place, even when it seems like it's in the right place!

So excited for this video! Been hearing about it on your vlog :) I've def done the first one...I'm 22 bc nobody ever told me; all they say is "open a roth IRA" blah blah and they nvr tell you ahhh

I'm like invest in T-bills and get 4%-6% interest but then the GOP comes along and says "default on the federal debt!" and "shut down the gov't!" and I'd be looking for a fireproof mattress to put my money in if I had any left.

Aren't you still in your 20's you dope?

the pixel should use AI so when customer service comes back online the google assistant will answer all the questions for you, whether it's an AVR or an actual person.

Wow thank you so much - S&P 500!

I'm not an investor I'm not an investment advisor I've been investing for 30 years. I've been investing for 30 years. I've spent twenty six of those years chaser teslas googles, It was nothing but a waste of time. I'm now a passive investor meaning i'm vesting dividend paying stocks.. It's a generational thing once you understand that you'll become unstoppable. Because whatever you buy, you're gonna leave to your children. It's all about having income when you retire. Keep it simple.. You're running 10 years behit takes a lot of money and a lot of time. Time is your most precious commodity. Good luck, have fun. I get another stream of income off your dividends.

They say individual investing once you get to a $100000. And you're principal on your portfolio. You can let up on the paddle. I say b******* once you get to a $100000. You put the pedal to the metal and don't look back.. 😂

I thought the market was going to slide when Trump came into office, so I got out before he became Pres. Wrong, I missed the Trump train.

I never went with a financial advisor and made 300% return, it's easy to beat the S and P and making less than 2% is worse than putting it in a CD.

short term vs long term capital gains may be cancelled out by market fluctuations, if you sell when it's down you lose more money even if you tax rate is lower.

Buy less apartment, house and car to save more. Plan to be poor while getting some kind of training, an apprenticeship or college classes or just work experience. Pay attention to when you should switch from renting to a mortgage. Even better, save and buy a tiny house.

I made my share of financial mistakes but one is wasting investing in baseball cards and action figures. Made some money short term but would have been better off putting it into a fund and let it grow.

Another pearl milling !!!

I love this type of video!🤍

google pixel features are awesome, if only it didn't have green bubbles.

FRIENDLY REMINDER…GET YOUR MONEY OUT OF THE HANDS OF YOUR FINANCIAL ADVISOR😊

Ok so… yes to not needing a financial advisor VS the index fund (esp the one you chose) HOWEVER, I can’t help but think you clearly needed advice on how to handle the 401k situation..?? Well, better late than never tho 😁