3 Money Traps To Avoid In Your 20s

Your 20s are the best years to build up wealth…use those years wisely.

Throughout my time interviewing people on the Breakthrough Success Podcast, I’ve come across people who built their wealth in their 20s and people who didn’t think about financial independence during those years.

Unsurprisingly, the people who didn’t plan their finances in their 20s often spoke about it with regret.

It’s your 20s where your cost of living can be at its lowest. You can live with your parents, borrow one of their cars rather than buying your very own, and not have to pay for food.

Each person’s living expenses vary, but living with your parents is an easy way to cut down most of the typical expenses.

Most people don’t learn about building wealth in school. Rather, they learn through experience…for better or for worse.

This article will help you avoid some of the most common money traps that can create a serious dent in your finances.

Money Trap #1: Spending On Flashy And Unnecessary Stuff

You don’t need the new car, the bigger house, or the high end fashion.

If you have a roof above your head and an interior set-up you’re happy with, your house is good enough.