Today let’s discuss the best purchases to make in your 20s, if you make smart financial decisions now, like I managed to do, then you can set yourself up for a whole life of freedom rather than just 10 years of fun!
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So here are the 7 best purchases:
Number 1: Buying things for a Side Hustle
If you have a plan to generate extra income and invest your money in something you are passionate about, then you are much more likely to succeed and maybe even 100X that investment. This is because you will know where you are going and not mind putting in the extra hard nights grinding, when you just want to close your heavy eyes and go to sleep.
Number 2: Buying Index Funds in a ROTH IRA or ISA!
If you managed to save or make an extra $200 per month and invested it in a simple s&p 500 index fund which historically has averaged a 10% return yearly since it was created, then in 45 years you will have over 2 million dollars! Assuming you are investing within a ROTH IRA Account in the USA or an ISA in the UK then this money will be completely tax free!
Number 3: Buying a Plane Ticket
Travelling can really give you so many opportunities… I managed to travel all over the world during my 20’s which built up my confidence and my contacts. These came in really handy for me later on when I needed to start producing products in China to expand my business.
Travelling also doesn’t have to break the bank, maybe you’ll have to buy a few plane tickets but you can also use credit card points to travel for free. The idea is to open a new credit card, meet the minimum spend and get the points bonus which you can redeem for free flights.
Number 4: Buying Education
Purchasing any type of education to better yourself is a no brainer. At the end of the day everyone is paid based on their perceived value, so if you are able to increase this by learning a new skill, then you are going to dramatically boost your wealth!
Number 5: Buying Real Estate
There is no denying that buying a property is one of the fastest ways to accelerate your net worth at a young age. If you own real estate, then you have a really great tangible asset which you can use as leverage. This has always allowed me to have access to the best loan rates, which I use whenever a great investment opportunity comes along.
It might not be as easy nowadays to buy a property esspecially in your 20’s, I understand that. But a great way to get around this is to do something called house hacking. The whole idea is to get other people to pay for your real estate, so you don’t have to!
Number 6: Buying Cheap Reliable Transportation
A used car is essential as it will allow you to work on your own schedule, meet deadlines and take on any new opportunities!
The real lesson here is not to buy a new car as it does 3 things; locks your money away, it could put you in debt if you buy it on finance, and it will lose value like crazy!
Number 7: Buying Bitcoin
Bitcoin closed out 2020 as the best performing asset of the last decade, so at this stage it seems silly not not own a little bit!
Crypto has undeniably been returning investors more profit than the stock market. So it makes perfect sense to buy and hold some Crypto especially bitcoin and Ethereum but just remember to only invest what you can afford to lose and ensure your investment portfolio is diversified across as many sectors as possible!
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*Some of the links and other products that appear on this video are from companies which Mark Tilbury will earn an affiliate commission or referral bonus. The Info in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.