Travel 01:16
- – Spend money on traveling, not luxury travel.
- – Americans should travel to understand different cultures and the world beyond their cities.
- – Understand the importance of experiencing different cultures and environments.
- – Look for opportunities to travel that don’t break the bank.
- – Look for places where you can still run your business or online side hustle.
- – Understand the importance of saving 30-70% of all income to invest in traveling.
Invest in Style 03:47
- Understand the importance of having style in the workplace and in everyday life.
- Invest in a wardrobe that is versatile and timeless.
- Invest in quality items that will last for years.
- Find a signature look that is unique and professional.
- Look for sales and discounts to get the most for your money.
- Research trends and shop for items that fit within your budget.
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Invest in Knowledge 00:16
- Invest in knowledge to expand your understanding of the world.
- Find books, courses, and seminars that will help you in your professional and personal life.
- Consider investing in conferences and mentors.
- Develop new skills and gain insight into topics that interest you.
- Take advantage of online resources to access materials at a low price.
- Challenge yourself and never stop learning.
Clothing 03:48
- Spending money on clothing is not necessarily useless, as clothing and style can say a lot about a person.
- A tailored suit is a great purchase to make in your 20s. It can be found relatively cheaply at places like suit supply.
- Rather than spending a lot of money on big brand names like Gucci or Louis Vuitton, go for the essentials like t-shirts and trousers that are tailored to fit you.
- Tailoring an article of clothing can cost anywhere from 20-40 dollars.
- Having a classic and timeless wardrobe can be achieved without breaking the bank.
High Income Skills 06:14
- Investing in the tools necessary to build a high income skill can be beneficial in your 20s.
- Examples include learning photography and videography, which can lead to client work and potentially business opportunities.
- Improv classes can also be a useful way to improve high income skills.
- Take the time to learn a skill that can serve you for the rest of your life.
- Investing in high income skills can provide stability and security.
Invest in High-Income Skills 07:22
- Invest in public speaking classes to hone and refine the skill.
- Invest in courses and programs dedicated to learning specific skills, such as coding.
- Buy the necessary tools to cultivate the high-income skill you have chosen.
Invest in Luxury Timepieces 07:50
- Buy an expensive timepiece that holds its value and is recognizable by others.
- Look for watches that can be bought from the open market at the end of their depreciation curve.
- Aim to spend at least $30,000 on a luxury timepiece.
- Investing in a watch is an instant status symbol.
- Wearing a luxury watch is a conversation starter with other watch collectors.
- Having a watch can provide benefits to clients.
Pay Off High-Interest Debt 09:48
- Paying off high-interest debt should be a priority if you have gotten yourself into a sticky situation.
- Cripplingly high-interest rates on credit cards can ruin your life.
- Investing in the stock market may not be a wise financial decision compared to the interest rates of some credit cards.
- Pay off high-interest credit cards as quickly as possible.
- Use AmEx points to fly first class flights for free.
Pay off credit card debt 10:59
- Paying off your credit card debt is the best thing you can do in your 20s.
- The financial burden of credit card debt can be crippling and daunting for those suffering from it.
- It is important to prioritize debt repayment before all other purchases.
Invest in a hobby 11:11
- Not many people recommend investing in a hobby, but it is a great purchase to make in your 20s.
- Incorporating hobbies into life can help to challenge yourself, boost motivation and discipline, and make things more effortless.
- Examples of hobbies to invest in include tennis, skiing, chess, and playing instruments like guitar or piano.
Investing 13:44
- Investing is one of the best purchases to make in your 20s.
- Investing can be done with as little as $50 a month, and can lead to a massive portfolio over time.
- Investing in your 20s can help you build a secure financial future.
Investing in the Market 14:36
- Starting young is key to having time on your hands, the most powerful asset on Earth.
- Consider investing a fixed amount of money each month or week, such as $50,000 or $500,000.
- Investing in stocks or cryptocurrency is a good idea, as they are fractional and you can buy fractions of an asset.
- Dollar cost averaging is a great way to invest – committing to investing the same amount every week or month regardless of the market conditions.
- Property is a great way to invest, but it’s not as accessible to buy a fraction of a house.
- Watch Iman Gadzhi’s video ‘The 8 Money Tips for Millionaires’ for more information.
Habits 14:09
- Habits can be ingrained in you from a young age.
- Consider starting habits that will be beneficial in the long-term, such as investing.
- Habits become second nature when started young and can be done with little effort.
- Making a commitment to investing each month or week can help make investing a habit.
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