So if you are in your twenties or thirties and you're not a millionaire, don't worry because ideally you should not be one at that age at least.

According to statistics, The average network for adults, between the age of 25-35 is $9000.

So if your network is higher than that congrats you are doing better than most people, that number is so low because your network is all of your assets minus liabilities, such as student debt, mortgage or credit card debts.

But as people pay up their loans, they end up with a much bigger network.

That's why the average millionaire ages so high.

But what percentage of millionaires are below the age of 35, Only 1%.

So when you see people becoming millionaires in their teen years or billionaires before turning 30, that's an exception.

A lot of things have to go right for that to happen.

You have to be at the right place with the right people with the right idea not to say that they're wealthy because they're just lucky, they definitely worked hard for that.

But a lot of other things outside their control went right for them as well.

The point is, if everything goes right for you and you become one at such an early age than good for you, but if not, that doesn't mean you should give up, but rather keep pushing until you make it well, there's something that is built gradually.

That's why the overwhelming majority of millionaires are over 60 years old.

That might not necessarily be in your case because that's the average, There are people who are millionaires and are above 80 and then there are people who are millionaires in their twenties, so the average is 62, No one wants to wait that long to become a millionaire.

You want to enjoy that money while you're still young.

And one way to do that is to avoid financial mistakes.

Often people do find ways to make a lot of money.

Some of you might already earned millions in your entire lifetime, but you have lost most affect.

So if you want to cut your financial journey by a huge milestone, if you want to become financially independent sooner than this video is for you.

If I avoided these mistakes, I have no doubt that I would have become financially free much sooner.

So I am going to save you many years of experience and share with you five money mistakes you have to avoid at all costs.

By the way, I have a huge announcement to make a dent of the video, so make sure to stay till the end to find out.

But before we get started, here is a disclaimer.

This is not financial advice and everything that's said in this video is for educational and entertainment purposes.

And now let's get back to the video.

Number one.

Not paying attention to your mortgage rates for most people buying a house is going to be their single biggest investment.

Houses are not cheap.

It takes a lifetime to buy one.

That's why we have 30 year old mortgages.

But what people take for granted our mortgage rates, of course, everyone can see the difference between one and 5%,, But a lot of times when the difference is like 1%, people don't take it seriously.

They don't try to look for better deals or improve their credit score before applying for a mortgage.

Let's do the math and figure out how much of a difference there's a single percentage make.

Let's say you want to buy a house that cost $300,000 and your mortgage instead of 4% is going to be 3%, assuming you're going to make a down payment of 20%, you're going to save an additional $134 per month.

At first glance, it doesn't seem like a lot of money.

But if you give it a second thought, that's a huge difference.

That's an extra $1,600 a year.

Or $48,240 over the course of your mortgage for most people, that's how much money they make in an entire year.

If you can get yourself a 1% lower rate, you can save yourself a fortune.

But here's where the interesting part starts.

If we count the opportunity cost of that money, that number skyrockets instead of saving age, let's say you are going to invest that $1600 into the S and P.

500 every year over 30 years, you're going to end up with $300,000 pretty much the same amount of your house.

So when you're not trying to get an extra lower percentage, when it's possible, you're throwing away $300,000.

And if the price of the house is higher than that number is going to be much bigger.

Number two, not paying attention to your looks back when I was in college, I used to think that people who spend too much time trying to look attractive are useless because at the end of the day, you should not judge the book by its cover, right?

I cannot tell you how wrong I was.

Beauty pays well.

There are multiple studies show that on average, more attractive people do better financially.

I know that it sounds horrible and bad and I'm not saying that's right.

The problem is that we naturally love to deal with more attractive people.

I'm not just talking about the opposite gender.

But overall in general, We often criticize celebrities of than face surgeries to look more attractive and yet millions of people followed them after they have done that, thus making them wealthier.

Multiple studies show that the better looking men had higher starting salaries and faster earnings growth in their 1st 10 years for women looks had little effect on their starting salaries but did improve their earnings growth in the long run.

Some studies even indicated that better looking people get lower mortgage rate.

If you're hiring a salesperson, for example, would you hire someone who would attract more customers by being attractive and generate more cells or someone who is less attractive and would attract fewer customers?

Of course not all professions require great looks, such as cells or acting, but if you had to professionally equal options, most people would lean to hire the more attractive one.

Some people are lucky genetically and natural and look beautiful, but that doesn't mean you can't do anything about it.

You can't change your genes, but there are plenty of things that you can do suggest dressing up properly, fixing your hair grooming, exercising, hitting the gym regularly.

You can make yourself look much more attractive than you can imagine number three, you always have an option.

So here's how it works.

First you go to the kindergarten than to school, then to college and university and then you find a job.

Maybe change your job, get married and so on.

There is nothing wrong with that.

The problem arises when people think that they have no choice once you graduate.

What do you do?

You look for a job?

What people don't realize is that they don't have to, it's a choice to either go and find a job or do something on your own that feels more meaningful.

You're not obligated to go to college, You're not obligated to take a student debt.

You're not obligated to find a job.

If you think that you have an idea, you can start to start up.

It's a choice and not an obligation number four, borrowing money to start your first business.

Here's what freaks me out when people have no idea how to build the business, who have absolutely no experience of what it means to run a business, believe that money is going to solve their business problems, so they go out and borrow money to start the business and then in most cases they get themselves into a lifelong debt.

Don't get me wrong, Capital is important for a successful venture, but it only solves the problem when you know how to solve it.

We're no longer in the 20th or 19th century.

Even back then you could start a business with little to no capital and today I can give you dozens of ideas of how you can start a business with a few $100 at best.

Once you have established your business and you have a clear plan, how to expand, that's when it makes sense to borrow money.

But even then, you're probably going to make enough to expand on your own without borrowing money.

Number five, timing the market when you get into the stock market for the first time you're excited, especially when you look at all these patterns.

If this happens, then this is how the market is going to react or if this is happening now, it should be followed by a boom or a correction.

You spend all this time trying to predict the market, but the moment you put your money on the line, the stock plunges with every minute that you're not selling your stock, you lose money and it hurts because it happens right in front of your eyes.

Even if you exit your position and realize your losses, you don't give up and try to time the market again.

And that's how a lot of beginners lose fortunes when they just get into the stock market.

In fact, most of them start to believe that maybe the stock market is not for them or it's just one big scam.

What you have to understand early on is that it's impossible to time the market.

Even if we are in the middle of a bubble, you never know when that bubble is going to burst.

Is there is a chance that you can predict it?

Yes, but it's very small and if you are a beginner that you can only rely on luck, so instead dollar cost average, which means invest gradually so that you hit both the bottom and the boom.

But since the market overall is rising, you will most certainly make money and not lose.

But if you want to learn how to properly invest in the stock market, then check out my course on skills share where I explain everything from how the stock market works to how to read financial statements to different investing strategies.

You can try skills share for free if you use the link in the description and get the course for free.

Yes, you heard that right?

You can get it for free using the link in the description.

It's short, straight to the point and fully animated.

At the end of the course, there is going to be an assignment that you have to complete, which I will personally check and provide you with feedback.

So see you there.

Thanks for watching and until next time.

Mhm.

Mhm.