WEBVTT

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You want to automate the investing and you want to manualize the spending.

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So in other words, you want to lubricate how easy it is for you to invest in yourself

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and you want to make it harder to spend on shit that never comes back to you.

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Welcome to the game where we talk about how to sell more stuff to more people in more ways and

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build businesses worth owning. I'm trying to build a billion dollar thing with acquisition.com.

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I always wish pesos, musk and buffet had documented their journey, so I'm doing it for the

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rest of us. Please share and enjoy. There are 14 massive money mistakes that people make in

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their 20s that you do not want to repeat. And this is one of those like don't buy an iPhone,

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buy an Android like bullshit. Like these are the actual things that if you make these mistakes

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early, you will have to pay for them for years. The good thing is that you can avoid them very

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easily. So I'm going to walk through all of them and why they're important.

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Understanding on education and overspending on status. And the thing that's crazy about this is that

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when you're in your 20s, you probably aren't ballin' and the amount of people on Instagram I see

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with their their checkmark that they bought in front of a Lambo that they would ever like we

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all get it. They're full of shit. We understand. The thing is though is that like the people who matter

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are not impressed. Like if I were a $200,000 watch, all the buddies that I have don't give a shit.

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Like they also have $200,000 to pens on whatever they want to. Like it just it doesn't matter.

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The only people that you impress are people who don't matter. And that's the thing. And so

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the only people who can help you, you're actually actively pushing them away because the thing is

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is that the guys who are ahead of you, what they want to see you do in order to earn their respect

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is they want to see you eating shit, living poor, learning and hustling. That's what they want to see

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you do. Like you drive around in your new roles or bends or whatever you don't even mean whatever it

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is and you're maxing out all of your expenditures so you can flex to other 20 year olds is stupid.

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And it's a waste of money, which is why it's a mistake. Now you should take that same money,

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which is why I said under spending on education and plow all of that into your own ability to earn

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more money. And that's what somebody who's ahead of you is going to look back and give you that

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status and respect for. Like you can get status in your 20s from people who are ahead of you.

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If you're doing the right stuff, right? If you're laying the foundation the right way, they will

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respect that you're on the right path. If you show that you're on the wrong path, they automatically

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think they're like he doesn't get it or she doesn't get it. It's not the game, right? They're playing

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the wrong game and they know that they'll never associate with you because until you understand

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the lesson. Next is taking jobs to earn rather than to learn. And this is one of the biggest ones,

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right? So I'll just say a quick story. We had a guy who applied, right? We had a thousand people

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who applied for a YouTube editor. So for editing videos like this, a thousand people applied.

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And we had, I don't know, I think we had 20 or 30 finalists after they submitted their videos

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that were pretty good. So we offered somebody very good pay for a YouTube editor role. And the guy

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said, I want an extra $3,000 a year, missing the fucking plot. And the thing is, is that like what

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he didn't understand was that he was in a season of learning, not a season of earning. And so he

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might be able to go somewhere else and get 30%, not even 3000, 30% higher. But the thing is, is that

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when you're in that environment, the people who are going to pay that premium are paying the premium

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for everything you know and have nothing to add to you. If someone's going to pay you less, it's

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because you know less than they do and you're going to grow during that period of time. And that's

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priced in. And so when you're going into the jobs, and this is why if you're taking your jobs right

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now in order to earn, it's not the right season. You're trying to pull a lever, trying to cash in

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early, like figuratively, you can eat ramen and split your room for, you know, 400 bucks a month

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so that you could learn for 10 years and then murder it, right? The earning potential of you

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getting extra $10,000 a year or $25,000 a year in your 20s is so inconsequential on the long time

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horizon of the skills that you should be learning right now. And so if you've got a trick or you've

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got a couple of skills that you're good at, get better at the skills and go to places that will make

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you better. Like if you have the opportunity and I'm going to plug it, but like if you have the

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opportunity to work with like, Mosy Media, right, that puts out all the stuff that we put that's

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growing everything in such a short period of time, then like that's a great opportunity, right?

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Like many people would pay for it, not even get paid to do it. So the fact that like people get paid

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is like a bonus. And if you don't see it that way, then you're seeing the game the wrong way.

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That's what that's the point here is that in the season of your 20s, it's a season of learning,

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not a season of earning yet. It will be when you get all the skills, but the moment you start pulling

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the lever on earning rather than earning, you've basically capped your your potential. Does that

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make sense? The person who's going to pay you the extra 30% more, that person is expecting that

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you download everything and why I had nothing to you. You're getting paid the premium because they're

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not adding anything back. Three is that you save money. That is a mistake. Hear me out. You want to save

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money in your 20s, but not actually save it. You want to not spend it or blow it on shit. And you

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want to put it into a separate account, but that money you want to invest. Now, not a dollar

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cost averaging S&P or whatever it is. Like you can do that by all means. It's a great way to like

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have some money later. But if you want to become filthy rich, which is hopefully, you know,

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what most nations here to do and build wealth and help people out, you want to invest that money

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into you and your earning capacity. And so right now you make so little that the money doesn't matter.

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So like if you save $500, let's see $1,000 a month, like you can put that into the calculator and

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look what it's going to be in 70 years. And like, cool. But the thing is that one, it doesn't factor

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in inflation. So when people see that they're going to be worth $4 million, $4 million in 60 years

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is also worth like a million dollars today. So it's not worth the same amount of money. And people

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forget to factor that in when they do the compounding. All right. Number one. But number two is that like

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think about how much more you'll get back if you spend $10,000 this year and then you double your

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earning capacity or you triple your earning capacity. Like then replay that equation where you can put

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even more money. But then when you have $50,000 to spend on your on your increasing your earning

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capacity, reinvest that right so that you get to have a million dollars a year, a million dollars

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or whatever it is in your earning capacity. Like you continue to reinvest in the equation shifts so

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dramatically. People are playing the game too small. And so in my opinion, the moment you start like

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actually investing like buying assets, things like that is the moment that you're saying I don't

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need to learn anymore because this is going to be my cap for my skill set. So in my mind, I always

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want to have that instead of saving money to invest in assets, invest in the number one asset which

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is you and increasing your earning potential. Decide how much you're going to invest first before

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you spend money. So here we are. If you make X amount of money every month, you commit the first

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money, right? Because prioritization comes from taking that's literally private comes first, right?

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It's that you take the money off the top. You skim it off the top and you say this money has been

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prioritized for my learning, my education, my whatever. You take it off the top first and then whatever

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you have left, that you can spend, right? Because now we've already allocated for our future and it's

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not because we're having our rainy day fun. Sure, have your have your 10 grants you have living expenses

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whatever. But after that, all that money, that account, you can let it stock pile up and then you

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see something that you want to learn. You have an opportunity, of course, you've a workshop,

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you have seminar, whatever it is and then deploy the capital, right? And then you get the skill back.

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Now you still have the habit of every month, first money goes into my education, first money goes

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into my education, but you prioritize it first. Not what do I have left at the end of the month,

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can I afford it? You've got this big pile of gold over here that every month you plan to and then

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when you when you see the opportunity, you make the decision, you pull the trader. Next one, you

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want to automate the investing and you want to manualize the spending. So in other words, you want

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to lubricate how easy it is for you to invest in yourself and you want to make it harder to spend

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that never comes back to you. All right. So this is why, as a side note, Dave Ramsey talks about

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people having cash rather than credit cards because when people spend cash, it's harder to do. You feel

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you actually feel pain when you buy things in cash compared to using credit cards. But anything

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that's automated and recurring, like those are things that you want to you want to make it harder

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for people to take money from you, you want to make it easier for you to spend money on yourself

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in terms of investing. And so that's why I like that, that skimming part, you want to automate that.

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So they ideally, you don't even see the money. Like the only one that even hits your account

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is the money that you're allowed to spend. The other money you've already allocated out to the

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other things, like give your rent account maybe and then you've got your personal investing account

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not S&P, S&M, right? And then you've got your, sure, you've got your food and your your car money,

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whatever, right? Automate the thing that you want to have happened, manualize and add friction

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the things that you don't want to have happened. Next, don't go shopping, stick with your lists. So

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most times, especially in your grind time, you do the same stuff every day, you eat the same breakfast,

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eat the same lunch. If you know you're going to be doing that on a regular basis and let's be

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real, you don't need another set of sneakers, you don't need a fan to your code or whatever, right?

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You don't need the watch. The idea that someone says, I'm going to go shopping like they have no agenda,

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it just means like, I'm going to waste money today. You're like, okay. And so stick with the lists

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that you already have pre-approved in terms of your budget of the money that I have left over.

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This is my list. These are my groceries. This is whatever. And if it's not on the list,

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you don't buy it. It's a very simple habit that will pay dividends for the rest of your life.

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Next, get takeout. Don't cook your food. Very contrary. I know. Here's the thing. As soon as you

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make more than $15 an hour, it makes more sense for you to work that day and get the takeout

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food and get the time back. It makes more sense financially. And so most people can, like if you're

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not being a weirdo, like you can eat out for 10 bucks ish a meal. And you eat out twice a day,

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it's 20 bucks a day, $600 a month. Okay. Now, the idea is how long will it take you to make that

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money back? If you can make that money back, and like, again, this is the delta. So maybe if you

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went to the grocery store, it'd be what? 100 bucks a week, right? Versus $150 a week when you're

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eating out is like, is the net $50 a week? Can you not make that up for the meal prep, go into the

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grocery store, cutting, cooking, cleaning, et cetera? Can you make all that up? And so this is one of

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those things where people are like, they save pennies, but they don't think big picture. In my

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opinion, it's like, if you save an extra $200 a month, the habit is worthwhile, but the idea is

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you're focusing on the wrong part, right? You're saving the pennies rather than investing in the

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mega millions, which is you and the time that you have to allocate to learn. People live with the

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wrong people. All right. So the people that are around you, one, they have terrible roommates who

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break things, who go out drinking, who are late or late on rent, like these are all things that

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will distract you from the thing you're trying to do. That's like level one worst type of roommate.

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Above that, you've got people who are responsible, et cetera, but they have, they don't have the same

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goals as you, right? And so they will speak over you their limiting beliefs, and they will oftentimes

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not actually root for you, and they will kind of undercut you when you're on this path, which is

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probably different than them. And the thing is in the beginning, what become success looks like

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failure, because you're learning, you're not earning. They're already pulling their earning

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trigger. They're bragging on the fact that makes 70 grand a year. Whatever. Who gives a shit,

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right? Because you have a different goal. And so never listen to people who have smaller goals

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for your life than you do. All right. So making sure that you're living with the type of people

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who are trying to do the same thing as you are in your life will encourage one another. And you

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guys are kind of like in the game together, in the same mindset, listening to the same stuff. And

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that that's what will shape the way you see the world. And in your 20s is a lot of how the final

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beliefs about the world change, which is why it makes some of this content for people in that time

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zone, because you haven't solidified your world views yet. After this period, it's about 25 to 27,

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it's significantly harder to change your world views. It only comes from trauma. People change

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the world, they get divorced and they change everything or they like come back from Afghanistan,

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they change the world, like trauma gets you back into hyper learning again. Your body's like,

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whoa, I have to learn this. I have to change my views of reality because something bad happened,

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right? But most times there's no other reason that people learn after that. And so that's why I make

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this content this way.

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As a side note, I do think it's worth living with multiple people in your 20s because one,

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your 20s can be lonely, but two, it's also just a lot cheaper. I live in a house with seven

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people in California and I was able to only pay 400 bucks a month in like a nice area,

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which leads to the next one, which is your micro community matters a lot. And so I think that it

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makes a lot of sense to be I would overpay for convenience in terms of being close to stuff,

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like close to the highway so I can get on and off and right to places I need to, close to a gym

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and close to cheap places to eat. If I can do those things and ideally if I can walk to them,

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I save time and gas, like I get outside, whatever I can get some exercise in,

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but the more important thing is it's the time. Like if you live in the middle of nowhere and it takes

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you 25 minutes to get the gym and 25 minutes to go back, like and 22 minutes to find so like,

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there's all this time that gets eaten up, which is why remote work is more efficient. You don't

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have all the transit, et cetera, et cetera. And so the micro community, I would say I'm willing to

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pay a premium to save all of the ancillary costs it would go with living somewhere less convenient,

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less safe. I would live with more people in a better area than fewer people in a shitty area.

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Next is you model the wrong season of life. So people, sometimes young guys will look at what I'm

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doing, they're like, I'm going to do what Alex is doing. The thing is, it's like you don't have

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the track record, right? And reputation is built on two things. It's built on scoreboard and it's built

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on shots called, which means it's built on what you've done and what you say you're going to do

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and having both of them come true, right? And so the thing that builds the reputation is not

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modeling what I'm doing now, but modeling what I did before, right? And so you want to make sure

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that you model the right aspect of someone's life at the right time. Flying private doesn't make you

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rich. It means you spend a lot of money, right? Sequence matters. When spending money, measure

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money in how long it took you to earn it. And this is again, we're trying to add friction to when we're

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spending, right? And so let's say you make 20 bucks an hour, if you want to go buy a shirt for

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a hundred bucks, right? Then you have to think to yourself, okay, I make 20 hours an hour,

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there's 20% payroll tax plus, you know, whatever, whatever. So I'm actually going to have to work

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six hours to buy that hundred dollar shirt with tax, whatever, right? Six hours. So if someone said,

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I want you to work all day and I'll give you the shirt, would I do it? Probably not. And that's the

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thing is that a lot of times we're not aware of the value of our own money in terms of what we put

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in to make it. And so I remember when I was a kid, I went to I worked at smoothie king,

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wave, I was in 15, 15 years old. And all my coworkers would go next door and buy lunch in the middle

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of the shift, right? Six hour shift and I was making $7.25, $7.25 an hour and a six hour shift,

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right? So I was making 40, whatever, 43 bucks, right? 43, 44, 44 dollars. And then I had taxes on

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top of that. So it's probably closer like, I don't know, $33 or something like that after taxes

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or 36. And so people would go next door. I remember noticing this and they would spend 15 bucks on

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lunch, right? While they were working their shift, they would go to subway or whatever. And I thought

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to myself, I was like, every time they work, they do this. Because I would see the same guy do it.

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And I was like, so you have $36 after taxes for living here, for going to work today. I was like,

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and 15 of that is you going to lunch next door. I was like, so you're working six hours for 20 bucks.

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But people don't do that math. And I saw all my coworkers do it. And I was like, this is insane.

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And so again, measure what it costs to buy something in the hours it took you to get it. So make

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the translation and then reevaluate the decision. You'll buy a lot less stupid shit. Get competitive

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with money around what you're saving, not what you're making. All right. So I told you, this is

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the season of learning, not season of earning. But to know what you're going to learn, right? You

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have to budget towards your investment. So rather than thinking, I'm making $5,000 a month and

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spending $5,000 a month, meaning I'm profiting personally zero, right? Say, I'm saving $2,500

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this month to invest in me. And so make your PR, your personal records around what you're able to

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put into that bank account every month. Watch how big it grows and your contribution every month.

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Make that the metric that you're optimizing around even more so than the income. Because the thing is

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is, I'll tell you this, I'm old enough now that I've had people who I know have been making hundreds

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of thousands of millions of dollars a year and have nothing. Like when I get in these backdoor

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conversations, I'm like, all right, man, like what's going on? I'm like, what do you got,

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what do you got saved up? So I can understand like the situation, like, oh, I mean, got like

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500 grand. I'm like, oh, mind you. For some people that might be a lot of money. That's not,

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I'm not saying it's not. I'm saying given their relative income for the amount of time they had,

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they blew everything. And so it's the same as a teacher who saved 500 grand in that same period of

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time. Like they wasted everything. And so make your personal records, the thing that you competing

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into, the thing that you optimize for, not the income, but the amount that you invest. Make that

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nut, the thing that you focus on and optimize every month. Next one, check your account every single

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morning. All right. I think this is a habit. It like I stopped checking my account when I crossed

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20 million. That was when I was like, okay, because the daily fluctuations now says became,

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it didn't make sense anymore. But I checked it every and the thing is is until I started doing it,

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I stayed poor. I didn't want to look at my bank account because it would hurt my feelings.

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Seriously, I just, I would look at it and I would just feel poor. But that's okay. You have to

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confront reality in order to change it, right? And so I would, once I started looking at it every day,

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I actually started to get an idea when I talked about lubricating, lubricating the investing and

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adding friction to the expenses, I was like, man, there's so much, so much automation on my expenses,

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like, man, money's pouring out of this thing left and right. And so once I got a pulse on it,

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I knew Tuesdays is when I paid for this, Thursdays is when I pay for this. The first week of the

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month, I'm like, I started to get a pulse on the money flow and it's a habit that once you learn

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it, it's hard to forget. And so first thing in the morning, check your account. All right, if you do

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that, you'll get into this habit and you'll start getting an idea. And I promise you, just like losing

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weight, you get someone to measure the weight of your day, get someone to measure the bank account

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of your day, it'll improve. Finally, what is it okay to spend money, right? Now I said education,

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obviously, that's where I'm going to, I'm going to prioritize it. But life isn't just that,

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all right. And so if there's one thing that I probably could have done better, it's like,

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could have spent money on one-time experiences. And what I mean by that is not going to the club

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and pop and bottles, all right. But there are times when, you know, go to Europe and doing a,

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you know, sleeping in hostels for three months, like, that's a cool experience that you're not

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going to be able to do in your 40, even when you got the money and the time, you're just not going

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to do it, right? So there are times of our lives that are optimal for certain types of experiences

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in those windows closed. And so if there are experiences that you can only do in your 20s,

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I wholeheartedly support them, but you want them to be things that when you're 80, you're proud of.

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You're not proud of like pop and bottles in your 20s, like, you know, I mean, like, it's not,

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you know, like, yes, right. And so I think that giving yourself permission to spend on an

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experience in a limited fashion, you don't want to train your entire investment account, right,

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to do this. But like, to spend on something, you want to go see the Grand Canyon for three days,

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you know, I mean, go to the Grand Canyon. And what's interesting is that a lot of these

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experience are actually free, right? And so, but spending time and money, but especially time in

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your 20s to do some of these one-time experiences that when you're 80, you won't have the health to do,

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even if you've got the money in the time. And in your 40s, you probably also won't have the time

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even if you've got the money. Like, these are times where I would say, this is probably counter

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than what you expected in this video. I do think it's worth doing. It's probably one of the regrets

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that I have is that it didn't spend any on that. And I think about a couple of like, I'll never,

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I will die now knowing that I never did the hostile experience in Europe. It's just not my,

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I probably just won't do it. You know what I mean? Like, my wife doesn't want to do it for sure.

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Right? And so, if you have some of that independence, if there's some things that like are

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little unique to you, I think these are the times that you can do that. And it's worth spending

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the time and the money to do it, even if it's not financially makes sense, because at the end of

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the day, like, you're going to die, it's not going to matter anyways. So anyways, those are the

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money mistakes people make in the 20s. Most of the nation keep you in awesome. And if you are

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business doing between three and a hundred million dollars a year, we'd love to talk to you.

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Otherwise, enjoy this stuff.