Financial Lessons I Learned In My 20s
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- čas přidán 16. 05. 2024
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#finance #money #spending
Thanks for watching! What are some of the financial lessons you have learned?
same compounding, wish I had known about it earlier though
Allison Anderson using Credit Cards to “build credit”
How to actually get serious about paying down debt quicker than your payment plan dictates!
Never buy a brand new car!
Auto savings really really work .... that's how I have been able to save 8k this year ...
This was a very good video. I am going to share with my grown granddaughter who recently bought a house and is living in her own. The biggest tip I can give anyone is something my husband I did all throughout our working life. We had car payments as most do. When we paid off the cars, we continued to make a “car payment” to our savings account. Soon we had enough to buy a new car outright without a loan. We did the same with our mortgage. We paid off our house and then continued paying our savings account each month. Now we are retired, have zero debt and enjoy a nice retirement nest egg. Hope that helps someone. Jackie from Indiana
wow, that's such a good idea!
Jackie Armstrong that is really great advice thank you very much 🙏🏻
Jackie Armstrong best idea !
Jackie Armstrong - Wow, that’s amazing. Thank you so much for your advice. You and your husband sound like you’re both financially savvy, knowledgeable, and independent people. I hope you both are staying healthy and safe in the midst of this pandemic. Sending you blessings from Arizona! 🌵🏜✨
@@sabrina.natalie Wow i've never heard anyone give this advice. Definitely will be using it when I pay off my car!
I really appreciate how a lot of youtubers are making finances an open topic! It’s so important for us to not be scared to have these conversations.
Thank you for this video!
Thanks for watching! I agree, I love that people are opening up about the topic.
I have actually had a fight with my mom about this. (She was always open with me about her finances, but she believes you should keep things like your salary private) I think it’s important for people to be like “this is how much I make and this is the life you can live” so then so many young people stop living out of their means.
Wow American health system is messed. $12,000 bill even after you had insurance??? Fucked up
It really really is.
I had a 300 dollar medical bill for having a cold.
This was a lot out of pocket because the particular hospital that she had to go to after the first one didn't take her insurance.
@@rikkipoynter Also insurance companies can reject treatment coverage as well.
onetwothreefive1235 This happened to me too
That emergency fund is huge. It brings me so much peace of mind. I was way more stressed without it compared to now having one.
This rings so true during this pandemic.
I still have a job and a full paycheck and still, the only thing that keeps me sane is the fact that I have that fund.
Holy shit, it's scary thinking what might happen!
I just started mine and then this pandemic happen, I feel so frustrated.
@@throughthelookingglass7339 Everything will work itself out. u got this
I remember when I just started making money I thought I was so rich, I started buying so much shit, clothes, shoes, makeup, jewelry etc! and now I look back at all that shit and I’m just like 🤦🏼♀️ whyyyy! I could’ve saved all that money! I don’t even like any of that crap. I definitely have mellowed out since. It’s a learning curve.
Thank you I needed to hear that!
Thanks needed that too !
Me too!
1. Stop making "short-term" purchases
2. Have an emergency funds
3. Take advantage of compound interest
4. Financial security can make you happier than material things
5. Lifestyle inflation creep can hit you hard (house, car)
6. Beware of fixed monthly cost
I’d never heard of lifestyle creep but yes that’s so real!
THANK GOD FOR THE NHS. $12,000 is an insane amount of money 😱
Wow, American healthcare is a nightmare... are you guys ok?
KateLouisaRose absolutely not 😭😭😂
Definitely not
Nope!!
KateLouisaRose no
not at all
Just turned 26... RUNS to read Dave Ramsey and compounding interest 👀
Taylophoto he is a financial genius!
I second Chelsea! The man is amazing
My biggest lesson was don’t spend money you don’t have (I.e. credit cards)!
Lauren Colson that is so true! I really don’t like this concept of living in constant debt
I’ve looked up to you for such a long time and now I’m 24 and like “holy crap!! I gotta stop this stuff!” ahaha. Thanks for being an amazing role model and for bringing my spending habits to the forefront!
Maintaining a budget spreadsheet. At the top, I have income listed. Below, the bills I pay, each column is a pay period. Best habit I've ever started.
Rhonda Dossenbach I do the same thing!! I save the spreadsheet by the year so I can look back. I also list my financial goals on there too.
Can you do a video on your 2020 goals and more videos on decluttering/minimalism 😊 I love your videos!!
Thank you! I'll add those ideas to the list :)
I can’t even imagine having to pay for health care... I think that’s so insane. I’m a surgical nurse so I constantly see huge surgeries, hospital stays for days weeks some even months. I just can’t imagine.... I live in Canada, which I’m sure you can assume lol
Our healthcare system is terrible, nobody can deny that. But you do pay for healthcare, just in taxes not bills. If you don't have many medical expenses, the American system may be cheaper in the long run. If you have many, the Canadian system would definitely be better for you. In the US, it is up to the individual to have an emergency savings just as she mentioned, which you can more easily since your taxes are less. But the burden does fall on the individual which can be very difficult. I personally prefer the self responsibility to trusting the government, but that's probably due to growing up here 🤷♀️
@@merie7920 no no no. This is the lies Americans tell themselves to justify this crap. I am an American living in the UK and as Americans, we pay A LOT of taxes and it is very comparable to what people pay here So stop living in this fake bubble to justify your FAKE freedom. I am lucky to be in the military and have Tricare, which in and of itself is "socialized" medicine. I feel sad for people like you because you think this is ok.
My income, not including my spouse's would put me an average person in a 40% tax bracket in the UK so it's really not a 'similar' amount only looking at income tax. And maybe other countries governments are competent enough to do this well, but I don't believe ours is. Which is pretty evident based on the results of VA and Medicare. Again, I agree or system is garbage, just pointing out that you are always paying for it even if you have socialized healthcare, not even saying that is a bad thing.
Yeah, it sucks. I'd much rather my taxes go towards socialized medicine/a solid social security net rather than a ridiculously large military budget. I'm in school getting my masters now but want to move to Europe/Canada in the next 5-10 years.
A savings account is so needed, I have been in so many situations were I needed some money for a bill before a paycheck. Financial stability is so important to me now. Thanks for sharing :)
Your content is just so inspiring and honest! I’m so glad your back on CZcams regularly!
THANK YOU. For someone in their early twenties this was amazing advice.
I have really enjoyed your content over the past year. You’ve done some really cool ideas and it’s nice to see you step outside the box a bit.
this is incredibly helpful and fun to watch; i've been subscribed for years and have been loving your recent content!
I'm loving your advice. I'm 22 and i've been using them a lot!!!
Lol today is my 30th birthday and CZcams recommend this to me lol. Never watch your videos before but this one is a good one. I can def relate.
Happy Birthday!!
Mollie Rose thank you!
I'm actually starting my 20's adult life and your videos really gave me another perspective of financial "life", now I'm not as scared as I was a couple weeks ago! Keep on doing this kind of videos please!
I love how open you are when it comes to discussing finances! Topics like that are so important to talk about
Always love your videos, Allison, and this was no exception! Your financial wisdom is so helpful!!
I'm focused on spending less and saving more next year. I would love to see a video about your personal, professional and business goals for 2020 😊
I love this topic, so useful for me considering I just turned 21
I love these financial videos!! I would love to see more in detail how you travel and save for your travels - how you budget etc.
This is an amazing and insightful video. Thank you for being open on this topic!
Your content is my favorite! Everything you post about is everything that interests me- travel, finances, minimalism, finding your style, etc. 😍
Loved this topic! Would love more videos like this
This was super helpful for someone in their early 20’s! I’m graduating in May and the way I spend money is scary 😂 A lot of these tips were things I really needed to hear.
this was such a helpful video!! thank you!! I'm 19 and definitely will be taking your advice
Allison, you are just one of those people I trust to take advice from. You’re so genuine and well educated and I just really appreciate your videos!💚
I started watching your videos years ago and I love how your channel has evolved over the years. I'm currently in my early 20s and your content is so interesting and helpful to me!! Love your stuff and so happy to have seen you grow over the last ~decade or so! :)
I've been watching you for years and years from your makeup collections and all your past "yt friends" and seeing you shift in a matured responsible grown up Allison is so awesome! I hope one day I will stumble on you in Seattle hopefully in Pikes place👍🏽🙌🏽 Happy New Year!
LOVE this, needed it more than anything at the moment. Thanks for the video :) It's given me clear sight to focus on getting good with my personal finances in the coming year!
This is my new favorite video on CZcams ❤️ I’m 26 and have thankfully learned several of these lessons over the past few years (unfortunately I learned them all the hard way lol). One of my resolutions for 2020 is to be more strategic with my money and many of the ways I plan to be more strategic are things you mention in this video. I am keeping this video in my back pocket and will pull it out every time I’m contemplating a purchase 😄
Loving these financial videos you are doing! I recently bought a fujifilm and would love if you did a photography tips & tricks video
That I was just as happy earning $200 per week in my 20s as I am now earning a six figure salary. Life has changed, living conditions have improved, but I feel the same. I actually feel freer not because I have more money, but because I now don't want or feel the need to buy anything. I used to think that's what would make me happy but now just being financially secure is enough - I am still wearing clothes I bought 5 years ago lol
Loving these financial videos! Definitely interested in hearing more.
I loved your video. I found your page through the recommended tab, and I know for sure that I needed this as I recently turned 20. Happy New Year!
This is all so honest and real. Thank you!
I Love how relatable your videos are!
I’ve been watching you for years and I’m so grateful that I’m able to grow up with you! These are the kind of videos I need to watch and are super helpful as I adult! Thank you!
I used to watch you back around 2011-2012 and finding your channel again and seeing the shift in content focus has been so nice!
I appreciate you sharing your matured content and recommendations!
Such great advice and so, so true!
i think you're my new favorite youtuber - I recently found you again - since watching you wayyyy way back. and I LOVE your new content!
I just wanted to say thank you so much for this video! As the child of immigrant parents here in the U.S., the financial world is terrifying to me since my parents are learning as they go just like I am. It's nice to be able to learn from others and to get a better understanding of how things work. Thanks again for your wisdom and transparency! We need more of both these days.
I have only seen a couple of your videos here and there but every time I do, I want to learn more! I love the way you present yourself and I appreciate all of the knowledge you are passing on. It is definitely worth the time to watch videos such as yours or read articles to understand how to really use your energy, time and money in a useful way that could benefit you later in life. Much love!
Great video! We’ve shared some of our ‘dumbest purchases’ made in our 20s in a recent video but I love your initial point on building an emergency fund.
Before you can spend & save/invest...it’s so critical for you to build up your runway and ultimately clear your debt ✨
Thank you for making this video, it really helped me as someone who’s in their early 20s
Good points. Happy New Year!
I love these financial videos!!
Quality video, Allison!
Such solid, helpful content!
I'm so excited everytime I see you posted!
Thank you!
Awesome video. Thank you for sharing!
Hi, I'm still in my late 20s but so far I have been learning a lot too about finances. I've been following your content for I also would like to be more cautious about my financial decisions to be able to travel abroad. One of the most impactful learnings is to follow the formula of Income - Savings = Expenses and it really helped me save some money regardless of how low my income is.
I had never heard of lifestyle creep but that is definitely a real thing! Thanks for bringing it to my attention. It’s something to think about
My biggest financial lesson in my 20’s so far is just to educate yourself about finance! It’s so important to start young with financial education because time is the best asset we have on our side. I know finance can be intimidating for others but there is SO much free knowledge and websites out there people can use to educate themselves. One of my favorite finance related channels is The Financial Diet which I think is a good channel for anyone wanting to learn more about finance and the mindset behind money in general.
Loving your videos! You should make a video on finance book recommendations. 💗
such an eye opening video!!
This is all incredible advice bring a recent college grad. Thank you!!
This was great! I want to learn more about compound interest and investing in 2020!
You look GREAT in the background. Thanks for the great info share.
So true 😍 thank you for sharing.
Very very relatable! I'm on my mid-20s and made bad financial decisions. A good financial habits while you are still young will definitely save you from debt. Young generation should now avoid or lessen buying unnecessary cheap things because they are trendy and should invest on quality pieces and financial goals. And, people, please please invest on your health and future!
Hi Alison! Long time subscriber here :-) Thank you for making this video, it was really helpful :-)
Being in my early 20s, this video would really really help me in my future..
Great video!! Would love to see more about finances
Allison I have been watching your videos since I was younger, like videos of you in Africa visiting your dad. I love all your videos your amazing. Don't ever stop.
Hitting age 25 in Feb, and I wanted to thank you so much for this video!
I just happened to stumble upon it here on my feed, and I saw the title of this video and thought "Oh, what the heck, its a new year and I am almost quarter-life, so MAYBE this would be helpful for me??"
And YES, frankly, it was!
Thank you! And please, more with these financial/lifestyle hack videos! :)
Keep making Financial Vids!
Could you do more storytime videos? I just really enjoy your storytelling skills!
Excellent video, Allison.
Hi Alli... It's so important you talked about this and thank you.. I actually discovered Dave Ramsey and the budget mom this year and wish I knew about them earlier.. There are just so many things I didn't know and just spent all my money living my best life in my 20s( so no regrets but). I'm 35 now and hustling hard for a down payment for a house and then eventually retirement... These are things that would be beneficial to teach in high school.. great video.. thank you!!!
great topic, great advice! and thank you for incorporating the sponsor in a logical and honest way - not trying to sneak it in and acting like viewers are dumb like some other youtubers do 🙄
Thank you SO SO SO much for this video! I'm in my early 20s and I always feel lost about things like financials and knowing how to save money for the future. Everyone says I'm too young to be thinking about retirement already, but I feel if I wait 10 or 20 years before I start saving, then I'm late to the game. Also, people I usually ask for financial advice always tell me to just save and put away money, which works, but interest in a savings account amounts to less than $1 a year, so there's definitely got to be better ways. I am so glad more youtubers are now talking about finances and more practical topics as their audience also grows up with them!! I loved videos like "what I wear to high school" tags back in the day, but now I'm past that stage so advice like this is definitely more helpful!! So thank you!!
I love these financial videos!! 😁
this was such a great video
Learning to budget and to bargain hunt for things and that sometimes there’s not reason to pay extra
love this! can you do a 2020 declutter/minimalism video?
This video helped me a lot thank u so much 😊 🌸
this was really good! Im in my mid 30s and I wish I had done a better job. I accumulated a lot of credit card debt in the beginning of my marriage and am now really focusing on paying it off.
Great lessons! I’d say that I wish I found out about zero based budgeting. Being intentional with every dollar is so liberating and you realize that you have much more money than you thought you had.
I really like your hair! Great video
Instant gratification from shopping! This is something that I'm struggling with thinking that well I worked so hard so I can spend. But what I need to do is actually invest in myself and my future, rather than purchase items that will instantly depreciate.
So spot on!!
This video is about finance but it's still entertaining. Keep up the good work!
Thanks for inspiring us :)
I love your voice so much ❤️
GIRL I so feel you - literally my dog out of the blue got super sick, needed to be hospitalized and it cost me $10,000 at the end. Mind you, it’s the BEST money I’ve ever spent because my dog is my best friend but like lesson learned..... e👏🏻mer👏🏻gen👏🏻cy👏🏻FUND👏🏻
Omg lifestyle creep is so real!!! This was super insightful so thank you 😊
Lifestyle creep is so real but also we all started out broke so clearly even though I used to live on 800$ a month, that was never ideal and comfortable so it makes sense for me to be more flexible with money with what I make now, and it's not even middle class yet
Amazing video!
Great video!!
love this video :) something i am learning is the importance of building credit and maintaining good credit. sounds like an obvious one but i didnt learn this until my 20's.(im 24 LOL)
Those are all valuable lessons to learn.
Similar to lifestyle creep. Don’t live beyond your means. It’s so tempting nowadays with social media to live beyond your means because “everyone else is,” but know where spending money makes you happy and cut back where it doesn’t! I.e. travel makes me happy so I spend, but I may cut back on hotel costs and spend more on excursions because I’ll remember those moments more.