Kris Krohn here. Today, we’re talking
about how to save money in your 20s. And check it out. People are either addicted
to spending or they’re addicted to saving. And both are wrong. Spenders have a destiny, savers have a
destiny and trust me when I tell you it’s not the highest and best outcome of
what you want for your life. There’s actually a third destiny.
But first, let’s actually explore. What’s wrong with being a spender? It means that
you’re always living in the moment. It means that you’re always spending
tomorrow’s paycheck. It means that you usually have very little savings in the
bank account. And you know what? You’re allowing yourself to enjoy the small
frivolities of life. You can go out to eat more often. You can drive nicer cars,
you can live in a nicer home. But financially, there’s stress and when you
think about the future, you’re thinking, “I’m screwed and I know it.” Or you could
say, “Well, you know what? What’s the destiny of a saver?” A saver really never
learns to enjoy life. They’re constantly looking at something that could be fun
or pleasurable and saying, “But I could save that money.” And so it’s always save,
save, save, save, save. And if you meet savers, they typically aren’t your
happiest people. They’re not opportunistic. They’re not looking for
how they can enjoy life, Because the bottom line is, everything they see with
the dollar sign and say, “I need to save that.” So, if you’re going to be a spender or
you’re gonna be a saver, I think both are screwed.
One is enjoin the short-term and will have a sucky long-term. One is hating the
short-term and isn’t really going to have it enjoy the long-term. So, where do you
go from there? If you want to know how to save money in your 20’s, you actually have
to learn how to become an investor. And the destiny of an investor says, “Maybe in
the short run I’m going to get a little less money than I then I would if I were
a saver. But it is going to mean that in the long run my investments are going to
pay for everything and then I can really afford to live the life of my dreams.”
Obviously if you’re in your 20s and you’re young, that it’s it’s one of the
best times to be saving. But not for the sake of saving. It’s for the sake of
investing. The bottom line is you need to get your money working for you.
It’s amazing that if you can actually be super conscious about saving money
whenever and wherever you can. It’s not so you build up a big savings account.
That’s what people do and they don’t know what they’re doing. Here’s what
you’re trying to do instead. You’re trying to buy assets that will pay you.
The 401k 1 pay. The IRA won’t pay you. If you put money
in the stock market, it will pay you. Those are just different ways of
thinking in terms of savings. An investor buys assets that pay them. For example, if
you could buy an investment property and let’s say you did my lease option system
on it. Then you buy that property and yes, it has a mortgage and yes it has debt.
But it’s a good debt that makes you money. How much? It should make you around $500 a month. So all of a sudden, just imagine instead of trapping
you know, a chunk of money and savings or the stock market or 401k, you you trap it
in a property. What’s it doing for you? Well, if you do it the right way, it’s
writing you a check each and every month. It’s also appreciating and going up in
value. And you know what outperforms 401ks, IRAs and the stock market every day
of the week? It’s how homes appreciate with tine. That’s where people are
crushing and winning. So you have an asset that increases in value while it’s
paying you and giving you tax benefits. And frankly, there are more benefits than
that. Now I get it. Time out. You’re saying, “Yeah, but Kris. Things could go wrong.”
Like what if your property’s unrented out or what if your tenant trashes the
home?” Listen, I’m not saying there’s no risk. I’m just saying that the destiny of
an investor is both a lot more exciting and fruitful than either a saver or a
spender. Let’s talk about a concrete savings plan for just a moment. Let’s
talk about a concrete investor plan. Let’s assume you’re in your 20s and
you’re really just kind of starting out like maybe you’re fresh out of college
or you started a business. Bottom line is there’s money coming into your world and
you’re wondering what you should do with it. Don’t be a spender that swarms is it
all. And don’t be a saver for the sake of being a saver. Here’s what I want you
to do instead. Number 1 is I want you to put yourself in a position where you
can buy yourself a house. A house for you to live in. Why? We call this a PR, a
primary residence. And if you were to buy a home average median, $200,000. Then you
probably have a mortgage around a thousand or twelve hundred dollars a
month. To buy this house, all you need is a 3%
down payment. Which is like $6,000. And the rest of the closing costs,
you can negotiate you have rapped into the law. If you buy this property, first
of all you divide it at discount. But more importantly, remember that a
person’s rent or home is their biggest expense. So, what do I want you to do, I
want me to get yourself 3 roommates. If your county will allow you more than
that, get more. If you charge these 3 rent for this house, guess what it’ll do?
It should come pretty close to actually eliminating your mortgage. And if you
have no payment then you have already started off life in your twenties
eliminating your biggest expense. You have someone else paying it and it’s
going up and down you and you’re getting tax write-off tax benefits. So, this small
little move right here, it’s about cancelling out one of your biggest
expenses by being an investor. Now, the cool thing is if you buy this with
equity or now you have more money to save it. You’re saving 5-8 hundred a
thousand dollars a month. If you keep saving that up step 2, is to not put
that in a non property. This one is called an investor property. Ah! It means
that you’re gonna put 20% down. It’s a lot more money. But this is an
example of one of those homes that can give you a $500 a month leftover
positive cash flow. Now, this is actually what I did my first customer. I
eliminated my mortgage on my own home. So I eliminated my biggest expense and my
first property brought me in over $500 a month. Do you know what that means? It
means that you’re probably saving close to a thousand bucks here, making 500. That’s a 1,500 spread. And that just means that you’re saving.
But not to fill up a savings account. You can’t save enough money for retirement.
You need to invest it. So, guess what option step 3 and 4 and 5 and 6 are. It’s free to actually keep buying properties. Now, the cool part is
that there’s even ways of doing lease options that don’t even wait for you to
save up 6 thousand or 20 thousand or $40,000. There’s ways of getting into
real estate for even less than that. And some deals that don’t even take money.
You need the training. And put the training
first. If you click the link below in the description, you’re going to have a chance
to actually learn about what a lease option is. Why it’s my number one most
recommended strategy for a brand new investor. And also get a chance to talk
to a member of my team who can really help you understand it. Do some QA with
you. Really help do some fact-checking and understand why this is such an
amazing system. And gives you an opportunity to say, “Hey, I’m young. I’m
just starting out but guess what? I’ve got a concrete gameplan. I not only know
how to save in my 20s. I know how to invest.” I’m going to tell you right now,
these are the same things I did that led me to being a multimillionaire
in my mid-20s and it can do the same thing for you. Hey, thank you for watching
today’s video. It’s all in service of helping you make the most of your life.
This channel, all of this training, I don’t have to do it. I do it because I
love doing it. When you become financially free, you’re going to figure out
what you love doing. And a big part of what’s going to help you feel fulfilled is
the people that you serve. So, I hope today’s video serve you. I hope that it
was useful. Even if it just gave you one idea that helps you alter your destiny.
So instead of being a saver, instead of being a spender, instead you can become
an investor. It’s the smartest thing that you can do at this age in your life.
Thank you for watching. And click the link below if you want to get with me in
my team so that we can get you started on the real training that can help build
wealth now. You don’t have to wait, you don’t have to save for it. It’s all
available to you right now. Other than that, make sure you do subscribe. I will
see you on tomorrow’s video.