Avoid these Money Traps in your 20s, 30s, and beyond! I've made all of these mistakes before, have you?
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Timestamps:
0:00 - Start Here
0:28 - Money Trap #6
2:42 - Money Trap #5
3:56 - Money Trap #4
5:31 - Money Trap #3
8:00 - Money Trap #2
9:22 - Money Trap #1

These money traps have gotten me into some trouble into the past. In fact, many Americans fall into these Money Traps on a daily basis.

The worst money trap in my opinion is getting into too much unnecessary debt. Especially car loans/auto loans or credit card debt.

A huge money trap is that dealers will often convince you that you CAN afford a car because of the monthly payments, and most dealers will get you to focus on the monthly payment number, rather than the overall cost of the car.

Auto loan debt accounts for 1.44 Trillion in the US, which is more than combined amount of ALL credit card debt... that’s crazy.

In order to not fall for this money trap, one of the rules you can follow is the 1/10th rule of buying a car, popularized by Financial Samurai.

This rule states that you should spend no more than 10% of your gross annual income on the purchase price of a car.

So if you make $50,000 dollars a year, try to keep your total annual car costs under $5,000.

Anyway, let me know what you think in the comments, thanks for watching as usual!

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