Common Money Mistakes: 25 years old earn 200 USD an hour

According to CNBC experts, lack of a plan and no specific goals are the two most common mistakes in personal financial management.

Making money mistakes can be scary and seem like a disaster. Experts say some financial mistakes really have the power to change a person's future. However, we still have many ways to prevent or avoid getting infected. Of these, lack of planning and no specific goals are the two most common mistakes.

James McManus, chief investment officer of online wealth management service Nutmeg, told CNBC that research shows people who group their savings and investments into clear goals are more likely to be stick with it more. "You'll be more likely to maintain your savings or weather short-term market swings if your new home, dream trip, or once-in-a-lifetime experience comes to mind. ", she shared.

Having a clear financial plan and goals also helps to focus on the long-term, which is so important in personal financial management , says Emma-Lou Montgomery, VP of personal investing at Fidelity International. "The most common financial mistake is trying to 'hit fast, win fast,' predicting and reacting immediately to market volatility. All of which can be avoided by taking a long-term view," she said. said more.

According to this expert, another common mistake when investing is adopting a "win-win" approach. She notes that even small investments and basic knowledge can make us rich.

Besides, a lot of common money mistakes have to do with losing or spending money instead of making it. Myron Jobson - senior personal finance analyst in the US - thinks that paying off debt, such as rent and bills, should be a priority. Not having a "budget" fund is a dangerous but common mistake.

"Keeping cash gives you peace of mind if something goes wrong. This is the money that will cover you if something goes wrong, your car breaks down or you lose your job," he advises.

Prioritizing spending over saving is one of the most common personal finance mistakes. Photo: CNBC

Many of these mistakes may have short-term consequences. But experts say there's one thing that's often overlooked and can follow you for most of your life: lousy retirement planning.

According to McManus, when you're young, retirement can seem like a distant thing, and when faced with other immediate financial needs, retirement is often something we put off.

In fact, most people will eventually retire. At any age, we also need to build a nest big enough to live in. Therefore, experts advise that if you skip retirement, you will make it difficult for yourself later.

In addition to taking a close look at the social insurance section, each person should spend a sum, which may be relatively small, on an individual retirement fund. Getting it done at a young age can be life-changing when you retire, experts say. According to Montgomery, it's very important to save and invest for retirement consistently and make sure to put more money aside as income grows.

After all, experts say that making money mistakes can leave you feeling overwhelmed. But that's very normal.

"When mistakes happen, the key is to learn and avoid falling into the same situation. Whether it's overspending or forgetting to put aside your savings this month, don't blame yourself too much," advises Montgomery. .

Experts say mistakes can often be corrected. It is important and fundamental that you take responsibility for your own financial situation.

Jobson suggests tracking spending habits on a spreadsheet or through third-party budgeting tools. "Once you have a better understanding of how you spend your money, you can discover ways to optimize your personal finances," he says.

Finally, learning and learning to become more aware of your personal financial situation can also make a big difference. Knowledge is power, she says, and making sure you understand every aspect of your financial situation will help you prioritize and make informed decisions to support your goals. huge pepper.

25 years old earn 200 USD an hour
As a private notary, Vietnamese-born Angelina Nguyen earns $150,000 in 2022, working under six hours a day.

Some sessions a week, Angelina Nguyen (Vietnamese origin, living in the US) earns 150 USD in just five minutes. Until now, the 25-year-old girl is still surprised about the income from the private notary work she is doing.

Notaries are witnesses and allow parties to sign important documents such as passport applications or real estate contracts. Most notaries can only charge what their state prescribes. Notary signing agents may charge higher fees because they specialize in certain areas such as properties or loans.

Angelina used to think that every day she would have to repeat the verification of signatures and explain documents to clients. But she realized there was more to this job. The young woman was overjoyed to see so many people sign the deed to buy their first home, then sullen all day long as she notarized for those who signed the sale contract they weren't ready to leave.

"From those moments, I realized I wanted to be the fulcrum that helps people feel seen, heard, cared for and understood during the important moments," Angelina shared.

Angelina Nguyen. Photo: CNBC

Two years ago, the Vietnamese-born girl decided to work as a notary as a full-time job. She founded her own business - Team Signings, in San Jose (California). That decision changed her life to a new page. As of 2022, this notary business agent earns nearly $150,000.

Angelina's father is a real estate agent . He suggested she become a notary agent. During his career, he found that real estate notaries are in high demand, many people can earn $75-200 for each performance.

In most states in the US, a person in need only needs to submit an application and complete a background check to become a notary. But in California, they must take a six-hour training course, pass an exam, and complete a background check. The initial cost of becoming a notary in California can range from $275-442.

Angelina took about three months to complete the process and a month of training and learning to become a specialized notary agent in 2021. Before becoming a notary, this girl quit her position as a teller. bank in 2016 and for the next 5 years tried various jobs including real estate agent and insurance agent. But no job suits her like notary profession.

"The hours are flexible and I feel like I'm really making a difference in people's lives," says Angelina about why she loves her job.

When she opened her own notary company, Team Signings, she immediately started building a client file for herself. The young woman visits real estate companies to actively get acquainted, creates content pages on TikTok and Instagram to document her work and ask friends for recommendations. Angelina said the TikTok channel, which has nearly 30,000 followers, is the most successful marketing tool. Many followers near San Jose texted her to request notary services.

Angelina aims to have at least two notarizations per day, charging between $75-200, sometimes even higher, depending on the type of document to be notarized and how far away the appointment is from the office. Some contracts only take a few minutes, but can take an hour to complete.

On average, Angelina works "less than six hours a day". She usually arranges the work to be completed from 9am to 3pm, but sometimes also takes signing appointments on weekends. She hired a full-time assistant to help plan and execute settlement matters.

The young girl's only regret is not starting her notary business sooner. "I love being able to schedule my own, financially support myself and my parents if they need help. All of that combined, along with the opportunity to help people every day, makes I feel really satisfied," Angelina shared.