financial mistakes that millennials make in their 20's include luxury apartment, cars, travel, coachella ,and credit card debt

7 Dumb Financial Mistakes Highly Paid YouTuber’s and Influencers Made in their 20’s

As an avid YouTube watcher, I decided to go into an unending cycle of watching “dumbest financial mistakes I made in my 20’s” video after recently stumbling on one

And YouTube didn’t stop recommending more, and I wasn’t mad

These videos were popular sometimes last year, and I did watch a couple then, but still decided to watch again

The videos are intended to teach better money management from their individual experience, but they do leave you wondering, 

It’s easy to judge some of their choices. As a matter of fact, I couldn’t help myself from saying, 


But to be honest, I think I would have made some of these mistakes if I suddenly started making a lot of money in my early twenties without any guidance

Actually, I do make dumb purchases just within my tax bracket

While I can’t afford to rent a luxury apartment of $4000 a month, I have maxed out my $1000 credit card even when I had no money to pay it off

After watching countless of these “dumbest financial purchases in my 20’s” videos from highly paid influencers, at least that’s what it appears to be. Here are some of the dumb purchases your favourite youtubers have made in the past

Note: this post is not intended to criticize any of their choices. Just a fun read

Renting expensive apartments

 Apartment tours are sort of becoming a norm for youtubers. Youtubers are quick to upload a tour of their new apartment either because their subscribers asked for it or they are just so excited about the new move. Either ways, they tend to need nothing less than 2 rooms. A filming room, a beauty room, a guest room, an office space, a pet room, and then their actual bedroom.

 With a lot of big influencers residing in big cities, like Los Angeles and New York, the cost of renting an apartment could get really expensive.

According to Investopedia, as of 2018, the average cost of living in a one bedroom apartment in LA was 2200 per month. You can imagine how much more expensive it will be with two or more bedrooms plus utilities

Leasing/purchasing expensive cars

Having a car is essential, but a luxury one, not really.  One consistent dumb purchase among the different videos I watched are leasing luxury cars. As you can imagine, it’s not your average Toyota sedan.

 A lot of them rode in leased Porsches, and G wagons at the beginning of their career. On average, their leased luxury cars cost about $1000 a month without factoring insurance, car expenses and other living expenses. 

Even though they could afford to pay for the lease monthly, it wasn’t very convenient. 

The ability to purchase a luxury vehicle is a dream come true for a lot but before leasing or purchasing one, see if you can conveniently afford it at that particular time. If not, wait a little more

Multiple credit cards

 One thing that I didn’t doubt would exist in their list of financial mistakes as with anyone, is credit card debt. 

But the real shocker isn’t how much debt they have, is how many credit cards they have. To be fair, having a $20,000 debt on a single credit can be equivalent to having a debt of $5,000 on 4 different credit cards (provided there are no extra fees and charges). A debt is still a debt. 

I watched a youtuber say she had 8 different credit cards. When I first heard this, I was a little taken aback. I could not quite grasp why any twenty something will need up to 8 credit cards. Generally, the idea of having separate cards is to separate expenses based on different needs. Let’s say you need one for your travel purchases, everyday shopping, gas, groceries and miscellaneous. I still can’t come up with 8 reasons, even then, I think some of these expenses can be done in 2 or 3 cards at most but maybe that’s just me. 


Coachella is like the event of the year. The starting price for a ticket cost about $429 plus taxes and fees. Quite frankly, for such a big-name event, the price isn’t too bad if you can afford it. 

However, going to Coachella comes with extra expenses that might make the entire experience not even worth going. 

Except they get sponsored by a brand, the basic extra expenses (which are really not cheap by the way due to the demand) include transportation, hotel accommodation, feeding, parking and outfits. And if you go with friends, which everyone does, the cost is even higher

Not having savings

I think not saving money is unapologetically almost every twenty something year old. 

The idea of having money sitting in our bank account and not spending it on eating out or a nice outfit is just an urge we can’t resist.

Asides from AdSense, youtubers make money through other sources like sponsorships. Most of them make substantially more than the average person in their twenties, which is a blessing in itself. However, at the beginning of their YouTube journey, they regret not putting some money aside towards a savings plan or tax account. 

Seeing the consistent income that their YouTube and social media account generated monthly, they expected that to be consistent

But if there’s anything that google does best is switching up the algorithm. A simple algorithm change can tank your views drastically which as a result can affect your income

Although, for the average person, it’s hard to save when you don’t earn enough to pay your bills. But, if there’s anything times like these have taught us, it is to always strive to have some kind of emergency fund

Designer purchases

A good look is incomplete without a designer shoe, bag or belt especially for beauty and fashion influencers.

 While some did it for the love of designer brands, others did it just to fit in. Needless to say, they admit to not caring for these brands at all and barely using them

There isn’t anything inherently wrong with owning luxury brands but i think we can all admit that, even if you can afford it, it’s not worth the splurge if you won’t use it


 How can I conclude without mentioning the most amazing thing about watching YouTube?

 The constant luxury travel and unending brand trips, you know I couldn’t leave that out.

Over the past three years, it’s almost impossible to watch your favourite youtuber, without them packing for a trip every two vlogs or so either for fun or a brand trip. There’s so much luxury in the footage from the luggage they carry, to the first-class seat, to the resort they reside. 

As a lover of everything good and someone who lives vicariously through travel vlogs, you can tell when a trip cost a good fortune

Although, the luxury experience isn’t what they regret

It is the last-minute decisions and sometimes unnecessary seat upgrades. 

If only they had the trip planned well in advance, they would have saved a lot more thousands on their ticket and accommodation 

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