Now the third purchase on the list is really something I should have mentioned earlier front the very beginning but the only people who can understand that the best purchase you can make in your 20’s is going and hiring a CPa when you file the tax return which by the way, purchase the thing taxes are insanely complicated way more than they ever need to be and that is coming form someone who enjoys learning about taxes and all the intricacies the system and I still can’t even comprehend at that time how it’s worked, not to mention that there is a lot of taxes that’s completely open to interpretation, so you want to make sure you’re maximizing the benefits of everything you’re allowed to do with the law of course,
The best thing to do is hire a really good CPA , my philosophy with this is that generally a good CPA would at he worst case scenario at least pay for themselves and that’s the worst case scenarios, and the best Case is that a goof CPa Is going to end up saving you way more money than you pay out and for me hiring someone like this has saved me a lot of money. I was able to set up with an escrow maximize my deductions, properly schedule that depreciation and apply everything I’m entitled to, for so many things I did not know about that I did not know even existed, there are literally professional out there who do this full time round the clock for decades and can give you all their attention for a really good price, trust me on this, taxes are something tat you should at least just try to understand and hire a good CPA to do it for you and I’m surprised more people are talking about that, the amount of money that you’ll Dave would probably be really worth it and the more money you make the less if it you get the keep, so trust me on this on, learn how this works, he’s a professional and you’re going to be really glad you did and before I go another classic that I’ve mentioned to you in this article, but it’s so important that you do this especially in your 20’s and that is by purchasing stocks or index funds, within a ROTH IRA, and yes I’m calling this a purchase.
Now for everyone who isn’t aware what this is, a ROTH IRA is basically just a retirement account that let’s you contribute what’s called post Tax money and all the money you make within that account becomes completely tax free at one age of 59.5.
Think of it this way, just as you have a bank account that gives you access to a checking and saving account, you can open up a ROTH IRA, that’s give you access to your investments and the massive advantage in doing is that all the money you can contribute with that account is going to be able to grow completely tax free.
That’s means if you invest a $1000 into that account and one day it grows to $10,000 well in any other situation you’ll be stop paying taxes on them but with a ROTH IRA. You can have all that money completely tax free at the age of 59½.
Now the advantage of doing this especially in your 20’s is two things the first is now that you’re Young, you have the added bonus of coming interest working on your side, this means you invest money makes you even more money and that money makes you even more money and the sooner you start doing this the more money you’ll make opening up a ROTH IRA can really just be as simple as going to google and typing how to open up a ROTH IRA account.
The second is that the taxes have already being taken out of what you have left over and most likely in your 20’s you’re not going to be earning a lot of money which means you won’t be as high if a tax bracket as you would be later when you’re earn more.
The feeling I think it comes as no simple that the best purchase was real estate for me this is what happens when I invested in my career took saving money, really seriously worked towards building my credit, doing a used Reliable car and spending my time learning the market and within 4 years of doing that non-stop and saving as much money as I could I bought my first rental property when I was 22 years old.
After words, I continued saving and within a year, after that I was able to buy 2 more properties, now when it comes to my self, those early real estate purchases not only changed my entire outlook on investing but also the rewards of diligent hard work.
It was such a incredible feeling to look at a house and know that I was the owner and know that was the result of so much sacrifice so much late nights. Like when it comes to personal finance we didn’t get trophies or anything like that. But you can but a really cool house and just look at it and smile.

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