How To Invest For Teenagers

Andrei Jikh
24 Jul 202017:08

Summary

TLDRThis video offers investing advice for teenagers, framed through a humorous and relatable lens. It emphasizes the importance of personal development, starting early with financial habits, and building credit. Key points include investing in self-education, understanding compound interest, and the benefits of Roth IRAs. The video uses video game metaphors to make the advice engaging, encouraging viewers to level up their financial skills. The host also shares personal anecdotes and recommends books and practical steps for managing money and building wealth over time.

Takeaways

  • πŸ’‡β€β™‚οΈ Get a haircut - a humorous but practical piece of advice.
  • πŸ’‘ Invest in personal development rather than risking small amounts of money in the stock market.
  • πŸ“š Start reading important financial books early on to build financial literacy.
  • πŸ’Ό Get a job early to understand the value of money and develop work skills.
  • 🧩 Explore various activities and hobbies to discover your passion.
  • 🏦 Open a bank account with a high interest rate once you turn 18.
  • πŸ’³ Get a credit card to build your credit history responsibly.
  • 🏠 Open a retirement account (traditional or Roth IRA) as soon as possible.
  • πŸ“ˆ Start investing in stocks early, preferably within a retirement account.
  • πŸ“ Develop good financial habits like tracking expenses, maintaining a healthy lifestyle, and being frugal.

Q & A

  • What is the first piece of advice given in the video?

    -The first piece of advice given is to get a haircut.

  • Who is the target audience for the investing advice in the video?

    -The target audience includes teenagers, parents looking for advice for their kids, and possibly those who have stumbled upon the video late at night.

  • What generational conflict is mentioned in the video?

    -The video mentions Zoomers (Generation Z) destroying Millennials on TikTok and how Millennials are often criticized by Boomers for being entitled.

  • Why does the speaker compare life to a video game?

    -The speaker compares life to a video game to illustrate that while we cannot choose our characters or stats, we can control our actions, explore, and improve our skills to make the game (life) easier and more enjoyable.

  • What is the recommended first step for investing for teenagers?

    -The recommended first step is to invest in personal character development and boosting one’s own stats instead of risking money in the stock market.

  • Why does the speaker emphasize reading, and which books are recommended?

    -The speaker emphasizes reading as a way to gain knowledge and better manage money. The recommended books are 'The Simple Path to Wealth' by J.L. Collins, 'I Will Teach You to Be Rich' by Ramit Sethi, and 'Harry Potter and the Goblet of Fire' for enjoyment. For advanced readers, 'The Intelligent Investor' by Benjamin Graham is suggested.

  • What is the significance of getting a job at level 15 according to the speaker?

    -Getting a job at level 15 is important because it teaches the value of money, helps one understand the effort required to earn it, and encourages financial independence.

  • Why is it important to open a bank account and get a credit card at level 18?

    -Opening a bank account with a high-interest rate helps in saving money effectively, and getting a credit card helps build a credit history, which is crucial for future financial activities such as getting loans at good interest rates.

  • What are the benefits of starting a retirement account early?

    -Starting a retirement account early, like a traditional or Roth IRA, allows money to grow tax-free or tax-deferred, leveraging compound interest to accumulate a significant amount of money by retirement age.

  • What is the speaker's advice on building good financial habits?

    -The speaker advises tracking expenses, taking care of one's health, being frugal, and living below one’s means. These habits help in managing money better and avoiding unnecessary expenses.

Outlines

00:00

πŸ’‡β€β™‚οΈ Get a Haircut and Start Investing

The video begins with a humorous and outdated meme, advising viewers to get a haircut. It acknowledges the audience might be Gen Z, parents, or late-night internet surfers. The creator discusses generational differences, specifically how millennials face economic challenges and mockery from Zoomers. The video aims to provide investment advice for teenagers, emphasizing that learning these tips early in life can lead to greater financial success.

05:01

πŸ“š Invest in Yourself First

Andre introduces the concept of life as a video game where you can control your character and level up by acquiring skills and knowledge. He advises against investing small amounts in the stock market due to the high risk and low returns. Instead, he suggests investing in personal development and education, such as watching tutorials and learning from experienced individuals like teachers and parents. The emphasis is on the importance of self-improvement during teenage years.

10:03

πŸ’Ό Discover Your Passion and Gain Work Experience

Andre recounts his experience of getting a job at 15 and realizing the value of money. He encourages teens to explore various interests and side quests to discover their passions and talents. By investing in their skills and trying new activities, they can set themselves up for future success. Andre highlights the importance of finding a skill that society values, as it can lead to better financial outcomes.

15:04

πŸ’³ Essential Financial Steps at 18

Upon turning 18, Andre advises teens to take crucial financial steps such as opening a high-interest savings account and getting a credit card to build a credit history. He explains the importance of a good credit score and provides tips on managing credit responsibly. Andre also stresses the importance of starting a retirement account, like a Roth IRA, early to take advantage of compound interest, illustrating the significant difference in retirement savings when starting at 18 versus later in life.

πŸ“ˆ Building Good Financial Habits

Andre discusses the importance of tracking expenses, maintaining good health, and being frugal. He advises teens to track every dollar earned and spent, using apps like Mint or Personal Capital to develop the habit. He emphasizes the importance of physical health to avoid high healthcare costs in the future. Additionally, Andre explains the value of frugality and delaying gratification for long-term financial success. He also suggests setting up a custodial account with the help of parents to start investing early.

πŸ“Š Join the Investing Community

In the final part, Andre invites viewers to join his Discord community to discuss investing and other topics. He provides links for signing up to investment platforms like Weeble and Robinhood, offering free stocks as incentives. He encourages teens to follow him on Instagram and promises to answer questions in the comments. Andre congratulates young viewers for taking the initiative to watch the video and encourages them to enjoy life while making smart financial decisions.

Mindmap

Keywords

πŸ’‘Gen Z

Gen Z refers to the generation of people born roughly between the mid-1990s and the early 2010s. In the video, the speaker addresses Gen Z individuals as the primary audience for investing advice, highlighting their potential to start building wealth early in life.

πŸ’‘Millennials

Millennials are people born between 1981 and 1996. The speaker discusses the challenges faced by Millennials, such as economic hardships and job prospects, and contrasts them with the younger Gen Z, illustrating generational differences and financial attitudes.

πŸ’‘Investing

Investing refers to the act of allocating money or resources into assets with the expectation of generating income or profit. The video provides advice on how teenagers can start investing early, emphasizing the importance of investing in personal development and the stock market.

πŸ’‘Compound Interest

Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. The speaker highlights the power of compound interest in growing wealth over time, especially when starting investments at a young age.

πŸ’‘Credit Score

A credit score is a numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of an individual. The video explains the importance of building a good credit score early by using credit cards responsibly and paying bills on time.

πŸ’‘Roth IRA

A Roth IRA is a type of individual retirement account where contributions are made with after-tax dollars, and qualified withdrawals are tax-free. The speaker advises young viewers to open a Roth IRA to take advantage of tax benefits and compound growth over time.

πŸ’‘Frugality

Frugality is the quality of being economical with money or resources. The video encourages viewers to adopt frugal habits, live below their means, and avoid unnecessary expenses to build wealth and financial stability.

πŸ’‘Side Quests

Side quests refer to additional activities or tasks that can be undertaken outside the main storyline, often used in video game terminology. The speaker uses this metaphor to encourage teenagers to explore various hobbies and interests to discover their passions and potential career paths.

πŸ’‘Character Development

Character development involves investing in oneself to improve skills, knowledge, and personal attributes. The video emphasizes the importance of personal development, suggesting that teenagers use their money and time to enhance their abilities and boost their future earning potential.

πŸ’‘Retirement Account

A retirement account is a financial account specifically designed to save and invest for retirement. The speaker stresses the significance of starting a retirement account early, such as a Roth IRA or traditional IRA, to benefit from tax advantages and long-term growth.

Highlights

Outdated meme humor and first piece of advice is to get a haircut.

The video is aimed at teenagers looking for investing advice or their parents.

Gen Z and Millennials comparison, highlighting the economic challenges faced by Millennials.

Introduction to the importance of investing early in life.

Life is compared to a video game where one should explore and level up.

Advice to invest in personal development rather than risky investments.

Recommendation to read 'The Simple Path to Wealth' by J.L. Collins and other books for financial literacy.

Importance of getting a job at a young age to understand the value of money.

Encouragement to explore various activities and discover one's passion during teenage years.

Significance of getting a bank account and credit card at age 18.

Explanation of credit scores and the importance of maintaining a good credit history.

Emphasis on opening a retirement account, like a Roth IRA, to take advantage of compound interest.

Suggestions for building good financial habits such as tracking expenses and being frugal.

Mention of setting up custodial accounts with the help of parents for early investment.

Encouragement to join a community for financial discussions and to use available resources for free stocks.

Transcripts

play00:00

wipe wipe it worked

play00:03

it's a totally outdated meme by now and

play00:05

it does not make any sense but the first

play00:07

piece of advice is

play00:08

get a haircut and if you clicked on this

play00:10

video looking for investing advice for

play00:11

teenagers

play00:13

you're probably gen z or maybe you're

play00:15

just the parent who's looking for advice

play00:16

for their kids or maybe

play00:18

you've stumbled on the dark corners of

play00:20

the interwebs at 3am

play00:21

but whichever one it is you've come to

play00:23

the right place and speaking of all the

play00:24

different types of generations

play00:26

i just read somewhere that zoomers are

play00:28

destroying millennials on tick tock

play00:30

and that just isn't fair cause

play00:31

millennials inherited the worst economy

play00:34

known to man

play00:34

we have the lowest job prospects the

play00:37

least amount of money out of all the

play00:38

generations

play00:39

boomers think that we're entitled and

play00:41

now zoomers are beating up on us

play00:44

i can't start this video on adulting

play00:46

until i've had my morning coffee and you

play00:48

smash the like button because you owe it

play00:50

to me

play00:51

don't be such a hufflepuff i cannot do

play00:55

this video with a straight face

play00:56

this is ridiculous being a millennial is

play00:59

the thing i hate and love about myself

play01:00

the most

play01:01

and this wasn't even bought for this

play01:02

video i literally had this in my kitchen

play01:04

pantry

play01:05

this is embarrassing everyone knows that

play01:07

us millennials were a mistake so leave

play01:08

britney alone

play01:10

put jokes aside let's talk about the

play01:11

best investing advice for teenagers

play01:14

and this really applies to everybody the

play01:16

earlier on in life you hear this the

play01:17

better off you'll be

play01:18

i just wish this was stuff that i heard

play01:20

it when i was in my teens

play01:21

because i would have ended up with a lot

play01:23

more money than playing cards in my bank

play01:25

account but lucky me

play01:26

i watch the secret

play01:30

and the power of the secret compels me

play01:32

to make money out of all these playing

play01:34

cards

play01:34

clearly real bills because uh money's

play01:37

stiff like that

play01:38

let's begin

play01:42

[Music]

play01:45

hi my name is andre and i like to think

play01:47

of life kind of like a video game

play01:49

except we don't get to pick the

play01:50

characters that we play as or the stats

play01:52

because those get assigned to us at

play01:53

random but just like life you get to

play01:55

control your character

play01:57

and as long as you explore the entire

play01:58

map and you collect all the items and

play02:00

all the special pokeman like this

play02:02

happy birthday pikachu which i'm really

play02:04

proud of owning and as long as you grind

play02:05

and level up then the game will get a

play02:07

lot easier but i want you to remember

play02:08

that if it ever gets frustrating or

play02:10

tough

play02:10

you don't just quit playing the game you

play02:12

continue practicing as long as you

play02:14

remember

play02:14

that there is a ton of rng involved in

play02:17

this game of life

play02:18

you cannot influence much because the

play02:20

rng preferably favors those who are born

play02:22

into

play02:23

elite guilds with lots of coin so the

play02:26

best thing that you can do is continue

play02:28

unlocking those special abilities

play02:29

special skills collecting all the items

play02:31

leveling up and that's when this game

play02:33

will get a lot more fun so kind of think

play02:35

of this video as

play02:36

your video guide walkthrough tutorial so

play02:38

starting with the first teen level

play02:40

level 13 you might be wondering andre

play02:42

i've got like 100 coins to invest

play02:44

where do i put them and the answer is

play02:47

wherever it's going to promise to give

play02:48

you the greatest amount of returns

play02:50

and if you're thinking of taking this

play02:51

money and putting it in something like

play02:53

the stock market

play02:54

then please understand this super simple

play02:56

fact whether you have a hundred dollars

play02:58

or a

play02:58

thousand dollars right now the best

play03:00

amount of money that you can make from

play03:01

this

play03:02

is a couple hundred extra dollars in

play03:04

just a few months but at worst

play03:05

you can lose your entire principal

play03:07

investment and that's not worth the risk

play03:09

so instead take this money and put it

play03:11

into your own character development

play03:12

of boosting your stats but if you don't

play03:14

have the money to do it then understand

play03:16

that life

play03:17

takes a different kind of currency as

play03:19

well and that is visa

play03:20

i'm kidding it's not a plug for visa

play03:22

it's actually time

play03:24

you can invest either your money or your

play03:26

time but this level is very easy and

play03:28

you're literally doing it right now so

play03:29

watch as many tutorials as possible and

play03:31

pay a special close attention

play03:33

to people who look like they beat the

play03:34

game a couple times that includes your

play03:36

teachers

play03:37

your parents and your grandparents who

play03:39

literally played that game on hard mode

play03:41

this is the age to learn and listen now

play03:43

in level 14

play03:44

i strongly suggest that you start

play03:46

reading now when i was younger

play03:48

i hated reading i don't know about you

play03:50

but i just could not stand when people

play03:51

suggested or recommended or told me what

play03:54

i had to read

play03:55

that's why i started with picture books

play03:57

like this one

play03:58

because i wasn't very bright i'm still

play04:00

not but i'm moving on from picture books

play04:02

it's progress

play04:03

but the first book you have to read is

play04:05

the simple path to wealth by j.l

play04:07

collins it's going to change the way you

play04:09

look at money and life

play04:10

please read that book the second book is

play04:13

i will teach you to be rich

play04:14

by ramen setti ignore the clickbait

play04:16

title of the book it's actually a really

play04:17

good book

play04:18

and the third book is harry potter and

play04:20

the goblet of fire but that's the

play04:22

millennial of me and that's actually a

play04:23

really good book it's my favorite if you

play04:24

want to go advanced or hard mode

play04:26

then please read the intelligent

play04:28

investor by benjamin graham

play04:29

to give you a lot of advanced tips and

play04:31

tricks about investing your money in the

play04:33

stock market

play04:34

when you're ready but you're not there

play04:35

yet now levels 15 and 17 are some of my

play04:38

favorites

play04:38

and that's because we start to evolve so

play04:41

don't mind the fact

play04:42

that you'll be seeing some physical

play04:43

changes that's pretty normal in

play04:45

preparation for level 18

play04:46

but in level 15 the first thing you want

play04:48

to try to do

play04:49

is get yourself a job i got my first job

play04:52

at level 15

play04:53

and it taught me the fact that i could

play04:54

make money but also the value of that

play04:57

money true story when i was in high

play04:58

school i was flipping through this

play04:59

magazine and i saw this

play05:01

mercedes slk for sixty thousand dollars

play05:03

and i thought

play05:04

wow that's cheaper than i thought and as

play05:07

soon as i got my job

play05:09

i unlocked the reality skill tree and i

play05:11

realized that working part-time for nine

play05:12

dollars an hour i would never be able to

play05:14

afford a car like that and from that

play05:16

moment on

play05:16

i never asked my parents for a single

play05:19

thing again because i realized

play05:21

the time and the value that it would

play05:22

take to earn each and every single

play05:24

dollar

play05:25

also between levels 14 and 17 go on as

play05:27

many side quests as you can

play05:29

try everything except for the things you

play05:31

know you shouldn't but try youtube

play05:32

try tik tok try cooking try tennis magic

play05:35

card issue photoshop photography this

play05:37

journey will allow you to discover your

play05:39

master skill or otherwise more cheesily

play05:42

known as

play05:43

your passion now most people will miss

play05:45

this side quest

play05:46

but if you can find that skill you will

play05:49

set yourself up for the rest of your

play05:50

life

play05:51

it's almost like a cheat code i was

play05:53

fortunate enough to find my special

play05:55

ability at level 12.

play05:56

and for the next 8-10 levels i tried to

play05:58

put all of my experience points into

play06:00

that one

play06:01

and boost it to the max that allowed me

play06:03

to travel the world

play06:05

make friends with people i never thought

play06:06

in a million years i ever would

play06:08

which allowed me to find my career which

play06:10

eventually allowed me to consult on now

play06:12

you see me and work with harry potter

play06:14

yeah i know harry potter's not now you

play06:16

see me

play06:16

but i got to work with daniel radcliffe

play06:18

and as cool as those experiences were

play06:20

unfortunately the world didn't place

play06:22

such a high dollar value on all my

play06:25

skills

play06:25

so bonus points for you if you can

play06:27

discover that special ability that

play06:29

society places

play06:30

a high value upon then you're gonna make

play06:32

a lot more money than i

play06:34

ever did so really think of levels 13

play06:36

and 17

play06:37

as levels to invest in yourself to boost

play06:39

your own stats because that's where

play06:41

you're gonna get

play06:42

the greatest returns on your money bar

play06:44

none now we've come to the most

play06:46

important part of the game and that is

play06:47

level 18. this is going to set you up

play06:49

for the rest of the play style of the

play06:51

entirety of your game

play06:52

we need to collect a few key items here

play06:54

so this is part of your main storyline

play06:56

this is not a side quest so don't go

play06:57

partying off the map and as soon as you

play06:59

turn

play07:00

level 18 the first thing you want to do

play07:02

is get a bank account in your own name

play07:04

look for something with a high interest

play07:06

rate on your savings accounts

play07:08

and this means that by parking your

play07:09

money here your money is going to end up

play07:12

making you more money allah compound

play07:13

interest style which is what we want but

play07:15

here are a few of my personal favorites

play07:17

ally bank or cit bank now right now

play07:19

they're both yielding around one percent

play07:21

which

play07:21

isn't very much but these rates

play07:23

fluctuate up and down depending on the

play07:25

economy

play07:26

the market rate which is usually set by

play07:28

the final boss

play07:29

the federal reserve so right now

play07:31

everything's about the same so don't

play07:32

chase it too much because if you find

play07:34

something that's maybe

play07:35

point zero five percent more that's only

play07:37

five dollars per year more

play07:39

for every ten thousand dollars you have

play07:41

invested the second item on this list is

play07:43

something that you

play07:44

absolutely need asap and something that

play07:46

i didn't get until level 24 which is

play07:48

kind of embarrassing to admit

play07:49

and that is a credit card and for the

play07:51

longest time i thought people with

play07:52

credit cards were just irresponsible

play07:54

with money because they bought things on

play07:55

plastic

play07:56

because they couldn't afford it and i

play07:57

was so wrong because what credit scores

play07:59

do is they allow

play08:00

other people to see how responsible you

play08:02

are with other people's money and if

play08:04

you're good

play08:05

they'll let you use their money at good

play08:07

interest rates and if you think like me

play08:09

well i don't want to borrow money if i

play08:11

want to buy a car or a house i will save

play08:13

for it but even

play08:14

if you have all that money to just pay

play08:16

it in cash you should really never do

play08:18

that

play08:18

for reasons that i will get to in

play08:20

another video but as soon as you hit

play08:21

level 18

play08:22

trust me get yourself a credit card

play08:25

because this side quest

play08:26

takes years to fully finish in order to

play08:28

build your credit history personally i

play08:30

recommend going with something like a

play08:31

secured credit card or this uh

play08:33

discover it's secured it's kind of like

play08:35

the gold standard if you don't have

play08:37

history and it's pretty cool because it

play08:38

gives you two percent cash back on

play08:40

different categories

play08:41

and one percent cash back on everything

play08:43

else but pro tip

play08:44

if you're a student in college instead

play08:46

of getting that one get yourself

play08:48

the cash back student edition of that

play08:50

card

play08:51

it's the same idea but it's going to

play08:53

give you better perks and the idea of

play08:55

this

play08:55

is to get a high score of 750 or higher

play08:59

and we could do all that within eight

play09:00

months to one year if you can follow

play09:02

these next few steps

play09:03

number one make sure to always pay your

play09:05

bills on time

play09:06

and never carry a balance because if you

play09:08

do you're going to pay more money in

play09:10

interest alone than all the rewards that

play09:12

you're going to get in return

play09:13

if you could do all that then 35 of your

play09:16

score will be accounted for just paying

play09:18

on time but if you miss your payment for

play09:20

whatever reason

play09:21

immediately pick up the phone and call

play09:23

the little number on the back of a

play09:24

credit card

play09:25

and ask them for forgiveness usually the

play09:27

first missed payment

play09:29

is going to be okay and it can be

play09:30

forgiven as long as you call and ask and

play09:33

number two is the utilization rate which

play09:34

accounts for a huge thirty percent of

play09:36

your score

play09:37

now if you can keep your utilization

play09:38

rate of thirty percent or lower

play09:40

you'll do just great for you have a

play09:41

thousand dollar monthly spending limit

play09:43

spend no more than three hundred thirty

play09:45

three dollars and thirty three cents but

play09:47

if you wanna be ultra conservative and

play09:48

do what i did and get there far

play09:50

quicker then utilize no more than ten

play09:52

percent or a hundred dollars or less in

play09:53

this case

play09:54

now you could literally just buy one

play09:56

little tiny thing like a pack of gum

play09:58

or just some gas and in that case your

play10:00

utilization rate will be in the single

play10:02

digits

play10:03

and that will improve your score

play10:04

dramatically and number three is your

play10:06

length of history which accounts for

play10:08

15 of your credit score which is why

play10:10

it's so important to do this

play10:12

as early as possible now for me this is

play10:14

what drags my score down the most

play10:16

and if i had started when i was 18 my

play10:18

score would easily be over 800 by now

play10:21

but pro tip cheat code if you can have

play10:23

your parents co-sign on their credit

play10:25

cards for you

play10:25

then you will inherit their credit score

play10:27

if they have an excellent score

play10:29

i couldn't do this because my parents

play10:31

didn't have a good score but your

play10:32

mileage may vary

play10:33

if you can do these three things you

play10:35

will easily and quickly beat this side

play10:37

quest

play10:38

the third item on this list is something

play10:39

you need to get asap as soon as you hit

play10:41

level 18

play10:42

it's probably the most important part of

play10:43

this video and that is a retirement

play10:45

account

play10:46

it could be traditional or a roth ira

play10:48

now think of these accounts like savings

play10:50

accounts

play10:50

except instead of putting your cash in

play10:52

here what you're putting in here is

play10:54

mostly stocks

play10:55

and the reason you want to do this is

play10:56

because it protects your money

play10:58

from taxes in the case of a traditional

play11:00

ira you pay no taxes today

play11:03

but you will pay taxes later on the

play11:05

money that it's grown into

play11:06

in the case of a roth ira you pay taxes

play11:08

up front

play11:09

but no taxes later in life when you

play11:11

withdraw those millions that you're

play11:12

ready to retire on if you have no idea

play11:14

which one you want to pick

play11:15

you can actually have both a traditional

play11:17

and a roth but remember you can only

play11:19

contribute

play11:20

six thousand dollars per year and you

play11:22

can contribute it down the middle

play11:24

however you want fifty fifty one year in

play11:26

one

play11:27

one year in the other doesn't really

play11:28

matter now if you could do this early

play11:30

look how much coin you can end up with

play11:32

assuming a growth rate of eight percent

play11:34

which is what you can expect from the

play11:35

stock market

play11:36

now assuming you started to max out your

play11:38

roth ira account

play11:39

at level 18 for three years only three

play11:42

years until level 21 when you're fully

play11:44

evolved into an adult you will have

play11:46

ended up

play11:47

with 781 thousand dollars which is an

play11:50

insane amount of money

play11:52

at retirement that's amazing if you had

play11:54

done this at 31

play11:55

then you would have ended up with 287

play11:58

000 at age 67 which is almost two and a

play12:01

half times less

play12:02

all because you started just 13 years

play12:05

later which isn't that much of a

play12:07

difference

play12:07

that's the power of time and compound

play12:10

interest at work so pause this video if

play12:12

you're 18 years or older and go and make

play12:14

that account because you're literally

play12:15

losing money right now

play12:16

ready pause okay i know you didn't

play12:18

actually pause this video but as soon as

play12:20

you finish watching this video or as

play12:21

soon as you turn 18

play12:23

please go do that and let me know in the

play12:24

comments below if you actually did and

play12:26

the fourth item you need to collect

play12:27

is to get yourself a stonk and

play12:29

preferably put it in a retirement

play12:31

account

play12:31

it's going to be one of the most

play12:32

complicated things you think you'll ever

play12:34

do because there's thousands of

play12:35

companies to select from and half a

play12:37

dozen character play styles to choose

play12:39

you can be a growth stock wizard a real

play12:41

estate investment mage

play12:42

or even a defensive dividend investor

play12:44

and the list goes on and on

play12:46

i actually made a video about that which

play12:47

i will link in the description below the

play12:48

video

play12:49

it's super cool and you can select

play12:51

exactly which character is best for you

play12:53

and while you're level 18

play12:54

one of the most important things that

play12:56

you can do is get into the habit

play12:58

of building good habits and the first of

play13:00

these good habits is to track

play13:01

your expenses i cannot emphasize this

play13:04

enough

play13:05

every single dollar that you make start

play13:07

writing it down every single dollar that

play13:08

you spend

play13:09

write it down write it down on a piece

play13:11

of paper just to get used to it manually

play13:13

or you can immediately download an app

play13:14

like mint or personal capital

play13:16

those apps track everything you make and

play13:18

everything you spend

play13:19

and they get you into the habit of

play13:20

tracking all of the progress because

play13:22

nothing ruins progress than not knowing

play13:24

where you've been because you have no

play13:26

idea where you're going

play13:27

this is just as true for building wealth

play13:29

as it is for anything else

play13:31

the second habit you should build for

play13:32

yourself is to take care of your body

play13:34

and your health

play13:34

might seem obvious but as soon as you

play13:36

level up in life you start to forget

play13:38

about the skill tree more and more

play13:40

and before you know it your abs melt

play13:42

away slender physique

play13:43

goes away and your metabolism just

play13:46

vanishes and goes somewhere else in fact

play13:47

if you compare what i look like today

play13:49

versus my first few videos in 2019 it's

play13:52

like watching someone's metabolism

play13:53

get thick but if you don't train your

play13:55

character regularly

play13:57

healthcare costs will continue to expand

play13:59

and before you know it

play14:00

it's going to be your number one expense

play14:01

in retirement and the third good habit

play14:03

is to be frugal and live

play14:04

well below your means and i don't mean

play14:06

be cheap because

play14:08

being cheap is just not wanting to spend

play14:09

money for the sake of it and never

play14:11

getting any enjoyment or value out of

play14:12

life but being frugal

play14:13

is to take that same dollar and stretch

play14:15

it to the most of your ability

play14:17

but don't fall into the trap of saying

play14:19

life is short

play14:20

live a little actually statistically

play14:22

life is not short you're gonna live to

play14:24

be a very old person someday

play14:26

statistically speaking and if you can be

play14:28

happy with less you'll succeed a lot

play14:30

earlier

play14:31

this is one of the most difficult skills

play14:33

to build but if you can learn how to

play14:35

delay your gratification

play14:36

you are scientifically proven to end up

play14:39

with more money i'm going to give you a

play14:40

cheat code of my very own

play14:41

it's a little privileged because not

play14:43

everyone can use this but if you have

play14:45

parents that you can convince to set you

play14:47

up with a custodial account then you can

play14:49

give them

play14:49

your money that you earned from your job

play14:51

and they will invest the money for you

play14:53

and as soon as you turn 18

play14:55

and you level up you will inherit that

play14:57

account and you'll know exactly what to

play14:59

do

play14:59

because you watch this video and you

play15:01

smash the like button the other cheat

play15:02

code i will leave is a free link to my

play15:04

discord channel where we talk about

play15:05

investing and everything in between

play15:07

it's an incredible community and i'll

play15:09

give you three more free stocks

play15:10

three more free cheat codes sign up to

play15:12

weeble or get your parents to do it with

play15:14

a custodial account

play15:15

you get a free stock up to two hundred

play15:17

fifty dollars and if you fund your

play15:19

account one hundred dollars

play15:21

you'll get another free stock that up to

play15:22

fourteen hundred dollars and i will be

play15:24

paid

play15:25

but you don't have to use my links just

play15:26

go get those free stocks and get your

play15:28

third free stock from robinhood

play15:30

simply for signing up love you all thank

play15:32

you so much for watching this video you

play15:33

can follow me on instagram

play15:35

i post from time to time and i'll see

play15:36

you back here on monday and friday

play15:38

please use this video as a reference

play15:40

guide come back to it anytime

play15:42

let me know in the comments down below

play15:43

if you have any questions i'll try my

play15:45

best to get back to them

play15:46

and i try to answer all the comments

play15:48

that you guys leave thank you so much

play15:50

for watching again and if you're 18

play15:52

or younger then congratulations for even

play15:54

watching this video and getting this far

play15:56

you are much farther ahead than all of

play15:58

your peers and all of your friends

play16:00

it's unbelievable that you're here good

play16:02

job go out there go level up

play16:04

just make sure to enjoy all the levels

play16:06

in between because life goes fast

play16:10

[Music]

play16:20

bye

play16:22

[Music]

play16:47

it'd be easier for me if i turn away to

play16:51

flee

play16:57

but there's something holding on

play17:04

[Music]

play17:07

today

Rate This
β˜…
β˜…
β˜…
β˜…
β˜…

5.0 / 5 (0 votes)

Related Tags
Investing TipsTeen FinancePersonal GrowthFinancial PlanningMillennialsGen ZCredit ScoreRetirementMoney ManagementLife Skills