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Good day subscribers thank you so much for joining me today i am jeremy this is the financial education channel and today we’re talking about financial life hacks what the heck is a financial life hack financial life hacks are ways and things you can do in your life that will make your life so much easier as far as money goes and not having to worry about it and
Setting yourself up for the rest of your life to be financially successful that is what a financial life hack is and i’m going to give you a ton of tips today and if you can stick to these tips especially when you’re young you are gonna be set on your way to having a very successful financial life i could almost guarantee it so i tip number one let’s get right into
This tip number one is making as much money as possible when you’re under the age of thirty so when you’re a teenager and when you’re in your 20s you need to make as much money as possible dip that money any way possible the most you can possibly get find the job where you can make the most money if you don’t have a chance of being very successful at that company
Or moving up the ranks as a young employee then you need to go start your own business and try to make it that way you need to be making i would say at least more than the average income is for a family but you need to be doing that in your 20s that way you’re gonna be able to save a lot of money and you need to keep your living expenses low know this might be hard
Because you’re young and you want to spend on this you want to go out you want to go to the club and you want to get the fast car and you want to get this and get that but you need to be very very disciplined in those young years so you need to get a job make as much money as possible i got a job when i was just before i turned 21 it was at a convenience store
Working overnights for a great company and that might not sound that glamorous but it started at $40,000 a year and at age 21 that’s a lot of money forty thousand dollars a year within a year or two i was making over $50,000 a year so i was making more than average family makes for an income in the united states of america but when i was 22 23 years old and my
Living expenses were super low i lived in a one-bedroom apartment so my living expenses were down here but my income i was making way more than what i was spending so that’s a very important key make as much money as possible have your living expenses down as far as possible and that way you have a lot of extra money now what do you do with all this extra money you
Need to invest them and invest it wisely so step number two all throughout your late teen years so 17 18 19 you know and getting into 20 and whatnot i need to study a lot about investing all types of investing you need to study about real estate you need a study about stocks bonds when you study about bank products cd accounts savings accounts you need to study
About anything that has a chance to make your money into more money make your money into more money you need to study as much as possible i do a lot of videos on this channel that will help you with investments but i don’t cover all the subjects in the world there are a lot of subjects that i don’t even cover on this channel that you need to go reach research you
Know externally so that is step number two finding out as much as you can reading as much as possible about investments so that way with all that extra money you’re making in those early years you’re then investing that money and you’re investing it wisely as step number three is you need to research as much as possible about whatever investment you’re going to go
Into you need to research research research when you study that because that money that you worked hard for that you’ve had left you know left over in savings you need to put that to the best possible investment and you need to not lose that money so not only do you not want to lose that money but you need to make that money into as much money as possible so you
Got a good job or if you didn’t have a good job you started a business so you can make as much money as possible kept living expenses down so you have a lot of money left over you studied as much as possible about investing and you researched about whatever investment you’re doing as much as possible so you know whatever stock you’re buying it’s like a sure thing
Whatever house you’re investing in whatever you’re doing with that money whatever bonds you’re buying it’s as good as it can possibly be these things will set you up so well for the rest of your life and the great thing about these things are they’re cumulative meaning you’re gonna learn from them if you make mistakes you’re gonna learn from them and you’re gonna
Go on to the next thing and the next thing but you’re gonna have learned from those mistakes when you’re young which is a lot better to learn you know then rather than learn in your 40s and 50s when you can’t be making any mistakes at that point in time this is way too late to be making mistakes these things are just gonna set you apart from your peers apart from
You know your family members apart from friends anything because you’re gonna be able to just go on a trajectory toward growth financial security and financial growth and by the time you hit your 30s and you’re starting a family doing all those kinds of things or whatever you are like well on your way cuz you’ve already saved a lot of money you’ve saved so much
Money for a decade you’ve invested that money and that money’s made it more money and you’ve been doing that for a decade if not more than decade by the time you hit 30 you’re well well well on your way so many people so many young people specifically get caught into this trap and what this trap is it they tell you you’re young enjoy your young gears go to college
Or do whatever i’m not against college so i don’t want this come across on against college but they say go to college party do those kinds of things have fun have as much fun as possible don’t worry about work works later in life yeah that’s true but you know what you just made the rest of your life a hell of a lot harder a hell of a lot harder in your 30s and
40s you’re gonna be wishing damn i wish i was working back then i wish i was working myself i wish was focusing not partying i wish i was investing or she was studying about investments cuz i couldn’t meet my like a lot a lot easier so much easier then rather than starting in your 30s to focus okay i needed really about turning 30 now i need to focus on my career
Where can i get a job okay now i need to start learning about investments you know and these kinds of things man if you’re waiting till you’re 30 to get on this stuff that’s a hard thing to do it’s a hard thing to do that’s like trying to make the nfl and just start and you know senior year of high school is it possible to have financial success yes is it likely
No it’s not very likely if you’re starting that late so start these things early i cannot recommend it enough compounding interest look at a compounding interest calculator sometimes look you know say you start with $1,000 when you’re 18 years old and you invest that money cumulatively and you get an 8% return per year on that money look what the difference is
If you start at 18 versus starting at 30 and then look what what amount you’ll have when you turn say 55 if you start it when you are 18 versus when you started with 30 it is a dramatic difference dramatic difference night and day for the i’m telling you just looking at a compounding calculator it is so empowering because you can see what type of money you can
Make if you just put this amount of money away and you can just make this amount of return on it so it is dramatic dramatic those are the financial life hacks i have for you guys today make as much money as possible when you’re young keep your living expenses down so you have a lot of extra money saved up with that savings money make sure you have studied a ton
About investing and then make sure your research as much as possible about that investment you’re investing that money into so you can make as much money as possible on your money and don’t wait till it’s late in the game because if you’re wait until it’s late in the game it’s really hard at that point if you’re waiting till your 30s and 40s to get on this stuff
It’s gonna be tough that’s all unless a it’s gonna be tough so start early financial life hacks thank you so much for watching this video today guys if you haven’t subscribed you may want to i took a ton about personal finance like i did today i talked about stock stock market investing those kinds of things i talked about business being a young entrepreneur i’m
A young entrepreneur and i love to share tips and hints and things like that with you guys and you know what have a great day
Transcribed from video
Financial Life Hacks! | Personal Finance Life Hacks! By Financial Education
