The Millionaire Investing Advice For Teenagers

For anyone who wanted a video about how to invest as a teenager, or what to do when you turn 18 years old - here is that video, enjoy! Add me on Instagram: GPStephan

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FIRST: GET A CREDIT CARD
Doing this is VERY easy - as a first credit card, I highly recommend The Discover It Secured Card.
All you need to do is put down a small deposit, and they will give you a credit card with a limit equal to that amount. To build your credit, all you need to do is put a minimal amount on the credit card each month, then pay it off in full to avoid paying any interest. It’s as simple as that, the entire process should take you less than 15 minutes to do.

SECOND: GET A BANK ACCOUNT
I think it’s incredibly important that you have a bank account that’s solely in your own name, that ONLY you have access to - this is just one step closer to becoming a productive, financially responsible adult. Again, this step is just about learning how to manage money on your own, and eventually becoming an independent adult who can support themselves financially…and smash the like button.

THIRD: GET A ROTH IRA
A Roth IRA is a tax advantaged retirement account that lets you contribute post tax money…meaning taxes have already been taking out of what you earned…and by the time you’re 59.5, all the PROFIT in that account can be accessed completely tax free.

FOURTH: STAY OUT OF CONSUMER DEBT
I’m not referring to a low interest rate mortgage on a rental property, or any type of leverage that makes you more money…instead, I’m referring to credit card debt, expensive personal loans, high interest auto loans, or ANY other type of loan that serves no purpose other than to make your life awful. The responsible way to handle purchases is to only buy things that you can afford, put it in a credit card…and then PAY THE CREDIT CARD OFF IN FULL before its due.

FIFTH: GET A JOB
I sound like some old man saying this, but no joke, if there’s ANYTHING that set me up for a successful future, and that got me started on the right path early in life…it was this. GET A JOB. Anything. Even if it’s a few hours per week, JUST GET SOME WORK EXPERIENCE. Doesn’t matter how much money you make, just work…the experience that you’ll get from a part time job will be worth it 100x over by the time you’re older.

SIXTH: LIVE BELOW YOUR MEANS
Do not buy stupid stuff to impress people who don’t matter. Do not waste your money on things that aren’t going to benefit you long term. I’m a firm believer that it’s totally okay and acceptable to live SUPER cheaply in your 20’s, to set up the rest of your life to live comfortably.

SEVENTH: DONT GO TO COLLEGE JUST TO GO TO COLLEGE
Here’s my solution: if you don’t know what you want to do with your life, either go and get work experience until you figure it out - or go to a 2-year community college part time while you work. This way, you can save a TON of money - you can continue working at the same time - and that gives you more time to figure out what you really want to do.

EIGHTH: INVESTING ADVICE FOR TEENAGERS:
For most people out there, just invest in a broad low-cost index fund, invest consistently, and invest with the expectation of holding it for the next 30-40 years. That’s literally it. An index fund like FZROX, VTSAX, FIAX, or a target date retirement fund through Vanguard would do the trick. If you just do this one investment, chances are, this will become you full retirement when you’re older.

Now, If you ARE going to take on more risk, while you’re young is the time to do it. If you want to start that business, DO IT. If you’re successful at it, then you’re further ahead financially. Either way, you win…even if you LOSE, it’s better you lose a small amount when you’re 18, then a LARGE amount when you’re 35.

So don’t let those mistakes be made in vain…if everyone can learn from what I did wrong, then at least my mistakes went to a good purpose.

[Darkay]

Not the dad we asked for, but the dad everyone needs.

[zacharycho]

1. Get a credit card as soon as you turn 18.
2. Open a bank account without any crazy fees.
3. Get a Roth IRA.
4. Stay out of debt.
5. Go get a job.
6. Live like you make significantly less.
7. Reconsider college
8. Invest!

[DonxBanks]

I’m 20, started working full time & opened up my 401k and Roth Ira when I was 19. Saved 20k in the last year. No girlfriend.. life is good.

[moriahfilmedthat]

15 year old girl. I didn't realize I had 3 years left of childhood.

Saved $155 so far. WE GON GET RICH BOIS

[sweatyandy]

GUYS OPEN THE CARD, I paused the video & applied for the discover it secured 7 months ago. Now my score is sitting at about 760 & I’m 19 years old. Discover actually refunded me my security deposit & raised my credit limit to $2, 500 today. So if you are tight on money, the $200 credit line is more than enough to start building your credit history. Thank you Graham I hope to inspire others in the future the way you inspired me.

[videomemes]

Him: telling youngsters to take risks in new businesses.
Me: *starts selling drugs*

[venkatapamidi]

I am only 14 but I am scared of ending up like my parents who are really poor, and 4 thousand dollars in debt so, I want to set myself up for life.

[lachlanprinsep]

Millionaires stay rich by making productive moves like investing, saving doesn’t multiply money, Don’t save buy assets, trade or invest but make sure you run a background check up on your source before you invest, Ensure you are investing through a solid foundation source to avoid blowing money away

[SharonTseung]

1:15 Go and get a credit card
3:49 Go open a bank account
5:58 Get a Roth IRA
8:25 Stay out of debt
9:55 Get a job
12:03 Live below your means
13:45 Reconsider college
15:53 Investment tips

[justinroberts]

U.S. Highschool: Today in personal finance we're gonna talk about, you guessed it, business models and macroeconomics
Students four years later: What's credit

[superstandard]

Being blessed with dual citizenship I can study in Norway for free and move to the US with a degree and 0 debt.

[micahhinkle]

“Go and get a job!” I love it lol. I got my first part time job at 14. Would highly recommend it to everyone, it gives you a great taste of how money and the world work.

[compoundinterestinsights]

I’m 18 just graduated from high school
I opened an 401k
I got a full time job
Going do do online college
Already investing in the market as a long term investor
Have additional side hustles
Already have $5, 000 saved

[AustinGarner]

Graham the type of guy to be in a good mood when he gets a speeding ticket, because it's just an excuse to open up another credit card for more points 😂

[fly]

I just want to be extremely wealthy at a young age so I can make my parents proud of me and buy them stuff

[tahirisaid]

The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires. I realized that the secret to making a million is making better investment...

[lcsilva]

You forgot to say "don't have kids early on."

[HumansOfVR]

*_These tips are still good even if you're in your 20's_*

[moredenisediaz]

I'm 20 years old and you SOOO right!!!! When I went off to college at 17, I felt so bad about myself because I was going to a community college and I wasn't going to a 4-year institution but, now I feel so much better knowing that I'm in my third year of school and owning no money. Another thing, I did when I was 17 is asking my mom to take me to the bank and open a credit card with her. Now that I'm older I thank myself for that, I also plan to open a Roth IRA soon as a gift to myself for my 21 birthday.

[olivialeo]

If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You most look outward if you wanna be successful in life.