This Stops 95% of Teens Getting Rich

In this video I will tell you 11 ways to build wealth as a teenager. These tips are great for anyone who is in their teens or early 20s and is looking for a way to become rich in the future. Implementing these success tips will set you up for success and pretty much ensure you a financially free life. You can become a millionaire no matter what situation you are born into. Making money as a teen is actually not as important as developing long term skills and disciplines. Start your financial independence journey today! Hope you enjoy!
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The first and probably most important way to set yourself up as a teenager is opening a Roth IRA as soon as possible. A Roth IRA is a tax advantaged retirement account which means that it saves you money on taxes. I know as a teenager you are not that worried about taxes but trust me that once you get older you will thank yourself for opening this account. In your Roth IRA you can buy stocks, index funds, and bonds. For the majority of people I would recommend you buy 100% index funds because they are diversified and provide long steady growth. Index funds are essentially a collection of a bunch of stocks into one affordable stock. For example the index fund VTI is a collection of around 3600 stocks that represent the growth of the stock market. This way you cant lose all of your money if one stock goes down because you will still have the majority of your money in those other 3599 stocks. I reccomend using Vanguard to open a Roth IRA but if you want to go with another brokerage such as Fidelity or Charles Scwab that is fine as well. I have a video of my favorite Vanguard index funds that I will link right here. The sooner you start the Roth IRA the better because of a concept called compound interest. You have probably heard about this in math class but I know you didnt pay attention so compound interest is the idea that if interest is compounded consistently then over time you will exponentially earn more money. This graph looks like this. This means that the money you contribute to your Roth IRA now will be worth much more in the future. Aproximately 22 times more. So next time you go out to eat think about how much the meal is really costing you. If you went to Chipotle and bought a burrito that came out to be $10 then multiply 10 by 22 and you will see how much that burrito really cost you. Having this perspective is so powerful when you are a teenager because it helps you think about what you are really buying. I do love Chipotle though. If you want to get a full breakdown of a Roth IRA then the video is right here.

The second way to set yourself up for success is by rading books. Books are such a powerful tool when you are young because you can litteraly dive into the minds of people who have achieved your goals. If you want to learn about how to live a financially free life then go ahead and read "the 4 hour work week". If you want to learn how to communicate and market to people better then read "How to Win Friends And Influence People". There are an infinite amount of books out there and there is so much knowledge to be gained from reading them. While you are young these books can shift your view of money or teach you a new skill that will help you build wealth in the future. Also do not only read nonfiction. Pick up a fantasy or romance novel and just read. I ensure it will make your life better over the long run.

The third way to set yourself up for success is by playing around with a small amount of money. Whenever any of my friends get into investing I always tell them that they should set aside $100 that they will just mess around with in the stock market. It does not matter if they lose this $100 or double it. The lessons that you will learn from using that $100 in recless and experimental ways could be worth millions. For example when I first started I put $100 into Robinhood and day traded with it. I eventually got up to about $130 in my account and then in a single trade went all the way back to $100.

Видео This Stops 95% of Teens Getting Rich канала Linden Chasteen