10 Investing Must Dos When You're Young To Build Wealth

We go over 10 investing things you can do when you're a teenager or in your 20s to build wealth, perfect if you've just turned 18 years old!

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Timestamps:
0:00 - Start here
0:22 - Get a Credit Card
2:19 - Open a Bank Account
3:45 - Start a Side Hustle
4:51 - Roth IRA
6:47 - Start Investing
8:05 - Track Your Spending
9:00 - Beware of Lifestyle Inflation
10:45 - Take Risks
12:00 - Avoid Debt
12:41 - Education

1. Getting a Credit Card
This will help you establish a credit score, which will save you money when it comes to getting a mortgage, car loan, rental approvals, insurance rates, etc. You need a credit score in many countries including the US/Canada. Always pay off your balance in full to take advantage of CC rewards and build credit and not fall into debt.

2. Open a Bank Account
This seems elementary, but opening up a checking/savings with minimum or zero fees is best here. Preferably one with an online portal. Start saving for your Emergency Fund as well.

3. Start a Side Hustle
Having extra income will help you pay off debts quicker. Building a skill you can sell is invaluable at an early age.

4. Roth IRA
This is a tax free retirement account, all your earnings grow tax free, take advantage of compound interest when you're younger to get this underway.

► My Roth IRA video: https://youtu.be/gvK0dd4lUc4

If you're in the UK/Canada, a Roth IRA is a tax free retirement account. You can find your country's equivalent by searching online.

5. Start Investing
Your cash loses value over time, so the more you can invest your excess cash, the better you'll be in building wealth. Look to put your cash in assets or items that will appreciate over time.

6. Track Your Spending
This is essential to budgeting. If you know how much you're spending, and how much you're earning - that's all budgeting is, maintaining a positive cash flow rate. By tracking your expenses you can also figure out where to trim spending.

7. Beware of Lifestyle Inflation
Just because all your friends are driving BMW's, doesn't mean you have to. Avoid keeping up with the Jones's and you'll thank yourself a lot later on.

8. Take Risks
Take more risks when you're younger, you have a lot of time ahead of you, more opportunities, etc. By taking risks, you learn from failure, or you get rewarded for taking on that risk.

9. Avoid Debt
This is easier said than done. But if you can avoid debt when you're younger, you'll also be better off when you're older.

Snowball vs Avalanche: https://www.investopedia.com/articles/personal-finance/080716/debt-avalanche-vs-debt-snowball-which-best-you.asp

10. Education
Investing in your own education will pay dividends down the road. If you can get more skills, you'll be able to trade these skills for higher wages in the interim and hopefully start your own business or invest in the future. Always invest in yourself, you can't lose the education you've learned.

Naval Podcast: https://podcasts.apple.com/us/podcast/naval/id1454097755
▶️ My name is Humphrey Yang, I've built multiple businesses and am passionate about Personal Finance. If you're trying to build a solid foundation of financial literacy, learn to invest, or become financially free - then I'm here for you! This channel cover topics like getting out of debt, managing money, building credit, multiple income sources, passive income, etc.

📧 Contact: If you have a question feel free to leave me a comment on my videos or follow me on IG and send me a DM! If you have a business related inquiry, please then send me an email at humphreytalks@gmail.com

Disclaimer: I am not a financial advisor, any investment commentary are my opinions only. Some of the products and services that appear on this channel are from companies that I have an affiliate relationship with, such as Robinhood, for which I recieve a small percentage made via those links, but it doesn’t cost you anything extra!

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Видео 10 Investing Must Dos When You're Young To Build Wealth канала Humphrey Yang