Personal Finance 101: Ten things to do when you turn 18

Share this & earn $10
Kevin Conway
Published at : 25 Dec 2020
20768 views
1243
8

School teaches us a lot, but not about money. You learn about he intricacies of Mesopotamian irrigation and how to draw a turkey with your hand imprint. But you never learn personal finance 101!

In this video I break down some personal finance basics, how to save money, some teenage money management tips, and what to do with money in your 20s.

*Subscribe for more videos like this!*

**Best Credit Cards for Beginners
https://www.youtube.com/watch?v=2KEjdh5ekaM

**Best Checking Accounts
https://www.youtube.com/watch?v=l2jxwE27UlA

Personal Finance Tip #1: Make a budget

Making a budget allows you to see where all your money comes in and goes out.

Use Mint or a program similar to Mint to budget your money. Mint allows you to see all your transaction history across all linked accounts. Once you know where your money is going, it will get easier to budget.

Personal Finance Tip #2: Open a checking and savings account (or a hybrid checking/savings account)

You need a place to put your money that is not under your mattress. Having a bank where you can deposit checks, save your cash, and pay your bills is the most basic first step for personal finance success.

Do not go with Bank of America, Chase, or Wells Fargo. They charge you $12 every month unless you meet certain criteria.

I recommend going with SoFi Money. It is an online checking/savings hybrid account. SoFi Money is free to use and gives you great interest on all your money.

💰 $25 signup bonus link for SoFi Money: https://bit.ly/3h3vX7o

Personal Finance Tip #3: Open a credit card

Developing a credit history is very important. If you have a high credit score, you will pay less in interest on mortgages, auto loans, and almost any other debt you take out.

Having a credit card also allows you to save money on everyday things you buy. For example, using the right credit card can save you 2%-5%+ on gas, groceries, entertainment, and almost everything you can think of.

I recommend getting Discover. It is easier to qualify for. Discover has no annual fee and gives you great cash back on rotating categories. (Click here to get it:
http://refer.discover.com/s/yydnvt).

Also, pay your credit card balance in FULL every month. Never, ever carry a balance.

Personal Finance Tip #4: Pay yourself first.

You need to pay yourself before you think about spending your money. Paying yourself first is a great automatic way to get in the habit of saving. You will never get ahead unless you save!

Specifically, I would take 5% or 10% of every dollar you get and automatically transfer it to your savings account.

#5: Invest in your 401(k), IRA, or after tax account

If you never find a way to make money when you sleep, you will work forever. That is why investing is so crucial. If you have a 401(k) at work, understand what your employer matches and match to that amount. This is free money!

If you do not have a 401(k) at work, open an IRA. I recommend Vanguard. Keep your expenses low and invest in a broad based index fund like VOO. Buy and hold forever.

Personal Finance Tip #6: Avoid student loans

Student loans are non-dischargeable in bankruptcy. This means that they will follow you around forever no matter what happens, with a few limited exceptions.

Get scholarships, work part time jobs, go to community college, or go to a state school to keep your expenses low. There are even programs like the Arizona State University / Starbucks partnership where working at Starbucks will allow you to get your tuition covered for free! (check it out here https://www.starbucks.com/careers/working-at-starbucks/education)

Personal Finance Tip #7: Do not buy a new car

Buying a new car is a waste of money. You will lose tons of money just driving the car off the lot. Buy a used car to save lots of money.

Personal Finance Tip #8: Learn about taxation

You pay taxes on everything. Take some time to understand it. For most people, taking the standard deduction ($12,200 for individuals and $24,400 for married folks in 2019) is the best option.

Personal Finance Tip #9: Never stop learning about personal finance

You spend 40-50+hrs a week in your job or at school, but how many hours do you spend learning about personal finance? Take a few hours a month to learn about investing, taxes, real estate, mortgages, credit cards, and other personal finance basics.

Personal Finance Tip #10: Look at cheap ways to have fun

National parks, hostels, camping, cooking at home. These are all things you can do to save money.

What do you think? Let me know in the comments below.

Don’t forget to like the video!

AFFILIATE DISCLOSURE: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and sign up. However, this does not impact our opinions and comparisons.
personal finance for beginnerspersonal finance 18financial education

$50/50/100 NLH Poker Cash game w/Garrett, Andy, Lynne & Barry♠ Live at the Bike! REPLAY

$50/50/100 NLH Poker Cash game w/Garrett, Andy, Lynne & Barry♠ Live at the Bike! REPLAY

Big (1988) Trailer #1 | Movieclips Classic Trailers

Big (1988) Trailer #1 | Movieclips Classic Trailers

MIX & MATCH INDONESIA Team Drafting with Taufik Hidayat and Candra Wijaya

MIX & MATCH INDONESIA Team Drafting with Taufik Hidayat and Candra Wijaya

【VLOG】慶祝紀念日!W/Jane

【VLOG】慶祝紀念日!W/Jane

Among Us - Bad Timing / Funny Moments #71

Among Us - Bad Timing / Funny Moments #71

Kids TV Channel | Armed Motorized Vehicle | Modification Garage |  Futuristic Vehicles For Children

Kids TV Channel | Armed Motorized Vehicle | Modification Garage | Futuristic Vehicles For Children

Go, Goes, Going, Went or Gone

Go, Goes, Going, Went or Gone

Machine Shop on Your Bench Top - Guaranteed to Pay It's Own Way - SMITHY GRANITE 3-in-1

Machine Shop on Your Bench Top - Guaranteed to Pay It's Own Way - SMITHY GRANITE 3-in-1

Zoom Zoom Zoom We're Going to The Moon Song | Rocket Song for Kids | Space Songs for Kids

Zoom Zoom Zoom We're Going to The Moon Song | Rocket Song for Kids | Space Songs for Kids

❤️MaxTul❤️ How closed are you guys?!

❤️MaxTul❤️ How closed are you guys?!

Spill Your Guts or Fill Your Guts w/ Justin Bieber

Spill Your Guts or Fill Your Guts w/ Justin Bieber

3D Among Us on Roblox!

3D Among Us on Roblox!

How To Connect With Others & Yourself | The Blissful Mind

How To Connect With Others & Yourself | The Blissful Mind

TWICE - Touchdown (Line Distribution + Lyrics Color Coded) PATREON REQUESTED

TWICE - Touchdown (Line Distribution + Lyrics Color Coded) PATREON REQUESTED

COOKMAS DAY 5!! CRISPY CHICKEN WING & FRIES WITH CHRIS

COOKMAS DAY 5!! CRISPY CHICKEN WING & FRIES WITH CHRIS

Olly Hence feat. JStanley & TIX - The Tramp

Olly Hence feat. JStanley & TIX - The Tramp

MW BLACK vs MW JEEVA Custom Room Match 💥🔥🔥 Most Wanted Gaming

MW BLACK vs MW JEEVA Custom Room Match 💥🔥🔥 Most Wanted Gaming

Insektisida ENDURE 120 SC - Membasmi Pengerek Batang Pada Tanaman Padi

Insektisida ENDURE 120 SC - Membasmi Pengerek Batang Pada Tanaman Padi

13 Signs That You're an Empath

13 Signs That You're an Empath

Imagery- Types of Imagery

Imagery- Types of Imagery

chill beats to quarantine to

chill beats to quarantine to

Maridaje (por contraste) - Pairing (by contrast)

Maridaje (por contraste) - Pairing (by contrast)

Snoop Dogg - Regulate feat.Warren G - Paris Zénith 2011

Snoop Dogg - Regulate feat.Warren G - Paris Zénith 2011

How to Pronounce PROBABLY - American English Pronunciation Lesson

How to Pronounce PROBABLY - American English Pronunciation Lesson

pfizer stock jumps on word of fda approval

pfizer stock jumps on word of fda approval

Ninewells Fertility Centre is readily available to provide you with all your fertility needs.

Ninewells Fertility Centre is readily available to provide you with all your fertility needs.

Every City in China Is Famous For Beautiful Women

Every City in China Is Famous For Beautiful Women

A kind of Magic- Queen

A kind of Magic- Queen

Training Yourself to Draw From Imagination - Peter Han

Training Yourself to Draw From Imagination - Peter Han

The Perpetrators of the Rwandan Genocide Are At Large in the Congo (2010)

The Perpetrators of the Rwandan Genocide Are At Large in the Congo (2010)

How to make your life. How to grow your life. How to grow your life in 2021

How to make your life. How to grow your life. How to grow your life in 2021

Imam KABA Sheikh Al-Sudais inspected and took part in cleaning of MATAF at MASJID AL HARAM | MAKKAH

Imam KABA Sheikh Al-Sudais inspected and took part in cleaning of MATAF at MASJID AL HARAM | MAKKAH

Learn the most effective dribbles | 5 simple football skills

Learn the most effective dribbles | 5 simple football skills

Solving The World’s GREATEST Puzzle Box!! $20,000 (One of a Kind)

Solving The World’s GREATEST Puzzle Box!! $20,000 (One of a Kind)

I Found SIREN HEAD at 3:00 AM..

I Found SIREN HEAD at 3:00 AM..

ALL OK | DONT WORRY OFFICIAL VIDEO SONG | KANNADA SONG | ALOK

ALL OK | DONT WORRY OFFICIAL VIDEO SONG | KANNADA SONG | ALOK

Physician meaning in Hindi | Physician ka kya matlab hota hai | Physician meaning Explained

Physician meaning in Hindi | Physician ka kya matlab hota hai | Physician meaning Explained

let me acquire you

let me acquire you

Abandoned High School with Power - Everything Left Behind

Abandoned High School with Power - Everything Left Behind

HOW TO BUILD YOUR OWN FINANCIAL PLAN WHEN SH*T HITS THE FAN! INVESTING, SAVING & MORE.

HOW TO BUILD YOUR OWN FINANCIAL PLAN WHEN SH*T HITS THE FAN! INVESTING, SAVING & MORE.

What a Little Moonlight can do -- Billie Holiday 1935

What a Little Moonlight can do -- Billie Holiday 1935

Like a Prayer-Madonna (Letra & Traducción)

Like a Prayer-Madonna (Letra & Traducción)

Overt vs Covert Narcissists

Overt vs Covert Narcissists

FIX: It Looks Like You Don't Have Applicable Devices Linked To Microsoft Account Error

FIX: It Looks Like You Don't Have Applicable Devices Linked To Microsoft Account Error

How to Buy a New Computer Tips in Hindi - PC Buying Guide

How to Buy a New Computer Tips in Hindi - PC Buying Guide

Diljit Dosanjh ने Income Tax certificate दिखाकर इशारों में जवाब दे दिया है | Farmer's Protest

Diljit Dosanjh ने Income Tax certificate दिखाकर इशारों में जवाब दे दिया है | Farmer's Protest

Those Who Remain Review

Those Who Remain Review

Lemon Demon - Not Applicable

Lemon Demon - Not Applicable

How to Make Paper Wall Hanging Very Easy And Simple !!!

How to Make Paper Wall Hanging Very Easy And Simple !!!