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startingasmallbusiness · 2 years

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The BEST Financial Advice for a 20 Year Old

I searched "Top Financial Advice For 20 Year Olds" on YouTube and came across this video. In this video, the hosts discuss the top 10 pieces of financial advice that they would give to a 20 year old kid who wanted to learn about money. Their number one piece of advice was:

TIME is your most abundant and valuable resource. You most likely do not have kids, you may or may not have a full time job, be in school, etc. If you are young and healthy, you should be maximizing the potential that your time is worth. You have the ability to accumulate money at an exponential rate, which means the younger you are when you invest, the more money you will make in less time. One of the hosts from "The Money Guy Show" YouTube channel explains that he did not realize how valuable his time & money was when he was younger, so he missed out on a lot of great financial opportunities. The talent then goes on to explain how investing $1 when you are 20 or 21 years old could become $88 over the next 45 years, however the value of a dollar is influenced by a number of factors. I found this PDF on moneyguy.com (ironically enough, the same guys that run the YouTube channel created this. They know how to use SEO), that explains how a young person should invest their money to be a millionaire by the time they're 65. This PDF shows how the earlier that you invest, the more time your money has to grow, and how you will make more money over time. It is a formula sheet, essentially, where you multiply your wealth multiplier # by your total in your investment accounts to calculate the projected growth of your assets by age 65.

I also would like to point out that time is on your side when you are younger, plain and simple. If you spend more time learning about finance, business, real estate, and other profitable skills and knowledge, you will be worth more in the future. You will be able to educate those that don't know any better. When you don't understand something, it's easy to brush it off or delay learning. However, if you learn about things while you're young, you have more time to put that knowledge to use and you will never have to put in the effort to learn that information again.

Next, I found this video titled The 4 Best Types Of Investment Accounts on YouTube (once again). Personally, I think this video is extremely helpful. Here is my personal summary on this video and what I learned:

You must have an emergency fund saved up before you start investing or putting your funds into different things. The best account to keep your emergency fund in is a high yield savings account.

2. First best account is a health savings account, but it is mostly beneficial for people in a higher tax bracket and you can't take the money out until you are 65, and then you can use it however you want but you must pay taxes on it. You can also get tax free medical care. Health savings account are important because as you age and experience life you will endure health care expenses. You can use this account for medicare premiums and these accounts have tax advantages. (HSA's?)

3. Invest in your retirement account at work - examples include: 401k, 403b, 457 plan, or a simple IRA plan. For 401ks, you get a max contribution to your salary and you can invest as much money as you can afford into this account. Your employer will match it if you are lucky or at least add a percentage and your money will increase exponentially over time. There are also tax deductions for these types of contributions. If you have good options for investment accounts with reasonable fees at work, you can max out your contributions. If you pay a lower tax rate now, see if you can contribute to a roth option at work because you will lock in your tax rate.

3. Contribute to a personal IRA.

TRADITIONAL VS. ROTH IRA

Traditional: tax deduction now, pay taxes later in retirement. There are deductible rules.

Roth: Pay taxes on the money contributed now, and you get to take it out tax free when you retire. A Roth IRA is better in my personal opinion as of right now. Income limits could make you ineligible for this option.

Deductions are expenses that can be subtracted from a taxpayer's gross income in order to reduce the amount of taxable income. It can be referred to by the IRS as a "taxable reduction". Reductions can be used to decrease the amount of taxes that a taxpayer owes, according to Investopedia.

Standard tax deductions are a flat rate that the tax system allows someone to deduct. This number is set in stone, it can not be negotiated. The standard tax deduction

I created this blog dedicated to starting a small business (and personal/financial wealth) because I am an entrepreneur and I want to start some of my own official, licensed companies. I wanted to learn more about finance and investing, and learn how to maximize my time and my wealth now so I can achieve my goals faster and more efficiently.

After reading about some of the financial advice that financially successful people would give to a 20 year old, I have developed a list of questions that I need to spend some time learning more about. Here is my list:

What investment accounts (IRA, 401K, Etc.) can I open? Which ones should I open? What are the benefits/disadvantages of an investment account? How much money do I need to be adding to these if I want a profitable return?

2. How can I benefit from deductions with my current employer/income status? Everything there is to know about taxes and business taxes!

To be continued..

#Investingforbeginners #investwithme #investing #rothira #educatiion #business #developers & startups #education #gaming #news #student #smallbusiness #finance #investors #banking

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realestatewithgordy · 1 year

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Congratulations to the Page family, This new home is everything they were hoping for in their forever home. 3 levels is sure to give everyone their own personal space. Cheers to the many years of memories ahead. Special thanks to @tonyandrewshomeloans and his team for getting financing done in 20 days, @firstamyakima for taking care of the title and escrow portion. If you’re thinking of buying or selling, or know of anyone who is, I would love the opportunity to work through the process with you. #realestate #realestateagent #realtorlife #buyersagent #listingagent #broker #brokerage #homes #realtor #nar #rookieoftheyear #househunting #yakimarealestate #yakima #yakimavalley #selah #selahviking #winecountry #sellinghomes #veteran #military #va #usmc #sellwithme #buywithme #olordycallgordy #referral #sellingagent #berkshire #investwithme (at Terrace Heights, Washington) https://www.instagram.com/p/Cp6jkfnrQgJ/?igshid=NGJjMDIxMWI=

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cmgroup10 · 6 years

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This is what we do...We Buy, Demo, & Rebuild communities one house at a time! #house #homedecor #dallasrealestate #builder #dallasbuildersassociation #clydekemp #dallasbuilders #dallas #home #flipthishouse #diy #hgtv #flipthishouse #fliporflop #realestate #realestateinvestment #newbuild #fromthegroundup #rei #investwithme #myreimentor #webuyhouses #forsale #comingsoon #luxuryrealestate #youngentrepreneur #youngprofessionals #entrepreneur #workhardplayhard #workhard #playhard #chenalmanagementgroup #poshdesignerhomes

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richardricasata · 6 years

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Today’s reminder. 📷@kingsouthbeast #entrepreneur #entrepreneurs #realestate #investor #investing #cashflow #buyandhold #askmehow #investwithme #business #startups #hustle #grind #workhard (at JW Marriott Desert Springs Resort & Spa)

#realestate #buyandhold #business #startups #entrepreneurs #askmehow #entrepreneur #cashflow #investwithme #grind #hustle #investor #workhard #investing

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evgenytereschenko · 4 years

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Any customer can have a car painted any color that he wants so long as it is black. Henry Ford. Thanks Bruno, thanks @ecosolutions.wash ! Well done! - #ecosolutionswash #new #mercedes #success #life #investwithme #money #crypto #business #happy #friends #brasil🇧🇷 https://www.instagram.com/p/B-iSRu1pIt9/?igshid=stl2bkm9or1t

#ecosolutionswash #new #mercedes #success #life #investwithme #money #crypto #business #happy #friends #brasil🇧🇷

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jazzhomesnj · 4 years

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Mastery Tips - Cash for keys on rental. Your very last option. #rentals #rental #cashforkeys #brrrrstrategy #brrr #investment #investing #investwithjazz #investwithme #ijazmirza #nj #jazzhomesnj #realestate #realestateagent #realtor #contractor #investor # https://www.instagram.com/p/CAahh8cj6bD/?igshid=127b50kcemdv4

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wozur-success · 4 years

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#investwithme #learninvesting #earnmoney #passiveincome (at LondoCoffeShop) https://www.instagram.com/p/B905v9apRv9/?igshid=1cm9vwauj8rml

#investwithme #learninvesting #earnmoney #passiveincome

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tomem00 · 5 years

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Click / connect / play ... affordable am & easy start your day off with motivation every day a better way ! Sunday vibes#motivationalquotes #tomem_ltd #innovation #wirelessearbuds #spring #melbourne #followme#tomem.com.au#techmadeeasy #affordablefashion #buy #likeme #smiling #qualitycontrol #startmeup #investwithme #thejourney https://www.instagram.com/p/B2IXzcbArtb/?igshid=r1yrldb8q41l

#motivationalquotes #tomem_ltd #innovation #wirelessearbuds #spring #melbourne #followme #tomem #techmadeeasy #affordablefashion #buy #likeme #smiling #qualitycontrol #startmeup #investwithme #thejourney

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shechar-fx-blog · 6 years

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Didn't even expect this picture. We have been happy since we started this life. I would smile even till the day I die. #makemoremoney #traveltheworld #haveyouinvested? #bitcoin #btc #forextrader #investor #investwithme #texaslove #payouts https://www.instagram.com/p/BpErwwNlwhu/?utm_source=ig_tumblr_share&igshid=1184717pawr4y

#makemoremoney #traveltheworld #haveyouinvested #bitcoin #btc #forextrader #investor #investwithme #texaslove #payouts

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ishophgg · 6 years

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Do you believe in ghost!? 👉🏽YES or NO? Drop your answer below👇🏽👇🏽👇🏽 #holyghost #realtor #sellyourhome #blessed #blessings #investwithme #hireme https://www.instagram.com/p/BpmgbqRFMOz/?utm_source=ig_tumblr_share&igshid=1mc6uee96jtxh

#holyghost #realtor #sellyourhome #blessed #blessings #investwithme #hireme

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realestatewithgordy · 1 year

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First time home owner 🚨. Congratulations to my clients on closing on their beautiful first home today. I hope the space of this home gives the family years of amazing memories. Special thanks to the people behind the scenes of making our real estate transactions make it to closing. @tonyandrewshomeloans for ensuring the financial side was taken care of. @fidelitytitlecompany for title and escrow @haleylarsonre and her team for the beautiful listing. If you’re in the market to buy or sell, let’s chat about making that happen in 2023. #realestate #realestateagent #realtorlife #buyersagent #listingagent #broker #brokerage #homes #realtor #nar #rookieoftheyear #househunting #yakimarealestate #yakima #yakimavalley #selah #selahviking #winecountry #sellinghomes #veteran #military #va #usmc #sellwithme #buywithme #olordycallgordy #referral #sellingagent #berkshire #investwithme (at Yakima, Washington) https://www.instagram.com/p/CqMe54MLcpO/?igshid=NGJjMDIxMWI=

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nextsmalltownmillionaire-blog · 7 years

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Check out ALL your investments... not just money, but your time and spirit! The shift in mentality will yield you more than you could imagine!!! #nextsmalltownmillionaire #oletsdoit #financialfreedom #mydreamsscareme #mirrortime #investinyourself #investing #investwithme #businesscoaching

#mirrortime #oletsdoit #financialfreedom #investwithme #mydreamsscareme #businesscoaching #nextsmalltownmillionaire #investinyourself #investing

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richardricasata · 6 years

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Love this garden. 📷:Pinterest #realestate #investor #investing #residential #buyandhold #askmehow #investwithme #garden #landscape #landscaping #home #house #flowers #trees

#house #residential #home #flowers #realestate #investing #buyandhold #askmehow #landscape #landscaping #investor #investwithme #trees #garden

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tbmbrady-blog-blog · 6 years

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Life is a people’s business. There isn’t a problem in the world that meeting people can’t solve. Learn to love people for who they are, not for what they can do for you. It’s bigger than real estate. . . . . #EquityCentralLLC #TheSuitedAgent #RealEstate #RealEstateGoals #RealEstateAgent #Passion #Love #Luxury #LuxuryRealEstate #LuxuryHome #Columbus #Ohio #614 #BuyWithMe #SellWithMe #ListWithMe #InvestWithMe #Wealth #Broker #CentralOhio #614Magazine #Monday #Faith #Inspirational #Quote #GritDontQuit #BuyThisHouse #WealthyLiving #Golf #Motivation #People

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jazzhomesnj · 4 years

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Investors what tools are you using for rentals. #rentals #rentalproperty #rentalproperties #rentalincome #renttoown #investment #investing #tenantscreening #investwithjazz #investwithme #ijazmirza #JazzBuysHouses #jazzhomesnj https://www.instagram.com/p/CAXe1TSjhRU/?igshid=jxt6p19dh684

#rentals #rentalproperty #rentalproperties #rentalincome #renttoown #investment #investing #tenantscreening #investwithjazz #investwithme #ijazmirza #jazzbuyshouses #jazzhomesnj

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cmgroup10 · 6 years

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Life is a process, but it should be lived as a journey. #clydeism #clydekemp #investwithme #workhardplayhard #realestateinvestor #investinyou #business #wealth #money #lifequotes #blogger #lifeblogger #motivationalquotes #myreimentor #dallas #realestate #realestateporn #investor #ca #miami https://www.instagram.com/p/Bm17Yyoh16y/?utm_source=ig_tumblr_share&igshid=1dcyv499z0204

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