Magnified Money: teenage wealth: start investing in your future now!

Click “Show More” to see my Favorite Financial Tools MY FINANCIAL TOOLS SoFi Complete Money Management Checking & Savings - Credit Card - Invest - Budgeting - ---------- Chime Fully Online Banking Sign-Up for Chime HERE: Chime Credit Builder HERE: ---------- Favorite Credit Cards Chase Sapphire - Capital One Venture X - Chase Ink Business - Amex Green - Amex Platinum - Amex Business Gold - ---------- Wealthfront Automated Investing First $5,000 Managed for FREE - ---------- Current Card Current | Modern Banking App - ---------- MY CAMERA GEAR My Camera: My Microphone: My Lights: Want a FREE Stock from Robinhood? APPLY HERE: Tip #1: Apply for a Credit Card So the first step you can take today to better your financial future is to apply for a credit card. And I know that somewhere Dave Ramsey is frowning upon this video but I promise that if you know how to use a credit card properly, you can gain a lot of value out of it and even get free travel and cashback. Tip #2: Read Think and Grow Rich/How to Win Friends and Influence People The next step you want to take that may seem a bit boring to some is reading Think And Grow Rich as well as How To Win Friends And Influence People. These two books will change the way you view money and give you a great perspective on how to leverage every interaction you have into a positive outcome for everyone. You’ll also get a closer look at the habits of successful people and ways that you can adopt these habits into your everyday life. Tip #3: Get a Job! My third suggestion is pretty straight forward and that is..get a job! Now making a crap hourly wage is not the way to become a millionaire...trust me! But having a regular job especially at a young age is extremely important and in most cases will motivate you to find alternative ways to make more money with less effort which is really the dream for most people. Tip #4: Open a Roth IRA My next tip is for those of you who are a little further along in your financial journey and have accumulated a few thousand dollars that you can afford to invest. You may have heard this before, but if you are 18, 19, or in your 20’s you should open a Roth IRA immediately. (ZOOM) Like pause the video and go open one now! There are thousands of videos online about Roth IRA’s but if you are not familiar, a Roth IRA, or an individual retirement account, is a tax-advantaged retirement account that lets you contribute post-tax money which means the money you have already paid taxes on from your earned income. This basically means that since you are probably in a lower tax bracket when you are younger and making less money, you can pay today's tax rate and can withdraw this money when you are 59 and a half with absolutely no additional taxes. Tip #5: Investing for Long-Term Success That brings me to my last point which is how to invest for long term success. Now if you want to go blow your money by day trading bitcoin then be my guest but if you want real long term results then I would recommend a broad index fund. Now, this is NOT financial advice at ALL and is strictly for entertainment purposes but a broad low-fee mutual fund or index funds like VTSAX or FIAX invested in for 30-40 years is statistically all it takes. I also recommend index funds because there is typically no financial manager who is buying and selling on your behalf like with most mutual funds. Instead, if you own a broad S&P 500 index fund, you have a small piece of the top 500 companies in the united states and there is no financial guru who thinks they know best, buying and selling your profits down the drain. Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.