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10 Money Steps To Take Before 30 | The Financial Diet
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- Опубликовано: 15 авг 2024
- Here are 10 money saving tips and essential steps anyone should take before turning 30. And here are 7 Habits to Make You Good with Money: • 7 Habits To Make You G... .
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Looking for more ways to get good with money? This video will teach you how to do it in a year: ruclips.net/video/d5vgjyzh1q0/видео.html.
1. Create a six-month emergency fund.
2. Overcome bad spending habits.
3. Master budget making (50:30:20 rule)
4. Master on time bill payment
5. Have a side source of income.
6. Have a good credit score.
7. Make the right debt repayment plan.
8. Start saving for retirement.
9. Become financially fluent.
10. Build a money community.
Thank you!
Fortunate to watch this video at 21.
Melia Widjaja thanks
Thanks! I‘ve posted a comment before, but I assume it’s gonna get lost in the stream: are there any people here who have experience with side jobs? I’m from Germany and I am somewhat puzzled by the concept of needing a side job additionally to your straining 50h job? How do people get by? How are you doing this? Why is it advertised as being „cool“ instead of a huge injustice of the market?
Pauline Hi! Some people have an extra job for a while to accelerate their savings or debt repayment, and basically just view it as sacrificing a bit more time to help get ahead. Also, a typical full time work week over here is 40 hours (I am in Canada but I believe this rings true for the US as well).
0:36 Create a six-month emergency fund
1:29 Overcome Bad Spending Habits
2:07 Master budget making
2:55 Master on time bill payment
3:34 Have a side source of income
4:12 Have a good credit score
4:54 Make the right debt repayment plan
5:41 Start saving for retirement
6:28 Become financially fluent
6:54 Build a money community
I'm 36 and haven't mastered all of these things, so don't be like me! I would add that if you're in a relationship, have open, candid conversations about money with your partner, especially before you combine accounts or coborrow on a loan. You may have the same money philosophy or you may be wildly different from one another; in any case, communication about money is so crucial!
C CN that is great advice! My boyfriend and I are trying this now. You are still young, don't worry. I am 27 now, but the older i get the more a realize age is just a number. Many times I still slip into my 20 year old ways of thinking. It all depends on the day as I feel my souls age changes. Hope that's not to philosophical.
Thank u so much
Christine Same. I’m 33 and just now doing the emergency fund.
i literally just turned 18 and i watch like everything on this channel
Good for you! I got started on this stuff around 21, and that felt too late.
For me, to avoid impulse buys on amazon, I add it to my wishlist instead of my cart. It gives me time to think about it and I find myself thinking, "why did I think I would want this?!"
Khoi Trieu that's a really good idea!
SAAAAAMEEEE! I put it in my wish list and forge about it. Usually by the time I go back in there I realize I didn't even need/really like half the stuff I chucked in there.
For me i always ask myself "if i want this new shirt i must find 1 shirt to donate/sell first"; so most of the time i'll still want to keep that shirt and ended up not buying that new shirt. This also applies to makeup products.
I do this too:)
what you do you mean I don't need that Jeff Goldblum shower curtain?!?!
I'm super proud that I've already mastered most of these steps at the age of 25. These rules are great and really valuable - especially the ones about emergency fund and side jobs. I also like to have - as I like to call it - a "f*ck you fund" - it's really useful when your job makes you miserable and you just want to quit. I actually quitted my terrible job a few days ago and I am so thankful to my past self for creating an emergency/f*ck you fund and having a side job, so I don't panic about my money situation. But I'm gonna need your videos more than ever :)
Also, whenever I watch your videos I feel so happy that here in Poland we have free education at all levels, including university, cause paying off student loans sounds really, really awful.
I love Lauren, I don't want her to be behind the camera. You guys are better together!
Christy Faye same
I discovered this channel only a few days ago and I've been OBSESSED. Love you guys!!!
Me toooo! Barely a week in and I think I've watched at least half of the content! ❤️🥰🌸
50:30:20 more like 80:15:5 housing is ridiculous where I live.
Jenni H agreed
Some of these are really difficult if you are a graduate student and are literally not allowed to have a job outside of school, or it puts your stipend into question.
Number 10 is so underrated and honestly one of the most important steps. Everything is easier when you have a friend encouraging you
Could you perhaps do a video on investing (saving accounts with interest rates, saving bonds etc) - I get quite confused by this!
Go to investopedia to learn about investing yourself(use the simulator, theory etc.) If you do not have enough time to do the trading/investing yourself you can always pay a professional to do it for you. Expect fees however over the profits earned and only do it if you have a larger sum of money.
Always imagine that every hour you work on whatever you do(investing in this case) should earn you at least minimum wage per hour. Otherwise you would get a better paying method when you work at mcDonalds.
So happy to have found this channel! As a millennial in my mid 20's I was never taught much about money and am seeking to become for financially fluent before I am 30. Thank you for your work!
I never really understood the term "financial freedom" until you put it this way 3:58 thanks Chelsea
Love our Roth IRA's, you can set up with your financial adviser to have automatic payments made towards your account. Even it's it's $20 a month, it's something.
In Jamaica, West Indies, borrowing, and lending are based on collateral and net income. Not on how well one has mastered that art of paying bills, ie, good credit. Other than that I like the advice and I love the channel.
Some amazing financial podcasts I listen to are Dave Ramsey, Clark Howard, Radical Finance, Chris Hogan's Retire inspire( his voice alone will wake you up). Thanks you all the lessons!
Karen Mutoro I agree Karen, I listen to Dave Ramsey daily, and he has truly changed my life. And Chris Hogan rocks too!
You Dave Ramsey people are cancer.
A video about debt repayment plans and restructuring in itself would be immensely valuable to me right now! I don't really understand my options, but will inevitably need loans. I want to know how to look for the best options for my circumstances.
Love your channel btw!
This channel may be seriously changing my life. Thanks guys!
Love your point about getting the employer match in the 401k but one of the key things is knowing when you’re vested. If you’re not vested, all of your “free money” can disappear if you leave before the vesting period is up. My first job required that I work there for three years before their match was mine, but I didn’t know that, so when I left 2 months before the 3 year mark, I lost half of my 401k (all the employer matches of the past 2-plus years). I was so clueless that I didn’t quite understand what was going on even a year after that, because my old 401k was still showing the phantom employer match money in my account. When I rolled my 401k into an IRA, the phantom money finally disappeared for good and I knew for a fact that half of the balance was gone.
Know your vesting period.
I'm 23 and learning all money and being an adult. Your channel has been the biggest help. You make it all so easy. Thank you for all the work and advice you put into these videos. I've sent a number of my fellow broke twenty-somethings to your channel in hopes that it will help them as much is it did for me. Keep up the great work ladies!!
I just started my first job a couple of months ago and I cannot handle money at all, I don't spend a lot nor living in luxury but at the same time I am not saving anything and it's frustrating. One of the reasons I cannot manage my money was because I received a weekly allowance from my parents till I got my first job so I am not used to managing my spendings on monthly basis you guys helped me a lot realizing I wasn't the only one messing up, and things can be fixed I just need to embrace the habits of good finances. Finally, I liked you guys on your first video (8 money mistakes that you made) you were smiling a lot, laughing enjoying your time, you seemed closer to each other and to the viewer, also you were finishing and picking up each others thoughts now you are distant from each other and the viewers.
Start saving for retirement (no matter how much) should be #1. I saved as much as I could in a work 401K for 10 years. Now I have a great chunk of money that is snowballing interest.
You guys deserve subscription from every people who have just stepped into adulthood. You guys are like a cheat sheet on a major exam. You are honest and very informative and all nice adjectives! Glad I found this channel.
Something that helps me with impulse spending is focusing on what I already have that I can enjoy again as well as getting out in nature. When you are out in nature the most simplest things can be satisfying. As well as there are no ads around you... hopefully.
Remember that you are in charge most of the time of when your bill due date is. You can call your service provider up and select any due date you want. For instance, my Netflix, CBS All Access, and Gym membership are all due on the 14th of each month. I also set my two credit cards to come due and end monthly cycles on the 22nd of each month. Makes tracking important dates a lot easier.
just subbed! 6 months away from 30 and I'm more than half way through the list! I think next for me is meeting with an advisor and discussing investment options. and getting a buddy or two!
Let me know if you've made this vid already, but I'm 19, just finished my first year of uni, and really really making an effort to become totally self-sufficient. I'm working full time at minimum wage, and I want to be spending the little money I have wisely. Thank you!!
Yay money community! Personally, I am following pretty closely Dave Ramsey's approach. We are working our tails off to pay off all of the crazy student loan debt. We had 160K in loans at the beginning of 2017. We now have 91K. Obviously we have a ways to go but we are being seriously strict with our money. We also live a healthy lifestyle too. We eat Whole30/Paleo. It works for us. Once we are out of debt we will build up a larger emergency fun (ours is approximately 2 months right now). The only point I had an issue with is how to divide up your income. I highly believe that getting out of debt (aside from a mortgage because that hold value or even gains equity) needs to be the top priority. Once that is done worry a lot more about investments; but for now get out of debt.
That 50/30/20 rule you mentioned actually relieved me of a HUGE amount of stress I had over my income. I even made myself a budgeting spreadsheet! Thanks guys!
You presented great tips to better your financial management.
Hey! I'm 23 year old brazilian student moving to Canada soon, and that means a lot of changes are coming on my financial diet. Your tips are very helpful for coming up with a game plan. Thank you so much!
In the past few months i have been saying to myself that i will be better handling my financial side of my life. With a lot of effort i have only gotten down to paying my bills on time since October 2016. It has not been for long but i am not struggling with that anymore. Finding TFD is really going to help me, just with this video and two others that i seen i can tell that i am going to learn a lot that will help me to achieve for better my financial life. Thank you so much Chelsea and Lauren for this awesome education.
While I really like this channel and think most of the advice is sound, I think the focus on how individually people should deal with high living costs misses the mark sometimes and is a little more privileged than most people can accommodate. Aside from just stressing about having a good financial portfolio I think we should also be wondering why life is so expensive and why we are resigned to this. Basically I know this is a financial vlog but there are larger political elements at play regarding our ability to make and save money which shouldn't be ignored.
Im going to have to call the student loan company I have. I need their help and I completely forgot I can do this until I saw your video. I let go of my job to take care of our baby and now the rent went up and now my hubby needs to find a new job and for the mean time, I need to call to see if I can put a hold on my student loan payments. We will get through this! Love your channel by the way!
Cannot agree more on the money community. I can't say how many times I would have strayed if it weren't for the financially strong people that I've surrounded myself with. Keep it up, girls. Your content rocks!
Just found you all a week ago and watched nearly every video...but yay for a refresh! I just wrote to my parent's financial advisor yesterday to ask how I can use my money smarter and what investments I can be making. You're really inspiring :D
Can you do a video on how to practically save that emergency fund? It sounds easy to say. However, when I do the math it would take me 22 months to do that and life keeps happening and interrupting that. Any tips? other than just to do it?
I'm very new! I'm so happy I subscribed!! ❤️❤️❤️
This channel has been extremely helpful, especially now that I have gone back to school in the business field. All of your tips are wonderful, but I cannot help to point out that some of us have children. It would be awesome if you gave tips that included family expenses or something along the lines.
I just recently discovered this channel and I feel like a life jacket has just been thrown my way. I'm only just 22 but I'm starting my PhD in August so I'm moving out of my parents place (out of the country!) for the first time and money has been a constant worry in the back of my head. You guys are doing an amazing job, so thank you soooo much and keep it up!!
Bummer that some of these tip can't be applied to us, Europeans. 50-30-20 when half of what you make is your rent...
Trust me, there are people in the US who could never do the 50-30-20 rule either.
I trust your opinion ;)
Petra Tibenska EXACTLY! Same issue here in the US.
I laughed at this tip. Half my paycheck goes to rent only- never mind my other bills. Affording life as a single person is hard!
Petra Tibenska Living in Toronto, I feel this on a financial & spiritual level
Pretty much the only thing I haven't done yet is #5. To be honest, it's been something I've been wanting to do for a while, but I've been struggling with getting it started. I've got one more year left before 30, so hopefully I can get my butt in gear...
where do I find "investment clothing" I've only ever been to fastfashion stores and have no idea what is worth the money and what is over priced
Four Seasons Fitness I second this! Fashionably clueless so I'd have no idea where I'm getting ripped off lol
Four Seasons Fitness I agree that they should do a video on this, but for me I just tend to avoid the big name obvious ones like Forever 21 and H&M. And when I do buy clothes (which is pretty rare for me) I always go shopping with a plan for exactly what I want and I do my best not to compromise. Then I pay a lot of attention to things like how well the clothes fit, how the material feels, if it's thin/see through when it shouldn't be, and how much I like it. Price is obviously important too, I usually look for sales and I rarely get anything over $100 unless it's something like a winter coat that will last and I only need one or two of
I would say Ross is fast fashion too in most cases. Try Macy's. They usually have high quality clothing for a reasonable price. I've actually found some high quality stuff at Goodwill too.
Nat M Avoid dry cleaning clothes as possible, they are pricey to mantain.
Omg that puppy is so cute.
This is very useful for me! I am 23 and learning about everything about money. I learned a lot from your channel!
Binge watched all the videos on this channel and just applied to a new (online) job!! Squeek! Exciting, wish me luck! This could help build my resume! *fingers crossed*
I mean, I am German so maybe we do things differently - but what the heck is a side-job? Like, a regular job is *at least* 40 hours and you do not have more energy to do another one... So what you guys mean?
A side hustle or a side job is just what is implied. It is a part-time (20 hours or less a week) job one does on top of a 40-50 hours a week job. It is common in some areas of the USA where a person will work 2 or 3 part-time jobs just to survive because there are no full-time (40 hours a week or more) jobs available.
In North America, we are now expected to have a "side hustle" ie a part time job or some other income to deal with the high cost of living on top of our regular job. Apparently we are supposed to spend every moment of our lives trying to survive. The post part of it is young people especially have been brainwashed to think this is cool, because everyone in north america is an aspiring millionaire. People have a love affair with capitalism here, and are expected to spend their lives working instead of enjoying life.
Thank you for your replies - man, that is messed up. I mean, really, really messed up. I‘ve had side jobs as a student, but that is doable since I enjoy my studies and can do them somewhat efficiently and therefore have time to spare. That is just capitalism at its worst - and that’s supposed to be the norm? Why isn’t a 50 h job supporting you enough?
Are there any people here who‘ve had experiences with this and can tell how it’s been for them?
By the way, we also have problems with this in Germany (people working 2 jobs to get by) but its framed as such: a huge problem. How are people supposed to look after children or sick parents?
It varies from state to state and city to city. In my area specifically, for our population size, we have one of the highest unemployment rates in US. We have a high homeless population and many people couch surfing due to high rental costs.
Many jobs here do not want to hire full time employees due to additional costs to the employer (health insurance is a big one). I am luck to have a full time job in emergency services, which is always in demand due to the high stress related to the job. There is also many opportunities in which I can take on overtime hours (which I try to do whenever I can). However, many people I know are working 3 jobs due to them all being part time and pay minimum wage or a full time job and a part time job because neither place offers overtime.
I live in the Netherlands and I know plenty of people with side jobs. Not everyone can get a fulltime job or wants to. I'm a student and I've had 2 jobs at the same time since high school. I also know people with fulltime jobs who are also business owners on the side
Hi y’all! Love the tips and the approach, the way y’all demonstrate that financial health and literacy is for everyone, not just for some old white guy talking to his estate planner.
One thing though. Tantamount and paramount are two words people often mix up, and they’re mixed up here.
Tantamount means “similar to” or “virtually the same as.” Not taking the time to learn about your finances is tantamount to a diabetic not learning how to take their insulin.
Paramount means “utmost” or “highest”. Something that is of paramount importance to learn is the difference between paramount and tantamount.
Fun fact: In the movie Drugstore Cowboy, with Matt Dillon as main character Bob Hughes, Bob uses the word “paramount” in place of “tantamount.” It’s an emotional scene - and an intentional narrative technique on the part of the author. When Bob tells the other member of his drugstore-robbing crew that an OD’d stiff is “paramount” [sic] to a murder beef in this state,” the malapropism serves as both an indicator of Bob’s lack of formal education and his desire to talk down to his subordinates from a position of authority.
One of the most important videos I've ever watched... Thank you so much for this video! It's kind of crazy 😜 moving to a new country completely on my own... I felt like i should've known this before because it's the basics but I'm a lucky chick to even have this kind of information. Thanks again for sharing your goodies!! 💛 shout out to all the people who are still getting this right, doing something about it is better than leaving it as it is.
I will suggest you that you check the find print with automated payments. If you don't have enough money (because you two people debit from your account as once) You could be charged money for not having the money in there. I only do this for my student loans because they won't charge me.
The good credit does not apply to Europeans, at least not the nordic countries. It is crazy how Americans have to deal with credit the way you do.
How exactly do you guys qualify for loans? Credit cards?
@@327efrain By having money ;-) You prove to the financial institutions you have the necessary income in the form of bank statements and in some more complicated cases (e. g. a mortgage) you can show them proof of other assets to increase your chances of getting approved (savings account, investments, real estate etc.). Also, there are lists of people who are unable to pay their debts and are in default for longer than three months, so the bank would check that you are not on any of those. At least that is the short version of how it works in the Czech Republic, where I´m from. Actually, to me the American system of getting credit points seems strange - and a bit demeaning. I reminds me a bit how we used to get stars in kindergarten for ´good behaviour´.
@@ancavrabca that's kinda what it feels like tbh. Take out loans on things we need and then paying it back on time gets you stars but being late on one payment sets you back a lot.
You guys keep mentioning side jobs in addition to main income and I was wondering if you could do a video on taxes. How do you pay taxes for side hustles in the US? The reason I say this is because I am living in the U.K. and it gets fairly complicated if you do PAYE (pay as you earn) tax from a regular employer every pay cheque and you are also registered as self-employed. The UK government requires you to claim all sources of income, even if it's an Etsy shop or freelance proof reading, and theoretically you should be claiming money earned from survey taking. This makes it a huge headache come tax season!
Anyone know of a quality channel like this that's aimed for an older population like late thirties and early forties? This is useful, but aimed at a younger crowd.
This is super useful... calendar notes & reminders are super helpful for on time payments!!
In israel is a bit different i think
Retirement account is a must
Credit is payed monthly wich means what you spent on January will be automatically charged on a chosen day in February (we have one pay day so usually on that same date) so there's no way youll be late
Thank you for the advice ✊🏾
Such a great video, I'm in my late twenties & am working on most of these right now! If only I had started a little earlier, but better late than never. Great tips.
This is educational to the point I actually added some points on my goal reminders. Glad we get to have a lot of access to knowing how money should be handled. Thanks guys!
I'll be 29 in 41 days, I haven't done any of these...better get started!
New video YAY! Thank you Chelsea and Lauren for the great tips! I have been binge watching your videos and taking notes of all the good advice from both of you! Keep up the great work! :)
Loved the video ! I m planning to make some serious changes in my life .this video helps !
Your channel is very interesting! Maybe you could do some videos more directed to people who live in europe so they are more adjusted to our reality? Although most of the tips are applicable around the world, others are a bit strange (like the building credit xD). Anyways, thank you for posting and keep up the great work :)
Yeah people in europe would be like "credit cards? Who has that here?"
Do people in Europe not use credit cards?
We use, but bank loans are not dependent on credit cards scores. Actually, it's better for you to not have credit cards debt (or any kind of debt). It will be easier for the loan to be approved, with lower interest rates.
We do have credit cards :-). It should be pointed out that it depends on the country. For most European banks, the rules are stricter in order to qualify for a credit card. On the positive side, it is quite difficult to build up a lot of credit card debt. The amount of allowed credit will depend on the yearly income you have at your disposal. Everyone has a debit card though which is directly connected to your bank account
Some people do but most people only have a debit card. It's also more common to pay with cash in a lot of countries.
This is exactly what I'm currently doing in my life. Thank you.
I'm about to start an unpaid internship for 8 months and I'm totally nervous! I am living with my boyfriend who is financially stable and I have money in savings... but I have an issue with impulse purchases! Thanks for all your tips :)
Thank you! So glad RUclips recommended your channel. It was meant to be ☺️ #universedoyouhearme
I am 22 and is working on this :D. I did start on retirement, I did start on a saving for issues (so useful), I have my first investments. I hope to be financially strong for my entire life.
I love you ladies! Literally the MVC of channel's 😭👏🏽
I'm Brazilian and I am in love with the channel! Thanks for sharing! =*
I love these videos!!! So many good ideas!
Love your channel! Keep up the great work! Greetings from Vienna/Austria :)
super helpful channel! i will soon graduate and I feel this information will benefit me a lot in the future. Thanks for sharing and keep up the good work
I am new girls n thanks to u I m feeling gud
tht I hv someone to guide me so.simply on my financial issues
You guys are fantastic! Thank you for all your helpful advice!!
I love this channel so much!! You guys are so amazing, thank you for helping us all with your great content
I still love this video and come back to it time to time, thank you girls!
I love this channel! Thank you so much for the videos.
Love your videos. I am hooked and I am so thankful to you guys for these videos.
Thank you for the advices! More powers to your channel! 😊👍🏻👍🏻👍🏻
Both are beautiful and talented. Impressed with the content as always. keep doing your work.. :)
Keep making these videos! I love them!
Saving 6 months worth of living expenses seems impossible 😩 including rent and everything?!
Maybe you should get a roommate.
It could help you save more
Great Steps!! HI Lauren....you guys have such great chemistry on camera. Mona is SOOOOOO CUTE!!!!! I will be sharing this video to my sons and nieces and nephews....if they hear from 'younger people' perhaps they will act on it. :)
please do a video on what to do, when your parents, who your still deprndant on, want to borrow money from you. 🙄
Better no one know you got those hard(!) worked savings living so minimal and not buying anything for yourself, because they always like: you got the money" and want you to borrow it to them.💸💸💸
Got 1/3 paid back in 6 month. 😐
You ladies are awesome! Thank you so much for your tips!!
Loving your videos!!
I'm about to hit 30 and I wish knew this channel early in life. I am in the process of building an emergency fund and overcoming my shopping by practicing minimalism .
Nicole Salinas: I'm 30 and I know how u feel but it's never too late :) been living a minimalist life for almost a year now and it's life changing.
red zilla thank you. I’m in my early journey towards minimalism and I’m loving it
My fixed costs take up quite a bit. My main money problem is impulse online shopping, especially on sites like Etsy and Amazon.
Hi guys, I love your channel and have literally watched all of your videos but some of the information is not super relevant as I am Canadian. I am wondering if you know of a similar channel that would have any specific Canadian financial advice for retirement, credit scores, etc as these things are different for us. I obviously will still watch you guys are you are the best. Lovely to see Lauren again!
Debts are such a natural part of U.S. life, that it's weird for me. Like at 4:12 in this video. Student loans, credits cards (multiple? All the people I know only have one) etc.
However this makes advices like this video more important!
I love these videos so much!
BEST. CHANNEL. EVER.
I've just known your channel and it's totally helpful for every woman in the world. However, would you like to make the CC subtittle on every videos because of my bad english. I'm Vietnamese and I'm working on learning english. Thanks for this
"...is to build a financial community *BAM*!"
FABULOUS!!
Great video!:) 28 and glad to at least have all of these things going.
Maybe you could make a video on jobs/spending habits/ saving for college for teenagers, that would be so usefull
I'm over 30 already but these are great tips I think for anyone.
You guys are so helpful! I'm very happy to be a new subscriber :)
Oh I like that 50-30-20 rule