I'd change #6. There's nothing wrong with upgrading your car if you can afford it. Now, buying a "new" car is probably a poor decision starting out. I had two cars by my early twenties, both completely paid off: a reliable daily and a sporty track car that I literally upgraded every few months. I didn't buy my vehicles based on how they'd be received by others; I picked what made sense for me and my purposes. This opened up opportunities for me throught my life that I wouldn't have had otherwise. It also pushed me to pursue goals that many couldn't conceive.
Thank you for the wise words about skills over passions. My friends have all lamented this in our own children as they leave high school. Love acting? That’s great: find a job that will pay the bills in a city that has an active community theater program. Earning the the opportunity to pursue passions isn’t controversial, it’s good advice. Thanks for creating thoughtful content
I agree with you on most parts. But as a former Financial advisor and current insurance agent, not all agents are in the business to get rich and screw people over. I have given great advise to my clients over the years and always made me very happy when they were in a better place. Like all people out there; you have the good and the bad. Life is about figuring these things out as you. The mistakes you make, will eventually make you the person who you will be. On another point, 401K plans are so different from company to company. It is not always the best option, you are better creating your own IRA. Thank you for some great points.
One additional point is credit history in the US is a financial asset. Car insurance costs way more with bad or zero credit history for example. Getting into the habit of setting up autopay for the full statement amount each month and putting everything on a CC will make certain things cheaper for you. Not to mention the cash back just for using it.
I 100% agree. I maintained a habit of paying rent and other types of payments that don’t admit cc’s, through debit/checking, everything else in credit. This makes things very easy to track as well. Because your usage in a month comes down to 1) whatever you spent on credit 2) whatever bills you paid. This makes budgeting very easy, while also building credit history and making you mindful of your spending.
Thank you! I plan to share this video with my teenage kids. It encapsulates everything I have been tasking them to learn all their lives, but in a very concise, quick video.
Ha, I was broke as a new LT with a wife (who couldn't find a job at Ft. Hood) 20 years ago. When I finally made CPT and paid off our two Toyotas I felt rich. We promptly went and bought two used BMWs and were broke again.
I agree with them all, except for the 401k one. I expect to make more money later in life, and I don't ever plan on retiring. Plus, the options with a 401k are a bit too limited for me, so I'd rather just ask for that money upfront and invest that money myself in a taxable account. I'm okay with paying my taxes now rather than later.
But a taxable account taxes you twice - it's post-tax dollars and then you get taxed on gains again later. A 401k or ROTH IRA only taxes you once, not twice. The only advantage of a taxable/brokerage account is if you want the money before your age is 59 1/2. If you know you don't need the money before that age, it's unlikely that the 401k will underperform your brokerage to make up for the second tax that will be levied on the latter.
It's not about retiring. It's about saving on taxes. Even if you don't plan to retire, the money in a 401k will be needed later in life (when you'll want to maybe work part time). So why not get the tax deduction now? A taxable account is double taxed and not really a long-term savings vehicle. If you hare the fund options then you can always open an IRA.
@@TrumpetGuy360 I'm in academia. The match is next to, if not totally nonexistent. Highest I've heard of is 4%. If it's that small, is it even worth it?
It's never too early to start being mindful of your finances and making smart money moves.
Great video! "No One Cares" and "Learn to Say No" are so important.
I’m 23, so I’m going to listen to your advice and implement it. Thanks for the advice!
That strong Asian gene. You look exactly the same
I'd change #6.
There's nothing wrong with upgrading your car if you can afford it. Now, buying a "new" car is probably a poor decision starting out.
I had two cars by my early twenties, both completely paid off: a reliable daily and a sporty track car that I literally upgraded every few months.
I didn't buy my vehicles based on how they'd be received by others; I picked what made sense for me and my purposes. This opened up opportunities for me throught my life that I wouldn't have had otherwise. It also pushed me to pursue goals that many couldn't conceive.
i can't agree more with #18, it paves the way to many more opportunites later on in life.
best finance creator.
Thank you for the wise words about skills over passions. My friends have all lamented this in our own children as they leave high school. Love acting? That’s great: find a job that will pay the bills in a city that has an active community theater program. Earning the the opportunity to pursue passions isn’t controversial, it’s good advice. Thanks for creating thoughtful content
I agree with you on most parts. But as a former Financial advisor and current insurance agent, not all agents are in the business to get rich and screw people over. I have given great advise to my clients over the years and always made me very happy when they were in a better place. Like all people out there; you have the good and the bad. Life is about figuring these things out as you. The mistakes you make, will eventually make you the person who you will be. On another point, 401K plans are so different from company to company. It is not always the best option, you are better creating your own IRA. Thank you for some great points.
One additional point is credit history in the US is a financial asset. Car insurance costs way more with bad or zero credit history for example. Getting into the habit of setting up autopay for the full statement amount each month and putting everything on a CC will make certain things cheaper for you. Not to mention the cash back just for using it.
I 100% agree. I maintained a habit of paying rent and other types of payments that don’t admit cc’s, through debit/checking, everything else in credit. This makes things very easy to track as well. Because your usage in a month comes down to 1) whatever you spent on credit 2) whatever bills you paid. This makes budgeting very easy, while also building credit history and making you mindful of your spending.
Sound advice. If only we had a time machine.
But these financial lessons are helpful at any age.
Great advice as always. I shared this video with my 20 year old son. Let’s hope some of it resonates and sticks with him.
Thank you! I plan to share this video with my teenage kids. It encapsulates everything I have been tasking them to learn all their lives, but in a very concise, quick video.
Thank you!
Man, you sure are wise for your age! Wish my parents were half as smart as you when I was growing up.
Really enjoy your common sense advice. Thanks!
I said “No” to complete my homework to me teacher. Surprisingly she said okay, thank you for being upfront. 😮
Ha, I was broke as a new LT with a wife (who couldn't find a job at Ft. Hood) 20 years ago. When I finally made CPT and paid off our two Toyotas I felt rich. We promptly went and bought two used BMWs and were broke again.
Thanks for your service, I didn't know you were in the Army. Make a video about your time in the military, I'd love to hear about that.
Excellent video. ...great advice get employment that provides a pension plan.. makes huge difference!
Can you make a video on how to budget my finances? What software should I use? How should I start?
Amazing video👏👏. Thankyou for your Service💪💪
Thank you for your service!!
Great advice Tae! Thanks
Great tips! I had to constantly remind myself throughout the video that I am 21 😂 …
Your before and after pic killed me. You looked like at age 21 you used to tie your shoes at attention lmao
Great advice. Thank you!
Great content 👌 👏 👍
Great advice..except the roommate part :)
Great video!
Great video.
Do you have a portrait in the attic?
You look like season one master chef Canada winner.
Would you try to max out tsp if you were still in the military or would you invest in tsp and then invest on your own so you could retire early?
Get that 10% match at the very least. Then look to invest outside of your TSP
Learn to say "No".. to marriage! lol
I agree with them all, except for the 401k one. I expect to make more money later in life, and I don't ever plan on retiring. Plus, the options with a 401k are a bit too limited for me, so I'd rather just ask for that money upfront and invest that money myself in a taxable account. I'm okay with paying my taxes now rather than later.
At least contribute up to the match. It’s an instant 100% return on investment.
But a taxable account taxes you twice - it's post-tax dollars and then you get taxed on gains again later. A 401k or ROTH IRA only taxes you once, not twice. The only advantage of a taxable/brokerage account is if you want the money before your age is 59 1/2. If you know you don't need the money before that age, it's unlikely that the 401k will underperform your brokerage to make up for the second tax that will be levied on the latter.
It's not about retiring. It's about saving on taxes. Even if you don't plan to retire, the money in a 401k will be needed later in life (when you'll want to maybe work part time). So why not get the tax deduction now? A taxable account is double taxed and not really a long-term savings vehicle. If you hare the fund options then you can always open an IRA.
You don't plan on retiring? Ask any employer who is willing to employ a random 70 year old? Then tell me what's going to happen when you hit that age.
@@TrumpetGuy360 I'm in academia. The match is next to, if not totally nonexistent. Highest I've heard of is 4%. If it's that small, is it even worth it?
Are you sure you're really 41 lol
You somehow look older when you were 21
Marry a billonaires daughter
You look like your 30 at 21 and 38 at 41 military ain’t it lol
Very Good.
Love seeing other Vets with the entrepreneur bug ! 🫡