Hi everyone, this is Ivanhoe Sánchez, the Bucket Guy and today in my channel The More You Know, I want to share 5 Financial Tips for Young People.
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No doubt many would like to go back in time and guide our younger selves toward what, in hindsight, might have been different choices in life…like not buying that lemon of a car; not approaching that “friendly-looking” dog in the park; and then, of course, there’s that mullet that you thought looked good at the time.
You probably know people that are still feeling the impact of financial decisions made years ago. While no one can change history, we can try to educate the young people in our lives, so they don’t make the same mistakes.
So let’s get to Tip #1: Invest – Starting Now
This is easy to say, but harder to do. Here are some ways to meet the challenge:
1) Automate it: Designate a certain amount to be automatically deducted from your paycheck and invested. Nobody misses what they didn’t see in the first place.
2) Save it: If your company offers a 401(k), enroll as soon as possible and contribute as much as you can. If they offer a match program, take advantage of it. It’s like getting free money!
3) Start it: If you wait to start investing, you will lose the tremendous power of compound interest. Time makes money. What is compound interest anyway? Well, we’ll talk about that in a different video.
In the meantime, if you have any questions, or you know some young people that would benefit from advice, let’s connect.