This videos is for anyone who wants to know how to invest as a teenager, or what to do when you turn first turn 18 years old
Now as an 18 year old i have a pretty good understanding of how teenagers think, some are driven by money and that's how i was. This video is to help guide you through some simple steps you can start today, to build your income for the future.
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FIRST: GET A CREDIT CARD
Doing this is VERY easy - as a first credit card, I highly recommend The Discover It Secured Card.
Become a Discover Cardmember and get a $50 Statement Credit when you make your first purchase within three months. Then, earn rewards with every purchase after that.
Click here!! refer.discover.com/s/jkmay599
All you need to do is put down a small deposit, and they will give you a credit card with a limit equal to that amount. To build your credit, all you need to do is put a minimal amount on the credit card each month, then pay it off in full to avoid paying any interest. It’s as simple as that, the entire process should take you less than 15 minutes to do.
SECOND: GET A BANK ACCOUNT
I think it’s incredibly important that you have a bank account that’s solely in your own name, that ONLY you have access to - this is just one step closer to becoming a productive, financially responsible adult. Again, this step is just about learning how to manage money on your own, and eventually becoming an independent adult who can support themselves financially…and smash the like button.
THIRD: GET A ROTH IRA
A Roth IRA is a tax advantaged retirement account that lets you contribute post tax money…meaning taxes have already been taking out of what you earned…and by the time you’re 59.5, all the PROFIT in that account can be accessed completely tax free.
FOURTH: STAY OUT OF CONSUMER DEBT
I’m not referring to a low interest rate mortgage on a rental property, or any type of leverage that makes you more money…instead, I’m referring to credit card debt, expensive personal loans, high interest auto loans, or ANY other type of loan that serves no purpose other than to make your life awful. The responsible way to handle purchases is to only buy things that you can afford, put it in a credit card…and then PAY THE CREDIT CARD OFF IN FULL before its due.
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