14 Facts About Money You Should Know by Age 30

[Music] 14 facts about money you should know by age 30 there are definitely certain things you can do that will lead to prosperity but there are others that will bring you to financial disaster if you want to sleep soundly at 50 because you practiced good money habits at 30 then you've come to the right place and here's a challenge for you if you manage to spot four light bulbs in this video you could end up in one of our next videos in order to become Brightside famous just comment down below the timestamp of each light bulb and we'll pick the first attentive viewer good luck number 14 kids are expensive [Music] whether it's coming from societal expectations you're overzealous parents or somewhere deep within yourself there's this nagging pressure to have kids by the time you're in your late 20s or early 30s but frankly speaking raising children is really costly no really costly doesn't quite get the message across how about this raising just one kid can drain your funds up to as much as a quarter of a million dollars the Department of Agriculture has published a report revealing that a married couple with a middle-sized income will spend approximately two hundred thirty three thousand six hundred ten dollars to raise just one child that's about thirteen thousand dollars a year per kid and this figure only covers expenditure from birth and until they finish school so this doesn't even include paying for a college education if you want your young one to have a shot at a good future plan on spending a whole lot more on a degree that's why it's much better to have kids not only when you're emotionally ready but also when you're financially ready so don't give in to pressure from other people and don't rush into it prepare a financial cushion with your partner before you decide to start a family this way your kid will have a happy healthy life instead of one full of financial struggle instability and unpredictability number thirteen it's not embarrassing to ask for a promotion if you've been working in the same position for more than three years the time has come to make your way up the career ladder asking for a promotion is the right step to improve your financial situation that's why you shouldn't be shy or humiliated about asking for a promotion or even just a raise just remember if you ask for a promotion expect more responsibilities and an increased workload if you've been refused a promotion several times it's time to start thinking about changing your job or improving your professional skills by the way here are some mistakes people make when they ask for a promotion you don't want to hurt your chances making these blunders do you don't ask for too much all at once you might think that you've waited long enough and now you're entitled to everything too many or too high demands will most likely just annoy your boss and get you nowhere don't assume that a promotion is a magic pill that'll immediately fix everything this type of thinking only leads to big disappointments one step up the career ladder won't equal instant happiness or tons of wealth don't overshoot your target if you try to prove yourself to your boss by taking on their responsibilities they can get offended or see you as a threat to their position if you want to avoid this try to make your boss see that there are some personal benefits for them in your promotion make it look like a win-win situation and of course one of the most common mistakes you can easily avoid is choosing the wrong time and the wrong place to ask for a promotion schedule the meeting in advance and make sure there's enough time for you to explain your request avoid end of the day meetings or ones right before lunch otherwise you'll have to deal with a hungry or tired person and the decision will harden 12 it's more profitable to rent then own we like to think that investing in real estate is a great decision and the ultimate stamp of official adulthood but real estate itself is getting cheaper while mortgage rates are going up does that sound very profitable to you here's an illustrative example for you let's suppose that a house costs one hundred thousand dollars renting it would be around five hundred fifty dollars a month which is six thousand six hundred dollars a year let's subtract that six thousand six hundred dollars from the general cost of the house we would put the remaining amount into a savings account with seven percent interest that alone would bring us six thousand seven hundred fifty-two dollars a year just an accumulated interest and that's more than enough to pay for another year of renting if you invest your money more wisely let's say in funding you'll get nine thousand seven hundred sixty-four dollars at the end of the year that's actually a reasonable profit plus when you rent you don't have to spend money on maintenance taxes and sometimes not even on furniture that's why before making a decision whether to rent or own count out all the expenses and choose the more profitable option 11 invest in your health and education it's really hard to achieve success when you're not in your best shape health-wise that's why it's important to take care of yourself go on vacation at least once a year get enough sleep and eat the right foods good education in turn can open a lot of doors and eliminate boarders you can start a course that will develop and improve your current professional skills or master an absolutely new occupation the sky's the limit number 10 don't invest in something you don't know well even if you want to get rich as soon as possible and don't we all you need to be cool calm and collected when it comes to financial matters giving in to strong emotions or impulses to invest in dubious projects can strip you of a lot of if not all of your money it's always better to consult the experts beforehand to have a sensible assessment of the project and its chances of becoming successful number nine don't borrow to pay old debts there's an old saying don't rob Peter to pay Paul well that phrase is popular and has stuck around for centuries for good reason it's great advice don't take out a new loan in order to pay off an old one and don't borrow money from one friend so that you can pay back another it's a vicious cycle it's much better to just be debt-free but if you happen to take out a loan better to stop yourself from buying something and save the money to repay the loan without more borrowing number eight stay connected with your friends and meet new people a friend in court is better than a penny in the purse there's another old saying with a lot of truth in it personal relationships are much more important than money no amount of money is worth losing your friend over have you ever had any situations involving friendship versus finance if so tell us about it in the comments we'd love to know if you can relate number seven it's more efficient to buy good quality shoes and clothes yes they do cost more but nice quality clothes will serve you much longer than cheap ones therefore it's more cost effective to spend more money on durable things because you're not buying them again and again and if you buy them during sales it's twice as effective try to make a list of things you need and jump on them if they're on sale then you can save your money for an upcoming vacation and take care of your health as we mentioned earlier number six avoid impulse purchases as much joy and heart-racing excitement as they bring impulse purchases are enemy number one if you're on a tight budget impulse shopping will punch holes right through it they are nothing but a need for happiness and instant gratification find joy in something else instead of buying yet another blue dress for just ten dollars number five start saving money for old age now today you're 20 and you'll be 30 before you know it time is fast and merciless one moment you're young and the next thing you know you're picking up your grandkids from kindergarten if you save at least twenty to fifty dollars a month you'll have a decent amount in your account when you're elderly which will make you feel more secure please take care of your future bingo loving self number four eat and cook at home so many people go out to eat more often than they dine at home maybe they're too lazy to cook at home or perhaps they mistakenly think that eating out isn't that expensive yeah sure a hamburger for a dollar does sound really cheap at first but next time you go to the grocery store count up how much you spend on your food also don't forget about how many servings you get out of cooking that fast-food restaurant gives you one hamburger for here and now if you buy a pound of ground beef how many hamburgers will you get out of that they'll definitely be under a dollar each you'll see in no time that cooking at home is much cheaper number three put part of your salary into a savings account for a rainy day life is unpredictable anything can happen and some things demand a lot of money from you your car broke down your basement is flooded you've got a cavity you've been ignoring for months but hey it just decided to start being really painful all of these things require large sums of money but where will it come from if you set aside some money every month in a savings account you won't panic in an extreme situation because you'll have that financial cushion to fall on number two be on the same page with your significant other when it comes to finances it's totally normal if you and your spouse have different tastes and music movies books whatever but partners should be unanimous when it comes to financial questions if you try to save money yet your partner is always blowing it you'll never reach any kind of level of prosperity talk to your partner and come up with a family budget set common financial goals and decide how you'll achieve them if you're having problems staying motivated try saving up some money for a vacation for example again got to take care of your health and give yourself a rest number 1 find a passive source of income it's good if you have a job that keeps the bills paid but in our unstable world it's always better to have different sources of income that's why it's worth exploring the world of investments study the best ways to invest money and choose the one that suits you the most he can be real estate stocks or bonds depending on how much you're willing to risk but whatever you pick it will provide a nice passive source of income that will help you get a little more security in your future maybe we've missed something if so add your own advice on how to manage money more reasonably in the comment section and how did you do with the lightbulbs did you find them all were you the first to comment the time stamps share this video with your friends and don't forget to hit the like button you

Channel: BRIGHT SIDE

Views: 3,652,602

Rating: 4.5668287 out of 5

Keywords: save money, saving money, safety tips, safety hacks, how to save money fast, how to become a millionaire, bank account, safe places for money, safely hide cash, life hacks, raising children, having a baby, financial tips, career, how to invest money, financial cushion, savings account, financial expenses, passive source of income

Id: dLbBFVal2CI

Length: 11min 41sec (701 seconds)

Published: Sun Feb 18 2018