18 Year Old Guide To Building Wealth

so how do you create a path towards wealth when you're 18 years old and this is a moment in time where you're just getting started you don't have a lot but it's arguably the most important time to start and it's really it's really you creating the foundation that's going to help you succeed in the future so what we're going to go over in this video is all the steps and moves that you need to make now that are going to put you ahead of everyone else who doesn't do this it's going to be really important so that's what we're going to cover today before we go in we're going to ask that you hit the like button subscribe uh it's huge i mean in this case it's like dude if we're trying to change the youth here we need them to see this and you know 13 to 17 year olds are not paying attention so we're right on the line right here so hit the like button force youtube to get this stuff out here uh we appreciate it thank you guys [Music] so you're 18. we talked about the foundation which is the most important part and actually a quote that i think is spot on is a building can only be as tall as the foundation is strong enough to build upon so the foundation really is not only the starting point but really the most important point for everything you're going to do moving forward and really the very first thing that you have to make sure that you are kind of aligned on is your mindset or your belief system and you have to completely believe that it is possible for you to be successful if you want to make millions to become a millionaire to retire financially free if you don't believe that it's possible everything we tell you moving on from this point is irrelevant it really has to start with you not only think it's thing as possible but telling yourself i'm going to go out and do this there's a couple challenges here for for people depending on kind of your upbringing we made a video not that long ago talking about your relationship with money and in it we kind of mentioned that based on your parents or their beliefs system with money a lot of times it's passed down to you and you just kind of inherit the challenges or struggles that they had uh robert kiyosaki in his famous book rich dad poor dad spoke about the way his poor dad talked about the way his poor dad talked to him versus his rich dad and his poor dad would always tell him we can't afford that he robert would ask for something he said we can't afford that his rich dad would say never say that you can't afford something you need to tell yourself how can i afford that so with that said i would really recommend reading rich dad poor dad it's a really good example of some of the things that you maybe were taught that you need to work past so that you're able to succeed another book i read that was a game changer for me was think and grow rich all about making sure your mindset is positioned for you to succeed because that really is the deciding factor between us really moving forward or being held back so this whole part is going to be you need to educate yourself make sure that your mindset is set to go and then at that point we'll start introducing the next step which we're going to give you right now before we go in on on the next kind of thing you have to get in order i think we should talk about college because when you're 18 you're kind of at this crossroads you don't most kids don't know what they want to do with their career and so if you're graduating high school and you're looking at college as an opportunity for you to figure out what you want to do i would not go to college college is not the place to figure it out i would take a year off do a gap year and and think of things that interest you and then try to go get experience in those interests so if like let's say money interests you or finance go find a family office and see if you can intern there and see if you enjoy it if you like financial literacy dm a brand and see if there's anything you could do for them so that you're basically you're one getting experience and two trying to figure out if this is even something you like if it's not find another interest go get experience and try to find a career that i would say you're excited about once you know if it's something you're excited about then you can make the decision on if college is going to help you succeed and get to your end goal faster if it is then go to college if college isn't going to get you any faster don't waste your time and money with college when it comes to getting a career regardless if you go to college or not a lot of people look at their career as a way to make money and i would really try to throw that belief out of your mind and the reason i say that is a lot of people won't take jobs because a certain job won't pay them enough or they'll take a job that they don't really like because they're going to pay them a lot those are not reasons to go work i would look at jobs as a way for you to learn new skills and by working at new places and the fact that you're learning new skills and ultimately putting more tools in your tool chest this is bettering you to succeed at the next level and the next step so being really mindful of the importance for you to move up and if you get to a job and they have there's nothing else you could learn and they're not pushing you anymore it's time for you to leave that job but this is a good way for you not to get stuck in a job that you don't like and also lose out an opportunity that's possibly going to give you more skills to make more money down the road that you might not have taken because they weren't going to give you the certain amount of money that you felt you were worth at that time the first thing i'm going to say and this is a very important step is do not get yourself in debt debt is something that you want to avoid at all cost but i'm talking specifically about consumer debt don't put debt on credit cards uh car loan something that you're paying a high interest rate for something that is not an investment and the reason i'm saying this is the first thing you really want to do is open a credit card you need to start building credit but this is a part where people can get in a lot of trouble and it's why i wanted to start with don't put yourself in debt open a credit card and when you open a credit card the real thing you need to remember is buy something that you can afford don't use a credit card as a loan and pay it off in full every single month we actually made a whole video on uh how to open a credit card even before you're 18 or how you can start building credit at 18 before you have credit so i'll leave that in the notes for for you to go watch but you need to start building credit it's really important once you get to the point of wanting to possibly uh borrow money uh in the case of buying a home uh making investments starting a business without credit you're not gonna be able to get that so it's really important to establish that now also on the debt side when you're young it's all about creating disciplines it's all about basically this idea of being responsible with little before you're responsible with a lot so when you're 18 they're not going to give you a high credit limit and if you learn how to manage your spending and not get yourself in debt it's going to set yourself up so that you never get in a point where you're struggling with debt because debt is something that will always hold you back if you think of if you think of like i would say neutral as debt-free and any type of investments you're making is putting you in the offense if you're in credit card debt or consumer debt you're now in defense getting out of credit card debt is a ton of work and it's just to get you to neutral you're not even making steps forward so don't even put yourself in that disadvantage and setting it up so that your disciplines are created while you're young you won't have to even bother with that when you're older after you open your credit card so you can start building credit open a bank account uh i don't think it really matters uh which bank you're at i've used citibank my whole life just make sure that they're not charging you crazy fees i know there's a lot of banks out there actually that will waive fees if you're below 25 but it is important for you to start your own bank account you want to be independent independent and also the next step that we talk about automating your savings and ultimately your investments you need to have your own bank account set up for that so go start your bank account right after you apply for a credit card big one here start getting used to living off less than you make and i know when you're 18 you're not making that much money so to think like i'm barely getting by how am i going to live off less than i'm making this is a really good time to do it one going back to discipline you're creating disciplines and you're getting used to spending less than you make that's a huge one two because you're young and you're getting started it's like nobody's expecting you to have it all together you can have roommates you could really i think get by with not spending a lot but more importantly it's all about the discipline so i think it's good to set this up now uh when we talked about setting up your bank account this is the time for you to automate your savings it's called pay yourself first so basically and we have a whole video on this so i'll include this in the notes as well so you get a full understanding of how it works but basically you're going to pick a percentage let's call it 10 and 10 is going to be taken out of your paycheck right away and that 10 is going to go towards your savings or your investments so setting all this stuff up now is going to help you stay on par so that when you start making money you have all this created already you don't have to get used to living below your means or being disciplined in the sense of saving money every month you already have that covered so it'll be natural for you to stay the par and as you make more money you ultimately start saving more and investing more so you opened your credit card you opened your bank account you automated your savings go open a roth ira this one is as far as getting started early this might be the most important one you can go to fidelity schwab vanguard open a roth ira and start contributing to it and if you don't know what what a roth ira is it's a retirement plan that you invest post tax dollars into so you make your money you pay your taxes then you put this money into this fund and it's a long-term investment you can't pull money out until you're 59 and a half but when you do pull it out all of your gains are tax-free and actually one thing uh tony robbins said that uh will show you the power of getting started early if you're 18 years old and you invest 300 a month for eight years and then you don't reinvest uh another dollar after that by the time you retire you'll be financially free and you'll have i think it's just under 1.8 million dollars so the eight years of investing 300 a month totals 28 a little over 28 000 that 28 000 turns into 1.7 million dollars and it's all tax-free and basically the this is to the example he gave you the stock market has gone up about 10 percent each year for the last 30 years when it's in a roth it's going to be invested for the next 30 years and because of compound interest and the fact that it starts growing so significantly over time investing in a roth when you're 18 is going to be a game changer so put as much as you can into that while you're 18. it it it will donate robin said it 1.7 million bucks that's huge i'm going to end it on this it's really important that you are surrounding yourself with the right people uh when you're young a lot of times you're hanging out with childhood friends and a lot of times you guys aren't headed towards the same path and that could really hinder where you're going so it's one really good to make sure you're surrounded by people who are motivating you pushing you and inspiring you to be better two and and this is something that's actually been really helpful for me i was always surrounded by people that were better than me when i was skateboarding i was always surrounded by skaters that were better than me uh when i started going into business i was always surrounded by people who were smarter than me and what that did was it one gave me a view of what could be done at a higher level and two it gave me an example of something that i was trying to chase and it ended up i think pushing me harder than i would have pushed myself if i didn't have that person that i was trying to be as good at so make sure you're you're mindful of being the dumbest person in the room uh if you're trying to do some type of sport make sure you're the worst in the building put yourself in situations that are going to drive the most out of you and the very last thing don't ever feel embarrassed to ask questions that's you don't need to know all the right answers you don't need to know everything ask questions and most people will actually be stoked that you asked and give you a ton of information that will really this whole entire game is empowering yourself and bettering yourself so always put yourself in a position that you're going to get the most out of it and you're going to do fine so i would say audit your friendship ask a ton of questions create disciplines while you're young and you are going to have a very very bright future [Music] you

Channel: Commune Capital

Views: 1,918

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Keywords: Commune Capital, Mikey Taylor, 18 Year Old Guide To Building Wealth, Building Wealth, investing for beginners, investing, successful financial future, Commune capital mikey taylor, financial education, financial freedom, financial literacy, entrepreneur, passive income, credit card, debt, get out of debt, real estate, college, invest, Life coach, how to build wealth in your 20s, financial freedom movement, investing 101, rich vs wealthy, wealth

Id: 3hXJVakzgrc

Length: 14min 52sec (892 seconds)

Published: Tue Jan 26 2021