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I like to think of life and investing like a video game. Unfortunately, we cannot choose our character or stats at the start of this game, these will be assigned to us randomly. But just like in life, you are in control of your character, if you maximize everything you can along the way, while collecting all the items, and if you work hard enough and improve your character, you will be able to get through this. much easier. Let's start at the beginning.
13 years old: You may be wondering how to invest 100? Here's the answer: you should invest where you get the best return on your money. Right now, whether it's a hundred dollars or a thousand dollars, investing it in the stock market won't give you the best returns. If you try to invest even 1,000 today, at best you will make a hundred dollars and at worst you could lose everything. The returns are not yet worth the sacrifice. The biggest returns will be in your character development by improving your stats. if you don't have money, time is another currency in this game of life. You can invest your time or your money. Watch as many videos as possible and pay particular attention to the tutorials. This is the age to learn and listen.
Age 14: Start reading or you can also watch my YouTube channel, whichever is more convenient for you, but the books I recommend are: Simple Path To Wealth by JL Collins, I Will Teach You To Be Rich by Ramit Sethi and the third book. is The Intelligent Investor by Benjamin Graham.
Ages 15-17: Take on as many side quests as possible. Try swimming, piano lessons, cooking, dancing, drawing, Photoshop, photography and say yes to everything. Through this process, you might find your core skill or /"passion/". This is a side quest that most people never get to do, but if you can do it early, you'll get a huge financial benefit, especially if it's something that society values.
18: We come to the most important level of the game. This will define your playstyle for the rest of the game and there is a lot to do here. We need to collect some key items, this is part of the main storyline, so don't stray from the map. Hopefully you've now collected some money along the way, so it makes sense to do the following.
1. Get a bank account. Ideally, you want one with the highest interest rate possible so that while you leave your money here, it earns you money – compound interest style. Avoid account minimums and/or hidden fees.
2. So get a credit card ASAP. I recommend starting with a secured credit card like Discover It Secured, it's pretty much the "gold standard" of credit cards to start with if you have no history. Pro tip: If you are a university student, instead of Discover It Secured, opt for Discover It Cash Back for students, it's the same principle but with much better benefits. Our goal here is to achieve a credit score of 750 and above. It takes around 8 months to 1 year. Make sure you pay off your balance in full each month and never carry a balance (35% of your score), use no more than 10% of your monthly spending limit (30% of your score), and do it as soon as possible. , this is your story length (15% of your score).
3. Get either a ROTH IRA or a traditional IRA. Think of them as savings accounts, but instead of keeping cash, it's primarily for your stocks. These accounts protect your money from paying taxes. Do it as soon as possible, it's the most important step.
4. Buying a stock or investment, this one is overwhelming, not only because there are literally thousands of companies to choose from, but because there are also half a dozen trading styles. characters to choose from, from real estate investor to dividends. , growth, etc.
5. Adopt good habits, like starting to track your spending for every dollar you earn and spend. Take care of your health to avoid costly healthcare expenses in the future, be frugal, live below your means and be consistent. This is the secret of success!
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