Here’s how you should spend and save your money at every age if you want to live life like a self-made millionaire. I share the exact strategies I have used over the years.
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Intro 00:00
LEVEL 1: 13-18 Years Old 00:41
Saving became a massive habit for me, and it was just something I did without even thinking about. When I was younger I opened up a high interest savings account to grow my money.
Something great that wasn’t available when I was younger, are custodial accounts in the US and Junior ISA’s in the UK. If you were to invest in the Vanguard S&P 500 index fund, you can historically expect an annual average return of 7-10% tax free !
Building a good credit score is also extremely important if you ever want to get a loan to buy a house or even a car in the future. You can actually become an authorized user on your parents credit card, of course this only works if they have a good score themselves. You will then be able to start building your credit from a young age!
Wherever you go make sure to ask for student discounts, even if they don’t openly say they give a discount, you will often get one, this really adds up and gives you extra money to save and invest.
College is a BIG investment not only in money but also your time so think good and hard. I think college can be a very smart financial choice, if you go into it with a plan, and you know what degree you need, to get to the next stage of your life, and earn a higher income.
LEVEL 2: 18-30 Years Old 04:04
Start off by picking up a free stock from the social media investing platform public by depositing as little as $1. It’s free money!
This is also a great time to pick up a credit card, the sooner, the better. Like I said before having this card and paying it back in full at the end of each month is great for building credit.
When you are over 18 you are allowed your own checking account, which is really useful, I think of it as a base for all my money. Everything should go into your checking account, and from there split off into a variety of different places.
First I made sure to build myself an emergency fund of 3-5 months of my living expenses.
Next it’s very important to set up a ROTH IRA in the USA or an ISA in the UK. These accounts allow you to invest in the stock market and avoid paying taxes on whatever profits you make.
This is also around the time I stated looking into more investments like individual stocks, real estate and now cryptocurrency.
If you feel like your money won’t stretch this far, then this is why a side job can be so useful. I used to have 3 of them, My wage would cover my lifestyle, then I could save or invest everything else.
LEVEL 3: 30-40 years old 07:00
I switched my focus to real estate investing during this period of my life, and bought some properties I could rent out as I knew that when I wanted to retire all the mortgages would be paid off, and I will be left with a bunch of cash producing assets. Although I wasn’t as focused on it, I was still investing in the stock market with my tax advantaged account into low cost index funds.
This is when I started to get really interested in passive income and making sure everything could run perfectly without me there. We have already talked about real estate, but there are lots of different ways to produce passive income with the internet.
One thing I would say is never co-sign or lend money as it’s the fastest way to ruin a relationship. Think about it, the bank requires someone to co-sign for a reason, if the person doesn’t keep up to date with their payments, the bank will come after you.
LEVEL 4: 50 + Years Old 09:09
Ideally this should be the time to start moving your investments to lower risk asset classes, such as bonds and wrapping up your mortgages. The aim is to have fewer worries and more security.
CONTACT:
For business inquires only, please use this email: mark@marktilburycoaching.com
*Some of the links and other products that appear on this video are from companies which Mark Tilbury will earn an affiliate commission or referral bonus. The Info in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
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