This was a very good video. I am going to share with my grown granddaughter who recently bought a house and is living in her own. The biggest tip I can give anyone is something my husband I did all throughout our working life. We had car payments as most do. When we paid off the cars, we continued to make a “car payment” to our savings account. Soon we had enough to buy a new car outright without a loan. We did the same with our mortgage. We paid off our house and then continued paying our savings account each month. Now we are retired, have zero debt and enjoy a nice retirement nest egg. Hope that helps someone. Jackie from Indiana
Jackie Armstrong - Wow, that’s amazing. Thank you so much for your advice. You and your husband sound like you’re both financially savvy, knowledgeable, and independent people. I hope you both are staying healthy and safe in the midst of this pandemic. Sending you blessings from Arizona! 🌵🏜✨
I really appreciate how a lot of youtubers are making finances an open topic! It’s so important for us to not be scared to have these conversations. Thank you for this video!
I have actually had a fight with my mom about this. (She was always open with me about her finances, but she believes you should keep things like your salary private) I think it’s important for people to be like “this is how much I make and this is the life you can live” so then so many young people stop living out of their means.
This rings so true during this pandemic. I still have a job and a full paycheck and still, the only thing that keeps me sane is the fact that I have that fund. Holy shit, it's scary thinking what might happen!
1. Stop making "short-term" purchases 2. Have an emergency funds 3. Take advantage of compound interest 4. Financial security can make you happier than material things 5. Lifestyle inflation creep can hit you hard (house, car) 6. Beware of fixed monthly cost
I remember when I just started making money I thought I was so rich, I started buying so much shit, clothes, shoes, makeup, jewelry etc! and now I look back at all that shit and I’m just like 🤦🏼♀️ whyyyy! I could’ve saved all that money! I don’t even like any of that crap. I definitely have mellowed out since. It’s a learning curve.
I’ve looked up to you for such a long time and now I’m 24 and like “holy crap!! I gotta stop this stuff!” ahaha. Thanks for being an amazing role model and for bringing my spending habits to the forefront!
A savings account is so needed, I have been in so many situations were I needed some money for a bill before a paycheck. Financial stability is so important to me now. Thanks for sharing :)
I'm actually starting my 20's adult life and your videos really gave me another perspective of financial "life", now I'm not as scared as I was a couple weeks ago! Keep on doing this kind of videos please!
I can’t even imagine having to pay for health care... I think that’s so insane. I’m a surgical nurse so I constantly see huge surgeries, hospital stays for days weeks some even months. I just can’t imagine.... I live in Canada, which I’m sure you can assume lol
Our healthcare system is terrible, nobody can deny that. But you do pay for healthcare, just in taxes not bills. If you don't have many medical expenses, the American system may be cheaper in the long run. If you have many, the Canadian system would definitely be better for you. In the US, it is up to the individual to have an emergency savings just as she mentioned, which you can more easily since your taxes are less. But the burden does fall on the individual which can be very difficult. I personally prefer the self responsibility to trusting the government, but that's probably due to growing up here 🤷♀️
@@merie7920 no no no. This is the lies Americans tell themselves to justify this crap. I am an American living in the UK and as Americans, we pay A LOT of taxes and it is very comparable to what people pay here So stop living in this fake bubble to justify your FAKE freedom. I am lucky to be in the military and have Tricare, which in and of itself is "socialized" medicine. I feel sad for people like you because you think this is ok.
My income, not including my spouse's would put me an average person in a 40% tax bracket in the UK so it's really not a 'similar' amount only looking at income tax. And maybe other countries governments are competent enough to do this well, but I don't believe ours is. Which is pretty evident based on the results of VA and Medicare. Again, I agree or system is garbage, just pointing out that you are always paying for it even if you have socialized healthcare, not even saying that is a bad thing.
Yeah, it sucks. I'd much rather my taxes go towards socialized medicine/a solid social security net rather than a ridiculously large military budget. I'm in school getting my masters now but want to move to Europe/Canada in the next 5-10 years.
That I was just as happy earning $200 per week in my 20s as I am now earning a six figure salary. Life has changed, living conditions have improved, but I feel the same. I actually feel freer not because I have more money, but because I now don't want or feel the need to buy anything. I used to think that's what would make me happy but now just being financially secure is enough - I am still wearing clothes I bought 5 years ago lol
Great video! We’ve shared some of our ‘dumbest purchases’ made in our 20s in a recent video but I love your initial point on building an emergency fund. Before you can spend & save/invest...it’s so critical for you to build up your runway and ultimately clear your debt ✨
Very very relatable! I'm on my mid-20s and made bad financial decisions. A good financial habits while you are still young will definitely save you from debt. Young generation should now avoid or lessen buying unnecessary cheap things because they are trendy and should invest on quality pieces and financial goals. And, people, please please invest on your health and future!
I just wanted to say thank you so much for this video! As the child of immigrant parents here in the U.S., the financial world is terrifying to me since my parents are learning as they go just like I am. It's nice to be able to learn from others and to get a better understanding of how things work. Thanks again for your wisdom and transparency! We need more of both these days.
Really great to see someone talk about these topics. Too much of social media is about buying and spending like crazy. It is so much smarter to live below your means and save, take advantage of compounding interest, and be confident that you will be comfortable and secure later in life. Dave Ramsey was extremely helpful for me!
This was super helpful for someone in their early 20’s! I’m graduating in May and the way I spend money is scary 😂 A lot of these tips were things I really needed to hear.
I used to watch you back around 2011-2012 and finding your channel again and seeing the shift in content focus has been so nice! I appreciate you sharing your matured content and recommendations!
My biggest financial lesson in my 20’s so far is just to educate yourself about finance! It’s so important to start young with financial education because time is the best asset we have on our side. I know finance can be intimidating for others but there is SO much free knowledge and websites out there people can use to educate themselves. One of my favorite finance related channels is The Financial Diet which I think is a good channel for anyone wanting to learn more about finance and the mindset behind money in general.
Hitting age 25 in Feb, and I wanted to thank you so much for this video! I just happened to stumble upon it here on my feed, and I saw the title of this video and thought "Oh, what the heck, its a new year and I am almost quarter-life, so MAYBE this would be helpful for me??" And YES, frankly, it was! Thank you! And please, more with these financial/lifestyle hack videos! :)
Lifestyle creep is so real but also we all started out broke so clearly even though I used to live on 800$ a month, that was never ideal and comfortable so it makes sense for me to be more flexible with money with what I make now, and it's not even middle class yet
Hi, I'm still in my late 20s but so far I have been learning a lot too about finances. I've been following your content for I also would like to be more cautious about my financial decisions to be able to travel abroad. One of the most impactful learnings is to follow the formula of Income - Savings = Expenses and it really helped me save some money regardless of how low my income is.
This is my new favorite video on UA-cam ❤️ I’m 26 and have thankfully learned several of these lessons over the past few years (unfortunately I learned them all the hard way lol). One of my resolutions for 2020 is to be more strategic with my money and many of the ways I plan to be more strategic are things you mention in this video. I am keeping this video in my back pocket and will pull it out every time I’m contemplating a purchase 😄
Yeah, I can't believe so many people literally just live with and navigate this system and thinks it's totally fine and normal. One of the highest population developed countries and they can't even guarantee health care to their citizens.
GIRL I so feel you - literally my dog out of the blue got super sick, needed to be hospitalized and it cost me $10,000 at the end. Mind you, it’s the BEST money I’ve ever spent because my dog is my best friend but like lesson learned..... e👏🏻mer👏🏻gen👏🏻cy👏🏻FUND👏🏻
I have only seen a couple of your videos here and there but every time I do, I want to learn more! I love the way you present yourself and I appreciate all of the knowledge you are passing on. It is definitely worth the time to watch videos such as yours or read articles to understand how to really use your energy, time and money in a useful way that could benefit you later in life. Much love!
Allison I have been watching your videos since I was younger, like videos of you in Africa visiting your dad. I love all your videos your amazing. Don't ever stop.
Instant gratification from shopping! This is something that I'm struggling with thinking that well I worked so hard so I can spend. But what I need to do is actually invest in myself and my future, rather than purchase items that will instantly depreciate.
I've been watching you for years and years from your makeup collections and all your past "yt friends" and seeing you shift in a matured responsible grown up Allison is so awesome! I hope one day I will stumble on you in Seattle hopefully in Pikes place👍🏽🙌🏽 Happy New Year!
this was really good! Im in my mid 30s and I wish I had done a better job. I accumulated a lot of credit card debt in the beginning of my marriage and am now really focusing on paying it off.
Thank you SO SO SO much for this video! I'm in my early 20s and I always feel lost about things like financials and knowing how to save money for the future. Everyone says I'm too young to be thinking about retirement already, but I feel if I wait 10 or 20 years before I start saving, then I'm late to the game. Also, people I usually ask for financial advice always tell me to just save and put away money, which works, but interest in a savings account amounts to less than $1 a year, so there's definitely got to be better ways. I am so glad more youtubers are now talking about finances and more practical topics as their audience also grows up with them!! I loved videos like "what I wear to high school" tags back in the day, but now I'm past that stage so advice like this is definitely more helpful!! So thank you!!
I work for a large corporation and we have to enroll every year. I had a bizarre cyst on my gum once which infected three teeth. I had to get three root canals and three crowns. Dental only paid a small portion. Took me along time to pay it off because I didn’t have that much saved. Also, in my early 30’s our whole staff was suddenly laid off and we were in a recession. That will scare you into watching your finances. Trust me.
I started watching your videos years ago and I love how your channel has evolved over the years. I'm currently in my early 20s and your content is so interesting and helpful to me!! Love your stuff and so happy to have seen you grow over the last ~decade or so! :)
Great lessons! I’d say that I wish I found out about zero based budgeting. Being intentional with every dollar is so liberating and you realize that you have much more money than you thought you had.
Similar to lifestyle creep. Don’t live beyond your means. It’s so tempting nowadays with social media to live beyond your means because “everyone else is,” but know where spending money makes you happy and cut back where it doesn’t! I.e. travel makes me happy so I spend, but I may cut back on hotel costs and spend more on excursions because I’ll remember those moments more.
have u heard of the book the Latte Factor? it basically says if you saved the money from all our daily latte purchases it could grow a lot! but if you really like latte then it's good that you get to get it everyday :)
I’ve been watching you for years and I’m so grateful that I’m able to grow up with you! These are the kind of videos I need to watch and are super helpful as I adult! Thank you!
LOVE this, needed it more than anything at the moment. Thanks for the video :) It's given me clear sight to focus on getting good with my personal finances in the coming year!
Brenton Cozby Yes, exactly what I was telling myself when I analyzed that chart! I don’t know how it is in the US, but here in Switzerland we can hope for 0,025% of interest for an online savings account... 🤔
Always have an emergency fund !! I am building one as we speak !! I put $150 into on every pay check !! For me the emergency fund is for when I lose my job I will have enough money to support my life for a minimum of 6 months !! I have been building my emergency fund for about 3 years now. I am from Canada 🇨🇦 so we have medical coverage.
I learnt the true value of money in my 20s. I bought a house when I was 26 and my god it shocked me how much things are like carpets, plaster work etc. Because of my house and how much money I spent and how important it is, instead of spending my money on lavish things, I overpay my mortgage as much as possible so I can save money not having to pay interest in more years than I have to. It's just weird to see how my opinion has changed about money
great topic, great advice! and thank you for incorporating the sponsor in a logical and honest way - not trying to sneak it in and acting like viewers are dumb like some other youtubers do 🙄
You’ve got some good advice here for younger viewers! My Dad emphasized saving with us early on, from prior to us turning 18 and telling us to put even just a little money in stocks and he would put money in too (I think I put in double what I put in to start me off?) He wanted to prove to my brother and I that he wasn’t just talk and he believed in compounding interest. It is even believed that Albert Einstein said that compounding interest is one of the most powerful forces in the universe so...there’s that! Even if someone can only put $50 or $100 in a Brokerage account and not actually a formal retirement savings it is basically a savings account that earns that compounding interest and can act as an Emergency Fund. So many people think they can’t save anything but in fact you can’t afford NOT to save even a little bit!
Hi Alli... It's so important you talked about this and thank you.. I actually discovered Dave Ramsey and the budget mom this year and wish I knew about them earlier.. There are just so many things I didn't know and just spent all my money living my best life in my 20s( so no regrets but). I'm 35 now and hustling hard for a down payment for a house and then eventually retirement... These are things that would be beneficial to teach in high school.. great video.. thank you!!!
If you have a mortgage, ask the lender if you can make bi-weekly or even weekly payments instead of once a month. Smaller local lenders might let you. For example, if you owe $1000 a month, ask if you can pay $500 every other week, or $250/ week. It saves a little bit more in interest, allowing a tiny bit more put towards the principal with every payment, and truly gets you more ahead of the loan over time. The earlier you start, the more you’ll save over time because you pay the most interest in the early years of the loan. (Also, the way the weeks fall on a calendar, you end up making 1 extra payment throughout the year, just FYI.)
What are some good compounding interest accounts for young 20 somethings that you’d recommend? Or even a resource you could point us to that lists them? This video was so helpful!
I am not an expert in the area so I would hate to steer you wrong here - my biggest advice would be to speak with a financial advisor at a brokerage firm to discuss your goals and hear what they recommend. That being said, I would Google best index funds as well. Indexes like the S&P 500 seem to be very popular for compounding interest.
As someone who works in finance I would advise you to wait a little bit before you invest (if you were eyeing the stock market); the markets are at record highs right now :)
I am no financial advisor by any means but I know there is a little saying...”the best time to buy is now and the best time to sell is never 😉” Unless you are a major professional or a psychic, you cannot time the market. The market can be super high right now, but who’s to say this is not the new low? Haha!
yasmin I would agree! We’ve been in a bull market for 10 years and record highs mean that eventually the market will need to recorrect itself and come down.
I'm only 26, but I think a big financial lesson I've learned in my 20s so far is that I don't have to spend money on things that seem to make other people happy but don't make me happy, or things that other people try to convince me that I need to have but I know deep down that I don't really want
You should always argue large hospital bills--they charge ridiculous numbers just to see if you or your insurance will pay it. You can argue it down in many cases.
I am 23, just starting to see the importance of an emergency fund. I start paying my own health issurance this year and had a lot of nightmare with that. Compound interest is something I will have to look into. I have becomes miniamilist in the last 2 years which has help alot. I just wish I knew all this at 14 when I started my first job, I spent a ridiculous amount on food.
My tip would be that the little things add up. Search for discount codes when shopping online, use a loyalty card everywhere you shop, search the sale section of websites first when you need to buy something and use cashback apps. Utilise the features of your bank's website/app. Mine partners with different businesses each month to give you a small amount of cashback if you shop with them and pay via card. There's also a feature called 'save the change' which rounds up every expenditure and puts the pennies in your savings account. For students... Apply for all of the scholarships, grants and bursaries that your university offers! I got thousands of pounds of extra cash each year because I was the first in my family to attend uni, because I came from a low-income family and because I got good grades at college. There were also funds available if you were from specific countries. Also, get a student discount card! Mine cost about £30 for a year and got discounts in loads of shops and restaurants. I somehow hacked the system and bought 1 year in my first year, 1 year in my second, then a 3 year card in my final year so I could use it for 2 years after graduating! Haha. Also, as I travelled to uni by train for my first semester, I bought a railcard which cost around £30 but gave me a third off every train fare anywhere I travelled for an entire year. Little and often definitely worked. I was able to save £20,000 whilst studying (and working 30+ hours per week), and a couple of years after graduating, my husband and I bought a house with only a 75% mortgage.
Thanks for watching! What are some of the financial lessons you have learned?
same compounding, wish I had known about it earlier though
Allison Anderson using Credit Cards to “build credit”
How to actually get serious about paying down debt quicker than your payment plan dictates!
Never buy a brand new car!
Auto savings really really work .... that's how I have been able to save 8k this year ...
This was a very good video. I am going to share with my grown granddaughter who recently bought a house and is living in her own. The biggest tip I can give anyone is something my husband I did all throughout our working life. We had car payments as most do. When we paid off the cars, we continued to make a “car payment” to our savings account. Soon we had enough to buy a new car outright without a loan. We did the same with our mortgage. We paid off our house and then continued paying our savings account each month. Now we are retired, have zero debt and enjoy a nice retirement nest egg. Hope that helps someone. Jackie from Indiana
wow, that's such a good idea!
Jackie Armstrong that is really great advice thank you very much 🙏🏻
Jackie Armstrong best idea !
Jackie Armstrong - Wow, that’s amazing. Thank you so much for your advice. You and your husband sound like you’re both financially savvy, knowledgeable, and independent people. I hope you both are staying healthy and safe in the midst of this pandemic. Sending you blessings from Arizona! 🌵🏜✨
@@sabrina.natalie Wow i've never heard anyone give this advice. Definitely will be using it when I pay off my car!
I really appreciate how a lot of youtubers are making finances an open topic! It’s so important for us to not be scared to have these conversations.
Thank you for this video!
Thanks for watching! I agree, I love that people are opening up about the topic.
I have actually had a fight with my mom about this. (She was always open with me about her finances, but she believes you should keep things like your salary private) I think it’s important for people to be like “this is how much I make and this is the life you can live” so then so many young people stop living out of their means.
That emergency fund is huge. It brings me so much peace of mind. I was way more stressed without it compared to now having one.
This rings so true during this pandemic.
I still have a job and a full paycheck and still, the only thing that keeps me sane is the fact that I have that fund.
Holy shit, it's scary thinking what might happen!
I just started mine and then this pandemic happen, I feel so frustrated.
@@throughthelookingglass7339 Everything will work itself out. u got this
1. Stop making "short-term" purchases
2. Have an emergency funds
3. Take advantage of compound interest
4. Financial security can make you happier than material things
5. Lifestyle inflation creep can hit you hard (house, car)
6. Beware of fixed monthly cost
Wow American health system is messed. $12,000 bill even after you had insurance??? Fucked up
It really really is.
I had a 300 dollar medical bill for having a cold.
This was a lot out of pocket because the particular hospital that she had to go to after the first one didn't take her insurance.
@@rikkipoynter Also insurance companies can reject treatment coverage as well.
onetwothreefive1235 This happened to me too
I remember when I just started making money I thought I was so rich, I started buying so much shit, clothes, shoes, makeup, jewelry etc! and now I look back at all that shit and I’m just like 🤦🏼♀️ whyyyy! I could’ve saved all that money! I don’t even like any of that crap. I definitely have mellowed out since. It’s a learning curve.
Thank you I needed to hear that!
Thanks needed that too !
Me too!
Wow, American healthcare is a nightmare... are you guys ok?
KateLouisaRose absolutely not 😭😭😂
Definitely not
Nope!!
KateLouisaRose no
not at all
I’d never heard of lifestyle creep but yes that’s so real!
Just turned 26... RUNS to read Dave Ramsey and compounding interest 👀
Taylophoto he is a financial genius!
I second Chelsea! The man is amazing
Can you do a video on your 2020 goals and more videos on decluttering/minimalism 😊 I love your videos!!
Thank you! I'll add those ideas to the list :)
Maintaining a budget spreadsheet. At the top, I have income listed. Below, the bills I pay, each column is a pay period. Best habit I've ever started.
Rhonda Dossenbach I do the same thing!! I save the spreadsheet by the year so I can look back. I also list my financial goals on there too.
THANK GOD FOR THE NHS. $12,000 is an insane amount of money 😱
I’ve looked up to you for such a long time and now I’m 24 and like “holy crap!! I gotta stop this stuff!” ahaha. Thanks for being an amazing role model and for bringing my spending habits to the forefront!
My biggest lesson was don’t spend money you don’t have (I.e. credit cards)!
Lauren Colson that is so true! I really don’t like this concept of living in constant debt
A savings account is so needed, I have been in so many situations were I needed some money for a bill before a paycheck. Financial stability is so important to me now. Thanks for sharing :)
I'm actually starting my 20's adult life and your videos really gave me another perspective of financial "life", now I'm not as scared as I was a couple weeks ago! Keep on doing this kind of videos please!
I'm focused on spending less and saving more next year. I would love to see a video about your personal, professional and business goals for 2020 😊
I can’t even imagine having to pay for health care... I think that’s so insane. I’m a surgical nurse so I constantly see huge surgeries, hospital stays for days weeks some even months. I just can’t imagine.... I live in Canada, which I’m sure you can assume lol
Our healthcare system is terrible, nobody can deny that. But you do pay for healthcare, just in taxes not bills. If you don't have many medical expenses, the American system may be cheaper in the long run. If you have many, the Canadian system would definitely be better for you. In the US, it is up to the individual to have an emergency savings just as she mentioned, which you can more easily since your taxes are less. But the burden does fall on the individual which can be very difficult. I personally prefer the self responsibility to trusting the government, but that's probably due to growing up here 🤷♀️
@@merie7920 no no no. This is the lies Americans tell themselves to justify this crap. I am an American living in the UK and as Americans, we pay A LOT of taxes and it is very comparable to what people pay here So stop living in this fake bubble to justify your FAKE freedom. I am lucky to be in the military and have Tricare, which in and of itself is "socialized" medicine. I feel sad for people like you because you think this is ok.
My income, not including my spouse's would put me an average person in a 40% tax bracket in the UK so it's really not a 'similar' amount only looking at income tax. And maybe other countries governments are competent enough to do this well, but I don't believe ours is. Which is pretty evident based on the results of VA and Medicare. Again, I agree or system is garbage, just pointing out that you are always paying for it even if you have socialized healthcare, not even saying that is a bad thing.
Yeah, it sucks. I'd much rather my taxes go towards socialized medicine/a solid social security net rather than a ridiculously large military budget. I'm in school getting my masters now but want to move to Europe/Canada in the next 5-10 years.
Lol today is my 30th birthday and UA-cam recommend this to me lol. Never watch your videos before but this one is a good one. I can def relate.
Happy Birthday!!
Mollie Rose thank you!
That I was just as happy earning $200 per week in my 20s as I am now earning a six figure salary. Life has changed, living conditions have improved, but I feel the same. I actually feel freer not because I have more money, but because I now don't want or feel the need to buy anything. I used to think that's what would make me happy but now just being financially secure is enough - I am still wearing clothes I bought 5 years ago lol
Great video! We’ve shared some of our ‘dumbest purchases’ made in our 20s in a recent video but I love your initial point on building an emergency fund.
Before you can spend & save/invest...it’s so critical for you to build up your runway and ultimately clear your debt ✨
Very very relatable! I'm on my mid-20s and made bad financial decisions. A good financial habits while you are still young will definitely save you from debt. Young generation should now avoid or lessen buying unnecessary cheap things because they are trendy and should invest on quality pieces and financial goals. And, people, please please invest on your health and future!
I just wanted to say thank you so much for this video! As the child of immigrant parents here in the U.S., the financial world is terrifying to me since my parents are learning as they go just like I am. It's nice to be able to learn from others and to get a better understanding of how things work. Thanks again for your wisdom and transparency! We need more of both these days.
Really great to see someone talk about these topics. Too much of social media is about buying and spending like crazy. It is so much smarter to live below your means and save, take advantage of compounding interest, and be confident that you will be comfortable and secure later in life. Dave Ramsey was extremely helpful for me!
This was super helpful for someone in their early 20’s! I’m graduating in May and the way I spend money is scary 😂 A lot of these tips were things I really needed to hear.
I used to watch you back around 2011-2012 and finding your channel again and seeing the shift in content focus has been so nice!
I appreciate you sharing your matured content and recommendations!
I have really enjoyed your content over the past year. You’ve done some really cool ideas and it’s nice to see you step outside the box a bit.
Allison, you are just one of those people I trust to take advice from. You’re so genuine and well educated and I just really appreciate your videos!💚
I'm loving your advice. I'm 22 and i've been using them a lot!!!
I love this topic, so useful for me considering I just turned 21
My biggest financial lesson in my 20’s so far is just to educate yourself about finance! It’s so important to start young with financial education because time is the best asset we have on our side. I know finance can be intimidating for others but there is SO much free knowledge and websites out there people can use to educate themselves. One of my favorite finance related channels is The Financial Diet which I think is a good channel for anyone wanting to learn more about finance and the mindset behind money in general.
Your content is my favorite! Everything you post about is everything that interests me- travel, finances, minimalism, finding your style, etc. 😍
Hitting age 25 in Feb, and I wanted to thank you so much for this video!
I just happened to stumble upon it here on my feed, and I saw the title of this video and thought "Oh, what the heck, its a new year and I am almost quarter-life, so MAYBE this would be helpful for me??"
And YES, frankly, it was!
Thank you! And please, more with these financial/lifestyle hack videos! :)
Lifestyle creep is so real but also we all started out broke so clearly even though I used to live on 800$ a month, that was never ideal and comfortable so it makes sense for me to be more flexible with money with what I make now, and it's not even middle class yet
I had never heard of lifestyle creep but that is definitely a real thing! Thanks for bringing it to my attention. It’s something to think about
I love these financial videos!! I would love to see more in detail how you travel and save for your travels - how you budget etc.
Hi, I'm still in my late 20s but so far I have been learning a lot too about finances. I've been following your content for I also would like to be more cautious about my financial decisions to be able to travel abroad. One of the most impactful learnings is to follow the formula of Income - Savings = Expenses and it really helped me save some money regardless of how low my income is.
This is my new favorite video on UA-cam ❤️ I’m 26 and have thankfully learned several of these lessons over the past few years (unfortunately I learned them all the hard way lol). One of my resolutions for 2020 is to be more strategic with my money and many of the ways I plan to be more strategic are things you mention in this video. I am keeping this video in my back pocket and will pull it out every time I’m contemplating a purchase 😄
Wow, American healthcare is terrible...
Yeah, I can't believe so many people literally just live with and navigate this system and thinks it's totally fine and normal. One of the highest population developed countries and they can't even guarantee health care to their citizens.
The sad part is that we do this to ourselves because people have this warped thinking that this is somehow "freedom". It's a joke.
A lot of people here think they can become billionaires so they shoot themselves in the foot
what's your healthcare system?? (also, what's your country?)
bronwynalexandria | Canada🙏🏻
i think you're my new favorite youtuber - I recently found you again - since watching you wayyyy way back. and I LOVE your new content!
GIRL I so feel you - literally my dog out of the blue got super sick, needed to be hospitalized and it cost me $10,000 at the end. Mind you, it’s the BEST money I’ve ever spent because my dog is my best friend but like lesson learned..... e👏🏻mer👏🏻gen👏🏻cy👏🏻FUND👏🏻
I have only seen a couple of your videos here and there but every time I do, I want to learn more! I love the way you present yourself and I appreciate all of the knowledge you are passing on. It is definitely worth the time to watch videos such as yours or read articles to understand how to really use your energy, time and money in a useful way that could benefit you later in life. Much love!
THANK YOU. For someone in their early twenties this was amazing advice.
Allison I have been watching your videos since I was younger, like videos of you in Africa visiting your dad. I love all your videos your amazing. Don't ever stop.
I'm so excited everytime I see you posted!
Thank you!
Instant gratification from shopping! This is something that I'm struggling with thinking that well I worked so hard so I can spend. But what I need to do is actually invest in myself and my future, rather than purchase items that will instantly depreciate.
I love how open you are when it comes to discussing finances! Topics like that are so important to talk about
Learning to budget and to bargain hunt for things and that sometimes there’s not reason to pay extra
“Life style creep” is the sneakiest way I financially self sabotage. It’s 🥜
That hospital story makes me ill... that was just wrong what happened to you. Why does insurance need to be complicated 😫
I've been watching you for years and years from your makeup collections and all your past "yt friends" and seeing you shift in a matured responsible grown up Allison is so awesome! I hope one day I will stumble on you in Seattle hopefully in Pikes place👍🏽🙌🏽 Happy New Year!
this was such a helpful video!! thank you!! I'm 19 and definitely will be taking your advice
this was really good! Im in my mid 30s and I wish I had done a better job. I accumulated a lot of credit card debt in the beginning of my marriage and am now really focusing on paying it off.
This was great! I want to learn more about compound interest and investing in 2020!
Thank you SO SO SO much for this video! I'm in my early 20s and I always feel lost about things like financials and knowing how to save money for the future. Everyone says I'm too young to be thinking about retirement already, but I feel if I wait 10 or 20 years before I start saving, then I'm late to the game. Also, people I usually ask for financial advice always tell me to just save and put away money, which works, but interest in a savings account amounts to less than $1 a year, so there's definitely got to be better ways. I am so glad more youtubers are now talking about finances and more practical topics as their audience also grows up with them!! I loved videos like "what I wear to high school" tags back in the day, but now I'm past that stage so advice like this is definitely more helpful!! So thank you!!
I work for a large corporation and we have to enroll every year. I had a bizarre cyst on my gum once which infected three teeth. I had to get three root canals and three crowns. Dental only paid a small portion. Took me along time to pay it off because I didn’t have that much saved. Also, in my early 30’s our whole staff was suddenly laid off and we were in a recession. That will scare you into watching your finances. Trust me.
Loving these financial videos you are doing! I recently bought a fujifilm and would love if you did a photography tips & tricks video
I started watching your videos years ago and I love how your channel has evolved over the years. I'm currently in my early 20s and your content is so interesting and helpful to me!! Love your stuff and so happy to have seen you grow over the last ~decade or so! :)
This is an amazing and insightful video. Thank you for being open on this topic!
Great lessons! I’d say that I wish I found out about zero based budgeting. Being intentional with every dollar is so liberating and you realize that you have much more money than you thought you had.
Loving your videos! You should make a video on finance book recommendations. 💗
Similar to lifestyle creep. Don’t live beyond your means. It’s so tempting nowadays with social media to live beyond your means because “everyone else is,” but know where spending money makes you happy and cut back where it doesn’t! I.e. travel makes me happy so I spend, but I may cut back on hotel costs and spend more on excursions because I’ll remember those moments more.
I love these financial videos!!
This is all incredible advice bring a recent college grad. Thank you!!
have u heard of the book the Latte Factor? it basically says if you saved the money from all our daily latte purchases it could grow a lot! but if you really like latte then it's good that you get to get it everyday :)
Keep making Financial Vids!
Could you do more storytime videos? I just really enjoy your storytelling skills!
I’ve been watching you for years and I’m so grateful that I’m able to grow up with you! These are the kind of videos I need to watch and are super helpful as I adult! Thank you!
Great video!! Would love to see more about finances
Your content is just so inspiring and honest! I’m so glad your back on UA-cam regularly!
Loved this topic! Would love more videos like this
Thank you for making this video, it really helped me as someone who’s in their early 20s
LOVE this, needed it more than anything at the moment. Thanks for the video :) It's given me clear sight to focus on getting good with my personal finances in the coming year!
this is incredibly helpful and fun to watch; i've been subscribed for years and have been loving your recent content!
where the hell are we going to find 12% APY for compound interest?? Dave Ramsey needs to update his chart...
Brenton Cozby Yes, exactly what I was telling myself when I analyzed that chart! I don’t know how it is in the US, but here in Switzerland we can hope for 0,025% of interest for an online savings account... 🤔
I loved your video. I found your page through the recommended tab, and I know for sure that I needed this as I recently turned 20. Happy New Year!
Always love your videos, Allison, and this was no exception! Your financial wisdom is so helpful!!
Always have an emergency fund !!
I am building one as we speak !!
I put $150 into on every pay check !!
For me the emergency fund is for when I lose my job I will have enough money to support my life for a minimum of 6 months !!
I have been building my emergency fund for about 3 years now.
I am from Canada 🇨🇦 so we have medical coverage.
Loving these financial videos! Definitely interested in hearing more.
Please do a video on your monthly expenses and tips you would give to younger people!
I learnt the true value of money in my 20s. I bought a house when I was 26 and my god it shocked me how much things are like carpets, plaster work etc.
Because of my house and how much money I spent and how important it is, instead of spending my money on lavish things, I overpay my mortgage as much as possible so I can save money not having to pay interest in more years than I have to.
It's just weird to see how my opinion has changed about money
great topic, great advice! and thank you for incorporating the sponsor in a logical and honest way - not trying to sneak it in and acting like viewers are dumb like some other youtubers do 🙄
Being in my early 20s, this video would really really help me in my future..
such an eye opening video!!
Such great advice and so, so true!
You’ve got some good advice here for younger viewers! My Dad emphasized saving with us early on, from prior to us turning 18 and telling us to put even just a little money in stocks and he would put money in too (I think I put in double what I put in to start me off?) He wanted to prove to my brother and I that he wasn’t just talk and he believed in compounding interest. It is even believed that Albert Einstein said that compounding interest is one of the most powerful forces in the universe so...there’s that! Even if someone can only put $50 or $100 in a Brokerage account and not actually a formal retirement savings it is basically a savings account that earns that compounding interest and can act as an Emergency Fund. So many people think they can’t save anything but in fact you can’t afford NOT to save even a little bit!
Hi Alli... It's so important you talked about this and thank you.. I actually discovered Dave Ramsey and the budget mom this year and wish I knew about them earlier.. There are just so many things I didn't know and just spent all my money living my best life in my 20s( so no regrets but). I'm 35 now and hustling hard for a down payment for a house and then eventually retirement... These are things that would be beneficial to teach in high school.. great video.. thank you!!!
If you have a mortgage, ask the lender if you can make bi-weekly or even weekly payments instead of once a month. Smaller local lenders might let you. For example, if you owe $1000 a month, ask if you can pay $500 every other week, or $250/ week. It saves a little bit more in interest, allowing a tiny bit more put towards the principal with every payment, and truly gets you more ahead of the loan over time. The earlier you start, the more you’ll save over time because you pay the most interest in the early years of the loan. (Also, the way the weeks fall on a calendar, you end up making 1 extra payment throughout the year, just FYI.)
What are some good compounding interest accounts for young 20 somethings that you’d recommend? Or even a resource you could point us to that lists them? This video was so helpful!
I am not an expert in the area so I would hate to steer you wrong here - my biggest advice would be to speak with a financial advisor at a brokerage firm to discuss your goals and hear what they recommend. That being said, I would Google best index funds as well. Indexes like the S&P 500 seem to be very popular for compounding interest.
As someone who works in finance I would advise you to wait a little bit before you invest (if you were eyeing the stock market); the markets are at record highs right now :)
I am no financial advisor by any means but I know there is a little saying...”the best time to buy is now and the best time to sell is never 😉” Unless you are a major professional or a psychic, you cannot time the market. The market can be super high right now, but who’s to say this is not the new low? Haha!
yasmin I would agree! We’ve been in a bull market for 10 years and record highs mean that eventually the market will need to recorrect itself and come down.
I'm only 26, but I think a big financial lesson I've learned in my 20s so far is that I don't have to spend money on things that seem to make other people happy but don't make me happy, or things that other people try to convince me that I need to have but I know deep down that I don't really want
I Love how relatable your videos are!
You should always argue large hospital bills--they charge ridiculous numbers just to see if you or your insurance will pay it. You can argue it down in many cases.
This is all so honest and real. Thank you!
Awesome video. Thank you for sharing!
Such solid, helpful content!
Good points. Happy New Year!
smartest decision I've made financially? Going to a college where I wouldn't be in debt by the time I finished my degree.
I am 23, just starting to see the importance of an emergency fund. I start paying my own health issurance this year and had a lot of nightmare with that. Compound interest is something I will have to look into. I have becomes miniamilist in the last 2 years which has help alot. I just wish I knew all this at 14 when I started my first job, I spent a ridiculous amount on food.
My tip would be that the little things add up. Search for discount codes when shopping online, use a loyalty card everywhere you shop, search the sale section of websites first when you need to buy something and use cashback apps.
Utilise the features of your bank's website/app. Mine partners with different businesses each month to give you a small amount of cashback if you shop with them and pay via card. There's also a feature called 'save the change' which rounds up every expenditure and puts the pennies in your savings account.
For students... Apply for all of the scholarships, grants and bursaries that your university offers! I got thousands of pounds of extra cash each year because I was the first in my family to attend uni, because I came from a low-income family and because I got good grades at college. There were also funds available if you were from specific countries. Also, get a student discount card! Mine cost about £30 for a year and got discounts in loads of shops and restaurants. I somehow hacked the system and bought 1 year in my first year, 1 year in my second, then a 3 year card in my final year so I could use it for 2 years after graduating! Haha. Also, as I travelled to uni by train for my first semester, I bought a railcard which cost around £30 but gave me a third off every train fare anywhere I travelled for an entire year.
Little and often definitely worked. I was able to save £20,000 whilst studying (and working 30+ hours per week), and a couple of years after graduating, my husband and I bought a house with only a 75% mortgage.