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How to Save and Invest in Your 20s | 11 Money Tips
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- Опубліковано 14 сер 2024
- Everything I wish I'd known sooner about budgeting, saving, investing, stocks, credit scores, and more.
I'm picking one comment to gift $100 cash to :') Just leave a comment with your specific savings "why" and what age you're committing to hitting it.
My previous video on personal finance: • How I Saved $50,000 My...
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Personal finance influencers to follow and keep learning:
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/ thefinancialdiet
/ webravelygo
/ katherout
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this comment section makes me so :') tons of helpful links in the description box for you guys too! very proud that we're all able to come together and approach our finances with this level of positivity. if you haven't already, hitting the like button helps me a ton to know i should make more of these types of videos!!
This was a SUPER helpful video, I did get a little lost in the investing bits if you could do a whole video on investing basics and just explaining all the terms that would be so so helpful to me!!
It’s good to invest where you bountifully earn and have access to withdraw your profits without stress and zero labors, I was an investor of stocks but sold all off and invested on forex, ever since I've been doing well with the help and assitance of Mr Carlos. Reach out to him @Carlos_1uptrades on IG. and tell him i sent you, I am just very happy and it feels like am the only one enjoying this although there are people still testifying about this man
My main "why" for saving is putting my sister through college. My immigrant parents gave up their own dreams to work and put me through school. Now that they are in their 50s and I'm finally graduating, I'm excited to take over my sister's tuition expenses and be a financial relieve for them. I'm committed to hitting this by my 23rd bday :')
you are AMAZING!!!!!!!!
liyuani delgado you’re amazing!
LILYUANI!!! you are the winner of the $100 giveaway. DM me on Instagram @katherout to get the details of how to receive the $$ :-)
Aw bless you for that shout out! I’ve been pausing my student loan payoff to focus on building up my emergency fund, and I know I’ll feel so much better once that’s done!
I'm saving in order to have one year's worth of expenses in my emergency fund before my 25th birthday (next January!) and my motivation is honestly just the sense of freedom and independence that comes with having a backup. I don't want to be tethered to my job or financially dependent on family, a partner, etc. like I have been in the past. Money = options, and to me that feeling of being free pushes me to aggressively save. I know it'll all be worth it!
yes yes yes to all of this
Save to invest! You're saving a day off work.
Yes! Well said I have been saving and I have plans to start investing
The best quote of 2020!
@@elvisremi8267 it's a great idea! I make as much as an extra $3k weekly from my investment
@@irisjobs8700 Can you share your investment platform? I'm ready to jump into any profitable investment
@@elvisremi8267 There's a lot of investment opportunities and strategy out there but I will strongly advice you work with a good broker to guide and get you great profits and risk management
Wow I’ve followed you since your pre-college days. I remember how I always referred back to your college app vids and those eventually helped me get into my dream school. Now, almost 6 years later, you are making another much needed video to help me transition into another stage of life as I graduate. It feels so good to know that we are both growing up and aging well ❤️ hope your health gets better! Pray for you!
um WHAT this is such a beautiful comment thanks for coming back and commenting!!
I definitely feel the friend topic, it's especially hard when you go out with friends that make more money so pretty much wherever we go they can purchase something and it can make me feel uncomfortable when I can't buy anything. Definitely something to manage
My "why" is being able to become financially independent of a pretty toxic situation in my life right now. Being able to pay for my own rent, and living expenses would allow me to not depend on being where I am now. Working super hard towards that! Thanks so much for this video these are super actionable goals for me in the situation that I am in now.
I'd like to save 50k by the time I'm 25 and I'm saving to buy a house someday✨
you GO gorl
You can earn over $20,000 monthly, work on your own time No experience needed required
My goal is to save $1,109 by the end of December. This will be for my 4 CPA licensing exams.
love the specificity i can feel that you're going to hit it!
Hey , how’d it go? I hope you reached your goal :)
I love the idea of the oops fund! I haven’t heard that idea before. My “why” is that I want to move out of my small town in 2021 to find better job opportunity. Thank you for sharing your insight!
my prof was so smart for that I'll never forget it!
Katherine! I am so proud of you for creating such important content and doing your thing. This is all super practical advice I wish someone had told me when I was in my 20's. Now that I'm in my 40's, I am still learning the best way to save and manage my finances. Nice work and Fight On!
*I will forever be indebted to you 😇 you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much Mrs Sonia Dickson*
_WOW....amazing to see o there who traded with Mrs sonia Dickson i am currently on my 7th trade with her and my portfolio has grown tremendously_
@@petersonfinecountry9004 I invest with mrs sonia dickson too , she charge a 15%commission on profit made after every trading session which is fair compare to the effort she put in to make huge profit...
@Tressure Love *you can reach her through her Telegrm page👇*
@Tressure Love @INVESTWITHDICKSON
-with the consistent weekly profits I'm getting investing with Mrs sonia Dickson,there's no doubt she is the most reliable in the market. such a genius-
I loved this video, and I love that you're a fellow TFD fan! Please make more finance-focused videos. 😊
oh i am ALL over it after reading how sweet & supportive this comment section has been!
LOVE this video. I am a big fan of immediately dumping my money into my savings account. I'm for sure going to look into a high yield savings account. ❤️
THANK YOU gyal ily
My 'why' right now: I went to a private college for four years. Dream school, working in my field, so glad how it turned out. I am in debt but the amount is manageable. I recently moved out of Boston and back home to pay off all the debt. I am actively working to pay off my school debt every pay period. I will hopefully be paid off in about two and half years!
student loan debt can be so overwhelming, it's so hopeful to see you made decisions to actively enable you to pay it off to the best of your ability!!
I'm graduating college tomorrow and starting my "grown up job" in July and I am at home with my family right now... my dad has been talking about personal finance to me the entire time! All throughout college I didn't pay that much attention to how much I was spending (hint: it was a lot) but I'm really excited to have a steady income to work with. I've been doing so much research and you nailed every single tip I've read about so far!
A huge barrier to my interest in it was the fact that I felt so overwhelmed by it all. My dad showed me a great Money article (it was in the magazine so I can't find it) that outlined the 11 best ways to build wealth. Just finding somewhere to start was so important for me!
Love seeing your passion about saving for your own condo! And the passion of fellow commenters. Wow I am inspired! Right now I am currently saving up to get my first place on my own. I’ve only ever lived in dorms or with my parents so it’s time to spread my wings!
Thank you for this Katherine! It's so important to pay attention to finances so that you get all the bases covered before a crisis like this one hits, and I was able to learn some useful tips!
❤️
This video is so fricken helpful! Thank you! I agree that we all need to be sharing our financial tips and tricks with each other more often. I am actually going to be moving to SF this fall to start a Ph.D. program so my big why of savings right now is setting a goal of being debt-free by the time I'm done with my degree. I am also inspired by your property goal since I will be in SF for the next 5-7 years. It's something I hadn't even considered attainable in that amount of time, but I realized that I really won't know until I take some tours and determine what I want and what those concrete numbers are. Even if it's not buying a property, I can still use that strategy to plan for affording a nicer apartment, etc.
I’m saving to reach my 6th month emergency fund goal! I’m going to graduate college in a couple weeks and I need to start saving up for my new life in NYC. I hope to reach this goal in 8 months when i’m 21 :)
omg the fact you're 20 and already saving... incredible
You can earn over $20,000 monthly, work on your own time No experience needed required
I'm currently 19 and aim to have 40k saved by the time I'm 23 to build my own home! I want to be independent and know that I've done it all on my own
I'm so happy to see more young woman speaking about personal finances on youtube! My why is saving for my Masters in Public Health so I can hopefully graduate with no debt. Also a car I can drive to the mountains to ski!
I am just about to finish my second year of college and I want to save a 10K emergency fund by the time I graduate. I work as a writing advisor and social justice educator so money isn't exactly flowing through but I am saving the best I can! I want to go to grad school and not have to rely on my family for any money while doing so!
social justice educator WOOOOO!!! need more people like you in the world, esp rn.
This video was EXCELLENT I enjoyed it SO much. Totally got big sister advice vibes and made me feel like saving is feasible. Love ur mission of making financial wellness a part of everyday life and discussion. Keep it up gf
My “why” is because I am currently trying to support myself as student in college. I attend school in Chicago and paying for all my tuition and living expenses myself! Saving is something that I am always striving to do but living paycheck to paycheck makes that difficult! The extra $ would go straight to my tuition payments for the fall semester :) thank you for this video!!
i'm so so impressed with you!
I've been watching sooooo many videos on personal finance since the start of this pandemic. I feel so guilty for now learning so much of what I could have taught myself out of high school :/ I am about to turn 24 years old and I honestly have no savings account and make less than 1,000 bucks a month, so my goal is definitely to find a full-time professional job. It is hard but persistence is key! I enjoyed your video, literally watched the whole thing, and will share with my friends haha! Thank you for your awesome tips!! :D
Your videos are always so amazing. I am a few years younger than you and have been watching your channel since high school. Your videos have provided much needed guidance and inspiration at each major step of my life. Thanks for all you do!
I just graduated college and started my first job a few months ago, I'm currently living back home and saving 80% of my paycheck to travel the world for 6 months to a year (once covid is over). I'm trying to save at least 10k for the trip, plus an additional 5k as an emergency fund for when I come back. Hoping to hit this goal before I turn 23! Not your typical investment I know, but I truly feel I will gain so much more from this experience than if I were to spend all my money on an apartment, car, or other material items.
Mona Nina are you worried about finding work after your trip?
I'm saving for grad school in the next two years! I've always been an agressive saver, and thanks to that, I'm student-debt-free one year out of college with a solid savings fund. With a career in the humanities, it's hard to feel secure with any amount of savings... But I wouldn't be happier in any other field!
my current why is a down payment for a house! Never thought that buying a house was something I could do a) this young and b) as a single gal but I recently was inspired when I saw someone my age do it! While I’m not there now, Looking at houses online excites me and motivates me to save. trying to not fall into the trap of a lavish new apartment when my current lease is up. Love this vid!!
My “why” for saving is to someday be able to put a down payment on some form of housing (condo, house) in my HCL city!
let's go downpaymentttt!
I kid you not this is the best personal finance video I’ve seen during all of quarantine! You pointed out several concepts I wasn’t aware of and that’s hard to do especially since this is my favorite category of video to watch. Paying off my credit card multiple times a month? Dollar cost averaging?!? Perfection. In terms of my money goals: 1.) save enough to move out of my parent’s house and settle into a city to rent for one year 2.) save enough for a downpayment on a property in said new city! Your “conceited ass” is most certainly justified because I’m feeling very inspired after watching this :)
Oh yes, the time constraints for the aforementioned goals: 1.) 2022 2.) 2023
Ah, thank you so much for making this video! Income inequality is made so much worse by poor people not getting the education they need to be smart with money, so I REALLY appreciate people like you putting in the work to educate us! 💜💜
My “why”: Buying a house! Eek!
I love these kinds of videos! I’m saving up because I want to pay for my family to visit family in the Philippines because I have not been back since 2014 and I fee like I’m starting to lose my roots. What you said about being in a “recession proof” industry speaks to me as well. My tech internship just got cancelled and I’m disappointed but working twice as hard to find new opportunities!
Could you please make a more in depth (even more than you already did) on savings. I am 20 and am so lost and don’t even know where to get started. My parents are not the best with their finances and some advice would be appreciated.
I am currently a rising senior in college and being this close to the "real world" has made me want to learn a lot more about finances and saving money. Your videos have been extremely helpful for me! I am literally opening a high yield savings account rn and making a rough plan of how I will have my "emergency fund" ready for postgrad.
This is so weird I just got approved for my first credit card and I’ve been really set on building my credit and savings recently, good frickin timing!
LOVE TO HEAR IT!
I couldn't help but take notes - this video was very freshing! I will say this, setting up a Credit Union account has been a blessing for me. I am true believer that if it's out of sight, out of mind you can save so much more. The money is deducted out of my check, and into a account with no monthly fees - which is a plus. I'm definitely going to take these tips into consideration and add the to my money lifestyle. I have grad school coming up and I don’t want to be a ”broke” grad student lol Thanks for the tips, Kat!
My "why" is to help me feel less stressed emotionally and mentally when it comes to money. I've found money has been the reason for such much of my worry that I'd love to be able to focus on other things. My main goal right now to hit that why is to find a job that pays me enough to feel comfortable.
abbbbsolutely strive to get the salary you deserve!
I appreciate the honesty. Once you decide to be responsible for your money it becomes very tricky to begin to navigate. Candid videos and conversations like this one make financial responsibility more accessible. I grew up in a household where money was the biggest source of stress and insecurity. Growing and becoming a working professional has taught me that money doesn’t have to be that. It can instead be such an amazing source of empowerment. I love this kind content and you should definitely keep it coming!
I love the practical tips and your reminding us how important is for women to talk about money!
My motivation is freedom. I want money to be a smaller factor when making decisions. If I need to change jobs, move, continue my education, travel, etc.
Also I love Vanguard! Have you heard the Freakonomics episode about it?
This video is so good, esp the avg of your 5 friends comment in relation to lifestyle creep. Especially while living in NYC it feels like the default is to go out to eat which can easily add up to $50!!
I'm 22, and I'm trying to save a total of 12,000 by the end of 2020 -- I know it's small but this is the first year that I have started taking my finances seriously. So I'm trying to save 1k a month this year so I can just learn and practice better habits (and boost my credit lol)
My "why" is I want to have double the amount of savings I have now by the time I'm 23 and graduate college! I really want a nice cushion before I go to med school. Thank you for taking the time to share everything you know regarding finance, I didn’t even know about high yield savings accounts!
wow congrats on med school 👏 👏 👏 where are you goin?
@@Katherout Oh I'm still premed and I'm currently 20 lol (graduating in 3 years). I have college covered by scholarships so I'm able to save every penny I make. Here's to breaking the cycle of generational poverty in my family!
I'm saving to build up a six-month emergency fund and create a college savings account for my sister, who is eleven years younger than me! Just created an account with Marcus, thanks for the rec :^)
Thank you so much for this video! I’m saving money to finish my degree, I got extremely off track because I went to school in New York City and they messed up my financial aid at the end of the semester. So I’ve been working on paying them back the past couple of years. And to move out of my parents in the next 1-2 years. We had to move in to a 2 bedroom apartment at the beginning of this year and there is 7 of us. I realized I don’t just want to move out, I need to move out now!
SO typical that they messed up your financial aid but so unfortunate. rooting for you!
Been awhile since I’ve thought about financials since going back to college with no year round job. Really useful and will def talk more personal finance w the inner circle of friends.
thank you so much for this video because it really taught me so much!! me and my three other siblings are all one year apart and we are all in/going to college. my dad is the only one who works and has pretty bad health issues. throughout high school and presently i have been working multiple jobs and applying towards scholarship to pay my tuition. i paid for my first year of college all by myself and now i am saving towards paying the rest of my tuition and hopefully helping my siblings pay theirs :)
you are a STARRR i can't believe you paid for your first year of school
i'm so happy more people are talking about personal finance!! i'd also suggest people look into online checking accounts (ally, charles schwab, etc) if they don't handle cash often because unlike your regular banks like boa and chase, they usually don't have monthly fees, regardless of how much is in your bank account! and most of them will have some kind of apy!
i'll be starting professional school in august, so i've been saving up for that! hopefully, i'll be able to save up during grad school as well and pay off any loans that i'll be needing to take out one or two years after i graduate (which will be 2025 or 2026).
The ‘why’ behind why I’m saving is because I just graduated and am going into my first year of teaching. Hoping to get a job even in these weird times. Regardless on a teacher salary I’m going to need to save and budget my money!! :))
as someone who doesn't have financial literate parents who have any savings, this video is a godsend. I'm just heading out into the workforce in a month, and I had no idea where to begin in terms of learning about saving my money. Thank you so much for this video
Bhavya Sukhavasi Hi! Rent below your means (less than 30%). Save 10% minimum if you can. Build your confidence to say NO. Establish goals that are unique to you :) also read articles & watch UA-camrs
You did such an amazing job with this video, I love your honesty and outlook/advice. This information is so important! Keep up the good work! I'd love to see more videos like this. My goal is to pay off my graduate/undergrad loans by the time I'm 27 so I can put those payments into investments for me and my family.
really appreciate your support!
You are a legend, your videos have been so sweet lately - so much personality and definitive style while having really relatable topics!!!!
awwwwwwww!! my heart
This video came in with perfect timing in my life. Right now Im about to start my first job as an engineer on may 4th, and I have no idea how Im going to want to spend my salary and be able to build some kind of wealth over the years. This is a great starting advice. Thank you very much Kathering, you've been helping me since I started college in 2016 with the study tips, THEY WORK GUYS!!
By the way, my "why" is to pay graduate school abroad, most likely in the netherlands.
My goal is to pay off credit card debt! Luckily I don't have any debt from school, but due to some familial problems and emergencies I do have a bit of credit card debt that I'd like to get rid of. I graduate from college in a week and once I get a job, this is definitely going to be my focus!!
wowwwww this video was brilliant!! Thank you so much for making it! I was scared to talk about finances and think about my future but this honestly made me feel a lot better! Thank you!!
i'm so glad!
I have honestly been saving as much as I can monthly but I never thought about the WHY. I just thought my daughter and I may need it for a rainy season but after watching this video I think I may need to start setting up goals. Thank you for this video 😊💖
Coming to ya from the future! Look at you go, getting a Wealthfront sponsorship at the end of 2020! 👏Definitely going to look at high yield savings accounts! Thank you as always for an amazing video!
I am saving for my emergency fund. I have paid off a large amount of debt and not I feel that I need to shift my focus to having a larger savings amount, especially in these times. I love your videos and love how we are becoming more open about money! :)
I'm trying to reach my emergency fund goal by the end of the summer so I can afford to return to LA to pursue an acting career, amongst other projects. Then from there, I hope to keep saving for the Asia trip I had originally planned this summer as a grad trip with some friends. I've never been abroad so I was really looking forward to the trip. Really hoping we can reschedule it for next summer. ☀️🤞 Currently quarantined in the bay and missing my Trojan family. ✌️☹️ It's nice to hear this advice since it's something I don't really get to talk to my friends about very often. Thank you!☺️
Paying your credit card multiple times a month does not result in a better credit score. The most important is, obviously, to make the minimum payment and pay the balance in full each month if possible to avoid interests. Second to that, the utilization rate is very important. So depending on your authorization limit, you always want your balance to remain no more than 30% of the limit. Also a TFD viewer here :) Good video!
I’m probably younger than your usual demographic-I’m about to go into college this fall (hopefully) and I don’t have a steady income yet (was gonna get a job this summer but rip). I got a work-study opportunity from my university so I’m excited to start earning some money to go towards that massive ~71k+ per year tuition. Seeing your videos like this or others that talk about finance/the job search/house-hunting, etc. are super helpful because they’re raising awareness in me to plan ahead and be smart with my money! Also, unrelated question but-how are you able to speak so eloquently? I’m always using filler words like “um” or “like” or taking a ton of pauses and I want some tips haha 😂
Thank you so much for sharing! Half way through the video I wanted to click out because my anxiety about financing started to creep in. I’m glad I stayed through the whole video. Learned so many tips 💜
Omg this video is perfect timing!! I’m learning about investing myself (given today’s global mess) and so happy I watched this. You talking about index funds is motivating me further and realizing it’s a smart move. Thanks for your tips!
HELL YEAH index funds 👏
Hi! I'm moving to San Francisco soon, and I would LOVE to hear more about your condo search/planning strategy. I feel really overwhelmed with Bay area prices on condos.
Love all the tips! I am going to look at high interest savings accounts- I am also going to make little payments on my CC- it makes total sense
amazing amazing!!
This is so motivating. My “why” is to pay off my student loans within the next 3 years (by 26) - I’ve been incredibly aggressive with it! Going to look into high yield saving accounts. Thanks Katherine 😁
ugh love that you've been aggressively driving your savings goals :')
I am 21 and am graduating undergrad (virtually) in a few weeks. After that, I'm starting to work in medical research. I'm excited for the work but it does not pay super well. I know I will be attending grad school to study gut immunology in two or three years and I am working to save money so I can move out when I go to grad school!
This is so entertaining yet informative at the same time. Thank you so much for this info! Mid-20s and just getting around to managing my finances. Loved your video!
Long time viewer and needed to post a comment for this one! Thank you for keeping it real Katherine. I also go/went to USC ('20 woooo and sadly also a business major) and I've never resonated with a video of yours more than this one.
I had to think long and hard about a goal I'm saving towards. It's kind of vague, but I want to take care of my parents. I want to make sure 1) they don't have to worry about my own financial stability and that 2) they can enjoy their retirement (~4 years away) and don't have to worry about medical bills or living expenses. Thank you for talking about lifestyle creep. I had no idea there was a term for that but it's so important to realize. I grew up average, definitely middle class, but in a town on the East Coast that was known to be very rich (notch below Greenwich/Westchester) but most of my peers were definitely upper middle class if not upper class. Nonetheless, my parents were extremely frugal because they wanted to save money for my college tuition. I was just looking through my baby pictures and I was reminded that we literally drove everywhere for our family vacations, e.g. driving 12 hours to go to Disneyworld instead of flying, and stayed at 2-star motels. I realized that that is a very very normal and typical way to travel for literally the majority of America but now we stay at 4-star hotels and moved to a bigger house. A part of me forgot how we used to save on literally everything.
Your comment about WHO you spend your time with is literally everything. Going to USC, I was definitely surrounded by even more upper middle class peers than I have ever been surrounded by. The culture of going out, eating out, shopping, vacations was one that I was really affected by... even more so, I'm working in investment banking after graduation and there is a huge live fast, die young mentality towards blowing money on going out and clothing grails. For the better half of the past year, I was chasing after Goyard bags and luxury vacations, and I feel so shitty for it. (I know that's not the intention of the video, but my attitude was something that needed to be addressed.) I started looking at my attitude towards things and people, thinking I was better than them because of the new money I was about to have in my life when 1) I didn't even start my job yet and nothing is guaranteed 2) having money doesn't make you better, nor makes you FEEL better than if you didn't. Instead of thinking it was cool I could finally shop at Forever 21 when I was 12 years old, I was just looking at 800+ canvas jackets on SSENSE yesterday.
Being smart about money is important topic, and thank you for addressing it. Although I always felt frugal deep inside because of my upbringing, I felt myself slipping towards blowing money fast on tangible items thinking it would bring me happiness, more friends, or more likes on IG. That sounds so superficial now that I say it out loud and realize it. Growing up, I think there was definitely a stigma against being intelligent and studying and now I feel stereotypes of nerds / geeks are no longer something that people are (as often) made fun of for. I hope in a similar way, we can erase the stigma against being frugal. It's cool to save money. And dismantle capitalism am I right? Thank you for this video Katherine!
the sheer thoroughness of this comment... you're gonna kill it i can feel it
Katherout looking back at this, i didn't realize i typed a damn essay lmao. thank you for reading it and replying ❤️
Right now, my big why is saving up for a home down payment. Having a family in the future is really important to me, so I'm doing my best to start saving for a home now and through the rest of my 20s.
I can't tell you how much I appreciate your how-to videos (been here since you recommended Bigwords in 2016)! Your tips are always INCREDIBLY helpful and never obvious like others' videos usually are. I'm about to start full-time work, so I especially loved your credit card recs and tips on high yield accounts!! My why = saving up for a (delayed) grad trip :)
Currently saving for a Toyota Rav 4 Hybrid. I was hoping to be able to purchase it by the end of the year but with everything going on, my new deadline is 2021
Did I have an existential crisis while figuring out my “why”? Maybe, so! But I think it definitely boiled down to saving for my emergency fund. I’m about 15% to my goal which isn’t much, but it’s something! Also a sincere Thank You for the “dumb shit” account idea lol, I love that you keep it real. Your advice on money has really helped me be honest with myself and my finances!
umm 15% is amazing what u talking bout. i promise you that you're well ahead of so many others!
THANK YOU for talking about this topic!!! Something that is all too often overlooked and undervalued for young professionals!!!
You can earn over $20,000 monthly, work on your own time No experience needed required
Loved this video. Inspired me to open up a high yield savings account 👍
My “why” is definitely my new home that I’m in the process of buying! Gotta save up for those unexpected costs down the line.
WOOOO HIGH YIELD ACCOUNTS!!
My why: I am saving for graduate school and my dream of spending a gap semester working in Australia!! Thank you for being so transparent about something that is too often taboo!
ugh love australia
I want to save 20k by 26 just so I can have a cushion. I wasn’t prepared at all for this pandemic ☹️
so many of us weren't! but kudos to you for engaging and getting on top of it 😊
I’m not sure if making multiple payments per month exactly make your score go up (i just haven’t heard that). One way it can help is it brings your utilization rate lower on the day they report your balance to rating agencies. (if you paid it down before they pull this info). They don’t necessarily do it on the day your payment is due which can hurt people. Lower utilization helps your credit score
I loved this!!! I want to see more videos like this! I’m saving for my future, grad school, buying a house, vacations!
My “why” is for grad school and a home! I use the 50/20/30 rule but slightly amended. I’ve reduced my discretionary spending to 20% and put 10% to either grad school or a house. I hope to be able to buy a home by 30, but that will depend largely on grad school! Currently not paying for rent which lets me a huge portion 50% towards savings.
this just reminded me that i need to start saving in case financial aid doesn't cover my masters + just to start saving in general :))
yes!!!!
I loved this, very informative thank you! Also observing friends knifeskills made me chuckle x
I love the idea of the oops fund! I haven’t heard that idea before. My “why” is that I want to move out of my small town in 2021 to find better job opportunity. Thank you for sharing your insight!
I have been saving for physician assistant programs and I am happy I have had a solid saving account since sophomore year of college, because I got into the first school i interviewed with about 5 months earlier than planned. I had to put down a deposit to save my seat and luckily I had saved enough! Now onto saving for the next two years of grad school! :)
I’m not done with the video but I want to say thankful for posting this (and videos like this). I got an adult job 7ish months ago and your videos have really helped me start my financial journey. I’m lucky to be in a different financial position than my parents but it makes it difficult to follow habits they have in place. I don’t know what to do with excess savings or invest because no one taught me. It’s not thing they are able to do. I created a Marcus account about a month ago and I already feel better, like I’m doing something. I can’t believe I haven’t been using a high interest account already. I’d like to work myself into investing but that is a huge scary thing. I have retirement accounts through work and that is investing. I’d like to invest on top of that too. So thank you for posting tips for people like me who have no idea how to navigate the financial world.
My why is to build my savings for my future property, being 21 about to graduate college I want to start building my savings to 20k once I start my full time position by 25!
Similar to the dumb sh*t account, my favorite think to do is a separate account for things you pay for on semi annual/annual basis (amazon prime, car insurance, registration, etc). It ends up saving money paying up front and having the money ready is a huge relief.
Hello! Discovered your channel and going through your videos (so you may see a stream of comments from me). These are such great tips and reminders, thank you :) It's really interesting that people get paid bi-weekly or weekly in the USA (probably other places too). I'm used to getting paid once (from my 9-5, freelance work is different of course) a month. When I think about getting paid twice a month it causes me such stress, ha ha! Lots of love from South Africa
Such a useful video! I literally took notes on my laptop as I watched. I am very new to the personal finance journey and you made a variety of tips super digestible - thank you! :)
This video was fantastic!! It laid it down in a chronological way that’s really easy to follow as a young professional
My "why" is to save money for medical school. My mother is a stay at home mom, so my father has to pay the bills for our entire family. On top of our normal bills, he also has to pay for my college as well as my sibling's education. I don't want my family's financial situation to affect my dream of becoming a doctor so I'd like to work throughout college to save 10k by the time I'm 22 so that I could help my parents out. Thanks for the tips Katherine, you are definitely my role model!
:') get after it i'm confident you'll reach your goals!
I am so excited you made this video because I love financial content and the creators you mentioned. I feel like you're really growing with your audience and that's awesome to see! I would say my savings goal would be to have 100k saved in retirement by the age of 27. I'm graduating pretty soon and I don't know how feasible that is, but I'm going to get as close as I can!
A really good thing I heard is check your spending & accounts 1 day a week.
Do a spreadsheet of weekly spending.
Just be aware of what your $ are doing!
Baby, invest in the S&P 500. You'll get a higher return over time.
Topic for my own subscribers this week. Finances. Part of advancing yourself is having a state of financial security. Many don't because they have let the norms of society convince them they need to have things that aren't important. Like that new car that is a 700 a month payment when you could get a lesser one for 300 a month. Or going to TGI Friday's every week which runs a hundred bucks for your family instead of grilling out which would run 20. If people would really look at what they spend on nonsense they would find that they could easily put away a thousand a month in investments. You don't have to live minimalistic, you just have to live smart. You don't buy a vehicle based on what others will think of you (mine is 14 years old with dents everywhere even though I could purchase a Corvette outright today). You bring lunch to work instead of eating out every day (which is less healthy most likely too.) You don't spend 150 a month for all that media entertainment. You don't get a four wheeler just because your neighbor got one. You don't have a five dollar mocha twice a day. All this stuff adds up. And you don't buy a house you can barely afford. Remember--living paycheck to paycheck keeps you a slave. If you have financial freedom you are always in the position to direct your own life with those slave chains cut. Hope this helps someone-out there-- Charles
I’m going to medical school next year and have a lot of student loans and debt. I’m working this year as I apply so my “why” for saving is being able to finish my professional dream without the crippling effect of debt :’)
conGRATS on med school that's amazing!!!
Love this video! Just graduated in June and luckily have been working ever since. I’m now at the point where I want to get serious about savings. Thank you for all the info and resources. My goal is to open a high-yield savings account by the end of 2020. :)
I'm currently 22, and I'm aiming to save $30K-50K by the time I'm 26 to move to a new city. I've always wanted to live somewhere else for a while, and going away to college gave me a taste of that. I have a huge gap in that savings goal because of the current pandemic affecting my financial situation. Ideally, I'd want 50K but I can make it work with 30K.
My "why" is not what I consider an emergency fund, but a fund that could help me during my next big move or change of career. I'm an engineer in DC but my heart is in London. I'm building a fund that I can live off of while I transition my life and find my feet. I save to not feel "trapped" by job/rent/bills, but liberated to know I can financially take the risk of change.