Graham Stephan is arguably one of the most impactful YouTube Finance gurus and has educated millions of people about personal finance and investing. In this video I'm sharing with you the 5 biggest takeaways that I've learned about finance and investing and why you should start taking money seriously now. Big thanks to Graham for the many valuable lessons - check out his videos here:
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The 5 Financial Lessons I learned from Graham Stephan are
1. The power of compound interest to grow your savings exponentially. When you save your money, it’s possible to use something called compound interest, which is basically where you get interest on your interest. This ends up being incredibly powerful, especially over time, and can lead to huge gains on your money and is incredibly valuable in saving for retirement. Through compound interest you can end up with a nest egg much much larger than the sum of the contributions you made.
2. The power of time when it comes to investing. When you save and invest your money, playing the long game is the way to go. It’s been proven time and time again that you can outsmart the market, and that far greater risk lies in the short term rather than the market averaged over time. By have a long-term mindset, you can feel more confident in your money’s growth trajectory, and start saving early in order to reap the biggest rewards of compound interest.
3. Investing in Index Funds (Mutual Funds and ETFs) and Real Estate. Index Funds track the market through a variety of companies held within the fund, which allows for slightly less risk and more of a sit back and watch it grow situation - over time. This strategy also allows more passive investment rather than individual stocks which theoretically require more active management.
4. Opening a Roth IRA to build savings for retirement. A Roth IRA is important because it is funded with post-tax money, meaning you’ve already paid taxes on the money and cannot get a deduction for contributing it to the account. What’s special about this, is that you will not be taxed on the growth of the account, and it is tax free money when you take it out in retirement after the value has grown exponentially over the years. Roth IRA’s have a max contribution of $6000 per year, and so there is a limit to how much you can contribute, so take advantage of it now!
5. Understanding taxes and credit cards. It’s incredibly important to be on the good side of the IRS, so make sure you understand the basics of taxes, and then hire a true professional to take care of the details which can end up saving you lots of money over the course of your life. Credit Cards also need to be understood, and used responsibly to build credit, but avoid carrying a balance that will only grow over time thanks to compound interest. This is the kind of compound interest that you don’t want - so avoid keeping a balance that carries over each month, and only spend within your means.
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*Disclaimer:
This video is for entertainment purposes only and should not be taken as financial advice or investment advice.
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