00:00what's happening it's shane here and in
00:02today's video i'm gonna be talking about
00:04the top five personal finance tips for
00:07teenagers and i think this is gonna be a
00:08very valuable video for you to watch i'm
00:10gonna talk about what i think is the
00:12most important things when it comes to
00:14personal finance and career and all that
00:16sort of thing that i wish i knew when i
00:19was that age but before we get into it
00:21make sure to gently tap the like button
00:22hit that subscribe button and ring the
00:24notification bell we will set a goal for
00:27i don't know 1500 likes on this video
00:29alright so number one on the list this
00:32is going to be kind of an obvious one i
00:35guess but get a job right and i don't
00:37mean to sound like a boomer when i say
00:40i sincerely mean this i think getting a
00:43job even if it's a crappy entry-level
00:46job and you only work like one day a
00:48week or anything like that it is going
00:50to be so valuable to you in so many
00:52different ways first of all getting a
00:54job even if you just work one day a week
00:56is going to be a lot of extra money
00:58especially for a teenager and that's
01:00really nice because you are gonna have
01:01the freedom to pay for things on your
01:03own you're not gonna have to rely on
01:05your parents and successful people in
01:07life have the ability to not have to
01:09rely on others so getting a taste of
01:12that independence as early as you can is
01:14going to be extremely valuable on its
01:16own but i would say the money itself is
01:18the least valuable thing when it comes
01:20to getting a job first of all you are
01:23going to get work experience which is
01:25going to be incredibly valuable for the
01:27future i know people who have gone all
01:29the way through high school all the way
01:30through college and they still have
01:32never had a job and they go into the
01:34real world in an entry level job and
01:37they do not have any idea what they're
01:39doing there's a lot of things that
01:40you're gonna learn all the way from
01:42really basic stuff like how to use a fax
01:44machine how to use a phone um all the
01:46way to more subtle things that are kind
01:48of like soft skills that are hard to
01:50describe but it's basically just being a
01:53professional being somebody who is
01:55effective but also fun to be around at
01:57work and even if you get a job that you
01:59absolutely hate it's going to set a low
02:02bar for jobs and when you get a good job
02:05or maybe even just a normal job you're
02:07going to feel grateful for it and even
02:09if you're somebody who never plans on
02:11getting a job you want to be an
02:12entrepreneur and employ other people
02:15being able to put yourself in the shoes
02:17of somebody that you would employ
02:20because you were once an employee
02:21yourself is going to give you a
02:23completely different perspective when it
02:25comes to being a manager and a leader
02:27you're going to make a much better
02:28leader a much better manager because of
02:30the fact that you have that perspective
02:32you have that empathy because you have
02:34been in their shoes before and that's
02:36going to lead to your employees liking
02:37you a lot more wanting to work a lot
02:39harder for you and of course that will
02:41end up making you more money but more
02:43than that it's also just going to be a
02:44more enjoyable work environment and if
02:46that all wasn't enough having that work
02:48experience on your resume before you
02:51graduate college or going to the real
02:52world is gonna make you look just so
02:55much more appealing to a hiring manager
02:57or a business owner who might
02:59potentially hire you for your first
03:01entry level position right so getting a
03:03job um doing side hustles as well
03:05awesome i think um i guess that's kind
03:07of along the same lines i'm gonna go
03:09ahead and just put them in the same
03:10category side hustles are great as well
03:13because again you're earning money um
03:15side hustles are a little bit more
03:16entrepreneurial i would say side hustles
03:18are almost like entrepreneurship with
03:20training wheels but all of these things
03:22are great because they are showing that
03:24you can take initiative they're showing
03:26that you can earn your own money and be
03:28more independent so even if you're just
03:30doing you know a part-time shift every
03:32two weeks something like that something
03:34super basic it doesn't take up very much
03:37do it absolutely do it number two on the
03:40list is going to be for those of you who
03:42want to go to college which you know my
03:44channel a lot of it is about college
03:46degrees so a significant amount of you
03:49and that is to get good grades in high
03:52school and also do well on these
03:54standardized tests like the act and the
03:56sat if you want to go to college now the
03:59reason that i stress this
04:01getting good grades is it's not so much
04:04that you learn so much in high school
04:06and it's like so important for you to
04:07get good grades it's just simply the
04:09fact that the best scholarships are
04:12going to be available to those who get
04:14good grades and sometimes also do well
04:17on those standardized tests some of the
04:19scholarships are even going to be full
04:21ride which means you don't have to pay
04:23anything but a lot of them are going to
04:25be very very high like 10 000 a year
04:28right over four years so that's 40 000
04:31overall and these are honestly just the
04:33low hanging fruit of scholarships these
04:35are the ones that are the easiest to get
04:37and to be honest with you guys i know it
04:38might seem like your high school classes
04:40are hard but they aren't you just really
04:42need to learn study skills it's going to
04:44get much more difficult in college and
04:46it gets even more difficult after that
04:48in grad school and as it gets more
04:50difficult you're going to learn these
04:51new study skills and then that's going
04:53to make it manageable and then
04:55eventually it'll become kind of easy for
04:56you you're going to look back on high
04:58school and you're going to be like that
04:59was a piece of cake one author who
05:01really helped me to kind of like get my
05:04study style and my study skills down in
05:06high school was cal newport
05:08he has a book called how to become a
05:10straight a student highly recommend that
05:12book he also has a book it's called how
05:14to win at college i also got that one as
05:17well early on in college you can get
05:19that one too because it kind of talks
05:21about study skills as well but those two
05:23books are very easy reads you can read
05:25both of them within a day
05:26and they have just some amazing tips not
05:29every tip is going to apply to you but
05:31many of them will and they definitely
05:33helped me out quite a bit so those are
05:35two great books when it comes to getting
05:37good grades and then as far as the act
05:39and the sat go the biggest thing is to
05:42just start studying early there's good
05:44books in terms of like what to study for
05:46the sat and the act i would recommend
05:48looking at online forums of other people
05:51who are trying to score really well on
05:52the sat and the act and kind of seeing
05:55what they're studying what their
05:57experiences are i don't remember the
05:59exact score that i had when i took the a
06:03i remember the first time i took it i
06:05didn't really try and i scored in the
06:07and then um after you know studying and
06:10stuff like that i ended up scoring in
06:11the 30s okay it was like low 30s but
06:14yeah having those good grades and then
06:15sometimes colleges want you to also have
06:17good scores on the standardized tests is
06:20just going to open up a lot of doors for
06:23many colleges are going to offer you you
06:24know ten thousand dollars a year twenty
06:26thousand dollar a year scholarship some
06:28of them even full ride scholarships and
06:30so that is just the low hanging fruit on
06:33top of that you should be applying for
06:35scholarships especially in your junior
06:37and senior year even if they're just 500
06:401 000 1 500 ones those little ones
06:44really do add up and so this is a great
06:46way to pay for most of your college and
06:48set yourself up for success because the
06:50average person is taking out nearly 40
06:53000 in student loans and it takes them
06:5520 years to pay them off so if you can
06:57just avoid that whole situation in the
06:59first place that is going to be great
07:01for you number three on the list is to
07:03start investing and you might think well
07:06you can't start investing until you're
07:0818 right actually there are ways for you
07:11to start investing even as a minor and
07:14basically what you do is you open up a
07:16custodial account and a custodial
07:18account is where you get your parents to
07:19sign off on it and you are trading on
07:22behalf of them and you know it might be
07:24your money that you are investing but
07:26it's technically a custodial account
07:28under your parent or maybe some other
07:30person that is technically your guardian
07:33but yeah investing as early as possible
07:35even if it's just a tiny amount of money
07:38you know 50 bucks 100 bucks 20 bucks
07:40even in with some of these apps
07:42absolutely a great thing to do it's
07:44going to get you started it's like
07:46almost a snowball effect because when
07:49you start investing and you experience
07:51the power of compound interest it's
07:52going to get you excited about opening
07:54the app saying oh my gosh my investment
07:57went up 10 20 then you look at the
07:59projections and you see if i invest this
08:01much over this period of time i'm gonna
08:03end up being able to retire at this age
08:06and it just gets you really excited and
08:08that excitement gets you to want to make
08:10more money and it also gets you to want
08:12to save that money that you make so you
08:14get into things like saving and
08:15budgeting and then on top of that you
08:18end up investing even more and so it's
08:19this cycle that's actually a really good
08:22thing where you kind of just get
08:23addicted to investing and making money
08:25and that ends up being a very good thing
08:27because then you can retire early now
08:30number four on this list is an extremely
08:32practical tip uh that i don't think
08:34enough people talk about and that is
08:37just try out a bunch of different things
08:40to see what you like and this is not
08:42only in terms of jobs but it's also just
08:45in terms of life in general just like
08:48try out a bunch of different stuff and
08:50see what you genuinely enjoy so for
08:52instance a lot of things in my life that
08:54i really enjoy i almost did them on
08:56accident right it was like a friend was
08:58just like hey do you want to come with
08:59me i'm doing this or that and i had
09:01nothing to do so i went with them and
09:04you know i did whatever they were doing
09:05and then i just really enjoyed it and so
09:07you should really say yes to a lot of
09:09these things try out different stuff try
09:13playing basketball try you know try all
09:15these different things try different
09:17arts and crafts and see what you truly
09:20enjoy and really what you want to do is
09:22try to notice the difference between
09:24things that temporarily make you happy
09:28and this you know example this would be
09:30like eating ice cream drinking soda
09:33versus things that make you happy on a
09:36deeper level and a lot of the time it
09:38brings you lasting joy right so one of
09:41the things i absolutely love doing
09:44is i love reading about history right i
09:46love reading history books and i love
09:48listening to podcasts it's definitely
09:51one of my passions in life i really
09:53enjoy doing it it's probably something
09:55that 90 of the people watching this are
09:58like that sounds incredibly boring i
10:00would never want to do that i wouldn't
10:01wish that on my worst enemy but it's
10:03something i absolutely love but that's
10:05actually kind of what you want to find
10:08especially in your career
10:11you know there's the concept of ikeguy
10:13which i've talked about quite a bit
10:14which is basically just balancing
10:16practicality with passion another way to
10:19look at it and i got this from naval
10:21ravikant who gives really good advice on
10:24money especially if you're somebody in
10:25the tech startup world
10:27he basically says do what seems like
10:30work to others but feels like play to
10:32you so that's what you really want to
10:34find and that is actually a super deep
10:36sentence because when you're able to do
10:38something that other people think is
10:41very difficult very tedious very hard
10:44but it's actually it seems like play to
10:46you that gives you such a ridiculous
10:48competitive advantage over everyone else
10:51and that's kind of like what this
10:52youtube channel is right like i really
10:55enjoy making videos i enjoy the entire
10:57process of making videos i've always
11:00been somebody who's watched tv and i
11:02kind of noticed like oh they cut from
11:03this scene to this scene and in this
11:05scene they you know zoom in really fast
11:08in this scene they kind of zoom in slow
11:10and i've always noticed these different
11:11things and i've always wanted to make
11:13videos now of course this isn't exactly
11:15like making a movie or a tv show it's a
11:17little bit different but it's the same
11:20general concept and i would have never
11:22known that this was one of my passions
11:24if i didn't actually start trying to do
11:26it right get your cell phone camera out
11:28and start recording videos so it's super
11:30important for you to try out a bunch of
11:32different things because you're never
11:34gonna know whether you enjoy doing it
11:36until you actually try it yourself a
11:38huge mistake that so many people make is
11:41they see you know like a tv show for
11:43instance they see a tv show about
11:45doctors and it glamorizes the life of a
11:47doctor and they think you know what i
11:49want to be a doctor or maybe they even
11:51feel a lot of pressure from their family
11:53like oh i want to be a doctor because my
11:55family wants me to be a doctor but have
11:57you ever actually shadowed a doctor and
11:59seen what they do in real life have you
12:02ever seen what the real life of a doctor
12:04is on a day-to-day basis because that
12:06can be a great choice for some people
12:08but for many people it's going to be a
12:10nightmarish job and that's why you see
12:12ridiculously high depression rates and
12:15suicide rates with doctors in my opinion
12:18is because the expectation is so
12:20different than the actual reality so
12:22yeah super super important just
12:24especially at this time in your life
12:26when you're young just to try a bunch of
12:28different things out to figure out what
12:30you like it's kind of like your favorite
12:32food think about your favorite food
12:34you wouldn't even be able to know that
12:36that is your favorite food unless you
12:38actually tried it in the first place but
12:40anyways number five on this list is
12:42going to be shoot for the stars but have
12:44a good plan once you find something that
12:47you really want to do after trying out a
12:49bunch of different things
12:50shoot for the stars go for it again you
12:53want to try to find something that seems
12:55like work to other people but feels like
12:58play to you and once you've found that
13:02shoot for the stars on it right go for
13:04it but be smart about it right it's
13:06usually not a good idea for you to just
13:08like if you're working a job and you
13:10don't have any savings it's usually not
13:12a good idea for you to just quit your
13:13job and go for whatever your goal is the
13:15average successful youtuber for instance
13:18in my opinion is probably going to take
13:20one to two years before they're able to
13:22make a full-time income from youtube and
13:24the same thing works for all different
13:26types of business models it is going to
13:28take time for you to start making money
13:31same thing if you're going for you know
13:33a dream job it's probably going to take
13:35you some time to build up your resume
13:37before you can get into that dream job
13:39position in many cases you're going to
13:40have to go through years and years of
13:42education as well so my advice to you is
13:45you know definitely go for your passions
13:47just be smart about it especially as a
13:49young person you can definitely
13:50accomplish just about anything but it's
13:53going to take a lot of hard work and a
13:55lot of dedication and it usually also
13:57takes a long time so hope those tips
14:00check out my other videos right here i
14:02made them just for you go ahead gently
14:04tap the like button hit that subscribe
14:05button ring the notification bell and
14:07comment down below any thoughts comments
14:08criticisms etc that you have on the
14:10video and i will see you next time
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