Best Money Advice for Millennials – ASMR Grandpa

hi this is trip welcome to my channel
this is so very important today I'm going to be speaking about best many
advice for Millennials and most of you who subscriber who watch these these
videos or Millennials so much for having my nice little peppermint tea here by
celestial it's a little hot right now I'm not a financial advisor but I do
have a lot of knowledge about personal finance not so much because of my work
but just because it's it always interested me well for most of my adult
life anyway when I was young I didn't care about any of this so something else
I'm giving you is is free and partial knowledge I'm not selling anything so I
invite you to to leave comments at the end of the video I have a lot of notes
here that I've made it's not have to refer to those this is kind of a quiet
learning type thing sometimes we learn better when this president is not in a
non-confrontational non stressful kind of a way and that's to me what ASMR is
then people say I have kind of a softer voice you know so maybe that will be
easier to absorb this and this is a real this is not a role play and all of this
financial stuff is very complicated I have to keep this very basic now this
begin here is my best money advice for young adults or even teens I mean there
are people who are in the 50 you said that watch this channel this is good
this advice is good for everyone it's just that by the time you get older it's
too late to take a lot of it because you've already made the mistakes this is
based on what I think works and does not work looking back on my long life so
don't roll your eyes and I promise you with a bunch of numbers no financial
advice tends toward the same subjects like like budgeting and investing saving
in retirement but I would put but I would not put those at the top of the
list then that even matters it doesn't matter if you make poor life choices number one is marriage and family almost
no amount of effort can ever kind of mistake of marrying their own person or
having a relationship with their own person I used to have seriously tell my
daughter that is just as easy to fall in love with a rich person as it is a poor
person the only problems as you know there's
just not enough of the rich people to go around
it's supplying man in your if you took your economics course you had your ex in
your y-axis somewhere there is an equilibrium I mean that okay
forget that I think you get the point already if you make a bad choice with
your relationships it can miss you for the rest of your life the marriage is a
partnership and a contract divorce should be a last resort rather than an
easy-out the fate of the marriage relationship means two households with a
lot of duplicative expenses and a lot of distraction if children are involved
it's it's so much more worse then you better have a good reason then for
breaking up but most people really don't I have to tell my daughter jokingly but
I wanted to see her future life partners last three income statements and a
current audited balance sheet but seriously do seek someone who was
serious about money and not a spender who was just happy to swipe the card to
pay for everything and don't have more children than you
can afford and take care of they shouldn't become the lives I
shouldn't become society's burdens they should be yours he brought them into the
world I don't look for someone through mindless dating you don't need someone
to go steady especially when you're young so you said that you'll fit in
with everybody else rather invest in a good book on courtship courtship is how
my grandparents got together when life was harder
and they weren't so prosperous and they didn't have a government safety net to
bail them out of their bad life decisions is healthy lifestyle we all
know that obesity diabetes and drug and alcohol abuse are at record highs
if you fall under any one of these it is tough to get out of it at the least it
will throw a huge obstacle in your way to having the best life you can have it
will cost you in terms of time many professional relationships the best
money advice really includes must include a healthy lifestyle which will
pay dividends your whole life through maintaining a healthy diet is not easy
with all the food and the restaurant advertising who doesn't like a greasy
burger with some fries and a soda pop unless you made the a vegan too many
people simply give up and live on convenience food they rationalize that
they do not have time to eat properly and exercise requires a consistent
regimen contrary to our sedentary lifestyle symmetries are being a couch
potato yeah even in retirement though you must
strive for a healthy lifestyle and so I try to nicely
number three is debt credit and spending now we're getting into the real
financial stuff debt is one of the one of the ugliest four-letter words bad
debt is that which is mostly spent unnecessary consumption of both basic
food clothing and a reasonable living expenses you don't need to get a testing
worked and the finest clothes or or the newest car when you're 16 or I tell you
at any age if your friends believe that and shadow they are indeed and you
really don't need them because they don't mess your life up they'll pull you
back to their level consumer debt can eat you alive with ever increasing
compounding of interest on unpaid balances the consumption and advertising
culture is there to lead you down the broken path of destruction and doom oops
I sound like my own grand father but there is good debt to good debt can be
many that you've borrowed to buy a reasonably priced and sized home I
always had a disk again for the neck mansions in the gated communities or
wherever you see them when the Great Recession hit and number of those people
lost their homes and have to downsize that we did because we lived in a
reasonably priced time for a sip how sweet it is and we
owned our home free and clear another good kind of debt can be that
which finances your college education or vocational school pick a course of study
that will pay you money so that you can pay back what you borrowed attend the
local college if one is in commuting distance be wary of people who say
they're going to people you're going to vote for this say they're going to pay
off everything be sure that one day is thick as the government spends more
money for entitlements like that you'll be paying it back what about those of
you who are out there working hard who saved her money and went to and attended
a reasonably priced school and picked a good profession where you could pay your
loans back you popular you'll probably be very disgusted if
people if others get their loans all paid off and don't plant a silly over-the-top
wedding unless you want to pay for Cinna peach yourself you shouldn't stick that
on your parents my parents our grandparents it's been very little on
their as compared to the day they had a simple church wedding and they had a
nice big cake I had one of the relatives homes in fact my wife and I unbelievably
spent nearly nothing we eloped with the parents consent both of our parents
consent because her parents were far away in fact they were on another
continent entirely so it was logistically very difficult to bring all
those people together don't worry I had only a couple of pages
left having good credit can save you when you need it but it's best to use it
there is sparingly keep the limit low look around for the best interest rate
stay under that limit a reasonably low then that okay good credit is like
having a good name and a good reputation and this is some of the best many advice
that I can give you remember to put aside a tithe and
offering a contribution or donation for those people who were less fortunate
through no fault of their own I draw a distinction there I'd much rather help
people who who had financial problems because of the mismanagement or no bad
lifestyle choices on their part but when you give money to a charity of course
you can't differentiate it goes into the big pot for everybody
growing up and with my own family we never had one single garage sale we gave
everything to that there is charities and we gave a lot I gave away some
things I wish I had kept I don't know I don't like having a lot of clutter keep
good records I made my poor little daughter and my
wife stood down with me in the closet between Christmas and New Year's every
single year after my daughter was about 10 or 11 years old and I made her go
through every single piece of paper in the year's files or rather I went
through it and then I explained to her the disposition should it be saved
shredded did you keep it for your taxes wasn't that fun it was just another
beautiful Hallmark family moment but it did her some good because she's very
responsible to this day item number four is insurance lien in with me now you
should have enough insurance so that you're covered from life's major
catastrophes you cannot insure against everything don't try to and don't let
anyone sell your insurance for everything you'll need insurance for
your home automobile disability health and liability you need
life insurance if children are involved or non-working spouse or a parent or
someone else who depends on you someone who would face financial hardship if
something happened to you the best many advice always includes an
insurance component just don't buy unnecessary insurance a lot of the media
and agents will try to sell you you can't reasonably cover everything so
just cover the major risks number 5 is an emergency fund this is another kind
of insurance you need three to six months of savings in a money market
account depending on your debts and your obligations your emergency savings is in
case you have an unforeseen need for cash like a car repair and an illness a
home repair it's what beef closer to 6 months if you have a mortgage or if you
haven't earned uncertain income like if you work on like per the job or in
Commission or if your if your income is not even throughout the year when
building your emergency fund you should invest only the minimum necessary to
meet your employers and that if you have a 401 K 4 / 3 beat or whatever after you
build your emergency fund then you must start saving investing for real this is
the last page for coming to you so please don't kick me off now number six is saving budgeting and
investing this is the real the real deal here savings is the cash that you keep
in a safe place step into my camera I'm going to the
little power method hope this still works it's the cash you keep in a safe
place for intermediate needs like a down payment on a home many in which you can
earn a better return than a mini market budgeting is important but don't worry
about tracking everything make a general budget at the start of the year I check
it every three months and put at least 10 to 20 percent of your savings save
that much and then you live on the rest investing is for your long-term money if
you're unsure what to invest in just buy a target date fund worth asset
allocation is based on your age the younger you are the higher your equity
position should be and watch the fees be careful of the salespeople you should
concentrate on your profession saving money and their investments ride there
are fire social security periodically to whatever country you're in listening to
this whatever pension scheme they have I'd have been better off myself just
owning a target date fund but they didn't have those when I was young I had
to be they didn't have index funds either so I had to deal with brokers
insurance agents and a lot of shady advisers but I really didn't care much
about my name I was younger either my mistake finally
you should be financially secure but I was never concerned about making a lot
of money and getting rich if you enjoy your work it's not work anyway have good
friends a good family and take care of yourself I made a lot of stupid mistakes
in my life we won't go into those right now I go into some of them during in my
other my other videos I have a few regrets but not too many and I hope that
you don't have too many regrets either whenever you look back and I hope that
you found this video useful I guess it's probably the most important one that I
could ever make anybody can can read poetry and then eat big meals or small
ones like I do tell stories but I really want this to help you I'm gonna do
something more to help people and I hope this helps all the young people and
everybody's watching this that's all I have this is tripping thank you for
tuning in this far

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