Financial Advice For Young Adults | Ages 18-25

This is Going to be along video, because even after graduating as an accountant no one told me this in college, highschool and especially not at home. Im not going to give you some simple advice like save more and spend less.

We are going to talk about 7 important topics in finance money and how to handle it. These topics are Taxes, Debt, Investing, student loans, Health Insurance, saving money and lastly buying a home.

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1. Taxes : Fica, Federal taxes, State taxes and potentially Capital gains | Reduce by making less taxable income ( how I’ve made made a little over 20k but haven’t been taxed yet )
– Now this is a big deal because it means when you get your first paycheck or if you’ve been paid and haven’t said anything ( but secretly think your being robbed )

State Taxes:
– The highest state right now is California as high as 13.3% but usually it wont be higher than 10% and a great way to avoid these taxes is to go to a state that doesn’t charge state income tax ( like Texas, Florida and Nevada/las Vegas)

Federal Taxes:
– These can range from 0% technically all the way to 37% being the highest
– Most people pay 22-24% honestly and its not like you get tax that percentage on the entire amount ( but the extra money gets taxed at that amount)

Bonus: Capital Gains, long term and short term

2. Debt
– You borrow money to buy something ( which is cool )
– But for this service you have to pay more than you borrow ( which sucks )
– And the rate they charge you is apr, which is the interest

Truth and My advice:
– Practice delayed gratification ( meaning buy what you can and need now and save for what you want in the future )

3. Investing and Retirement Options
– Now usually everyone wants to start here at investing but I don’t recommend it

What I do and What I Recommend : ( books for stock pickers)
– I invest into my retirement accounts roth 401k and roth ira, and my taxable accounts ( the difference is that those retirement account usually have some tax benefit as an incentive to help us invest and save for the future )

Video: https://www.youtube.com/watch?v=uB9efvy7A4M&t=857s

40= 2.5M
20= 4.7M

4. Student Loan Debt | Master, Bachedlors and Grad School
– The best thing to do if you don’t have these is avoid them
– But if you already have student loan debt them its going to be hard work but its not impossible to pay them off

Here are the Basics:
– Private student loans are usually more expensive and less flexible
– Federal student loans are usually cheaper and a little more flexible with payment options as pay as you earn and so on

Video on Debt free degree: https://www.youtube.com/watch?v=gvQAiY4Sd6c
Calculator: https://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx

5. Health Insurance
– The reason insurance is so expensive is because A this is America
– And because b most people want a health insurance plan that cover everything those they pay very high premiums ( but if you don’t get sick that often then it sucks )
This is Called a HDHP and you combine it with an Investment Account ( HSA) – $3600 max

Health care: https://www.healthcare.gov/

6. Saving Money
– This is the most simple one ( I strongly think you should never save money ) – it’s a waste of money
– You should only save for upcoming expenses in the future, emergency fund and sinking fun but that’s it

7. Home Buying : 33% Rule and 15 year mortgage

Link: https://www.youtube.com/watch?v=gHhHjmXbSL4

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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