this video should mandatory, played for every public high school student graduating in the USA.
@johnsfinancetips3 ай бұрын
I agree!
@Bethanychewyy2 ай бұрын
Im 23 yo from Malaysia, studied and now working in the uk. No one ever taught me about finance, this is gold and i really appreciate this! I have a dedicated notebook with me every time i watch finance related videos to take down notes and learn. Thank you John! love your videos 🌸🫶🏻
@danieljones38463 ай бұрын
You just summed up everything I’ve learned from investing books in the last 6 months in this single video.
@martin1b3 ай бұрын
One of the best high level financial summaries I've seen yet.
@VMYeahVN3 ай бұрын
5 out of 6 at 33. Pretty good i think. Only one i don't have is employer matched account like a 401k. The industry i work in, it's not common for any job to offer them unless you're union. Which is a small percentage of the jobs in my industry. So 5 out of 6 is basically all i can do unless i get lucky lol.
@diegomontero68513 ай бұрын
I’m 21 and only missing the 401k, I think I’m doing good for now
@raebaconowo99103 ай бұрын
Thank you soo much for these videos! i was 17 when i started watchiung and i begged my mom to put me on her credit card. Im 18 now with a 710-740 credit score because of her card. I instantly got approved for my first card with a 2000 limit. i wouldnt have asked if it werent for your videos
@Anna-wd8ox3 ай бұрын
Could you please do a video on what/how to get into investing? Like what’s a good place to start? Do you just pick these businesses you think will do well or is there something else to it? Are there certain investors who will choose for you or at least guide you into stocks that are semi reliable vs it being all chance? I really want to get into it but I have no idea how to go about it 😅
@craigwapples42003 ай бұрын
Check out the wall street trapper and gram Stephen they have great videos
@johnsfinancetips3 ай бұрын
Thanks for the comment and suggestion, and absolutely I can!
@julixjt3 ай бұрын
You need to read “I will teach you to be rich” by Ramit Sethi. It makes it super easy to learn
@walkermorales3373 ай бұрын
If you need a general plan (like how much of your income you should invest) “the money guy” is pretty good imo. As for stock picks, if you’re young, just putting all of it in a broad market etf like SPY (an s&p 500 fund) will generally out perform most professional investors in the long term. If you’re older then you might want a split between stocks and bonds. Alternatively you could go for automated investment stuff that places like robinhood, fidelity, (fidelity go) or Wealthfront offer. You’ll answer some questions and they’ll select etfs for you. It probably won’t do as well as something like the SPY in the long run, but you won’t have to worry about placing purchase orders for stocks and stuff.
@ausis62143 ай бұрын
Turning 29 this year and sure glad I saw this video. Roth IRA and brokerage account are what I haven't done. I barely opened a HYSA a few months ago. I gotta understand investing.
@danieljones38463 ай бұрын
Read Boglehead’s guide to investing and literally take notes on it. You can be financially on track by the time you’re 30 if you put your mind to it
@ausis6214Ай бұрын
@@danieljones3846 just opened a brokerage account and roth ira with Fidelity. I'll check out that book!
@jotusmas40383 ай бұрын
Unfortunately I got all this started at 30, but now I am set up!
@hosup933 ай бұрын
better late than never!
@ausis6214Ай бұрын
My 50+ parents found out what a HYSA was because of me. I think they have the rest of the accounts though.
@kahuhipajae40883 ай бұрын
Another great advice video, sent to my kids. Thanks
@johnsfinancetips3 ай бұрын
Happy to help!
@zacharyrivera7228Ай бұрын
I’m shocked you have no videos at all on acorns investing. The checking pays 3% apy and savings 5% apy it also has many investing and saving features like round up.
@MobileMasterTech3 ай бұрын
I had to give myself a pat on the back. I actually have all 6 at 35 years old
@La.aviator3 ай бұрын
Kinda proud of myself for having all 6 and im only 19
@al3xzzGG3 ай бұрын
I've got all four of these already except for the 401K and brokerage account. I'm 18 so this really helps!
@Jarevonum20043 ай бұрын
I am about to turn 20 and I am about to enter my sophomore year of college. I have a checking account, and a savings account (I don't think its a high yield) with my local bank when I got my first job. I got a credit card so I can buy a car with little to no interests and less monthly payments. The Credit Card is a Discover Student card that gives me a 500-dollar credit limit and I barely use a 100 of it every month. How does that sound financially? I don't have an investment account, a Roth IRA or a retirement fund. My emergency fund is my graduation money I got from friends and family when I graduated High School.
@JoseReyes-yn3xj3 ай бұрын
If no one told you, I think you’re doing great. Just like he said, you’re in college and don’t have so much cash to be saving/investing in the first place. It sounds like you have good habits and of course watch these videos. Keep it up!
@vdub19552 ай бұрын
= Thanks for these tips and videos
@dlinsanity2 ай бұрын
blessed to have all open by age 25 and that's on being financially literate in this insanely inflated economy
@walkermorales3373 ай бұрын
There are times where a debit card can make sense. A regional grocery chain near me only accepts debit cards and checks. For an added layer of security I have a separate checking account (discover to get cash back) that I transfer money into as needed for groceries. Some of their sales makes some of their things about half the price of similar items at other locations. Like watermelon for a little over 20 cents per pound, or chicken breasts on sale for less than $2 per pound. The savings more than makes up for the lack of cash back or rewards points imo.
@kingnasirthesecond3 ай бұрын
im 22 and have all of these🎉
@johnsfinancetips3 ай бұрын
That's amazing, you're killing it! I don't even think I had a HYSA open till I was in my late 20s!
@PABU4273 ай бұрын
You left out HSA.
@anonymoose24742 ай бұрын
That's more like an investment than a bank isn't it
@PABU427Ай бұрын
@@anonymoose2474It’s very similar to a roth ira but with better tax savings.
@anonymoose2474Ай бұрын
@@PABU427 better tax saving but worse withdrawal rules besides on healthcare. It's pretty great yeah
@PABU427Ай бұрын
@@anonymoose2474 Yes, money could only be used for qualified purchases tax free. Otherwise it’s pretaxed going in…. No taxes on gains if you do decide to invest because you don’t have to. You just have to wait till 65 just like the 401k. If you pay out of pocket for medical expenses you can even reimburse yourself, even after 30 years where your account has matured by alot.
@Chelll_03 ай бұрын
i'm so proud 21 this year and i already have all of them except for the 401k cause i don't have a job who offer one yet
@taekwondodude83 ай бұрын
Thoughts on bank accounts with service fees that are easily waived? I have a checking account through Chase and the $5 monthly fee is waived so long as you receive more than $250 in direct deposits per month. Should I consider other banks or is this reasonable given that I'm making substantially more than that? Edit: I own my own side business (registered as an LLC but small operation without facilities) and I am not paid via direct deposit from my own business. However, my day job still leaves me with well over $250 per month. I don't see myself quitting my day job for at least another year, if not longer.
@staywinningpod3 ай бұрын
Good video.
@131313user3 ай бұрын
Perfect,just Perfect
@michaelmunoz33643 ай бұрын
Is it worth having a 401k if my company isn’t matching? Wouldn’t it be better to put that money in my savings or into the s&p 500 or even into my Roth IRA?
@johnsfinancetips3 ай бұрын
Great question, 401k typically have higher contribution limits than a standard IRA. So from that POV it makes sense, especially if you are able to contribute more than that IRA limits
@archangeloflies40223 ай бұрын
Thank you for this video But i have question, should i open all my credit cards on only one account?
@sebastiancontreras59953 ай бұрын
I’m a college student who has to pay off school loans after I graduate. Should I focus on allocating the money I currently have to a savings account or a Roth IRA?
@johnnyta18633 ай бұрын
I have traditional IRA from fidelity to get tax deduction every year I file tax. Is there possible to have both Roth IRA and traditional IRA and maximum contribution every year?
@genovaz3 ай бұрын
The traditional and roth Ira share the annual contribution limit so no. You could have an Ira on the side in addition to an employer sponsored 401k though.
@SwiftAC943 ай бұрын
what are some cons for transferring funds from one HYSA to another HYSA? thinking of transferring my 4.40% HYSA to a 5%+ account. do i have to pay a transfer fee?
@amichii193 ай бұрын
Oh great! I have all of these accounts.
@Aperez782 ай бұрын
Does a Roth IRA makes sense if my employer account is a Roth 401K where i still havent maxed it out and have great investment vehicle's since its a large investment firm (our competitor is Vanguard) Would it make sense to max out my Roth 401K ($19.5k) before i even try to open a roth ira?
@nerosiegel9032 ай бұрын
When you say internal payments.. what do you mean exactly? You mean only within the bank as paying bills and transfer to other accounts within the bank?
@ashantedula56963 ай бұрын
Thankyou for this
@johnsfinancetips3 ай бұрын
Happy to help, thanks for the comment
@chels23943 ай бұрын
Do you have to have an income to open a roth ira?
@kubetail123 ай бұрын
What if my big boy job is $25 an hour? Plot twist I haven an engineering PhD :(.
@Fresh-uc9vb3 ай бұрын
who still uses cheques? Haven't seen one in years, didn't know that businesses still accepted them.
@RPogyo3 ай бұрын
I am engaged and planning on moving to Canada, would I still try to have open the Roth IRA and brokerage account? I feel like I’m going to start all over again when I move 😅
@TheOmarbravo93 ай бұрын
Why the f would you move to a communist country what is wrong with you
@JoseReyes-yn3xj3 ай бұрын
If you’re moving your life abroad, typically what I’ve seen is that non-liquid assets like a brokerage, and especially retirement accounts such as an IRA are still fine to keep open. However, I wouldn’t go out of my way to transfer money from Canada to the US accounts to make contributions for them. (I moved from the U.S. to Korea and this is what I do!)
@marvin.a.flores2 ай бұрын
What if im 34? Barely catching up should i give up? Lol is it too late lol
@azeemsiddiqui4764Ай бұрын
HYSA is not an option for Muslims cuz interest is haram.
@Alex-hk7et3 ай бұрын
What if I’m 32 making 156k a year? Does a Roth IRA still make sense?
@ashantedula56963 ай бұрын
Yes because your most likely gonna make more money in future. You have maybe another 30 working years left.
@johnsfinancetips3 ай бұрын
Assuming you've already gotten your employer match I think it would match sense to still have a Roth open.
@Alex-hk7et3 ай бұрын
@@johnsfinancetips correct, I have checking, decent credit cards for points/cash back, hysa, and employer match. I put roughly $750 a month in my employer Roth account (6% match). Are the limits to my 401k the same as Ira?
@Alex-hk7et3 ай бұрын
@@johnsfinancetips correct, I have the first 4 types of accounts. My 401k is invested in a Roth account. Does that mean my 401k is subsequent to the same annual limit as an Ira?
@phillytiger3 ай бұрын
If you make that much you more than likely aren’t t eligible anyway, unless you’re married and your spouse makes much less.