For anyone who wanted a video about how to invest as a teenager, or what to do when you turn 18 years old – here is that video, enjoy! Add me on Instagram: GPStephan

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FIRST: GET A CREDIT CARD
Doing this is VERY easy – as a first credit card, I highly recommend The Discover It Secured Card.
All you need to do is put down a small deposit, and they will give you a credit card with a limit equal to that amount. To build your credit, all you need to do is put a minimal amount on the credit card each month, then pay it off in full to avoid paying any interest. It’s as simple as that, the entire process should take you less than 15 minutes to do.

SECOND: GET A BANK ACCOUNT
I think it’s incredibly important that you have a bank account that’s solely in your own name, that ONLY you have access to – this is just one step closer to becoming a productive, financially responsible adult. Again, this step is just about learning how to manage money on your own, and eventually becoming an independent adult who can support themselves financially…and smash the like button.

THIRD: GET A ROTH IRA
A Roth IRA is a tax advantaged retirement account that lets you contribute post tax money…meaning taxes have already been taking out of what you earned…and by the time you’re 59.5, all the PROFIT in that account can be accessed completely tax free.

FOURTH: STAY OUT OF CONSUMER DEBT
I’m not referring to a low interest rate mortgage on a rental property, or any type of leverage that makes you more money…instead, I’m referring to credit card debt, expensive personal loans, high interest auto loans, or ANY other type of loan that serves no purpose other than to make your life awful. The responsible way to handle purchases is to only buy things that you can afford, put it in a credit card…and then PAY THE CREDIT CARD OFF IN FULL before its due.

FIFTH: GET A JOB
I sound like some old man saying this, but no joke, if there’s ANYTHING that set me up for a successful future, and that got me started on the right path early in life…it was this. GET A JOB. Anything. Even if it’s a few hours per week, JUST GET SOME WORK EXPERIENCE. Doesn’t matter how much money you make, just work…the experience that you’ll get from a part time job will be worth it 100x over by the time you’re older.

SIXTH: LIVE BELOW YOUR MEANS
Do not buy stupid stuff to impress people who don’t matter. Do not waste your money on things that aren’t going to benefit you long term. I’m a firm believer that it’s totally okay and acceptable to live SUPER cheaply in your 20’s, to set up the rest of your life to live comfortably.

SEVENTH: DONT GO TO COLLEGE JUST TO GO TO COLLEGE
Here’s my solution: if you don’t know what you want to do with your life, either go and get work experience until you figure it out – or go to a 2-year community college part time while you work. This way, you can save a TON of money – you can continue working at the same time – and that gives you more time to figure out what you really want to do.

EIGHTH: INVESTING ADVICE FOR TEENAGERS:
For most people out there, just invest in a broad low-cost index fund, invest consistently, and invest with the expectation of holding it for the next 30-40 years. That’s literally it. An index fund like FZROX, VTSAX, FIAX, or a target date retirement fund through Vanguard would do the trick. If you just do this one investment, chances are, this will become you full retirement when you’re older.

Now, If you ARE going to take on more risk, while you’re young is the time to do it. If you want to start that business, DO IT. If you’re successful at it, then you’re further ahead financially. Either way, you win…even if you LOSE, it’s better you lose a small amount when you’re 18, then a LARGE amount when you’re 35.

So don’t let those mistakes be made in vain…if everyone can learn from what I did wrong, then at least my mistakes went to a good purpose.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com…(read more)

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Title: The Millionaire Investing Advice For Teenagers: Preparing for a Fruitful Financial Future

Introduction:
While the concept of investing may seem daunting, it is never too early to start building a solid foundation for financial independence. Warren Buffett, one of the world’s most successful investors and a billionaire, offers invaluable advice for teenagers who aspire to become astute investors. By following his principles and incorporating them into their financial strategies, teenagers can get a head start on building wealth and securing a prosperous future.

1. Start early and be patient:
One of the key principles espoused by Warren Buffett is the importance of starting early. Investing early allows teenagers to leverage the power of compounding, where the gains from their investments are reinvested and grow exponentially over time. Patience is also crucial; the longer you stay invested, the more time your investments have to flourish.

2. Invest in what you know:
Buffett advises individuals, including teenagers, to invest in businesses and industries they understand. By focusing on companies whose products or services teens are familiar with, they can better analyze the potential risks and returns associated with their investments.

3. Diversify your portfolio:
Buffett emphasizes the importance of diversification in minimizing risks. He advises avoiding putting all your eggs in one basket. Teenagers should consider investing in various asset classes, such as stocks, bonds, real estate investment trusts (REITs), and even low-cost index funds.

4. Educate yourself:
Buffett’s success stems from his unwavering dedication to learning. He encourages teenagers to read extensively and gain knowledge about the businesses they invest in. Investing in books on value investing, finance, and business will equip young investors with the tools necessary to make informed decisions.

5. Stay rational during market volatility:
Buffett advises against panicking during times of market turbulence. Teenagers should understand that market ups and downs are natural, and it is essential to maintain a long-term perspective. By avoiding short-sighted decisions, young investors can ensure they stay on track towards their financial goals.

6. Save and invest consistently:
Warren Buffett believes that consistent saving and investing are essential habits for financial success. By dedicating a portion of their earnings or allowances to investments regularly, teenagers can grow their wealth over time and develop disciplined financial habits.

7. Seek guidance and mentorship:
Teenagers can benefit significantly from seeking advice from experienced investors or mentors who can guide them in their investment journey. Mediating with parents, teachers, or local investing clubs can help teenagers gain insights and make better-informed investment decisions.

Conclusion:
Warren Buffett’s sage advice provides a valuable roadmap for teenagers seeking to dip their toes into the world of investing. By embracing patience, diversification, continuous education, and seeking guidance, young investors can set themselves on the path to financial success. Starting early and practicing discipline will ensure they lay a solid foundation for a prosperous future and secure financial well-being in the long run. Remember, every great investor starts somewhere, so why not start now?